Got a tricky question? Receive an answer from students like you! Try us!

Financial Advance accounting - Essay Example

Only on StudentShare
College
Author : ciaraschinner
Essay
Finance & Accounting
Pages 8 (2008 words)

Summary

FINANCIAL ADVANCE ACCOUNTING Table of Contents Table of Contents 2 IFRS – A Critical Analysis 3 References 10 IFRS – A Critical Analysis International Financial Reporting Standards (IFRS) sets out accounting standards and procedures for reporting financial information of a company to the outside world…

Extract of sample
Financial Advance accounting

IFRS actually lays down principles and rules that are to be followed by an organisation while reporting its financial information through the financial statements. The accounting standards in accordance with IFRS are supposed to serve the public organisations all around the world as compared to the existing local standards that are prevalent in a particular country where the company operates its business. This is due to the fact that it would assist in the financial reports being more transparent and comparable in nature. It is also supposed to provide economic stability of the countries. Many companies in different countries all around the world have already adopted IFRS in the recent years. However the transition from the existing local standards to IFRS is associated with considerable costs for the organisations that tend to implement it for the first time. Companies need to be cautious and careful while making such changes in their financial reporting procedures because of the incurrence of various training and technical associated with it. However compared to the costs, the benefits are plenty in implementing IFRS and hence it is worthwhile for companies to make such changes. IFRS and its adoption by different companies all around the world helps in enabling harmonisation and comparability. ...
Download paper

Related Essays

International Financial Accounting and Social and Environmental Theory
The primary issue concerning social and environmental theory is the way the society determines developments, goals, and innovations in accounting practice. It is generally agreeable that the society and environment in which accounting practices are applicable affects its development to some extent. However, the extent and the framework with which the social and environmental theory has influenced current accounting practices is a matter of dispute. Actors in this theory are the members of society being users, accountants, and generally stakeholders of accounting practices. Development of…
8 pages (2008 words)
Advance Management accounting and performance management
Moreover, the demand will extensively rise next year due to the Olympic Games that will be hosted in the region (Heather, 2000). Therefore, a fitness club is the best business venture that can transform the Olympic Village post the Olympic Games that commence in 2012. Besides, initiating a fitness club is a fun and financially paying business that assists people get and remain strong, healthy and fit. Owning such a business enables an individual own an artistic and resourceful business in a recession-resistant field. This business entails providing fitness services, which include individual…
3 pages (753 words)
Financial reporting
IAS 37 was issued in order to deal with the subjective area of provision and to prevent the use of ‘big bath provisioning’ and the practice of profit smoothing. IAS 37 requires that (in accordance with the definition of a liability) a provision should be made where the matter gives rise to a constructive or legal obligation and where there is a probability that there will be an outflow of economic benefits which can be reliably measured. In addition IAS 37 gives examples of how specific situations should be dealt in terms of recognition, measurement and disclosure depending on the…
10 pages (2510 words)
Financial accounting
In addition, through integrity, external auditors are required to avoid conflicts of interest when making their reports. In this way, their judgment will be imperative to the shareholders, directors, banks and other users of the audited reports. Question 2 One of the major factors to consider before investing in the biotechnology company is the profitability of the company. Through the audited financial reports, an investor will note the amount of profits and divided paid to the shareholders. In this way, an investor is at a good position to make an appropriate decision before investing in the…
4 pages (1004 words)
FINANCIAL ACCOUNTING
“The terms depreciation and amortization have various meanings in finance and investing. For example, depreciation can refer to the devaluation of a currency, and amortization can be used to describe the payment structure in a common type of loan” (What is the difference between Depreciation and Amortization? 2003). Depreciation is charged to tangible assets, whereas amortization is charged to intangible assets. Fixed or tangible assets are those assets of the organization, which last more than one year, for example: furniture, buildings and machinery. Intangible assets are invisible…
7 pages (1757 words)
MANAGEMENT ACCOUNTING AND FINANCIAL MANAGEMENT
Vodafone Company is a British multinational company that deals with telecommunication services. It holds the second position mobile telecommunication company worldwide. The company owns and operates in more than 30 countries. Evolution of Vodafone brand started in 1982 after the establishment of Racal electronics plc when Jan Stenbeck spearheaded the joint venture between Millicom and Racal Vodafone. This evolved to the modern day Vodafone. Recent research indicated that Vodafone has introduced a tiered employee reward program that offers an incentive to over 79,000 employees worldwide. The…
9 pages (2259 words)
Financial accounting
In the context of a company or a business unit, an income is what is mostly referred to as the earnings after interest, depreciation and tax (EADIT). The gain can be described as an increase in the amount of revenue and/or income by a specific amount, as compared to a previous figure (Gupta 213-250). According to IAS 18, revenue is supposed to be recognized exclusively under the following criteria: when a business unit has completed the transfer of ownership of goods; when a business has ceased exercising applicable managerial authorities and has given up any form of control over the goods;…
5 pages (1255 words)