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

Essay example - Financial Reporting Standards

High school
Pages 8 (2008 words)
Download 1
IFRS is the International Financial Reporting Standards. It provides the whole body of accounting standards and disclosure requirements. It has been in existence since mid 1970s. GAAP is the Generally Accepted accounting Principles, which encompasses accounting and reporting standards, applied in the United States but not universally…

Extract of sample

There has been progress towards the development of single, globally accepted accounting standards. The goal is however yet to be realized. The United States is currently working towards the convergence of Generally Accepted Accounting Principles with International Financial Reporting Standards (IFRS).
Crucial convergence projects from the International Accounting Standards Board (IASB) and the U.S Financial Accounting Standards Board (FASB) have continued to produce good results in an effort to converge the two Accounting and Financial reporting standards. This process of dissecting and eliminating the possible difference between that may the two standards is however costly and consumes a lot of time. The alignment of the underlying principles and the overall methodologies is an effective approach. A significant difference continues to arise though the underlying principles and the overall methodology regarding these standards are harmonized. As the FASB and the IASB continues on their convergence work, the U.S Securities and Exchange Commission (SEC) continues to make significant progress aimed at increasing the acceptance of the IFRSs and abolishing the US GAAPs .Also, PWC has helped companies' to successfully understand the IFRS. ...
Download paper
Not exactly what you need?

Related papers

Financial Reporting in New Zealand
Therefore, financial reporting provides information that assist investors, creditors, and others assess the amounts, timing, and uncertainty of prospective net cash inflows to the related enterprise. Decision makers' uses information in the financial report on how to base investment, credit and other decisions underlies the objectives of financial reporting. A critical evaluation is done in…
8 pages (2008 words)
Financial Reporting College Essay
Moreover, the best advantage is that this FRS does not affect a majority of transactions; however, it has an effect on complex transactions whose substance is not very apparent.…
6 pages (1506 words)
introduction of international financial reporting standards(IFRS) in Australia.
The IASC was established in the year 1973, at London, as an independent private-sector body. It sought to lay down comparable and harmonising standards for accounting, in the context of International Financial Transactions. These set standards were commonly termed under International Accounting Standards (IAS).…
3 pages (753 words)
International Financial Reporting Standards
It includes the diversification from GAAP to IFRS which have to be adopted by the US in order to compliance with the Security and Exchange Commission, also provides knowledge why and how conversion enhances the reporting quality.…
8 pages (2008 words)
International Financial Reporting Standards Essay
More than 100 countries have formally accepted IFRS as the standards for preparing financial statements and to become compatible with each other. IFRS are issued by the International Accounting Standards Board (IASB), a private sector international body. In fact IASB itself is a new body, which emerged on the international scene in the year 2001, by replacing the International Accounting Standard…
4 pages (1004 words)
Financial Reporting, Leasers
In an operating lease, lease payments are recognized as an expense on a straight-line basis over the lease term unless another systematic basis is more representative of the time-pattern of the entity's benefit.…
6 pages (1506 words)