The IFRS make the entities achieve this purpose by enabling them to provide segment wise information. However the entities do not incur any excessive cost for such reporting; they are able to make only at a little extra cost. IFRS 8 arises from the IASB's comparison of International Accounting Standard 14 (IAS 14) 'Segment Reporting' with the US standard SFAS 131 'Disclosures about segments of an Enterprise and Related Information'. IFRS 8 replaces IAS 14 and aligns Segment reporting with the requirement of SFAS 131. This paper envisages a critical analysis of the impact and usage of the introduction of IFRS 8 and the extent to which this standard aids in achieving the convergence between national accounting standards and IFRS to deliver high-quality solutions.
that files, or is in the process of filing, its (consolidated) financial statements with a securities commission or other regulatory organisation for the purpose of issuing any class of instruments in a public market.
However, when both separate and consolidated financial statements for the parent are presented in a single financial report, segment information need be presented only on the basis of the consolidated financial statements. (Deloitte Paper)
International Accounting Standards Board (IASB) based in London represented and funded by major accounting firms, industrial companies, financial institutions, central banks and other international and professional organizations throughout the world is committed in developing, in the public interest, a single set of high quality global accounting standards that require transparent and comparable information in general purpose financial statements. According to the IASB Paper on IFRS 8 (2006), the prime objective of the IASB is to achieve the convergence of accounting standards in all the countries around the world. With this objective in view, the IASB and the Financial Accounting Standards Board (FASB) in the United States have undertaken a joint short term project with the objective of reducing the difference between the IFRSs and US GAAP that are capable of resolution in a relatively shorter period of time. The other consideration was that the differences to be addressed must be outside the major projects. With a view to adopting high quality financial reporting solutions, both the Boards considered the standards prescribed by them recently and evolved the new standard as the best combination of existing standards. In order to decide on the new IFRS 8 standard the IASB compared the IAS 14 Segment Reporting and SFAS 131 Disclosures about Segments of an Enterprise Related Information. It is worth noting that the IAS 14 was adopted substantially from the earlier standard issued by the International Accounting Standards Committee (IASC) in the year 1997. Hence the main reason for the issue of a revised standard in IFRS 8 is to increase the convergence of different standards as well as to present the best of the standards available in respect of Segment Reporting.
The purpose of International Financial Reporting Standard 8 (IFRS 8) 'Operating Segment' issued by the International Accounting Standards Board (IASB) is to eliminate major differences between IFRS and US Generally Accepted Accounting Principles (GAAP) and also to improve the financial reporting…
It is due to the fact that the cultural environment largely determines the way people perceive and value the organisational functions and processes. Cultural environment inside the organisation affects its people in several different ways. The increasing direction of research attention on the issue demonstrates the importance of organisational culture in influencing people's behaviour and affecting the performance.
The same procedure applies for amendments to the treaties. The treaties are in the main building blocks of EU how, and allow for the creation of secondary legislation of EU law. The treaty of Paris 1951 established the European coal and steel community (ECSC).
This will facilitate better organisation in the operational sphere of the organisation as well as a more systematic progression towards the process of achievement of goals. (Jesperson, 2005)1
This paper will seek to examine through various textbooks and journal articles, the nuances of the supply chain management system followed at a company called Texan, and the benefits of the same.
These ratios can then be compared with the company's past performance as well as with industry's averages in the domain in which the company operates.
Coca Cola has been established since a long time and have a strong value and internal performance management system.
The modern day organisation used four factors of production or four basic categories of resources: land, labour, capital and expertise. With the advent of various technologies and trends like globalisation, there has been a strong emphasis on the growth of manpower development along the lines of securing employees as long term assets in whose hands the growth of company lies.
valuate the implication of the statement of the authors in relation to the objectives of the authors in writing the books and the concept of management in organizational terms. This approach therefore requires us to see the bigger picture of the authors’ work and understand
According to the author, human resources output is higher when the employee’s function as a team than it is the case when employees do not work as teams. A synergetic effect is what results when organizations embrace team spirit. However, creating functional and efficient teams calls for expertise, tolerance and a lot of motivation.
The author states that competitive advantage is basically a hold of a particular firm over the industry. It is an advantage that a company has over others due to a particular service that only this particular firm provides or any system that is integrated only in this particular firm etc. IT comprises as much as 50% of total capital investments.
13 pages (3500 words)Essay
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