Global Accounting Convergence And The Potential Adoption Of Ifrs By The United States

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Global Accounting Convergence and the Potential Adoption of IFRS by the United States

Author : Luzi Hail
Publisher :
ISBN 13 :
Total Pages : 104 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Global Accounting Convergence and the Potential Adoption of IFRS by the United States by : Luzi Hail

Download or read book Global Accounting Convergence and the Potential Adoption of IFRS by the United States written by Luzi Hail and published by . This book was released on 2011 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt: Drawing on the academic literature in accounting, finance and economics, we analyze economic and policy factors related to the potential adoption of International Financial Reporting Standards (IFRS) in the U.S. We highlight the unique institutional features of U.S. markets to assess the potential impact of IFRS adoption on the quality and comparability of U.S. reporting practices, the ensuing capital market effects, and the potential costs of switching from U.S. GAAP to IFRS. We discuss the compatibility of IFRS with the current U.S. regulatory and legal environment as well as the possible effects of IFRS adoption on the U.S. economy as a whole. We also consider how a switch to IFRS may affect worldwide competition among accounting standards and standard setters, and discuss the political ramifications of such a decision on the standard setting process and on the governance structure of the International Accounting Standards Board. Our analysis shows that the decision to adopt IFRS mainly involves a cost-benefit tradeoff between (1) recurring, albeit modest, comparability benefits for investors, (2) recurring future cost savings that will largely accrue to multinational companies, and (3) one-time transition costs borne by all firms and the U.S. economy as a whole, including those from adjustments to U.S. institutions. We conclude by outlining several possible scenarios for the future of U.S. accounting standards, ranging from maintaining U.S. GAAP, letting firms decide whether and when to adopt IFRS, to the creation of a competing U.S. GAAP-based set of global accounting standards that could serve as an alternative to IFRS.

Global Accounting Convergence

Author : Ross Lallian
Publisher :
ISBN 13 :
Total Pages : 98 pages
Book Rating : 4.:/5 (748 download)

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Book Synopsis Global Accounting Convergence by : Ross Lallian

Download or read book Global Accounting Convergence written by Ross Lallian and published by . This book was released on 2010 with total page 98 pages. Available in PDF, EPUB and Kindle. Book excerpt: The International Accounting Standards Board (IASB) has developed the International Financial Reporting Standards (IFRS) as a single set of global accounting guidelines. As the world's economy has become increasingly connected, the need for a single set of global accounting guidelines has become necessary. The United States has stated interest in adopting IFRS, although, at this time the United States has not adopted IFRS. This project reviews prior articles on the topic of global accounting convergence. Also, this project examines the Stock and Exchange Commission's (SEC) research on the United States role on global accounting convergence. The conclusion reached is that the United States should adopt IFRS. A single set of accounting guidelines provides greater transparency and consistent information for users of financial statements.

Achieving Global Convergence of Financial Reporting Standards

Author : Christopher Patel
Publisher : Emerald Group Publishing
ISBN 13 : 1780524420
Total Pages : 177 pages
Book Rating : 4.7/5 (85 download)

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Book Synopsis Achieving Global Convergence of Financial Reporting Standards by : Christopher Patel

Download or read book Achieving Global Convergence of Financial Reporting Standards written by Christopher Patel and published by Emerald Group Publishing. This book was released on 2011-12-15 with total page 177 pages. Available in PDF, EPUB and Kindle. Book excerpt: This research monograph examines whether International Financial Reporting Standards (IFRS) are interpreted and applied in a consistent manner within and across countries, and questions the implicit assumption that accounting convergence will automatically lead to comparability in financial reporting.

Does Mandatory Adoption of IFRS Enhance Earnings Quality? Evidence from Closer to Home

Author : Gopal V. Krishnan
Publisher :
ISBN 13 :
Total Pages : 54 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Does Mandatory Adoption of IFRS Enhance Earnings Quality? Evidence from Closer to Home by : Gopal V. Krishnan

Download or read book Does Mandatory Adoption of IFRS Enhance Earnings Quality? Evidence from Closer to Home written by Gopal V. Krishnan and published by . This book was released on 2018 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global accounting convergence and the potential adoption of International Financial Reporting Standards (IFRS) by the U.S. is a timely topic. We contribute to the literature by examining a more recent mandatory IFRS adoption by U.S.'s largest trading partner, Canada. Canadian GAAP (CGAAP) are considered a close substitute for U.S. GAAP. One key feature of this setting is that two earnings numbers are available for fiscal year 2010 since Canadian firms were required to reconcile earnings under CGAAP with earnings under IFRS. We run a “horse race” of earnings quality between earnings under CGAAP and IFRS. We find that on average, relative to IFRS-earnings, earnings under CGAAP has greater association with next period cash flows and higher persistence. Further, when the difference between earnings under CGAAP and IFRS is large, IFRS-earnings is less value-relevant and less persistent. In short, the results strongly support the notion that higher earnings quality is associated with CGAAP. Finally, our results indicate that differences between CGAAP and IFRS with regard to accounting for financial instruments and investments significantly impair the quality of IFRS-earnings. Our findings are potentially informative to current policy debates on the possible use of IFRS by U.S. firms.

Convergence of IFRS and US GAAP

Author : Malieka Farah Deeba Malik
Publisher : LAP Lambert Academic Publishing
ISBN 13 : 9783843388603
Total Pages : 72 pages
Book Rating : 4.3/5 (886 download)

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Book Synopsis Convergence of IFRS and US GAAP by : Malieka Farah Deeba Malik

Download or read book Convergence of IFRS and US GAAP written by Malieka Farah Deeba Malik and published by LAP Lambert Academic Publishing. This book was released on 2011-01 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: The main idea behind this paper is to highlight the background and current movements of International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB) toward convergence of International Financial Reporting Standards (IFRS) and US Generally Accepted Accounting Principles (GAAP). Subsequent to introductory chapter the second chapter discusses the historical perspectives describing the various events that shaped the IASB and FASB current efforts towards convergence of IFRS and US GAAP. The third chapter describes the strategies policies and procedures adopted by the IASB/FASB to achieve the goal for international accounting convergence. The focus is on the maintainability of investors' interest and integrity of capital markets that can only be achieved by observing methods required for high quality accounting standards. Fourth chapter identifies the substantive differences and similarities between IFRS and US GAAP and catalogue those differences in which a specific accounting treatment is permissible under one basis of accounting standards but not permissible under the other.

Transparency in Financial Reporting

Author : Ruth Ann McEwen
Publisher : Harriman House Limited
ISBN 13 : 0857190229
Total Pages : 154 pages
Book Rating : 4.8/5 (571 download)

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Book Synopsis Transparency in Financial Reporting by : Ruth Ann McEwen

Download or read book Transparency in Financial Reporting written by Ruth Ann McEwen and published by Harriman House Limited. This book was released on 2009-07-31 with total page 154 pages. Available in PDF, EPUB and Kindle. Book excerpt: By January 2012 all major economies, apart from the US, will provide financial reports using International Financial Reporting Standards (IFRS). This book sets out the key differences between IFRS and US GAAP from a practitioner's perspective, although financial analysts will also benefit from the material presented. The financial crisis has been attributed to, among other things, a perceived lack of transparency in the financial markets. In general, transparency implies an ability to see the reported results of an entity's financial activities clearly and to use these results in making investment decisions. At question is the belief that transparency in financial reporting will lead to transparency in financial markets. Unfortunately, this link may be more subjective than most of us wish. Ruth Ann McEwen presents an analysis of reporting issues affecting transparency under IFRS, compared with US GAAP, and suggests areas of concern for preparers and users of financial reports. Providing an invaluable guide for all accountancy professionals, the book also contains a technical analysis of major accounting issues raised by convergence, and indicates areas of interest during initial adoption of IFRS by US entities. This authoritative book provides all the essential information required for advanced practitioners and analysts at this critical juncture.

Worldwide Financial Reporting

Author : George J. Benston
Publisher : Oxford University Press
ISBN 13 : 019029423X
Total Pages : 336 pages
Book Rating : 4.1/5 (92 download)

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Book Synopsis Worldwide Financial Reporting by : George J. Benston

Download or read book Worldwide Financial Reporting written by George J. Benston and published by Oxford University Press. This book was released on 2006-04-13 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: International accounting standards tend to converge, as do auditing, enforcement and corporate governance, whereas trading of equity shares remains essentially national. The book provides a thorough analysis of what information investors really need, how financial accounting systems developed and their current requirements in major commercial countries, and examines current issues, particularly the benefits and costs a single or multiple accounting standards, the bases for accounting standards, and limitations to accounting disclosure in financial statements.

Financial Reporting and Disclosure Practices

Author : Peddina Mohana Rao
Publisher : Deep and Deep Publications
ISBN 13 : 9788176292030
Total Pages : 388 pages
Book Rating : 4.2/5 (92 download)

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Book Synopsis Financial Reporting and Disclosure Practices by : Peddina Mohana Rao

Download or read book Financial Reporting and Disclosure Practices written by Peddina Mohana Rao and published by Deep and Deep Publications. This book was released on 2000 with total page 388 pages. Available in PDF, EPUB and Kindle. Book excerpt:

International Financial Reporting Standards

Author : Greg F. Burton
Publisher : Routledge
ISBN 13 : 113407042X
Total Pages : 1163 pages
Book Rating : 4.1/5 (34 download)

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Book Synopsis International Financial Reporting Standards by : Greg F. Burton

Download or read book International Financial Reporting Standards written by Greg F. Burton and published by Routledge. This book was released on 2015-02-20 with total page 1163 pages. Available in PDF, EPUB and Kindle. Book excerpt: International Financial Reporting Standards: A Framework-based Perspective links broad concepts and general accounting principles to the specific requirements of IFRS to help students develop and understand the judgments required in using a principle-based standard. Although it is still unclear whether the US will adopt IFRS, the global business environment makes it necessary for accounting students and professionals to be bilingual in both US GAAP and IFRS. This comprehensive textbook offers: A clear presentation of the concepts underlying IFRS A conceptual framework to guide students in interpreting and applying IFRS rules A comparison between IFRS and US GAAP to develop students’ understanding of the requirements of each standard Real world examples and case studies to link accounting theory to practice, while also exposing students to different interpretations and applications of IFRS End of chapter material covering other aspects of financial reporting, including international auditing standards, international ethics standards, and corporate governance and enforcement, as well as emerging topics, such as integrated accounting, sustainability and social responsibility accounting and new forms of financial reporting Burton & Jermakowicz have crafted a thorough and extensive tool to give students a competitive edge in understanding, and applying IFRS. A companion website provides additional support for both students and instructors.

The Handbook to IFRS Transition and to IFRS U.S. GAAP Dual Reporting

Author : Francesco Bellandi
Publisher : John Wiley & Sons
ISBN 13 : 0470977124
Total Pages : 847 pages
Book Rating : 4.4/5 (79 download)

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Book Synopsis The Handbook to IFRS Transition and to IFRS U.S. GAAP Dual Reporting by : Francesco Bellandi

Download or read book The Handbook to IFRS Transition and to IFRS U.S. GAAP Dual Reporting written by Francesco Bellandi and published by John Wiley & Sons. This book was released on 2012-05-07 with total page 847 pages. Available in PDF, EPUB and Kindle. Book excerpt: An indispensable guide to making the transition to dual IFRS/GAAP financial reporting U.S. financial reporting will undergo an unprecedented level of change within the next several years. U.S. companies face a convergence between U.S. GAAP and IFRS, affecting several major accounting standards—most notably in the areas of leasing, revenue recognition, and financial instruments. It is imperative that U.S. companies understand these major changes and their business and operational implications. The IFRS U.S. GAAP Dual Reporting Handbook to First-Time Adoption offers a comprehensive treatment of both the principles and techniques of dual reporting under IFRS/U.S. GAAP, while exploring the practical implications for accounting professionals of reporting under both sets of standards. Takes an operating approach to the implementation and application of the dual standards Draws upon the author's extensive firsthand experience to dispel uncertainty and offer decision makers expert technical assistance Defines systemic changes businesses will need to make to accommodate IFRS standards Compares the two bodies of standards item-by-item and identifies solutions under one set of standards to issues arising under the other Explores the strategic impact of structuring a company for IFRS transition In addition to covering the full range of critical issues surrounding adopting IFRS, this indispensable handbook is a rich resource of dual reporting tools, including financial statement formats, charts of accounts, accounting check-lists, reconciliation schedules, and operating manuals.

The Relevance of International Financial Reporting Standards (IFRS) to a Developing Country

Author : Duc Phan
Publisher :
ISBN 13 :
Total Pages : 15 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis The Relevance of International Financial Reporting Standards (IFRS) to a Developing Country by : Duc Phan

Download or read book The Relevance of International Financial Reporting Standards (IFRS) to a Developing Country written by Duc Phan and published by . This book was released on 2014 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper adopts the concept of accounting ecology proposed by Gernon and Wallace (1995) in examining the accounting environment of Vietnam to identify some of the factors that might explain the lack of support for International Financial Reporting Standards (IFRS) in that country. Drawing on the literature of international accounting convergence models, the author assesses the potential impact of IFRS adoption on the quality and comparability of Vietnam reporting practices, the capital market effects and the potential costs of switching from Vietnamese General Accepted Accounting Principles (VN GAAP) to full adoption of IFRS. The paper also highlights some of the important factors that are likely to influence the progress of the implementation of IFRS in Vietnam. The paper concludes with a discussion of scenarios for future evolution of accounting standards in Vietnam in the light of the current global movement toward implementation of IFRS.

Managing the Transition to IFRS-Based Financial Reporting

Author : Lisa Weaver
Publisher : John Wiley & Sons
ISBN 13 : 1118644123
Total Pages : 415 pages
Book Rating : 4.1/5 (186 download)

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Book Synopsis Managing the Transition to IFRS-Based Financial Reporting by : Lisa Weaver

Download or read book Managing the Transition to IFRS-Based Financial Reporting written by Lisa Weaver and published by John Wiley & Sons. This book was released on 2014-05-16 with total page 415 pages. Available in PDF, EPUB and Kindle. Book excerpt: The one-stop guide to transitioning to IFRS financial reporting The International Financial Reporting Standards (IFRS) have already been adopted in Europe, and plans are in place to transition to IFRS reporting in the UK, India, Japan, and other major economies. The US is deliberating the nature of its convergence with IFRS and US entities will need to understand the implications of transition. This means all finance managers and financial controllers will be responsible, not only for understanding IFRS, but for making the transition and dealing with implications. Managing the Transition to IFRS-Based Financial Reporting is a one-stop resource for navigating this major change. Case studies and project management advice help move smoothly from GAAP to IFRS principles and requirements. Managing the Transition to IFRS-Based Financial Reporting is the only book on the market that focuses on both the accounting and non-accounting implications of IFRS transition. This complete approach will guide you from the history and conceptual basis of IFRS through each stage of the transition process, ensuring expert change management and fluid communication from start to finish. Takes a holistic approach, covering non-accounting implications like educating and communicating IFRS requirements Provides case studies to illustrate best practices for moving to the new international standards Provides a framework for planning and executing the entire IFRS transition project With nearly two decades of financial training experience, author Lisa Weaver is imminently qualified to deliver clear, concise, and understandable content. In addition, the reference material and other resources in Managing the Transition to IFRS-Based Financial Reporting will help you simplify the transition and take advantage of all the benefits IFRS reporting confers.

IFRS in the United States

Author : Julian Gordy
Publisher :
ISBN 13 :
Total Pages : 68 pages
Book Rating : 4.:/5 (18 download)

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Book Synopsis IFRS in the United States by : Julian Gordy

Download or read book IFRS in the United States written by Julian Gordy and published by . This book was released on 2019 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the last 15 years it has been widely debated whether or not the United States should adopt IFRS. Convergence efforts in the 21st century have limited the distinctions between U.S. GAAP and IFRS, but significant differences still exist. This paper takes an in-depth look at the most important remaining differences between U.S. GAAP and IFRS, and examines both sides of the argument on adoption. Finally, I conclude that the U.S. should continue to use and refine its own standards.

Issues in Accounting, Administration, and Corporate Governance: 2011 Edition

Author :
Publisher : ScholarlyEditions
ISBN 13 : 1464966974
Total Pages : 317 pages
Book Rating : 4.4/5 (649 download)

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Book Synopsis Issues in Accounting, Administration, and Corporate Governance: 2011 Edition by :

Download or read book Issues in Accounting, Administration, and Corporate Governance: 2011 Edition written by and published by ScholarlyEditions. This book was released on 2012-01-09 with total page 317 pages. Available in PDF, EPUB and Kindle. Book excerpt: Issues in Accounting, Administration, and Corporate Governance: 2011 Edition is a ScholarlyEditions™ eBook that delivers timely, authoritative, and comprehensive information about Accounting, Administration, and Corporate Governance. The editors have built Issues in Accounting, Administration, and Corporate Governance: 2011 Edition on the vast information databases of ScholarlyNews.™ You can expect the information about Accounting, Administration, and Corporate Governance in this eBook to be deeper than what you can access anywhere else, as well as consistently reliable, authoritative, informed, and relevant. The content of Issues in Accounting, Administration, and Corporate Governance: 2011 Edition has been produced by the world’s leading scientists, engineers, analysts, research institutions, and companies. All of the content is from peer-reviewed sources, and all of it is written, assembled, and edited by the editors at ScholarlyEditions™ and available exclusively from us. You now have a source you can cite with authority, confidence, and credibility. More information is available at http://www.ScholarlyEditions.com/.

The Convergence of the IFRS and U.S. GAAP to a Global Accounting Standard

Author : Paul Fouche Raath
Publisher :
ISBN 13 :
Total Pages : 66 pages
Book Rating : 4.:/5 (82 download)

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Book Synopsis The Convergence of the IFRS and U.S. GAAP to a Global Accounting Standard by : Paul Fouche Raath

Download or read book The Convergence of the IFRS and U.S. GAAP to a Global Accounting Standard written by Paul Fouche Raath and published by . This book was released on 2011 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Relative Effects of IFRS Adoption and IFRS Convergence on Financial Statement Comparability

Author : Steve Lin
Publisher :
ISBN 13 :
Total Pages : 54 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Relative Effects of IFRS Adoption and IFRS Convergence on Financial Statement Comparability by : Steve Lin

Download or read book Relative Effects of IFRS Adoption and IFRS Convergence on Financial Statement Comparability written by Steve Lin and published by . This book was released on 2017 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: One of the primary objectives of both adoption of International Financial Reporting Standards (IFRS) and convergence between IFRS and U.S. Generally Accepted Accounting Principles (U.S. GAAP) is to increase financial statement comparability. Using a unique setting in Germany, we compare the effectiveness of these two approaches in achieving this desired outcome. Our empirical tests show that both adoption and convergence lead to an increase in comparability after the new enforcement regulation in 2005. However, difference-in-differences tests show that adoption does not lead to a significant incremental increase in comparability beyond convergence. The findings of this study should be of interest to regulators and standard-setters as they assess alternative methods of aligning domestic standards with IFRS.

Essays on the Economic Consequences of Mandatory IFRS Reporting around the world

Author : Ulf Brüggemann
Publisher : Springer Science & Business Media
ISBN 13 : 3834969524
Total Pages : 162 pages
Book Rating : 4.8/5 (349 download)

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Book Synopsis Essays on the Economic Consequences of Mandatory IFRS Reporting around the world by : Ulf Brüggemann

Download or read book Essays on the Economic Consequences of Mandatory IFRS Reporting around the world written by Ulf Brüggemann and published by Springer Science & Business Media. This book was released on 2011-08-31 with total page 162 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ulf Brüggemann discusses and empirically investigates the economic consequences of mandatory switch to IFRS. He provides evidence that cross-border investments by individual investors increased following the introduction of IFRS.