IFRS Research Papers Samples For Students

IFRS 9 and IAS 39

Introduction
Laws and Regulations prevail in almost every field, and it is very important for the organizations to comply with these regulations and standards for their competitiveness and sustainability. Apart from the traditional regulations of managing and maintaining a company, there are certain regulations that specifically associated with the financial management. Entities are required to manage their financial transactions according to the prescribed methods and techniques covered and initiated by International Financial Reporting Standards (IFRS) (Iasplus.com, p.45). IFRS are designed specifically to serve as a common global language for all the business affairs. Generally, it is used to compare and ...

Task

Introduction
Accounting is a very important subject both to the followers of the profession and also to all institutions that carry on business. For any financial statements to make sense they must be prepared in a standardized manner, allowing for quick comparison between the financials of a company in different periods, the company and other players in the industry, a company in different countries etc. This requires the adoption of standards that will allow for this to be possible.
The International Accounting Standards Board prepares and issues the International Financial Reporting Standards (IFRS) that have been widely adopted by accountants the ...

IAS 39 Financial Instruments, comprising of recognition and Measurement is an accounting standard used internationally for financial instruments. It was released by International Accounting Standards Board (IASB). Its main purpose is to outline requirements that were needed for the recognition and measuring of financial; assets, liabilities and contracts that are used in the buying or selling of items that are non-financial. The instruments become recognized when the entity becomes a party. IAS 39 came into use on December 2003 and applied to the annual periods that begun on and after 1st January 2005.

It would be swapped and interchanged ...

IASB Discussion Paper for A New Conceptual Framework (July, 2013): A Review

Introduction
In July, 2013, International Accounting Standards Board (IASB) released a discussion paper “A Review of the Conceptual Framework for Financial Reporting.” In 2011, IASB published an agenda discussion, and it received many feedbacks on the Conceptual Framework project (IFRS 2013). Based on the constituent feedback, IASB reinstated the project. The idea behind the Discussion Paper is to take views and comments into consideration while preparing the future exposure draft and doing the revision of the Conceptual Framework. The primary focus for IASB is to get a review on the areas that are known to have created application issues. Furthermore, ...

Introduction

The main perspective of this assignment is to make a comparison between two different accounting standards which particularly are International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP). It is required to analyze both the accounting framework from four different angles that will be executed after analytical framework.

Analytical Framework

IFRS is the most widely chosen accounting standards that are taken into practice by many of the companies. The term IFRS is generally referred as “International Financial Reporting Standards” that is formulated to bring all business issues based on a platform of global identical language that helps to understand the company’ ...

Post the Globalization era, the financial scandal of Enron and then the global economic and financial meltdown has raised the issue of convergence of the accounting standards. This is because both of the prevailing accounting standard, IFRS and GAAP, have different rules in their accounting standards, it has caused quite a complexity in the accounting world which is disclosed below:
- It causes difficulty and complexity in comparison on financial statements. For instance, if an investor is analyzing an Australian Company and an American company in the same industry, where the Australian company is using IFRS Standards while US ...

AS 39 is used for an in-depth analysis and dictation of the principles that measure financial assets and liabilities. It also recognizes what contractors would use for the transactions involving assets that are otherwise not financial. IAS 39 for financial instruments came to be as a result of the international accounting standards board. Ideally, a financial instrument is identified when a contracting party becomes allied to the provisions of the instrument at a given time. The IAS 39 comes into play as a measuring factor for the value of such an instrument. It classifies the instrument into the respective a category that is dependent upon ...

International Financial Reporting Standards (IFRS) are now the most widely used accounting standard around the world now with over 12000 companies in 113 countries adopting the IFRS standards in their financial reporting. However, despite of enhanced reach of IFRS standards now, the United States is still following their conventional GAAP standards and now there is a growing demand in the nation to adopt the IFRS standards.The paper will analyze the benefits and costs associated with the adoption of IFRS standards in the United States:

Benefits of adoption of IFRS in the United States:

a) Global Comparability and Better access to foreign capital markets and investments:
The first and the ...

Introduction:

Leases are the contractual agreement among the lessor (the owner of assets) and the lessee, where the former party allows the latter to use the assets for a specified period of time in lieu of lease payments.
It is important to note that leases are classified as Operating Leases and Capital Leases. A Capital lease refers to purchase of an asset owned by lessor by using debt financing. Thus, at the inception of a lease, the lessee will add equal amounts of both asset and liability on the balance sheet. Since, the asset is purchased through debt financing, lessee will ...

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ISBN ...

Meaning, Completion and Implementation of the Accounting convergence

IFRS is the framework of accounting employed by economic leaders globally like Japan, Canada and European Union among others. This accounting framework is founded on the reliability, comparability and understandability tenets. It employs the International Accounting Standards (IAS) and has over time gathered, built and incorporated accounting principles and ideas that are globally used (Saudagaran, 2009).
The U.S. GAAP framework is a conglomeration of rules used to demonstrate how to account for transactions in an appropriate manner. This accounting approach presents the transactions with full disclosure, consistency and reliability. The level of clarity makes it easier for even for ...

Introduction

Inevitably, the existence of sustainability and efficacy depends upon numerous things in particular, and it is essential to stay in the same jurisdiction for a long span of time. There are certain aspects that deem significant from the viewpoint of companies and industries. Hundreds of thousands of companies are currently working in the world, and it is essential for these companies to comply with a legal requirement and operational laws in particular; otherwise it would become extremely difficult for them to stay in the business for a long span of time.
There are certain regulations that are important for an organization to opt ...

Company Overview

Lowe’s (LOW) is a home improvement company that was founded in 1946. The company was then incorporated in 1952. Lowe started as insignificant hardware store to become the second largest home enhancement retailer in the world. Lowes is ranked 54 Fortune’s top 500 companies list. As of February 2012, 1, 745 stored in the United States, Canada and Mexico were operational. The company’s customer includes homeowners, renters, and commercial business customers. The company offers a range of products that include maintaining, repairing, modeling, and home caring. In addition to offering appliances, the company also sells different companies products ...

Business Research Report

Executive Summary

The foregoing CPA report by the public accounting firm reviews XYZ Corporation’s financial statement in the interest of audit reporting on a publicly traded, multinational corporation. The report addresses the International Financial Reporting Standards (IFAC) establishment of general accounting rules followed by International Accounting Standards Board (IASB) and International Federation of Accounts (IFAC) in control of financial audit.

Introduction

The CPA report by the public accounting firm reviews XYZ Corporation’s financial statement in the interest of audit reporting on a publicly traded, multinational corporation. The report addresses the International Financial Reporting Standards (IFAC) establishment of general accounting rules ...

IFRS and U.S. GAAP, both define the impairment indicators in similar manner to assess the impairment of intangible asset. It is the requirement in both, IFRS and US GAAP that the intangible assets which have long life or indefinite life should be reviewed every year to assess the impairment. This should be done irrespective of the presence of the indicators for impairment. Moreover, Both GAAP and IFRS require that when the asset is recognized to be impaired then the asset has to be written down and the impairment loss should be recognized. IAS 6 for Impairment of Assets and ...

Introduction

Charities and companies have different reporting requirements. The reporting requirements for charities depend on whether they are registered as companies or not and the annual earnings of the organisation. Companies have more legal requirements on the preparation of the financial statements especially the companies that are trading in the stock exchange. There are guidelines and principles that have to be adhered to in the preparation of the financial statements. There are differences between the reporting requirements of companies and charities when it comes to the format of the income statements and the auditing requirements.

Mitigating Risk in Advance Payments

The charity organization is concerned ...

a. Purpose of Managerial Accounting
Managerial accounting is the process of preparing accounts and management reports that provide timely and accurate statistical and financial information. Managers require such information in making short and long term decisions (Wild, Shaw and Chiappetta, 2013). Unlike financial accounting that produces annual reports used by external stakeholders, management accounting generates reports means for an internal audience and use.
The objective of management accounting is to improve on the effectiveness of both control functions and management planning. Management accounting serves four functions; cost control, cost evaluation, management planning and performance evaluation. It provides ...

Executive summary.

On 5th of December 2010 the American giant company in the field of pharmaceuticals announced its intention to acquire the Dutch company crucell which was in which it had already controlled 17.5% at a price of $2.3 billion, which would be a price of 24.75 Euros per share which was a purchase price 58% above the actual closing day price of the share ant thus crucell would have recorded a capital gain per share of 14.36 Euros. The company was to acquire 98.98 % of the issued crucell share. crucell was acquire to be acquired in multiple steps with the period of February 23 ...

ABSTRACT.

FASB and IASB have been known to have conflicting interests in accounting systems and standards. The frameworks adopted by the two boards differ fundamentally in the application and use. The two boards apply different conceptual frameworks that create differences in accounting measures and uses of financial information. The boards apply similar characteristics in deriving conclusions. However, the ranking of these characteristics is different in the two boards. Recently, the boards have come up with a project that aims at revisiting their frameworks. This intends to provide a common framework that can be used for local and international financial accounting. This paper ...

International Auditing Standards

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(IAASB) International Auditing and Assurance Standards Board works like an independent standard setting body under the (IFAC) International Federation of Accountants. It works to establish best quality auditing, assurance, quality control and related services and to improve the uniformity of practice, by professionals across the world, thereby improving confidence in publicc.
The IAASB, till 2002, was known as the International Auditing Practices Committee (IAPC). (SASs) Statements on Auditing Standards are issued by the Auditing Standards Board (ASB), the senior technical body of ...

Security and exchange commission refer to a government commission that was created by the congress, in order to protect investors, and regulate the markets securities. Additionally, the security and exchange commission has a duty to monitor the corporate takeovers in the United States. The commission is made up of five commissioners that are appointed by the president of the United States. The senate of the United States approves the five commissioners. The positions of the commissioners expire each year. Among the commissioners, three should be from different political parties. The agency has six districts, and five regional offices in the United ...

Analyze and discuss the current effects of IFRS on the pension reporting for Coca-Cola and PepsiCo at 2009 year-end.

The two companies; Coco-cola and Pepsi are known for their fierce rivalry amongst themselves. Both the company’s products are highly diversified and they also have widely differing pension plans. The pension can be defined as the money that a person receives at a steady rate once the person retires. The significance of an appropriate pension plan in the company has increased to a great extent over this century. As a result of this, business executives have also started providing more defined constitutional pension plans for their employees. Coca-cola had adopted the cash balance method for reporting the pension plans in their financial ...

Introduction

Rolls Royce is the one of the world known leading company in the manufacture of the prestigious vehicles, the rolls Royce, it’s also accredited for being the leading manufacturer of aircrafts engines and part of the combustion and driving components components of ships manufacture of aircrafts engine as well as driving parts of ships. Over its existence the company has been leading in this industry with prospects of even rejuvenated domination due to its ever growing reputation due its innovation and production of high quality products that far much surpass the international standards,. The parent country for the ...