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IFRS and GAAP Convergence
PAGES 6 WORDS 2041

IFS and GAAP Convergence
Briefly describe Walmart

The company establishment was in 1962 by Sam Walton. The company has grown through mergers and acquisitions to become the largest retail outlet in the globe. The main business of the company is corporate retail. The retailer offers a variety of products to its customers at a lower price compared to its competition. According to Fortune 500 ratings, the corporation ranks third among the largest corporations in the globe. The selling point of the company is by ensuring that the customer can find any product in the stores at a competitive price. The company sells its products at a lower price to attract and retain customer. The company helps producers to enable them produce quality products. The company assists through funding, technical advice and promise of a ready market. The producer in turn markets their goods to the company at a discount. The company also….

For example, there are many SEC registered companies, and they are not all American companies. Many of them are actually headquartered in foreign countries. In the past they had to change their accounting and financial information over to GAAP requirements, but changes are allowing companies to continue to use IFS instead. Some of the U.S. based companies are also going to be allowed to use IFS in order to help foreign investors better understand how they match up with competitors from other countries (AICPA, 2008). In the next few years, all companies (U.S. And otherwise) may be using IFS (Bradshaw, et al., 2010).
When addressing the disclosure levels to which companies have to adhere, IFS and GAAP are not so different. The differences generally come into play with the specifics of the issue, because there are certain documents in which specific information needs to be provided, and those documents can….

IFS 8 Operating Segments was to a certain degree a ground-breaking law since it represented the first foray of the International Accounting Standards Board into the area of requiring companies and business to disclose information through their management. The regulation requires certain categories of business, especially publicly traded companies to disclose information regarding their products and services, operating segments, and geographic areas where they operate. In addition to the information being based on internal management reports, these entities should also disclose information about their major customers. This requirement has generated several concerns and contentions that have become common characteristics of the implementation of IFS 8 Operating Segments (Crawford, Extance, Helliar & Power, 2012). This has in turn resulted in the emergence of concerns on whether the requirements of this regulation can be logically criticized as inadequate.
equirements of IFS

As previously mentioned, IFS 8 Operating Segments requires certain categories of business, particularly….

IFRS
Human Resource Accounting

The United States has a radically different accounting system than virtually every other the countries considered. The United States has their own system known as the general accepted accounting principles (GAAP). Other countries have used this system in the past, such as the UK and Germany, but there has been an international standard that has developed over the course of the last few years and virtually every other country in the world besides the U.S. has adopted this system. However, even the U.S. has received a lot of pressure from countries such as China, who has started the conversion but has formerly prepared their financial statements in what was known as China GAAP to avoid any trade disruptions

However, China has been working diligently to replace older systems such as the Chinese Accounting Standards (CAS) with the International Financial Reporting System (IFRS). It is estimated that China is roughly….

IFRS Pension Reporting 2009
IAS 19 is the equivalent to FAS 158, but there are differences in the two standards. (Meg, 2009) Under IAS 19 the current rates of return is used on high quality corporate bonds with maturities consistent with the duration of benefit obligations, where under FAS 158, the discount rate is used at which the obligation could be effectively settled. Under IAS 19, the rate is based on current market expectations over the life of the obligation, where under FAS 158 the rate of return on the plan assets is the expected long-term rates over the life of the obligation. The cost recognized is calculated almost the same way under both standards with the exception being under FAS 106, the temporary deviations from the plan can be added or subtracted.

IFRS methodology is very similar to U.S. GAAP with deferred recognition of actuarial gains and losses except past service….

For instance, a parent company that has a low level of ownership in a subsidiary may want to lower the price paid to that subsidiary to increase parent company profits. Or, if the subsidiary has a lower dividend payout, the parent may wish to pay a high price to that subsidiary to avoid larger dividend payouts at home. Further, high import tariffs at the parent's country may lead to lower prices at the exporting subsidiary in another country. Likewise, high export tariffs in the subsidiary's country may lead to lower prices as well.
True, IFRS does not recognize does not directly recognize intra-group sales as direct profit generating transactions. However, indirect advantages of recognizing profits in specific countries come into play to impact profits.

ibliography

Fowler, D.J. (1978). Transfer prices and profit maximization in multinational enterprise operations. Journal of International usiness Studies (1978) 9, 9 -- 26.

Singh, K. (2007, May 28). The….

IFRS GAAP Convergence
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Herz (2013) notes that the end of convergence will essentially bring about an era where IFS is, for the most part, the de facto standard around the world. However, the process has also compelled the IASB to be more responsive to its constituents.

For Australians, involvement in ASAF signals the beginning of the final stages of convergence, where the remaining non-IFS major economies are brought into the process. Many countries with GAAP has similar principles to each other, since their systems were influenced heavily one another. The AASB (2009) notes that Australia has been in line with the EU timetable for IFS adoption. In this respect, Australia should be ahead of the United States. PWC (2013) notes that this is the case, at least for publicly-traded entities. Not-for-profits do not yet have to meet the provisions of IFS reporting, and the same is true for public sector entities. Foreign companies listing….

IFRS in a Speech on
PAGES 6 WORDS 1621

However, financial reporting as a system has its limits. It cannot stabilize the world economy, save the environment and help investors understand the financial condition of a company all at once. On a theoretical level, the people guiding the development and improvement of IFRS need to take this reality into consideration.
Transparency is most certainly a role of IFRS, arguably the most important one. The more difficult IFRS makes fraud, for example, the better it is. Stability, however, is not a critical role of IFRS. International financial reporting standards can and do have a direct impact on the transparency of financial statements; they have only a minor and tangential impact on the state of the global economy. hile the value they provide in terms of improving liquidity is appreciated, global economic stability is determined by a wide range of other factors, most of which have little to do with financial….

IFRS Transition
The SEC Proposal for Transition to IFRS

This essay examines the SEC's proposed ork Plan for transitioning IFRS into the U.S. Financial Reporting System. This paper presents arguments in favor of convergence because of the benefits it presents.

History of Convergence Efforts

The history of convergence efforts for IFRS reporting includes several milestones. In October 2002, the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) issued a memorandum of understanding (MOU) known as the Norwalk Agreement. This agreement marked an important step toward formalizing their commitment to converging U.S. And international accounting standards (FASB, 2002).

The agreement describes the efforts of both boards to propose changes to U.S. And international accounting standards that reflect common solutions to "certain specifically identified differences" (FASB, 2002, para. 2). By eliminating these differences, the Boards expect to improve comparability of financial statements across national jurisdictions. FASB Chairman Robert Herz described the FASB's commitment to….

IFRS vs GAAP vs IFRS
PAGES 6 WORDS 2145

The impact of these changes will be far-reaching. Those engaged in the financial sector will feel that greatest impact. However, the impact of these changes will be felt by everyone, including the American public. They will feel the changes by greater transparency and the ability to compare financial statements with greater equitability. It is expected that the IFS will increase public trust in the financial statements of companies.
Much of the literature that is currently available on the IFS conversion is limited to publications to help companies understand and implement the changes. At the present time, the results and affects of the conversion have not been addressed by the academic world. The changes are currently in process and the results of them are yet to be seen. Therefore, this is an area of research that will have to be addressed in the future. At the present time, any opinions regarding….

IFR No.39 hedge accounting requirements, accounting for investments in derivative financial instruments, criteria for hedge accounting recognition, and deferral of recognition of periodic unrealized fair value changes.
IFR No.39 hedge accounting requirements

IFR 39 permits hedge accounting under certain circumstances as long as the hedging relationship is:

Thoroughly and fully spelled out and defined as well as the circumstances in which it will be used, the objective, the nature of the risk, and how the entity will assess the hedging instrument's effectiveness

It is regularly assessed and determined to be effective

It is determined to be effective in achieving changes in fair value or cash flows attributable to the hedged risk as is written, and that this effectiveness can be reliably measured (Deloitte IA 39)

Accounting for investments in derivative financial instruments,

If an embedded derivative is separated, the host contract is accounted for under the appropriate standard. If the entity is however unable to measure….

U S Adoption of IFRS the
PAGES 5 WORDS 1850

(2007) discover that foreign possession rises in corporations that willingly adopt International Accounting Values.
Lastly, to support the article regarding Should U.S. Adopt IFRS? Khorana (2010) uses a study that involved utilizing 44 nations from the similar U.S. investment information that has been set as the one used in Khuran's study, Gordon and Shima (2010) display that U.S. stockholders deal more of their impartiality reserves in nations after adoption of IFRS and that the asset increase is related with the nation's lawful morals and implementation administration. Likewise, Amiram (2009) combines all speculation data, not just recognized and large custodial properties, from the International Financial Fund for 53 stockholder and 81 investee nations. He discovers augmented foreign equity assets about mandatory IFRS adoption and that the growth is superior for nations that do have corruption that is not as high and improved depositor shield.

In conclusion, in this paper, I think that….

Segmental Information
In general, IFS 8 Operating Segments place a requirement on specific classes of entities (particularly those entities that have publicly traded securities) to disclose information concerning their respective operating segments, products and services, the geographical areas in which they compete as well as their major customers (IFS 8 Operating Segments, 2014). The information that is provided by corporations pursuant to these requirements is based on internal management reports concerning the measurement of disclosed segment information as well as the identification of operating segments (IFS 8 Operating Segments, 2014). Although its proponents argue that the IFS 8 Operating Segments are adequate for their intended purposes, critics counter that they are inadequate for certain applications. To determine the facts, this paper reviews the relevant literature to provide a timely discussion concerning whether the requirements of IFS 8 Operating Segments can reasonably be criticised as being inadequate followed by a summary of….

Some mergers and acquisitions (M&as) did not generate any goodwill because they were accounted for using the pooling-of-interests method. In 1969, Leonard M. Savoie (then Executive Vice President of the AICPA) stated that he expected the then-prevailing accounting pronouncement authority, the Accounting Principles Board (APB), to abolish the pooling of interests method. However, the death-knell for this accounting method was not sounded until 2001 with the issuance of SEAS No. 141. Thereafter, whenever the purchase price of an acquisition exceeds the fair market value of the acquired company's net assets, the assignment of cost to goodwill is mandatory. (26)
According to Hake (2004), although the presence of goodwill on a balance sheet represents an expectation of higher profit, there is a cost associated with its accumulation: "Because goodwill is currently treated as a nonregenerating asset, accounting practice requires that it be removed from the balance sheet as it depreciates. The….

Investors will have to adjust and discount IFRS figures, one additional dollar of IFRS profit indicates slightly lesser incremental economic health and, if the underlying assumptions of accounting are accepted, slightly lesser ability to pay down debt and pay dividends in the future than one dollar of income calculated under GAAP.
Reaction

Capital markets are becoming more global and demand for a single set of high-quality global accounting standards is increasing. IFRS if consistently applied by issuers and their auditors will be understood by investors throughout the world. The transition to IFRS will require, at the very least, a change in mindset. Because IFRS is principle driven instead of rules driven I believe there will be a tremendous scrabble for clarification regarding accounting procedures in the U.S. because the highly litigious nature of our nation. Furthermore the end of LIFO may impact investment in certain companies. Nonetheless IFRS will benefit investors….

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6 Pages
Research Paper

Accounting

IFRS and GAAP Convergence

Words: 2041
Length: 6 Pages
Type: Research Paper

IFS and GAAP Convergence Briefly describe Walmart The company establishment was in 1962 by Sam Walton. The company has grown through mergers and acquisitions to become the largest retail outlet in…

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15 Pages
Research Paper

Business

IFRS U S GAAP Comparative Report the

Words: 4642
Length: 15 Pages
Type: Research Paper

For example, there are many SEC registered companies, and they are not all American companies. Many of them are actually headquartered in foreign countries. In the past they…

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5 Pages
Essay

Accounting

IFRS Adequacy or Inadequacy

Words: 1664
Length: 5 Pages
Type: Essay

IFS 8 Operating Segments was to a certain degree a ground-breaking law since it represented the first foray of the International Accounting Standards Board into the area of requiring…

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6 Pages
Essay

Accounting

IFRS Human Resource Accounting the United States

Words: 1742
Length: 6 Pages
Type: Essay

IFRS Human Resource Accounting The United States has a radically different accounting system than virtually every other the countries considered. The United States has their own system known as the general…

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2 Pages
Essay

Accounting

IFRS Pension Reporting 2009 IAS 19 Is

Words: 715
Length: 2 Pages
Type: Essay

IFRS Pension Reporting 2009 IAS 19 is the equivalent to FAS 158, but there are differences in the two standards. (Meg, 2009) Under IAS 19 the current rates of return…

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1 Pages
Essay

Economics

IFRS and Transfer Pricing Certainly

Words: 373
Length: 1 Pages
Type: Essay

For instance, a parent company that has a low level of ownership in a subsidiary may want to lower the price paid to that subsidiary to increase parent…

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3 Pages
Research Paper

Accounting

IFRS GAAP Convergence

Words: 1031
Length: 3 Pages
Type: Research Paper

Herz (2013) notes that the end of convergence will essentially bring about an era where IFS is, for the most part, the de facto standard around the world. However,…

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6 Pages
Essay

Accounting

IFRS in a Speech on

Words: 1621
Length: 6 Pages
Type: Essay

However, financial reporting as a system has its limits. It cannot stabilize the world economy, save the environment and help investors understand the financial condition of a company…

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5 Pages
Essay

Accounting

IFRS Transition the SEC Proposal for Transition

Words: 1621
Length: 5 Pages
Type: Essay

IFRS Transition The SEC Proposal for Transition to IFRS This essay examines the SEC's proposed ork Plan for transitioning IFRS into the U.S. Financial Reporting System. This paper presents arguments in…

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6 Pages
Research Paper

Accounting

IFRS vs GAAP vs IFRS

Words: 2145
Length: 6 Pages
Type: Research Paper

The impact of these changes will be far-reaching. Those engaged in the financial sector will feel that greatest impact. However, the impact of these changes will be felt…

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2 Pages
Term Paper

Business

IFRS No 39 Hedge Accounting Requirements Accounting for

Words: 592
Length: 2 Pages
Type: Term Paper

IFR No.39 hedge accounting requirements, accounting for investments in derivative financial instruments, criteria for hedge accounting recognition, and deferral of recognition of periodic unrealized fair value changes. IFR No.39…

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5 Pages
Article Review

Accounting

U S Adoption of IFRS the

Words: 1850
Length: 5 Pages
Type: Article Review

(2007) discover that foreign possession rises in corporations that willingly adopt International Accounting Values. Lastly, to support the article regarding Should U.S. Adopt IFRS? Khorana (2010) uses a study…

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4 Pages
Essay

Accounting

Adequacy of IFRS 8 Operating Segments

Words: 1128
Length: 4 Pages
Type: Essay

Segmental Information In general, IFS 8 Operating Segments place a requirement on specific classes of entities (particularly those entities that have publicly traded securities) to disclose information concerning their respective…

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38 Pages
Term Paper

Accounting

Switch to IAS IFRS The Challenge

Words: 10455
Length: 38 Pages
Type: Term Paper

Some mergers and acquisitions (M&as) did not generate any goodwill because they were accounted for using the pooling-of-interests method. In 1969, Leonard M. Savoie (then Executive Vice President…

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2 Pages
Essay

Accounting

Convergence of IFRS Briginshaw J

Words: 456
Length: 2 Pages
Type: Essay

Investors will have to adjust and discount IFRS figures, one additional dollar of IFRS profit indicates slightly lesser incremental economic health and, if the underlying assumptions of accounting…

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