This website uses cookies to ensure you have the best experience. Learn more

My Position On Transition To Ifrs Accounting Essay

888 words - 4 pages

Accounting
Student name
Instructor
Course Title
Date
The U.S adopting the International Financial Reporting Standards (IFRS).
Accounting is molded by the political and economic factors. The International Accounting Standards Boards (IASB) has attained almost global adoption of its International Financial Reporting Standards (IFRS). IFRS is a broad set of financial reporting standards. Although most countries around the globe have continued to adopt IFRS accounting standards, the U.S is still unwilling to include IFRS in its financial reporting system completely. It is important for the U.S to include IFRS in its accounting reporting system because it is the greatest capital market in the globe.
IFRS appear to be set of high-quality bookkeeping guidelines that would perfectly be implemented consistently by the Public Corporations worldwide to ensure that they are convened by the capital markets around the globe. Because there is no agreement as to what comprises high-quality bookkeeping standards, IFRS are assumed to be of high quality because they exemplify a gathering of the globe's best accounting standards and are presumed to be more capital market leaning than many accounting standards. It is suggested that the adoption of the IFRS is related to high accounting quality. For instance, according to Barth et al., (2012) companies that adopt IFRS willingly show fewer incomes management, more timely loss realization and higher value significance of accounting income. The principle-grounded nature of IFRS inspires companies to report financial information that better mirrors the economic substance over form, thus promoting greater transparency. Moreover, research has found that IFRS enables comparison of financial statement across nations and markets, which is a constituent of high-quality financial reporting (Barth et al., 2012).
Pros of IFRS adoption
Simplicity and bookkeeping benefits
Under IFRS, financial users, including the public can comprehend the financial statements because they are not complicated. In fact, IFRS has less than 3,000 pages of standards and rules compared to at least 25,000 ages that generally accepted accounting principles (GAAP) utilizes (Brown, 2011). IFRS utilizes two-step principles for income recognition, while GAAP has a particular step-by-step approach for recognizing income. Under IFRS, firms can capitalize development and research costs, while in GAAP, they must expense these costs. Cost capitalization empowers the balance sheet as well as the income statement. Moreover, the fact that IFRS enhance firms to report the fair market value of asset less accrued depreciation, while GAAP permit reporting of costs less accrued depreciation strengthen a firm’s balance sheet.
Global Benefits
Adopting IFRS for accounting statements planning permit American firms to freely compare their financial statement to those of other countries using IFRS. Public corporations and global medium-sized...

Find Another Essay On My Position on transition to IFRS - Accounting - essay

Narrative Essay on How I Learned Not To Do Everything On My Own

577 words - 2 pages On September 29, 1994, I discovered I could not do everything alone. It all began that crisp fall morning when I awoke at 5:00 AM from a long night's sleep. As I crawled out from under the warm blankets, the cold air hit my warm face like a snowball. As a single parent of a five-year old daughter at the time, my mornings always unfolded with the hustle and bustle of preparing for our day at school and work. With so many tasks to complete

The media being more helpful than harmful to me during my transition from pre-school years to adolescence

1229 words - 5 pages The media has always been more helpful than harmful to me during my transition from pre-school years to adolescence. Some of the media that has had a positive influence on me during my childhood and into my adolescence years has been the Internet, magazines, movies, music, and television.The Internet was a major part of my early pre-teen to teen life because not only was it a way to find information but it was also a way to communicate with my

Life Skills Speech This is an oral that was used to convince people to vote for my acadmic portfolio for a position on the Education Board of Hervey Bay

1330 words - 5 pages In only 8 months we face the greatest transition of life. Soon, many of us will be leaving home and will be out on our own. We will no longer be protected by our parents, we will be able to do what we want, whenever we want, we will be free. But this new found freedom will come at a price. We will have to learn to live away from home. We will have to learn about the real world. And we will have to learn about life. And for many of us here, we

"The Long Transition to Adulthood" by Ellen Goodman, an analytical essay

881 words - 4 pages The Long Transition to Adulthood" by Ellen Goodman expresses today's need for more "adulthood training" along with our adolescent school socialization. This essay is an insight into the evolution of education and how our methods of socialization lack instruction on the transition into adulthood.With an informative style, Goodman persuades the reader that our school systems are not effective in teaching life skills needed to operate in the adult

This is an essay on how to improve education in my opinion

1245 words - 5 pages teachers are prepared to teach. This will ensure that the students will be receiving the proper education they need. Essay tests should also be used more to challenge students and force them to think critically (Shepard 2). This willhelp students be prepared in life when they need to actually think rather than use memorization. Discussions should also take place dealing with what is being taught and on current events as well (Shepard 2). This will

This is an essay on which i used color research to describe why my favorite colors are related to me

1005 words - 4 pages taught that the environment is important and we have to keep it clean and safe. Earth day was big for my grade school; we would go out and pick up garbage in the neighborhood. We were also taught to always reduce reuse and recycle. To help cut back on pollution we were encouraged instead of driving to take the bus or the el, or even to ride a bike. After doing all this when I was younger and seeing that the problems are still getting

Reflection Essay on My Online Writing Class

749 words - 3 pages When I started this program, I was worried I would not be able to do an online course. This is the first online college course that I’ve ever taken. On top of this course, I have been taking five other classes and have been very involved in other activities. However, I’ve worked hard to keep up and improve my writing skills. Every day that I’m able to use a computer, I sign into Moodle. When I’m not around a computer, I work on the paper or

Reflective essay on my personal life

570 words - 2 pages The Sculptor of LifeAfter reading "The Open Boat" and reflecting back on my life, I realized that I am who I am mostly because of the environment I grew up in. Right when I was able to run and jump, I followed my older brother everywhere he went, most of the time unwanted. However, the time I spent with my brother and his friends truly molded my character into part of who I am today. Fishing, playing hockey, and just "chilling" with these older

College Essay: My Mother's Influence on Me

688 words - 3 pages attendant at the time for US Airways and despite being busy 24/7, she tried her best to make time for both me and my education. From what I was told, my mother was valedictorian of her high school class and was had many extra- curricular activities to credit for. Despite being a great student and having tons of friends, there was something else going on in my life at the time, in which very few people in my circle were privy to… My mother was

Children's Book - on my grandfather - Literature - Essay

1095 words - 5 pages BJ’s grocery store for ice cream. Grandpops knows me so well and without me even having to ask he ordered my vanilla cone with jimmies. My favorite. He handed it to me with a big smile on his face, but after ice cream, something was different on this trip. We walked outside to go back to the truck, but Grandpops couldn’t remember where he had parked. It was like a game of hide and seek but no matter what he couldn’t find the old red Chevy

To what extent should we embrace the perspectives on nationalism reflected in the source? - Position Paper

1118 words - 5 pages Internationalism To what extent should we embrace the perspectives on nationalism reflected in the source? Source: “Nations must be prepared to give up some of their sovereignty to a supranationalism organization as we move into a more globalized world” Internationalism is ultimately the only thing that will benefit the international community as a whole. According to the source above, it is vital for nations to be willing to hand over

Similar Essays

My Position Paper On Born To Be Good

747 words - 3 pages and it left me very confused. I was not puzzled about what the right or wrong way to care for the situation, but more so, confused as to whether or not I should involve myself. In that, I would weigh the pros and cons of my involvement. I would ask myself if I could contribute in a positive way, without making the situation worse or causing a negative impact on myself. Therefore, it could be that I had self-interest in mind. There are times

Accounting Theory And Adoption Of Ifrs Postgraduate Essay

758 words - 4 pages standards. Moreover, it has also affected the accounting practitioners, investors as well as the other users of financial statements (Beverly Jackling, 2012) The rapid and widespread adoption of IFRS since 2005, particularly with regard to the potential impact on United States (US) financial reporting, has been described as constituting ‘one of the most ambitious and far reaching efforts in history (Trombetta, 2010:1). The major aspect of IFRS is it

Essay On How To Get A Volunteer Position South College/ One Goal Essay

579 words - 3 pages , as well as responsibility. These skills are now a part of me and I use them in every area of my life. But I didn’t stop there I continued to search for other places that I felt I could lend a helping hand to. I came across an ad for reading and math tutoring for 3rd through 5th graders at Nathaniel Q. Henderson elementary school. In this position, I assisted students with speed reading exercises, provided one-on-one literacy tutoring, and helped

Dionysus Position Essay: Pagan Culture (W/Focus On Dionysus)

946 words - 4 pages Dionysus was a God. Dionysus IS a God. I disagree with the idea that the Dionysian concept has no relevance in today's society. On the contrary I believe that the God's concept is alive and well, and will continue to be so. The problem lays in the fact that the people of today don't realize that their beliefs, experiences and lives in general are relevant to his image. So where, then, is the relevance of his concept in today's culture?In order