Tag Archives | Accounting Standards

Corporate Management and Accounting Standards

In this article we will discuss about the role of corporate management in determination of accounting standards. Corporate managements play a central role in the determination of accounting standards. Corporate management is central to any discussion of financial reporting, whether at the statutory, or regulatory level or at the level of official pronouncements of accounting […]

Harmonization of Accounting Standards

In this article we will discuss about the difficulties in harmonization of accounting standards with suggestions. Difficulties in Harmonization of Accounting Standards: Many difficulties have been faced in the harmonization programmes commenced by international agencies, especially by IASC (now IASB) which are as follows:  1. Difficulties in the Development of Standards: The main difficulties in […]

International Accounting Standards Committee (IASC) Foundation

In this article we will discuss about the International Accounting Standards Committee (IASC) Foundation:- 1. History of IASC Foundation 2. Organization of the IASC Foundation 3. Relation with IOSCO. History of IASC Foundation: The IASC Foundation is an independent body, not controlled by any particular Government or professional organization. Its main purpose is to oversee […]

IFRSs in USA, Europe and Asia Pacific Countries

In this article we will discuss about the International Financial Reporting Standards (IFRSs) in USA, Europe and Asia-Pacific Countries. IFRSs in USA: The Financial Accounting Standards Board is the USA’s principal financial reporting rule-making body. The FASB’s most important function is to issue standards that fine US GAAPs. The accounting principles and practices of the […]

First-Time Adoption of IFRSs by a Company

In this article we will discuss about the first-time adoption of IFRSs by a company. A company is regarded as a first-time adopter of IFRSs if, for the first time, it makes an explicit and unreserved statement that its general purpose financial statements comply with IFRSs. IFRS 1 First-time Adoption of International Financial Reporting Standards […]

Beneficiaries of Harmonization of Accounting Standards

The following points highlight the seven main beneficiaries of harmonisation of accounting standards. The beneficiaries are: 1. Growth in International Business 2. Globalization of Capital Markets 3. Investors 4. Multinational Companies 5. International Auditing Firms 6. Developing Countries 7. Other Interest Groups. Beneficiary # 1. Growth in International Business: The main stimuli for harmonisation comes […]

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