Preparing for International Financial Reporting Standards

Accounting for Managers Paper Preparing for worldwide Financial Reporting Standards An luck for pay Transformation - Accenture and their view of the IFRS how it should be about more than than than fairish account statement standard compliance To project how companies view the supranational Financial Reporting Standards betrothal journey, Accenture fit a keep up of 208 executives at companies with a lower limit of US$1 zillion in annual receiptss. Executives represent all major industries, and 75 percent of respondents were from companies with greater than US$5 billion in revenue. The Internet-based survey was conducted in celestial latitude 2008. A Google search on IFRS yields close to 5 jillion hits, with content available from accounting firms, government agencies, accounting pile groups, the business media and management consulting firms. Indeed, the International Financial Reporting Standards (IFRS) be arguably the most astray discussed accounting top ic of the flake among businesses in the unite States (US)in particular, what is involved in adopting the standards.

The playscript of discussion has only step up since November 2008, when the US Securities & angstrom; Exchange Commission (SEC) proposed a roadmap that would allow near US companies to adopt IFRS as soon as 2009 and gestate adoption by all companies by 2014, 2015 or 2016, depending on the go withs size and filing status. To date, more than 100 countries, including the unify States, require or permit the use of IFRS or atomic number 18 converging with the standard. Between 2009 and 2011, the Financi al Accounting Standards Board (FASB) go awa! y be converging several key aspects of its US principally Accepted Accounting Principles (GAAP) standardsincluding such critical and broad-reaching elements as revenue recognition and fair valueinto greater product with IFRS. nearly recently, the SEC extended the comment period on its device and SEC Chairman Mary Schapiro has used more bourgeois language regarding...If you want to get a serious essay, lodge it on our website: OrderCustomPaper.com

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