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International Financial Reporting Standards
1 headnote for International Financial Reporting Standards
More than 10.000 documents for International Financial Reporting Standards
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This paper investigates differences between the financial statements of Volvo Corporation, Daimler AG, and Fiat SPA as prepared under International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles (U.S.GAAP) from 2004-2006. The application of IFRS generally resulted in higher net income than U.S. GAAP. Many differences have already been resolved by the convergence projects of the Financial Accounting Standards Board and the International Accounting Standards Board. However, significant and persistent reconciling items that are likely to affect U.S. automakers' financial statements include: pension and other post-retirement benefits expenses, capitalization of development costs, and minority interests reporting.
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Beginning in 2008, most Israeli public companies were required to adopt International Financial Reporting Standards (IFRS) for financial reporting. Previously, Israel followed its own set of financial reporting standards, Israeli GAAP, which was very rules-based, in comparison to the more principles-based IFRS. Israel is a highly industrialized country with a significant public company presence in the high-tech, biomedical, healthcare, pharmaceutical, and defense technology industries. Public companies in Israel are regulated by the Israel Securities Authority (ISA). The ISA further oversees the promulgators of Israeli GAAP. IFRS requires a more detailed segment disclosure than Israeli GAAP. Many companies were wary of the amount of segment disclosure required under the new standards. B...
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As of this writing, non-US companies using International Financial Reporting Standards (IFRS) are permitted to list their securities on US stock exchanges without reconciling those statements to US GAAP. In February 2010, the SEC stated that US issuers would not be required to employ IFRS until 2015 at the earliest. The SEC further stated that it would vote in 2011 whether to go forward with a mandate to employ IFRS solely or to allow firms to use either IFRS or US GAAP. A survey was sent to a random sample of 2,000 AICPA members employed by public accounting firms that have substantial publicly traded companies as clients. When asked about the comfort level with their own current IFRS knowledge, respondents generally did not think that they had the current competence level to effective...
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The purpose of this paper was to determine empirically whether adopting the International Financial Reporting Standards by Jordanian companies listed on the Amman Stock Exchange influenced its cost of equity capital over the period 1996-2000 using a Vector Error Correction Model. Expected return, extent of disclosure, financial leverage, and company size used as a proxy for cost of equity capital, disclosure, financial risk, and business risk, respectively. Moreover, Dickey-Fuller and Johansen Cointegartion tests were applied. Another tools used were the variance decomposition and Granger Causality tests. Results indicate that none of the independent variables significantly influenced the cost of equity capital.
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Questions on International Financial Reporting Standards (IFRS) are answered. Since November 2007, the SEC has allowed foreign companies to file their financial statements prepared on the basis of IFRS. No reconciliation to US GAAP is required to be filed by these foreign companies. More recently, on Aug 27, 2008, the SEC released a proposal for public comment that could require mandatory adoption of IFRS beginning in 2014. To date, 85 countries have adopted IFRS. Another four require only select companies to use IFRS. The FASB is working with the IASB on the convergence of a conceptual framework for accounting standards. The FASB and IASB agreed in 2002 to conduct a convergence project to more closely align US GAAP with IFRS. Europe has already converted from local GAAP to IFRS. It is ...
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In December 2007, the SEC eliminated the requirements to provide US GAAP information for many foreign company filers that use International Financial Reporting Standards (IFRS). The SEC has also prohibited a proposed rule for US companies to start preparing their financial statements using IFRS. This primer on IFRS concludes with some practical considerations for a company converting from US GAAP to IFRS. The FASB and the International Accounting Standards Board (IASB) have committed repeatedly to the convergence of the two bodies of standards on an aggressive timetable. While numerous and significant differences remain between IFRS and US GAAP, convergence efforts between the IASB and the FASB since the 2002 Norwalk Agreement have been significant. The importance of being knowledgeable...
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Focus on SEC Action; FASB-IASB Joint Projects on Standards NEW ORLEANS, Oct. 18 /PRNewswire-USNewswire/ -- Certified Public Accountants see the U.S. at a pivotal time in the development of uniform, high-quality global accounting standards as the U.S. Securities and Exchange Commission evaluates a transition to International Financial Reporting Standards and the U.S. Financial Accounting Standards Board and the International Accounting Standards Board work jointly to merge U.S. and global standards.
