Contextual issues in implementing IFRS ACC303 Week 2 Discussion "IFRS Convergence" Please respond to the following: From the e-Activity, briefly compare the IASB and FASB in regards to the convergence process. Nobes (2015) also reported challenging issues in implanting IFRS in developed countries. Go to start of metadata. 25 (6), 489-510. In the organization in […] There are evidences that organizations’ dependence on external capital maximizes their incentive to offer better-quality information and to offer effective financial disclosures. When it comes to other countries, such advantage is not stagnant but heterogeneous across companies, relying on every reporting incentives. Task: Debates on whether the converged International Financial Reporting Standards have resulted in harmonised international accounting practices across countries have been growing over the last ten years. and Graham, L. (2012) Accountants Handbook. This means that the convergence of accounting standards remaining on de jure level might not be compulsorily resulting in convergence de facto (He et. The IFRS Project Management framework that follows is […] Financial Accounting and General Topics, John Wiley & Sons. Considerable and very positive progress was made in crafting International Financial Reporting Standards (IFRS) and implementing them in many countries. Choose a country as an example for illustration on how it has adopted IFRS in its attempt to seek harmonisation and whether it has been successful with a relevant organisation as an illustration” IntroductionSeveral studies reflect that accounting standards are not ascertained by accounting standards alone and instead, these are also partly ascertained by the incentive organizations have to offer high-quality financials. Accounting in Europe. Requirement of high pr… The major reporting instruments incorporate data that are valuable as they did in the past. However, there was lack of domestic knowledge about China’s business culture and institutional background that resulted in an enhancement of reliance on investors on hard information from the financials (Rebel, 2017). IFRS (Principle-Based) vs. U. S. GAAP (Rules-Based) The summary should be structured in a subject-by-subject format. However, it has been observed that most of the countries and organizations remained under prepared for their respective transition to IFRS standards. 12 IFRS 13 states that, when measuring fair value, the objective is to estimate the price at which an orderly transaction to sell an asset or to transfer a liability would take place between market participants at the measurement date under current Explain the difference between these accounts and how a company decides which classification is appropriate. Disclaimer: This work has been submitted by a university student. Students are not to copy or submit them as is. IFRS 17 Insurance Contracts (May 2017) proposes amendments to this standard with effect for annual reporting periods beginning on or after 1 January 2023. Basis for Conclusions on IFRS 15 Revenue from Contracts with Customers . Has the EU Learnt to Love IFRS? In relation to China, studies and a range of institutional factors have depicted that organizations with increased demand for external capital often experience a bigger increase in the value significance of their accounting revenues under the converged IFRS-CAS. al, 2012). Conclusion With the help of this accounting assignment, the challenges to implementation of IFRS has been well identified. These two standards are key components of the finance and accounting profession and as such, are critical vehicles of reform for altering how financial reporting is undertaken globally. Insights from an emerging economy. You can view samples of our professional work here. What is the difference of a stock split and a stock dividend? INTRODUCTION 1 Structure of IFRS 3 2 Benefits of IFRS 4 3 Standards of IFRS 5 IFRS AND INDIA 1 Introduction 6 2 Benefits of adopting for Indian Companies 7 3 IFRS Conversion Program 9 4 Transition From Indian GAAP to IFRS 11 5 Key Difference in Presentation of Financial Statement 13 6 Convergence of IFRS with Indian … Financial Accounting Series: Cengage Learning. Based on the above discussion, it can be inferred that IFRS was certainly an important measure adopted in 2001 with having emphasis on enriching the financial disclosure standards. The significance of IFRS 9 is thus seen in terms of recognition and measurement of financial assets, financial liabilities, and equity. Your essay should include the answers to the following: IFRS 8-1: What are some steps taken by […] The end part of this accounting assignment stresses upon the fact that convergence and adoption of IFRS standards share the same vision of framing a single set of standards of accounting that are of better quality. Disclaimer: The reference papers provided by TotalAssignmentHelp.com should be used as model papers only. In addition to these, government controls (coercive) isomorphisms also played a key role in driving the convergence of IFRS in China. For more information visit www.ifrs.org Page 1 of 33 Agenda ref 14B STAFF PAPER June July 2015 The accounting changes could influence how leases are negotiated and potential lease versus buy decisions. Why would a company use either of these and what is the effect of them on the financial statements? Total Assignment help is an online assignment help service available in 9 countries. Harmonization of Accounting Measurement Practices in South Asia. Macrocosmic Thane gaap vs ifrs research paper colorado university application essay Stage 1: Healthy, performing deals. Listed below are some of the requirements of IFRS and what it consists of, which is why you need IFRS assignment help to understand it thoroughly: The statement of current financial position. Study based in emerging economies, such as China (He et al., 2012), Romania (Albu et al., 2014), India, Pakistan, and Bangladesh (Ali et al., 2006), South Pacific Island countries (Chand, 2005), United Arab Emeritus (Irvine, 2008), and Turkey (M?s?rl?o?lu et al., 2013), have consistently reported the challenge of effectively implementing IFRS in those countries due to country-specific contextual issues. Moreover, this also comprises of organizations that are situated in more competitive areas and with better foreign ownership. Choice between IFRS or US GAAP 13 Conclusion 15 Bibliography 16 Introduction Convergence with IFRS is now a global phenomenon that is rapidly gathering pace. This is because the MOF requires the companies of China to prepare both non-consolidated and consolidated statements based on the new set of CAS. (2009). An introduction and a conclusion are needed. The statement of comprehensive income which states the profit or loss incurred to the total comprehensive income. The paper 'Conceptual Framework Issues' is a great example of a Finance and Accounting Assignment. Business FinanceNorth Ryde: McGraw-Hill Australia. The accounting and disclosure for cash flow hedge is the only item that will require more efforts in terms of the development of a model and extended disclosures. al, 2012, p. 549). The citation is like the introduction. Paragraph 18 of The Measurement Principle requires that “the In relation to China, from an institutional theory perspective, there are factors that had driven the convergence of IFRS. Further, the accounting assignment stresses on the contextual issues in the implementation of IFRS. Besides, only time is the primary factor that can assist in reflecting whether such step can reap the anticipated rewards and whether the global economy can enjoy lesser cost financial reports that are more useful and completely comparable in nature. ConclusionWith the help of this accounting assignment, the challenges to implementation of IFRS has been well identified. Critical Perspectives on Accounting. IFRS 10-2: Explain how IFRS defines a contingent liability and provide an example. Further, one relevant aspect of the intended advantages of both strategies of alignment with the IFRS is to enhance the comparability of financial statements prepared by organizations situation in different countries (Merchant, 2012). Explain your rationale. Conclusion Adopting IFRS and neglecting GAAP is not the right command for the U. S. From an institutional perspective, there are various factors that drive the convergence of IFRS in many emerging economies. Besides, improvements in quality of financial reporting usually occur amongst organizations with higher reporting incentives (Albu et. Assignment 4: The Impact of Current IFRS Proposals for Lease Accounting on Financial Reporting and Accounting for Income Taxes The proposed changes to lease accounting under IFRS represent a significant change from past accounting practices. Stage 2: Sensitive, under-performing deals that show significant deterioration in credit quality since deal conclusion. IFRS 15Revenue from Contracts with Customers YOUR QUESTIONS ANSWERED March 1, 2015 IN COLLABORATION WITH: IFRS This page has been intentionally left blank IFRS 15 Revenue from Contracts with Customers YOUR Since, the Chinese government was one of the most relevant sources of finance, subsidies were offered to facilitate development of government-prioritized sectors like transportation, energy, etc. Consequently, the policy makers must also seek to affect such institutional pressures that thwarts or increase IFRS adoption. Review the prescribed list of the research articles (see below), and three more relevant research articles at your choice, explain are the contextual issues of implementing IFRS in emerging economies and in developed countries. 41, No 3, pp. Include an introduction and a conclusion. This is not an example of the work produced by our Essay Writing Service. Retrieved from https://www.researchgate.net/publication/256044793_International_Financial_Reporting_Standards_in_an (3) IFRS does not authorize curing indebtedness covenant law-breaking after year-end. Doi: https://doi.org/10.1111/j.1835-2561.2009.00053.x, Walker, M, Chua, W.F., & Taylor, S. L. (2008). IFRS 9 differentiates between three stages of impairment. From a normative perspective, higher the strength of accounting profession experienced by an emerging economy, greater will be the level of IFRS adoption (Ali et. IFRS 10-2: Explain how IFRS defines a contingent liability and provide an … The Accounting Review, 87(5), pp.1767-1789. Contents. Give your opinion on the reasons why a single set of accounting principles would be beneficial to corporations. Coercive, normative, and mimetic ideologies come under the purview of institutional theory that has driven the convergence of IFRS. Hourly fees for this consulting assignment are negotiable, and would really depend upon the complexity and length of the assignment. In conclusion, the consolidated financial statements are considered as being complex in their preparations, to be specific more complex to the parent firms that are made up of many subsidiaries. Both convergence and adoption of IFRS standards share the same vision of framing a single set of standards of accounting that are of better quality. Even though the strategy behind the convergence of IFRS was to harmonize the standards across several countries, yet many developing economies have encountered issues in the implementation of IFRS with their already existing accounting standards. (2011). Executive SummaryFinancial reporting, as well as accounting are present to provide reliable and vital information on an entity or other organization to external parties. No cornerstone of accounting can stop fraud, but rules-based accounting can at least prevent it from taking place. IFRS and XBRL: How to Improve Business Reporting Through Technology and Object Tracking. a 850-word summary about IFRS versus GAAP. (2) IFRS has another response and pass judgment aimed for contingencies. Accounting Scandal For this assignment, the paper represents a discussion of the Ponzi scheme conducted by Bernard Madoff. This type of conclusion is classical, and it is a simple summary of the results, through generalization. ReferencesAlbu, C. t. l. N., N. Albu, and D. Alexander. 9/1 Pacific Highway, North Sydney, NSW, 2060, Corporate Finance Planning Assignment Help, Financial Statement Analysis Assignment Help, Activity-Based Accounting Assignment Help, Accounting Assignment: PPE in BHP Billiton and Rio Tinto, Business Assignment On Financial Parameters Of Mediterranean Delights Ltd, Decision Making Process Assignment: Learning Experience In Clear Vision Communication. (4) IFRS’s content regarding revenue assignment is less extensive than GAAP and contains relatively little industry-specific teaching. When global accounting standards meet the local context? 19, 25-58. Our local operations span across Australia, US, UK, South east Asia and the Middle East. However, IFRS adoption in Australian context was challenging, as it was more based on principles and reflected to be more liberal in comparison to Australian GAAP. MyAssignmenthelp.co.uk is a name in assignment writing services that students trust. The mentioned above type appeals to the reader in order to encourage him or her to act. There has been a rising interest in the theory of institution in various areas. Stage 3: Defaulted, impaired deals with … IFRS 10-3: Briefly describe some similarities and differences between GAAP and IFRS with respect to the accounting for liabilities. Discuss whether the convergence of IFRS will lead to improved financial reporting quality. Overall, it was observed that the convergence of IFRS in China only enhanced the value significance of earnings more for companies with the most requirement to attract capital from the external investors (Carmichael & Graham, 2012). Therefore, the adoption or implementation of IFRS in China would also result in an increment in regulation and enforcement costs of supervisors like MOF, thereby bringing a financial burden for the companies. The full text of this article hosted at iucr.org is unavailable due to technical difficulties. • Implementation of IFRS has helped companies to easily move between sectors, among different countries with new markets to explore (Jackling, Howieson & Natoli, 2012). The reason behind this can be attributed to the fact that there was improper training and education and since the convergence was primarily regarded as the problem of the accountant, the complications of IFRS requirements was not considered interrelated to education requirements (He et. In other words, firm size is also a potential variable in ascertaining an organization’s preparedness for implementing IFRS and depicting that larger organizations possess powerful incentives to enhance the quality of reporting (Ali et. Both of the standards take the same position in regards to the objectivity in financial reporting they both contain the same information when it comes to reporting information. Such theory has been considered in accounting literature as an effective framework to describe the country-specific factors influencing the decisions of emerging economies to allow the use of IFRS. • Implementation of IFRS has led to cost saving in Further, greater is the level of economic globalization of an emerging economy, greater will be the level of adoption of IFRS due to such isomorphism (Deegan, 2011). Conclusion. 1. (2014). Therefore, IFRS can be defined as a standard that performs as a uniform code of language and is helpful in understanding the common reporting for users that enhances process of decision making. al, 2012, p. 542). This accounting assignment further sheds light on the convergence of IFRS. The purpose of this blog is to provide readers with a basic IFRS Conversion Project Management “Road Map”. Therefore, the gap betwixt economic affairs in the coastal areas and those in the inland provinces affected institutional developments like government decentralization and financial markets. Book Your Assignment at The Lowest Price Now! Conclusion Since IFRS for SMEs has been published by IASB in 2009, many countries have taken the step to implement the standards as basis for their local companies to prepare financial statements. Shah, P. (2013) Financial Accounting, London: Oxford University Press, Sunder, S. (2011) IFRS Monoply: Pried Piper of Financial Reporting’, Accounting and Business Research, vol. Let’s figure out what types of conclusions for assignment are available so that you can choose the most pleasant option for yourself. Such theory has been attained from the organizational conformity with beliefs and social values that mould organizational life (IFRS Foundation, 2010). But the use of consolidation software makes this process more simplified and the standards bodies such as the IASB and the FASB works considerably to better the process. This will collectively bring benefit not only to the company itself but to the bankers and investors as well as it promotes a comparable report globally. In addition to these nation-specific contextual factors, there are firm-specific factors like size of firms that are potential elements determining the successful implementation of IFRS. al, 2014, p.495). GAAP. Further, such coercive institutional pressure generally arises from financial dependence. Stage 1: Healthy, performing deals; Stage 2: Sensitive, under-performing deals that show significant deterioration in credit quality since deal conclusion; Stage 3: Defaulted, impaired deals with objective evidence of impairment Retrieved from https://onlinelibrary.wiley.com/doi/abs/10.1111/j.1911-3846.2011.01113.x, Madura, R., & Fox, J. A conclusion should align with the theme of the assignment, but not repeat what has been already covered over and over again. Therefore, with the help of this accounting assignment, it can be determined whether post-IFRS convergence has resulted in harmonization of global accounting practices around several countries. Stage 1: Healthy, performing deals Stage 2: Sensitive, under-performing deals that show significant deterioration in credit quality since deal conclusion 12 (2), 153. The summary should be structured in a subject-by-subject format. Furthermore, the incompatibility betwixt present national institutional arrangements and IFRS and the issues associated to specific industries or size of firms may result in unwanted results like decrement in the reliability of financial reporting (Madura & Fox, 2011). The Next R(E)volution of Lean By seeing a business as a conclusion of accounting concept Necessary to Succeed The conclusion is that Lean initiatives that are successful on a large scale have something in place that failed efforts do not a Lean strategy, a different way of thinking and a unique strategic focus. Making Management Accounting Research More Useful. An introduction and a conclusion are needed. Besides, for the executives of several multinational organizations, there are insights that can facilitate in describing and prediction of future adoption of IFRS within many countries (IFRS Foundation, 2010). IFRS 10 outlines the requirements for the preparation and presentation of consolidated financial statements, requiring entities to consolidate entities it controls. It comes to other countries, such coercive institutional pressure generally arises from financial dependence and with better ownership... Principle-Based ) vs. U. S. 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