Ifrs Convergence
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Achieving Global Convergence Of Financial Reporting Standards
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Author : Christopher Patel
language : en
Publisher: Emerald Group Publishing
Release Date : 2011-12-15
Achieving Global Convergence Of Financial Reporting Standards written by Christopher Patel and has been published by Emerald Group Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-12-15 with Business & Economics categories.
This research monograph examines whether International Financial Reporting Standards (IFRS) are interpreted and applied in a consistent manner within and across countries, and questions the implicit assumption that accounting convergence will automatically lead to comparability in financial reporting.
Ifrs Convergence
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Author : Arif Ahmed
language : en
Publisher: Wiley
Release Date : 1991-01-08
Ifrs Convergence written by Arif Ahmed and has been published by Wiley this book supported file pdf, txt, epub, kindle and other format this book has been release on 1991-01-08 with Business & Economics categories.
The practical guide to merging GAAP and IFRS in the new accounting environment IFRS Convergence is a practical guide to implementing various requirements under International Financial Reporting Standards. With detailed discussion of every standard, this book provides a workable blueprint for incorporating IFRS requirements into current accounting practices without major procedural upheaval. Readers will gain a deeper understanding of the standards and their accepted interpretations, and find expert tips that highlight the finer points to facilitate everyday application. Designed as a resource for both new and more seasoned professionals, the book's concise approach and focused explanations make it a useful ready reference for all stages of the convergence process. The book will not only be helpful for organisation adopting IFRS for the first time, but will also be a great guide for implementing the changes and new standards for IFRS compliant organisations. More than a hundred countries have adopted IFRS, and that number continues to grow. In the U.S., uncertainty surrounding the IFRS adoption process has placed greater importance on familiarity with the standards, and accounting professionals are increasingly expected to have implementation ability. IFRS Convergence clarifies the standards from the viewpoint of implementation issues, providing a valuable reference that helps readers to: Understand key concepts of convergence and the scope of the issue Learn how convergence will affect accounting treatments, presentation, and disclosure Study a model accounting policy under each IFRS Improve their understanding on practical implementation issues through tips and tricks capsules Find explanations and interpretations of major IFRS-related definitions Collaboration between the U.S. and international boards is gradually erasing the boundaries between IFRS and GAAP. Convergence efforts are continually underway, and accounting professionals are under pressure to remain up to date on the latest standards and practices. IFRS Convergence provides the interpretations, explanations, and actionable guidance professionals need to stay current.
International Financial Reporting Standards Ifrs Convergence In Indonesia
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Author : Bernadia Linggar Yekti Nugraheni
language : en
Publisher:
Release Date : 2017
International Financial Reporting Standards Ifrs Convergence In Indonesia written by Bernadia Linggar Yekti Nugraheni and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with Accounting categories.
IFRS has been adopted and implemented in more than 100 countries around the world. The purpose is to achieve comparability (Barth et al., 2012, Yip and Danqing, 2012), and reduce both capital (Li, 2010) and preparation (Doupnik and Perera, 2012, p. 93) costs. IFRS adoption and implementation are not without problems and challenges; especially in countries where IFRS implementation is subject to different economic, social and institutional constructs. Each jurisdiction adopting IFRS has its unique environment with respect to political, culture, legal and economic issues. Accordingly, IFRS convergence and implementation occurs though these localised contexts and dynamic processes.This thesis undertook an empirical investigation to explore the localized context that influenced both IFRS implementation and the assessment of fair value within Indonesia. This study used qualitative research methodology to provide an understanding of the critical factors that enabled or inhibited IFRS implementation, and used the accounting ecology framework proposed by Gernon and Wallace (1995) as a framework for analysis. It then utilised the concept of institutional work (Lawrence and Suddaby, 2006)to provide an understanding of how local actors conduct purposive actions in the process off air value institutionalisation. Finally, the concept of modernity (Giddens, 1990)within accounting was deployed to explain the construction of fair value and its relationship to the concept of reliability.This study offers three conclusions about the implementation of IFRS within an Indonesian context. First, successful IFRS implementation is influenced by the local accounting environment. Using the accounting ecology framework, this study finds challenges surrounding IFRS implementation within Indonesia, including the lack of legal backing and enforcement, the lack of coherent regulations and the difficulties in implementing complex standards such as fair value, as well as the lack of professional competence in being able to execute professional judgement. This highlights the importance of strengthening law enforcement and synchronising regulations. Regulators must have the same orientation as professionals in interpreting how accounting standards and practices in Indonesia will be developed and applied. The problem of professional competence is triggered by the lack of adequate and appropriate training, education, and IFRS practical guidance for users, including preparers, public accountants and another professionals including appraisers. Hence this study argues that ongoing developments,as well as education and training programs for professionals,are critical in being able to enhance professional competence. 4 Second, the unique local context influences fair value implementation, especially its institutionalisation within an Indonesian setting. Institutionalisation of fair value is a process involving the efforts and roles of local actors who have their own interests and who seek legitimacy. The purposive actions of individual or collective actors and their sectional interests, and the search for legitimacy that motivate these actors, influence the institutional and local context in which IFRS ultimately operates. Using the concept of institutional work (Lawrence and Suddaby, 2006), this thesis finds actors undertake political, technical and cultural actions (Perkmann and Spicer, 2008) which shape how IFRS and fair value become institutionalised. The effects of the political, technical and cultural actions are stronger when these actions are deployed concurrently. The combination of these three actions will influence the institutionalisation of IFRS and fair value in the Indonesian context more than a single type of institutional work. Moreover, successful institutionalisation requires actions from actors from different levels and affiliations.Third, IFRS and fair value are current accounting systems that reflect a 'modernity' as suggested by Giddens (1990), one which explains the complex social inter-relationships between actors. Fair value involves the transformation of physical and text information into a monetary account, which involves a process of subjectivity, judgment, estimation and calculation. Actors that possess expertise, including managers, appraisers and auditors, are then involved in the fair value valuation and verification process. The fair value regime reflects modernity in accounting as it requires trust among experts who have a specific understanding and construction of fair value based on the local context of no-active market and absence of adequate professional competence. The regime of fair value has also changed the conception of reliability, from one of economic reality to social construction of consensus. Real market value as a basis for fair value cannot be obtained, rather, only a consensus of estimates between actors involved in the process (Power, 2010, Jeppesen and van Liempd, 2011, Machado et al., 2015). In practical terms, the Indonesian experience of IFRS implementation provides lessons for other emerging economies which are implementing IFRS.
Relative Effects Of Ifrs Adoption And Ifrs Convergence On Financial Statement Comparability
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Author : Steve Lin
language : en
Publisher:
Release Date : 2017
Relative Effects Of Ifrs Adoption And Ifrs Convergence On Financial Statement Comparability written by Steve Lin and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
One of the primary objectives of both adoption of International Financial Reporting Standards (IFRS) and convergence between IFRS and U.S. Generally Accepted Accounting Principles (U.S. GAAP) is to increase financial statement comparability. Using a unique setting in Germany, we compare the effectiveness of these two approaches in achieving this desired outcome. Our empirical tests show that both adoption and convergence lead to an increase in comparability after the new enforcement regulation in 2005. However, difference-in-differences tests show that adoption does not lead to a significant incremental increase in comparability beyond convergence. The findings of this study should be of interest to regulators and standard-setters as they assess alternative methods of aligning domestic standards with IFRS.
Ifrs Convergence And Revisions
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Author : Erick Rading Outa
language : en
Publisher:
Release Date : 2018
Ifrs Convergence And Revisions written by Erick Rading Outa and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
Purpose - The purpose of this paper is to examine the relative value relevance of accounting information arising from the adoption of converged and revised International Accounting Standards (IAS)/International Financial Reporting Standards (IFRS) in East Africa.Design/methodology/approach - The research applies “same firm year” design for identification of the effects of changes in accounting standards. A model similar to Ohlson's price model and random-effects GLS are used to estimate R2 of the regressions of share prices on book values and earnings. Findings - The results show that accounting information prepared from revised and converged IAS/IFRS display higher value relevance and also increased following the revision and convergence of IAS/IFRS. The cross-product term is more significant in the post-revision/convergence period thus providing further evidence for increased value relevance after the revision of IAS/IFRS. The results are robust to various models and show that value relevance in East Africa is relatively lower than that of the developed markets.Originality/value - The current study provides empirical evidence that value relevance increases with converged/revised IAS/IFRS based on quasi natural experimental setting in East Africa. The authors also extend the debate on whether value relevance is relevant in emerging markets, which are regarded as imperfect markets with few regulations, weak enforcement and limited sources of information. The results may be useful to accounting preparers, regulators, investors, standard setters and countries seeking to adopt IAS/IFRS in developing countries.
Convergence Of Ifrs And Us Gaap
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Author : Malieka Farah Deeba Malik
language : en
Publisher: LAP Lambert Academic Publishing
Release Date : 2011-01
Convergence Of Ifrs And Us Gaap written by Malieka Farah Deeba Malik and has been published by LAP Lambert Academic Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-01 with Accounting categories.
The main idea behind this paper is to highlight the background and current movements of International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB) toward convergence of International Financial Reporting Standards (IFRS) and US Generally Accepted Accounting Principles (GAAP). Subsequent to introductory chapter the second chapter discusses the historical perspectives describing the various events that shaped the IASB and FASB current efforts towards convergence of IFRS and US GAAP. The third chapter describes the strategies policies and procedures adopted by the IASB/FASB to achieve the goal for international accounting convergence. The focus is on the maintainability of investors' interest and integrity of capital markets that can only be achieved by observing methods required for high quality accounting standards. Fourth chapter identifies the substantive differences and similarities between IFRS and US GAAP and catalogue those differences in which a specific accounting treatment is permissible under one basis of accounting standards but not permissible under the other.
Managing The Transition To Ifrs Based Financial Reporting
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Author : Lisa Weaver
language : en
Publisher: John Wiley & Sons
Release Date : 2014-05-16
Managing The Transition To Ifrs Based Financial Reporting written by Lisa Weaver and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-05-16 with Business & Economics categories.
The one-stop guide to transitioning to IFRS financial reporting The International Financial Reporting Standards (IFRS) have already been adopted in Europe, and plans are in place to transition to IFRS reporting in the UK, India, Japan, and other major economies. The US is deliberating the nature of its convergence with IFRS and US entities will need to understand the implications of transition. This means all finance managers and financial controllers will be responsible, not only for understanding IFRS, but for making the transition and dealing with implications. Managing the Transition to IFRS-Based Financial Reporting is a one-stop resource for navigating this major change. Case studies and project management advice help move smoothly from GAAP to IFRS principles and requirements. Managing the Transition to IFRS-Based Financial Reporting is the only book on the market that focuses on both the accounting and non-accounting implications of IFRS transition. This complete approach will guide you from the history and conceptual basis of IFRS through each stage of the transition process, ensuring expert change management and fluid communication from start to finish. Takes a holistic approach, covering non-accounting implications like educating and communicating IFRS requirements Provides case studies to illustrate best practices for moving to the new international standards Provides a framework for planning and executing the entire IFRS transition project With nearly two decades of financial training experience, author Lisa Weaver is imminently qualified to deliver clear, concise, and understandable content. In addition, the reference material and other resources in Managing the Transition to IFRS-Based Financial Reporting will help you simplify the transition and take advantage of all the benefits IFRS reporting confers.
Who Benefits From Ifrs Convergence In China
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Author : Chao Chen
language : en
Publisher:
Release Date : 2019
Who Benefits From Ifrs Convergence In China written by Chao Chen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
We study the ex ante stock market reactions to events leading up to China's convergence to International Financial Reporting Standards (IFRS). The literature consistently shows that the benefits of mandatory IFRS convergence are concentrated in countries with stronger legal enforcement and investor protection. Given that these institutional characteristics are weaker in China relative to more developed Western economies, whether mandating IFRS will benefit the Chinese capital market is an interesting and important, but unanswered question. We find that the Chinese stock market reacts favorably to events leading up to IFRS convergence, and this effect is more pronounced among firms with greater dependence on external capital. This result suggests the market anticipates that such firms will benefit more from IFRS convergence, possibly because of improved financial reporting quality and access to external financing. Additional tests confirm that the value relevance of accounting numbers for these firms is higher following IFRS convergence.
Convergence With Accounting Standards
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Author : Gaberella Green
language : en
Publisher: GRIN Verlag
Release Date : 2014-05-05
Convergence With Accounting Standards written by Gaberella Green and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-05-05 with Business & Economics categories.
Project Report from the year 2012 in the subject Business economics - Accounting and Taxes, grade: 100, Argosy University, course: Contemporary Accounting Theory (B7630), language: English, abstract: The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) set out to complete their ambitious goal of convergence before the year of 2015. The author provides an outline of these efforts, emphasizing the importance and ramifications of International Accounting Standards (IAS) as a means to globally improve quality and clarity of financial reporting across financial sectors. An extensive review of pertinent literature is given, visualizing the two-pronged approach of converging global accounting standards while continuing to improve the US Generally Accepted Accounting Principles (US GAAP). As no significant agreement has been implemented since 2008, the main areas of interest to this date remain income tax, revenue recognition, leases, and financial instruments. The present work puts in perspective the roadmap by the Securities and Exchange Commission (SEC), whilst assigning pivotal roles in the harmonization process to Certified Public Accountants (CPAs) and Chief Financial Officers (CFOs). The author offers a conceptual framework and strategies for the successful completion of the convergence project, adding special emphasis on business mergers and taking a strong position on the active involvement of major players and stakeholders.
The Effect Of Ifrs Convergence On Earnings Quality
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Author : Paulina Sutrisno
language : en
Publisher:
Release Date : 2018
The Effect Of Ifrs Convergence On Earnings Quality written by Paulina Sutrisno and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
Objective -The purpose of this research is to examine the impact of the International Financial Reporting Standard (IFRS) convergence in Indonesia on earnings quality. Methodology/Technique - Earnings quality is measured on both accrual earnings management and real earnings management. Indonesia began convergence IFRS in 2012. IFRS is considered capable of improving comparability, transparency, and earnings information, which is expected to ultimately improve earnings quality. The sample in this research uses manufacturing firms listed on the Indonesian Stock Exchange that were suspected to avoid loss during the observation period. The data consist of 45 companies examined between 2008 and 2015. Results -This study uses statistical methods and multiple regression linear to analyse the data. The research results show that IFRS convergence in Indonesia has had a negative impact on accrual earnings management and no impact on real earnings management. Novelty -The evidence shows that IFRS convergence in Indonesia has the ability to improve earnings quality related to a decrease in accrual earnings management but not real earnings management. Type of Paper: Empirical.