Preparing for International Financial Reporting Standards

Accounting for Managers Paper Preparing for worldwide Financial Reporting Standards An fortune for pay Transformation - Accenture and their view of the IFRS how it should be about to a greater extent(prenominal) than fairish account statement standard compliance To discover how companies view the supranational Financial Reporting Standards sufferance journey, Accenture commission a keep up of 208 executives at companies with a token(prenominal) of US$1 zillion in annual receiptss. Executives delineate 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 meg hits, with content available from accounting firms, government agencies, accounting handicraft groups, the business media and management consulting firms. Indeed, the International Financial Reporting Standards (IFRS) be arguably the most astray discussed accounting topic of the importation among businesses in the unite States (US)in particular, what is involved in adopting the standards. The batch of discussion has only step up since November 2008, when the US Securities & angstrom unit; 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 fall in States, require or permit the use of IFRS or be converging with the standard. Between 2009 and 2011, the Financial Accounting Standards Board (FASB) go away 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 intersection with IFRS. nearly recently, the SEC extended the comment period o n its device and SEC Chairman Mary Schapir! o has used more bourgeois language regarding...If you want to get a replete(p) essay, lodge it on our website: OrderCustomPaper.com

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