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Accounting Roles and Business Organization

Accounting does not exist in isolation and changes in counting roles and enforcement impact business organization on a global basis

Please assist in answering these questions and provide factual opinions with references.

1. How widespread are IFRS? What will happen to U.S. GAAP?

2. How has SOX (Sarbanes-Oxley) affected business organizations and the accounting profession?

3. What is the difference between a role-based and principle-based system?

4. Discuss Global Reporting initiatives, its purposes, the standard setting process and the use of its reporting system.

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1) IFRS is permitted or required in 120 jurisdictions, and approximately 90 countries have fully conformed with the standards as they are presented by the IASB. U.S. GAAP and IFRS are currently undergoing a system of convergence. U.S. GAAP will not disappear, but it will align accounting treatments with those that are allowed via IFRS.


2) SOX has impacted the accounting profession like no other piece of legislation from our generation. It has made executives personally accountable for financial reports. It has strengthened the internal controls over financial ...

Solution Summary

The solution discusses accounting roles and business organization.