Regards, Rao Sabir Ali(CA,CIMA-UK) Ethical confilict on using IFRS early implementation of IFRS fair reporting by early application of IFRS conflict between the employees regarding early implementaiton of IFRS
Is the plan complete ii. Is the plan working 4. Implementation of the plan a. Is there compliance i. What is the level of compliance at this point? ii. What are the plans to expand the implementation b.
ii) The plans to expand implementation are that NASB announced its roadmap to convergence with IFRS in September 2010.
So what are the differences?
The US GAAP is the same as the US standards because it is administered by Federal Accounting Standards Board in USA and US companies adhere to these standards. IFRS are international standards.
In the year 2008 the SEC issued a proposed road map for adoption of IFRS in the US and a proposed rule on optional early use of IFRS. In 2010 the SEC issued a statement in support of convergence and global accounting standards (c).
An application of GAAP versus the IFRA for ETIF issues are examined. The differences in accounting treatment is determined.
These issues include matters relating to recognition of: (a) Amendments to employee benefit plans that (1) are a condition of the business combination or (2) are intended changes by the acquirer to employee benefit plans of the acquiree (b) Constructive
A significant issue is the layout - Investors are used to GAAP and they know what to expect. Changes could turn into manipulation by companies. Under IFRS, the layout is basically up to the company and not dictated in form.
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