Ifrs And Creative Accounting Essays

  • Ifrs For Smes Essay

    15123 Words  | 61 Pages

    Özelliklerin Analizi Meslek Mensuplarının KOBİ’ler için Ufrs Setine bakışı 5. SONUÇ VE ÖNERİLER 6. KAYNAKÇA 7. EKLER KISALTMALAR a.g.m. : Adı geçen makale a.g.e. : Adı geçen eser IFRS : International Financal Repording Standards US GAAP SEC IASC ECU : European Currency Unit BDDK : Bankacılık Düzenleme ve Denetleme Kurulu TMSK : Türkiye Muhasebe Standartları Kurulu

  • Ifrs Essay

    4205 Words  | 17 Pages

    Financial Reporting Standards (IFRS) are principles-based Standards, Interpretations and the Framework (1989) adopted by the International (IASB). Many of the standards forming part of IFRS are known by the older name of International Accounting Standards (IAS). IAS was issued between 1973 and 2001 by the Board of the International Accounting Standards Committee (IASC). On 1 April 2001, the new IASB took over from the IASC the responsibility for setting International Accounting Standards. During its first

  • Ifrs Essay

    1190 Words  | 5 Pages

    Bedreigingen die er niet zijn en het zoeken naar specifieke bedreigingen In deel 1 van mijn boek heb ik aangegeven niet meer over risico’s, attentiepunten, aandachtspunten, problemen te spreken, maar voor de eenvoud en consistentie alleen de term bedreigingen te gebruiken. Er zijn nogal veel studenten die zoveel mogelijk bedreigingen willen benoemen. Veel van de bedreigingen zijn potentieel en vormen feitelijk nog geen gevaar voor de organisatie. De potentiële bedreigingen worden door accountants

  • Creative Accounting Essay

    2460 Words  | 10 Pages

    report on Satyam scandal through creative accounting In the partial fulfillment of the course ECON GC281 Fundamentals of Finance & Accounts BITS-Pilani Goa Campus Submitted By Ramil Sobti Nikita Bharadia Vaibhav Gupta Tanushriya Singh 2006B4A8661G 2008A3PS154G 2008A7PS006G 2008a8ps263G Acknowledgement We would like to thank Mrs. Pinky Pawaskar for her guidance and opportunity to write this report and widen our thoughts on the topic of creative accounting techniques. Table of content

  • Creative Accounting Essay

    5950 Words  | 24 Pages

    Creative Accounting: Nature , Incidence and Ethical Issues Keywords : Accounting ethics, creative account ing, earnings management, financial reporting. Journal of Economic Literature classification: M41. 1 Abstract This paper explores the nature and incidence of creative accounting practices within the context of ethical considerations.. It explores several definitions of creative accounting and the potential and the range of reasons for a company's directors to engage in creative accounting

  • Ifrs For Smes Essay

    1757 Words  | 8 Pages

    GILBERTO MARTINEZ INTERNATIONAL ACCOUNTING DUE DATE: 10/26/2011 IFRS FOR SMEs GILBERTO MARTINEZ INTERNATIONAL ACCOUNTING DUE DATE: 10/26/2011 IFRS FOR SMEs IFRS FOR SMEs Introduction What is IFRS for SMEs? The IFRS for SMEs is an approximately 230 page, significantly reduced and simplified version of full IFRS. In creating IFRS for SMEs, the IASB eliminated many accounting topics that are not generally relevant to private companies. Its objective and target is to meet the private

  • Ifrs Essay

    2054 Words  | 9 Pages

    IFRS | What awaits us | | International Financial Reporting Standards (IFRS) are becoming the world accounting standards for the preparation of financial statements. They are issued by the International Accounting Standards Board (IASB). Most if not all countries over time developed their own Generally Accepted Accounting Principles. In the US we have US GAAP, which is overseen by the Financial Accounting Standards Board (FASB). However, as the world forms a more global economy having

  • Creative Accounting Essay

    5267 Words  | 22 Pages

    A PROJECT REPORT ON “ CAMOUFLAGE ACCOUNTING – MAPPING CREATIVE ACCOUNTING INTO ACCOUNTING FRAUDS” BY KISHORE AGARWAL B.COM. (FINANCE) DEPARTMENT ROLL NO. 456 ACKNOWLEDGEMENTSA CKNOWLEDG CERTIFI take this opportunity to express my deep sense of gratitude to all those who have contributed significantly by sharing their knowledge and experience in the completion of this project work. I am greatly obliged to, for providing me with the right kind of opportunity and facilities to complete

  • Ifrs And Gaap Essay

    512 Words  | 3 Pages

    Case Study Summarize the major lease accounting provisions under IFRS, focusing on the classification criteria (finance vs. operating leases). Under the IFRS accounting for leases depends on whether it is a financing or operating lease. The operating lease it required the lessor has the leased assets recorded on the balance sheet. While under the finance lease are accounted for as a financing transaction under the IFRS. The categorization of every lease will not depend on whether a company

  • Ifrs And India's Response Essay

    7221 Words  | 29 Pages

    REPORTING STANDARDS (IFRS) & INDIA’S RESPONSE PREPAREED BY JAZBUL ISLAM-O8MBAIB-01 NOOR ALAM KHAN-08MBAIB-03 SUBMITTED TO DR. MOHD. AFAQ KHAN DEPARTMENT OF BUSINESS ADMINISTRATION AMU, ALIGARH 2009 IFRS AND INDIA’S RESPONSE CONTENTS: Page no. Introduction What is IFRS? Background of IFRS Why IFRS? International experience in implementing IFRS A comparison of IFRS and INDIAN GAAP Indian scenario Convergence with IFRS in India Opportunities of implementing IFRS Conclusion Bibliography

  • Ifrs Essay

    2487 Words  | 10 Pages

    one of the key differences between IFRS and US GAAP is that US GAAP is rules-based whereas IFRS are principle-based. It has also been suggested that convergence should involves US GAAP becoming more principles-based as this is a more appropriate basis for such regulation. Required: Critically discuss the comment that accounting standards should be principles-based. Include in your essay a clear explain the differences between these two types of accounting regulation. Introduction: This

  • Ifrs Essay

    13078 Words  | 53 Pages

    |4, 5, 6, 7 |3 |2 | |business segments. | | | | |4. Describe the accounting problems associated with | | | | |interim reporting. | |

  • Accounting - Creative Accounting Essay

    1665 Words  | 7 Pages

    CREATIVE ACCOUNTING – ART? Ph.D. Student Pana Daniela Nicoleta, “Valahia” University, Targoviste e-mail: dannikkip@yahoo.com Abstract: Although, apparently, accounting seems to be a mechanical process which does not creativity and imagination, it was resituated in the management (administration) science domanin, and the financial-accountant information is the most important component of every company. In the present study I accentuated the role of accountability in our days, I developed the “creative

  • Intermediate 2 Lease Accounting Comparison Ifrs and Gaap Essay

    579 Words  | 3 Pages

    IFRS Lease Accounting Assignment International Reporting Accounting Principles Lease accounting is an imperative element for most businesses. The methods utilized for reporting leases in accordance to U.S. GAAP and current IFRS are reasonably similar. Conversely, U.S. GAAP and the proposed IFRS lease accounting standards differentiate. Amendments occurring in consideration to operating leases are with respect to lessees and lessors, lease term, and contingent rents. Traditionally under U

  • Ifrs Essay

    817 Words  | 4 Pages

    IFRS – Consequences of Earning Management. There may be much more volatility in the reported earnings of EU Banks as the hedging rules in IFRS are different from the existing EU GAAP . IAS 39 requires all the derivatives be held on the balances sheets at fair value., with changes in those fair values being recognized through the profit and loss account unless they are designated & effective as hedges. Under IAS39, banks face the prospect of having to reflect changes in fair value of the hedging

  • Ifrs Consumer Essay

    8366 Words  | 34 Pages

    International Financial Reporting Standards Considerations for the Consumer Products Industry Table of Contents Key Differences between U.S. GAAP and IFRS for Consumer Products Companies ..................................................................................4 Inventories ....................................................................................................................................................................................................4 Leases ......

  • Ifrs Essay

    2952 Words  | 12 Pages

    Financial Reporting Standard (IFRS) for Small and Medium Sized-Entities (SMEs) was published as an exposure draft by the IASB in February 2007, and was designed for companies with no public accountability. Public accountability would exist where a company’s shares or debt were listed on a public exchange or that the company was a financial institution with fiduciary responsibilities. Whilst it will be up to each jurisdiction to decide the scope of application, the IFRS for SMEs (IFSME) could be

  • Ifrs Essay

    445 Words  | 2 Pages

    other basic concepts that are applied in generally accepted accounting principles and makes them successful ... It also assists in reporting the economic resources and the changes that have been in the period of reporting Generally accepted accounting principles are useful and helpful to financial statement users if they will have the following qualities : – Consistence : – The accounting standards must be consistent and the accounting methods applied must be consistent from one year to another

  • Creative Accounting Essay

    1245 Words  | 5 Pages

    in detail what “Creative Accounting” is. • Examples where certain firms employed creative accounting in preparation of financial statements. • Describe and illustrate the substance over form concept. Creative Accounting The term 'creative accounting' can be defined in many ways. Creative accounting is a process whereby accountants use their knowledge of accounting rules to manipulate the figures reported in the accounts of a business. Creative accounting is the practice

  • Ifrs Essay

    5879 Words  | 24 Pages

    The study focused on the adoption process of International Financial Reporting Standards (IFRS) on a developing economy, with particular reference to Nigeria. The paper is based on the data obtained from literature survey and archival sources in the context of the globalization of International Financial Reporting and the adoption of International Financial Reporting Standards (IFRS).Nigeria has embraced IFRS in order to participate in the benefits it offers, including attracting foreign direct

  • Ifrs – Inevitable? Essay

    883 Words  | 4 Pages

    the US should switch from US GAAP (United State’s current generally accepted accounting principles) to IFRS (an international financial reporting standard), but there are also many reasons not to. One of the reasons why most businesses in the U.S. don’t want to switch to IFRS is simply because they don’t want to go through the hassle and costs of implementing and applying IFRS. The first couple years needed to implement IFRS would be very costly and may result in a lot of bankruptcies, especially in

  • Ifrs Essay

    3173 Words  | 13 Pages

    influences financial accounting. Some companies operate in many countries. These companies are referred to as multinational companies. Multinational companies may earn more than half of their income from countries outside of the United States (Schroeder, Clark, Cathey, 2002). Due to different accounting practices in the various countries, the accounting data reported by the multinational companies will vary significantly from one country to another country. These accounting differences make it

  • Ifrs and Banks Essay

    931 Words  | 4 Pages

    The article chosen by me for the review is “ IFRS Conversion: an Opportunity for Banks to Streamline and Simplify “. This article was taken from the site of KPMG consulting company and the author of this article is Mr. Colin Martin, Partner, Head of FS Assurance Services. International Financial Reporting Standards (IFRS), which are the accounting standards according to the International Accounting Standards Board (IASB). The use of IFRS would benefit the investors and other users of the financial

  • Analysis in Ifrs

    2781 Words  | 12 Pages

    other divisions to develop and implement a work plan to determine the best course of action in transitioning the U.S. accounting standards to incorporate proposed International Financial Reporting Standards. As a means of providing the SEC with accurate information to make a compelling determination, the staff members executed a detailed work plan based on their observation of IFRS in practice. This study was conducted on the basis of analyzing the most recent annual financial statements of 183 countries

  • Ifrs Essay

    2327 Words  | 10 Pages

    Development of Accounting Standards and IFRS Adoption in Korea Lee Jung-Kwon 20113433 Choi Yun-Seong 20113443 Ahmad Al-ghamdi 20113426 Bermet Kanybekova 20113658 Paek Soo-Jeong 20123515 Principles of Accounting 2012 Team Project Professor Kim Yu-Ra November 27 2012 Introduction Prior to the end of World War II, the economic network around the world has been limited to only European and the American markets. The gap between the two major markets

  • Us Adopting Ifrs Essay

    1417 Words  | 6 Pages

    The US adopting IFRS “The US adopting IFRS” is one of the hottest topics in US accounting because it aims to provide "a single set of high quality, global accounting standards that require transparent and comparable information in general purpose financial statements.". The growing acceptance of International Financial Reporting Standards (IFRS) as a basis for U.S. financial reporting represents a fundamental change for the U.S. accounting profession. Approximately 120 nations and reporting jurisdictions

  • Ifrs Essay

    2973 Words  | 12 Pages

    IFRS: Beyond the Standards Since the European Union’s 2002 regulation mandating IFRS for EU public companies and the execution of the Norwalk Agreement by FASB and the International Accounting Standards Board (IASB), momentum has been building for global standards convergence. Currently, more than 100 countries have adopted IFRS, and a number of other economically important countries, including Japan and the United States, have programs in place to converge their national standards with

  • Ifrs in Canada Essay

    927 Words  | 4 Pages

    International Financial Reporting Standards (IFRS) in Canada Canada is saying farewell to Canadian GAAP and hello to International Financial Reporting Standards (IFRS). The Canadian Accounting Standards Board (AcSB) recently decided that publicly accountable enterprises (PAE) will have to use IFRS; developed by the International Accounting Standards Board (IASB), for their financial reporting by the year 2011. Canadian enterprises are able to learn from those enterprises in Europe, Australia

  • Benefits of Ifrs Essay

    1621 Words  | 7 Pages

    In the paper, “The case for global accounting standards: Arguments and Evidence”, Ann Tarca, factually summarises the various benefits that have come to light through various studies on effects of IFRS in the pre and post adoption phase. The author especially focuses on: -The effects of adoption of IFRS on market efficiency. Such effects have been measured through indicators such as, changes in market liquidity, firms’ cost of capital, stock return synchronicity and trends in foreign investment/ownership

  • Ifrs in Canada : an Overview

    1255 Words  | 6 Pages

    Overview International Financial Reporting Standards (IFRS) were established by International Accounting Standard Board to promote the use of global accounting standards so that company accounts are comparable and understandable across the countries. As of August 2012 more than 120 countries require or allow the use of IFRS for their financial reporting. An entity claiming compliance with IFRS should comply with all its standards including disclosure requirements and makes a explicit statement

  • Ifrs Essay

    3321 Words  | 14 Pages

    (online) International Scientific Press, 2012 International Financial Reporting Standards (IFRS) and Its Influence on Pakistan Hafiz Abdur Rashid1, Fatima Amin2 and Ayesha Farooqui3 Abstract Worldwide application of IFRS (International Financial Reporting Standard) not only standardize the accounting treatments but also helpful in producing true and fair financial statements. All the counties using IFRS (International Financial Reporting Standard) can easily make comparisons of their financial

  • Ifrs Essay

    532 Words  | 3 Pages

    IFRS requirements IAS 16 – Property, plant and equipment Component accounting IAS 16 specifies that component accounting must be used for property, plant and equipment (PPE), requiring separate depreciation for each part of a PPE item that has a significant cost in relation to the item’s total cost. How Canadian GAAP differs Canadian GAAP has an equivalent requirement, but the concept of component accounting is only briefly mentioned. An entity should consider applying component accounting

  • Ifrs Essay

    1433 Words  | 6 Pages

    “Should the U.S.A. adopt IFRS for Corporate Financial Reporting?” International Financial Reporting Standards (IFRS) are principle-based standards adopted by the International Accounting Standards Board (IASB). IFRS is “becoming the global standard for the preparation of public company financial statements” and ninety countries have fully conformed to the IFRS. The key players in the United States regarding the incorporation of IFRS in to U.S. financial reporting system are the Securities

  • Creative Essay

    585 Words  | 3 Pages

    Creative Toys: A Case Study in Accounting Ethics And Professionalism Junicah D. Richardson North Carolina Wesleyn College Creative Toys: A Case Study in Accounting Ethics And Professionalism I will be discussing my views on the case study of Creative Toys, Inc. I will assess the information provided, and give feedback accordingly pertaining to the decision at hand. I will provide supporting information on what I feel the effective actions should be. Analysis The financial reports are

  • Accounting Ifrs Project Essay

    19585 Words  | 79 Pages

    λογιστικών αρχών, κανόνων και πολιτικών που πρέπει να ακολουθούνται από λογιστές και ελεγκτές κατά την ετοιμασία των χρηματοοικονομικών καταστάσεων των επιχειρήσεων. Ο αποκλειστικός σκοπός του Συμβουλίου Διεθνών Λογιστικών Προτύπων (International Accounting Standards Board), που εδρεύει στο Λονδίνο, είναι να εκδίδει ψηλής ποιότητας, κατανοητά και εφαρμόσιμα λογιστικά πρότυπα που απαιτούν την παρουσίαση διαφανών και συγκρίσιμων πληροφοριών στις οικονομικές καταστάσεις των επιχειρήσεων. Είναι αξιοσημείωτο

  • Ifrs Eassay Essay

    36763 Words  | 148 Pages

    Global Accounting Convergence and the Potential Adoption of IFRS by the United States: An Analysis of Economic and Policy Factors* Luzi Hail The Wharton School, University of Pennsylvania Christian Leuz The University of Chicago Booth School of Business, NBER, ECGI and FIC Peter Wysocki Sloan School of Management, Massachusetts Institute of Technology February 2009 Abstract Drawing on the academic literature in accounting, finance and economics, we analyze economic and policy factors related

  • Ifrs Essay

    1604 Words  | 7 Pages

    The State of IFRS in Africa: Is IFRS in Disarray? January 11, 2012 in Financial Market Regulation, Financial Reporting Standards| Tags: accounting standards, adoption, africa, convergence, IASB, IFRS Why should Africa adopt IFRSs? Adoption is less of the story.. not practicing what you preach is the bigger evil. In the past decade the rise in the use of the International Financial Reporting Standards (IFRS) in many countries around the world has moved the wave towards developing countries

  • Ifrs Essay

    1153 Words  | 5 Pages


  • Gaap vs Ifrs Essay

    1019 Words  | 5 Pages

    GAAP versus IFRS Financial Accounting TECH211 Excelsior College GAAP versus IFRS Over the years, decades, and centuries many countries around the world have developed separate professional financial guidelines for accountants in their own country to follow. Unfortunately, this means that each country has its own set of standards. This makes it difficult for businesses that want to compare finances with other businesses in other countries because it requires

  • Ifrs Essay

    298 Words  | 2 Pages

    Nama : Deli Faulina NBI : 221107953 International Financial Accounting Standard (IFRS) * Apa itu IFRS? International Financial Reporting Standards (IFRS) merupakan standar pelaporan keuangan internasional yang menjadi  rujukan atau sumber konvergensi bagi standar-standar akuntansi di Negara-negara di dunia yang diterbitkan oleh International Accounting Standard Board (IASB) pada 1 April 2001. * Kapan IFRS itu diterapkan di Indonesia? Pada tahun 2012, IAI (Ikatan Akuntan Indonesia), lembaga

  • Comparing Ifrs to Gaap Essay

    805 Words  | 4 Pages

    Comparing IFRS to GAAP Paper Alisa King ACC/290 6/17/14 Ashley Tucker Comparing IFRS to GAAP Both the International Financial Reporting Standards, also known as the IFRS and the Generally Accepted Accounting Principles, also known as GAAP are similar when it comes to the bottom line of what’s accepted in financial reporting/accounting for businesses but at the same time they are different. They differ in the way in which they are presented to the way they recognize revenue

  • Comparing Ifrs to Gaap - Accounting 290 Paper

    760 Words  | 4 Pages

    ; IFRS vs. GAAP Jonathan Brown ACC/290 July 29, 2014 Wendy Ulrich This paper will explain the differences when comparing the United States Generally Accepted Accounting Principles (GAAP) and the International Financial Accounting Standards (IFRS). One difference is that the IFRS does not dictate a detailed order or arrangement of accounts on the statement of financial position. Reporting assets in reverse order seems to be what companies do regularly. The GAAP explicitly requires that all

  • Nature Of Ifrs And How Its Accounting Policies Are Essay

    826 Words  | 4 Pages

    Nature of IFRS and how its accounting policies are promulgated International Financial Reporting Standard (IFRS) are the standards which are principal based in nature. These are the standards, framework and the interpretation promulgated by International Accounting Standards Board (IASB), an international standard setting-body based in London. IFRS has a specific structure as it establishes rules and also gives guidelines on the various procedures to be followed for treatment. Started by IASC (International

  • Ifrs Essay

    841 Words  | 4 Pages

    Purcell COMPARING IFRS TO GAAP In the Accounting industry, there are various principles and guidelines by which financial accountants, analysts, and organizations need to abide by. The International Accounting Standards Board (IASB) issues standards (IFRS) that have been adopted by the United States and several countries outside of the U.S. (Kimmel, Weygandt & Kieso, 2010). The IFRS along with Generally Accepted Accounting Principles (GAAP), professionals in the accounting industry use these

  • Ifrs Essay

    3307 Words  | 14 Pages

    INTRODUCTION International Financial Reporting Standards (IFRS) is a comprehensive, globally accepted set of accounting standards utilizing a principles-based approach with a greater emphasis on interpretation and application of those principles, aiming at best reflecting the economic substance of transactions. The IFRS are accounting standards, rules and principles that were introduced by an independent organization in the United Kingdom, known as the International Accountants Standards Board

  • Dampak Ifrs Essay

    449 Words  | 2 Pages

    DAMPAK IMPLEMENTASI IFRS BAGI PERUSAHAAN Perusahaan menyusun laporan keuangan berdasarkan standar akuntansi agar dapat menghasilkan laporan keuangan yang relevan dan andal. Standar akuntansi menetapkan aturan pengakuan, pengukuran, penyajian dan pengungkapan dalam laporan keuangan sehingga memungkinkan pembaca untuk dapat membandingkan laporan keuangan antar perusahaan yang berbeda. Standar tidak hanya harus dipahami pihak yang menyusun dan mengaudit laporan keuangan, namun juga harus dipahami

  • Comparing Ifrs to Gaap Essay

    722 Words  | 3 Pages

    Comparing IFRS to GAAP ACC 290 The United States are transitioning from GAAP to IFRS. While trying to understand and compare IFRS and GAAP, we see how the United States will be affected by this change, as well as see if the United States will benefit and prosper from using IFRS instead of GAAP. In what ways does the format of a statement of financial position under IFRS often differ from a balance sheet presented under GAAP? IFRS will refer to a statement of financial position as the statement

  • Ifrs Essay

    321 Words  | 2 Pages

    AS 37-10 Appendix C, Examples 2B states that a provision is recognized as contamination occurs for any legal obligations of clean up, or for constructive obligations if the company's published policy is to clean up even if there is no legal requirement to do so (past event is the contamination and public expectation created by the company's policy). In Scenario 1, many countries’ laws require Energy Inc. to clean up soil contamination, which is similar to the situation in Examples 2B. So, Energy

  • Ifrs Essay

    947 Words  | 4 Pages

    1. Describe  the  relationship  between  the  IFRS  Foundation  and  the  IASB.     According  to  IFRS  Foundation  Constitution,  Section  2  the  objective  of  the  IFRS   Foundation  are:   • to   develop,   in   the   public   interest,   a   single   set   of   high   quality,   understandable,   enforceable   and   globally   accepted   financial   reporting

  • Ifrs to Gaap Essay

    971 Words  | 4 Pages

    IFRS to GAAP Team B Acct/291 October 20, 2014 IFRS TO GAAP GAAP an acronym for Generally Accepted Accounting Principles refers to the standard framework of guidelines for financial accounting used in any given jurisdiction.   It is a common set of accounting principles, standards, and procedures that companies use to compile their financial statements (Investopedia).   For many years, countries have developed their own accounting standards. The U.S. has always followed the U.S. GAAP while