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INTERNATIONAL FINANCIAL REPORTING STANDARDS 2012 PDF

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May 16, Download full-text PDF. Corporate academics across Vietnam in A total of . differences in accounting standards between IFRS and. In second part, how IFRS and convergence of accounting standards adopted by . if IFRS implemented before let them know (Doupnik and Perera, ). cittadelmonte.info International Journal of Business and Management Vol. 7, No. 3; February Adoption of International Financial Reporting Standards.


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Worldwide Momentum. The international standard-setting process use of IFRS in. Japan is to be made around Hong global accounting standards and urged the. U.S. Financial .. and cittadelmonte.info . Apr 1, Standards as the single set of global accounting standards. . In February , the Trustees of the IFRS Foundation completed a. Strategy .. the Treasury, June cittadelmonte.info And. Sep 6, PDF | The International Financial Reporting Standards (IFRS) initiated to include pre-IFRS () and post-IFRS period ().

Skip to main content. Log In Sign Up. Shailendra Bhowmik. David Isiavwe. International financial reporting standards IFRS are the set of standards which was accompanied by the International Accounting Standard Board IASB to prepare and disclose consolidated financial statements publicly according to international standards.

Transition date for SMEs begins by with a reporting date of Leuz and Verrecchiia, Investors can easily compare financial results of corporation and make investment decisions. Countries attract investment through greater transparency and a lower cost of capital for potential investors. For example, cross-border listing is greatly facilitated by the use of IFRS.

Multinationals companies avoid the hassle of restating their accounts in local GAAPs to meet the requirements of national stock exchange and regulators, making the consolidation of accounts of foreign subsidiaries easier and lowering overall cost of financial reporting. These challenges have been evidenced by previous studies conducted by scholars such as: Alp and Ustundag, The challenges are discussed as follows: This should include raising awareness on the potential impact of the conversion, identifying regulatory synergies to be derived and communicating the temporary impact of the transition on business performance and financial position.

The implementation of IFRS requires considerable preparation both at the country and entity levels to ensure coherence and provide clarity on the authority that IFRS will have in relation to other existing national laws. Countries that implemented IFRS faced a variety of capacity-related issues, depending on the approach they took.

One of the principal challenges Nigeria may encounter in the practical implementation process, shall be the shortage of accountants and auditors who are technically competent in implementing IFRS.

Usually, the time lag between decision date and the actual implementation date is not sufficiently long to train a good number of professionals who could competently apply international standards. Along with these accountants, government officials, financial analysts, auditors, tax practitioners, regulators, accounting lecturers, stock-brokers, preparers of financial statements and information officers are all responsible for smooth adoption process.

IFRS conversion calls for a detailed review of tax laws and tax administration. For instance, tax laws which limit relief of tax losses to four years should be reviewed. This is because transition adjustments may result in huge losses that may not be recoverable in four years.

All these provide some guidelines on preparation of financial statements in Nigeria. IFRS does not recognize the presence of these laws and the accountants have to follow the IFRS fully with no overriding provisions from these laws.

Nigerian law makers have to make necessary amendments to ensure a smooth transition to IFRS. Conclusions and Recommendations IFRS is driving the revolutionary world of accounting with over countries either requiring or permitting its use.

There is no doubt that conversion to IFRS in Nigeria is a huge task and a big challenge; its revolutionary impact requiring a great deal of decisiveness and commitment. A countrywide intensive capacity building program to facilitate and sustain the process of adoption is needed as early as possible. The IFRS ship is already making its way around the world as a single set of high quality global accounting standards.

Based on the study undertaken on IFRS adoption in Nigeria the following recommendations are hereby advanced.

These recommendations may serve as useful inputs for adopting and implementing a country action plan for accounting reforms in Nigeria.

Issues to be addressed include the importance of financial statements prepared under IFRS framework and importance of compliance with accounting and auditing requirements.

Various laws and regulations should be revised to conform to the proposed act. The proposed body should be empowered to monitor and enforce accounting and auditing requirements with respect to general purpose financial statements. The professional accountancy bodies should align their continuing professional education requirements with IFAC guidelines. Business ethics should be taught as a separate subject in undergraduate accounting and business programs and revision to university accounting curricula should enable students to gain exposure to practical IFRS application.

Take necessary steps to strengthen capacity of regulators including Corporate Affairs Commission, Securities and Exchange Commission, National Insurance Commission, Central Bank of Nigeria that enable them to effectively deal with accounting and financial reporting practices of the regulated entities. References Adekoya, O. Pricewater House Coopers International Limited. Alp, A.

(PDF) IFRS (International Financial Reporting Standards) | Shailendra Bhowmik - cittadelmonte.info

Financial reporting transformation the experience of Turkey. Critical Perspective on Accounting, 20, International Accounting Standards Quality. Journal of Accounting Research 46, Financial reporting incentives for conservative accounting: The influence of legal and political institution. Journal of Accounting and Economics, 42, Advancing the harmonization of International Accounting Standards: Exploring an alternative path.

The International Journal of Accounting, 32, Journal of International Financial Management and Accounting. The International Journal of Accounting, 35, Accounting History Research: Some Theoretical issues. University of Nigeria Virtual Library. Committee on Roadmap. Epstein, B. The economic effects of IFRS adoption.

The CPA Journal, The rationale and impact of the adoption of international financial reporting standards on developing nations: International Financial Reporting Standards: IFRS adoption and financial statement effects: The UK case. International Research Journal of Finance and Economics, 38, The economic consequences of increase disclosure. Journal of Accounting Research, 38, The Impairment of Purchased Goodwill: This website uses cookies.

You can view which cookies are used by viewing the details in our privacy policy. Sign in. Enter your search term below. Our structure Our consultative bodies. Working in the public interest Contact us. Why global accounting standards? News and resources. Adoption and copyright. Work plan Current areas of focus Interpretations Committee open items.

However, International convergence accounting standards and locally international standards setters need to identify the development of accounting standards and control over the accounting problems. They also need to make sure about the acceptance of accounting standards all over the world and global discussion about the issues in order to give appropriate solution.

There are two approaches to adopt IFRS worldwide, convergence is one of them and other is endorsement Iasplus. There are many governing bodies and organizations actively working with convergence of accounting standards in this world.

There should be some backgrounds behind this process. Now a days the world become more competitive in international trades, relations and developments in terms of technologies advancement which is manipulating the environment of financial strategy. Business strategies need emergence of same accounting language globally to generate global accounting reporting system YouTube, According to Van Mourik and Walton, n. Currently foreign companies are listed in many stock exchanges that is happened when accounting standards convergence globally.

It is also enables the cross border mergers, acquisitions and improves the financial reporting quality internationally. Why many countries adopt IFRS worldwide: The comparability benefits of accounting standards effects larger communities economy rather than smaller economy.

However, the adoption of IFRS puts forward public companies globally when they implemented accounting standards rather than local accounting standards in order to achieve transparency, economic stability and comparability. In addition, the benefits of IFRS adoption are numerous effects on companies and countries when it compares to cost.

For that reason, many countries were adopted IFRS over the last few years tremendously Collings, It is also increases creditability of domestic markets when it compares to foreign markets provider and partners Krivogorsky, In summary, the adoption of IFRS helps multinational companies to understand better of their disclosure requirements in stock exchange all over the world. Here are the below points discussed critically about why many countries adopt International Financial Reporting Standards: The adoption of IFRS allows multinational companies to invest in different countries because of comparability and harmonization.

Harmonization reduces the alternatives of accounting practices and at the same time harmonized accounting practices increases the financial reporting system, which is the most important for multinational companies to invest and analyse their investment in different in countries Mirza and Holt, The adoption of IFRS increases the foreign investment and assists to maintain same accounting standards in different countries.

Local investors are in better position to access financial data, understand the rules or procedures rather than the foreign investors. According to Wanderley and Frezatti states that, different financial reporting standards are the disadvantage for the foreign investors because they have to be trained to understand the local accounting standards.

Similarly, time consumed local accounting standards GAAP which will be represented higher cost and late return on investment. These effects will be caused more delay of financial deal between local companies and foreign investor Tulder, Verbeke and Voinea, Therefore, they can understand about financial standards and resources to invest further in different countries Shim et al.

According to Bovenberg and Gordon, the adoption of IFRS reduces the information irregularities in different countries and accordingly increases the foreign investment worldwide.

The adoption of IFRS increases the number of audit companies in this world and reduces the audit costs. Therefore, companies earns higher rate of profits which reflects on financial statements and increases economic growth in developed and developing countries. IFRS makes accounting practices easier for the auditors and multinational companies to investigate financial statements subsidiaries in less time and expertise.

The adoption of IFRS increases trading activities in many countries. It is also reduces financial and economic crisis and attract more investors to invest where lower cost of equity available. However, IFRS adoption makes financial statements transparent where top management can think about provisions by creating reserve fund for future financial benefit Beke, n.

According to Easton there are many companies in this world who had adopted IFRS and revealed their information through financial statements. Research has been done over three countries like Germany, Austria, and Switzerland who were adopted high quality of disclosure.

The IFRS 8 Segment Reporting Disclosure: Evidence on the Czech Listed Companies

Top management awareness about this manipulation increases the stock prices of the company and makes more profit Easton, However, convergence is the short term strategy for different authorities or countries to adopt the IFRS worldwide. Finally IFRS seeking cooperation from the global market, audit regulators and governing bodies which are involved with the maintaining accounting standards.

References Harvard: Alfredson, K. Milton, Australia: Australian Accounting Review, 13 30 , pp. Beke, J.

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