Case one: Intergovernmental working group of experts on international standards of accounting and reporting 1. What are...

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Accounting

Case one:
Intergovernmental working group of experts on international
standards of accounting and reporting
1. What are International Financial Reporting Standards (IFRS)?
2. Many concerns are expressed in this article. List three factorsthat you think
are causing concern about the impact of adoption of IFRS.
3. Consider each of the three factors you mentioned in response toquestion 2.
(a) Is there empirical evidence to support the factor?
(b) Is the analysis leading from the factor to the concerns aboutadoption
of IFRS scientific or naturalistic in its approach? Explain youranswer.

Case two:
1. On 1 January 2005 Australia adopted IASB standards.
(a) Do you agree with this change? Why or why not?
(b) Who stands to gain from Australia’s adoption of IASBstandards?
Explain.
(c) Who stands to lose from Australia’s adoption of IASBstandards?
Explain.
From 1 January 2005 the AASB will issue Australian equivalents toIFRS.
This process involves the AASB issuing IASB exposure drafts asexposure
drafts in Australia. Constituents can provide comments on standardsto the
AASB and IASB. Final standards issued by the IASB aresubsequently
issued in Australia with any additional paragraphs necessary tomake the
standards suitable for public sector and not-for-profitentities.
Requirement:
Students are required to answer questions in an essay format(introduction, body,
conclusion

Answer & Explanation Solved by verified expert

3.7 Ratings (530 Votes)

PART1 International Financial Reporting Standards IFRS is a set of accounting standards developed by an independent notforprofit organization called the International Accounting Standards Board IASBThe goal of IFRS is to provide a global framework for how public companies prepare and disclose their financial statements IFRS provides general guidance for the preparation of financial statements rather than setting rules for industryspecific reporting Having an international standard is especially important for large companies that have subsidiaries in different countries Adopting a single set of worldwide standards will simplify accounting procedures by allowing a company to use one reporting language throughout A single standard will also provide investors and auditors with a cohesive view of finances Currently over 100 countries permit or require IFRS for public companies with more countries expected to transition to IFRS by 2015 Proponents of IFRS as an international standard maintain that the cost of implementing IFRS could be offset by the potential for compliance to improve credit ratings PART2 As part of a larger IFRS Review project the See Answer

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Case one: Intergovernmental working group of experts on internationalstandards of accounting and reporting1. What are International Financial Reporting Standards (IFRS)? 2. Many concerns are expressed in this article. List three factorsthat you thinkare causing concern about the impact of adoption of IFRS. 3. Consider each of the three factors you mentioned in response toquestion 2.(a) Is there empirical evidence to support the factor? (b) Is the analysis leading from the factor to the concerns aboutadoptionof IFRS scientific or naturalistic in its approach? Explain youranswer.Case two: 1. On 1 January 2005 Australia adopted IASB standards.(a) Do you agree with this change? Why or why not? (b) Who stands to gain from Australia’s adoption of IASBstandards?Explain. (c) Who stands to lose from Australia’s adoption of IASBstandards?Explain. From 1 January 2005 the AASB will issue Australian equivalents toIFRS.This process involves the AASB issuing IASB exposure drafts asexposuredrafts in Australia. Constituents can provide comments on standardsto theAASB and IASB. Final standards issued by the IASB aresubsequentlyissued in Australia with any additional paragraphs necessary tomake thestandards suitable for public sector and not-for-profitentities.Requirement:Students are required to answer questions in an essay format(introduction, body,conclusion