... Accounting Standards Board (IASB) adopted the first iteration of International
Financial ReportingStandards (IFRS) to serve as a possible pathway for establish-
ing uniform global accounting standards. ... transparent picture of the firm’s economic condition.
•ReduceComplexityin Financial Reporting
Over the last several decades, the standards of US GAAP and associated guid-
ance have grown to many thousands ... Evolution of Accounting Standards
Accounting standards around the world have evolved over centuries of business
and capital market development. In this process, accounting standards historically...
... Intermediate Accounting
Issued by the IASB:
• InternationalFinancialReportingStandards (IFRS)
• Interpretations originated from the InternationalFinancialReporting
Interpretations Committee (IFRIC) ...
http://www.nokia.com/NOKIA_COM_1/About_Nokia/Financials /Financial
_Statements /pdf_ 2006/US-GAAP06 .pdf
Consider the information provided in the reconciliation and answer the following
questions:
a. Do US GAAP financial statements ... two sets of standards.
Unit 1 – Introduction 3
Incorporating IFRS into Intermediate Accounting
Unit 1 – Introduction
Why learn IFRS?
International FinancialReporting Standards, commonly...
... 12
1
An AICPA Backgrounder
International Financial
ReportingStandards (IFRS)
3
1
The European Union (EU) has
adopted virtually all International
Financial ReportingStandards
(IFRSs), though ...
the International Accounting Standards Committee
(IASC), formed in 1973. The IASB’s mandate is to
develop InternationalFinancialReportingStandards
(IFRS).
2002: The IASB and the Financial ...
the International Accounting
Standards Committee (IASC),
formed in 1973. The IASB’s
mandate is to develop
International Financial
Reporting Standards (IFRS).
2002
The IASB and the Financial...
... information on particular matters.
Developing International Accounting Standards • 9
ccc_hussey_ch2_8-14.qxd 2/16/05 12:27 PM Page 9
INTERNATIONAL
FINANCIAL
REPORTING
STANDARDS DESK
REFERENCE
flast.qxd ... IASB issues
a final International Accounting Standard (IAS).
In April 2001, the IASB announced that future accounting standards
would be called InternationalFinancialReportingStandards (IFRSs). ... responded by establishing international accounting
and financial reporting standards, and substantial progress has been made to-
ward international acceptance of these standards.
If you are a practitioner,...
... (October 2002): 110–112.
International Accounting Standards Committee. IASC Constitution. IASC,
May 2000.
International Accounting Standards Board. InternationalFinancial Reporting
Standards (IFRSs)—A ... April 2001, the International Accounting Standards Board (IASB) an-
nounced that future accounting standards would be called International Fi-
nancial ReportingStandards (IFRSs). Standards issued ... Directors. IASB, 2004.
———. InternationalFinancialReportingStandards (IFRSs). IASB, 2004.
International Federation of Accountants. IES 1-6: International Education
Standards for Professional...
... events
EXAMPLES OF RELATED NATIONAL STANDARDS
Australia: AASB 1002
Canada: CICA Handbook 3820
New Zealand: FRS 5
United Kingdom: FRS 21
88 • Guide to InternationalFinancialReporting Standards
ccc_hussey_ias01_71-114.qxd ... transport, and installation costs
98 • Guide to InternationalFinancialReporting Standards
ccc_hussey_ias01_71-114.qxd 2/16/05 12:30 PM Page 98
THE ELEMENTS OF FINANCIAL STATEMENTS
The elements are discussed ... ———
72 • Guide to InternationalFinancialReporting Standards
ccc_hussey_ias01_71-114.qxd 2/16/05 12:30 PM Page 72
IAS 2
Inventories
ISSUED OR LAST REVISED
December 2003
EFFECTIVE DATE
Financial statements...
... 27
147
Setting and regulating international
financialreporting standards
Chapter 1 Developing global accounting standards 5
Chapter 2 Internationalfinancialreporting standards
50
Chapter 3 Confidence ... application of those standards; and
(c) to bring about convergence of national accounting standards and International
Accounting Standards and InternationalFinancialReportingStandards to high-quality
solutions.
These ... AND REGULATING INTERNATIONALFINANCIAL
REPORTING STANDARDS
Part 2 CONTRASTING HARMONIZATION AND DIVERSITY ACROSS FINANCIAL
REPORTING SYSTEMS
Part 3 SIGNIFICANT INFLUENCES ON INTERNATIONAL
ACCOUNTING...
... problem of reportingfinancial data useful for readers in most of the countries and
languages is receiving considerable attention with the implementation of the new financial
reporting standards ... accounting standards that had been
issued by various standard-setting bodies, both national and international. These existing standards
have been created primarily with the financialreporting ... related to users of financial reporting. Therefore the financial
statements should be designed to reflect users’ needs. Researchers agree that the users need for
accounting and financial information...
... User
Brief Contents
PART 1: The InternationalFinancial Environment 1
1 Multinational Financial Management: An Overview 3
2 International Flow of Funds 27
3 InternationalFinancial Markets 55
4 Exchange ... 45
Impact of International Capital Flows, 45
Agencies That Facilitate International Flows, 47
International Monetary Fund, 47
World Bank, 48
World Trade Organization, 48
International Financial ... require it.
Licensed to:
iChapters User
2: INTERNATIONAL FLOW OF FUNDS 27
Balance of Payments, 27
Current Account, 27
Capital and Financial Accounts, 28
International Trade Flows, 30
Distribution...
... changes
in the internationalfinancial environment will be rewarded. The same can be said for
the students today who may become the future managers of MNCs.
INTEND ED MARKET
International Financial ... to:
iChapters User
From the Publisher
International Financial Management: Abridged 10th Edition is our offering of a more
course-specific, lower cost alternative to InternationalFinancial Management: 10th ... special projects.
ORGANIZATION OF THE TEXT
International Financial Management, Abridged Tenth Edition, is organized first to provide
a background on the international environment and then to focus...
... been trying to make a name for itself in international business.
The bank has quoted a 1-year forward rate of $.39 for the zloty. As an employee in Zu-
ber’s international money market division, ... the minimum, there is no bonus, and future advancement within the company is
unlikely.
a. As a financial manager of Capital, you have been assigned the task of choosing among
three possible strategies: ... government if they experience cash flow problems and can therefore af-
ford to use a higher degree of financial leverage than firms from the same industry in the
United States.
4. Local debt financing...