Financial Information According to International Financial Reporting Standards (IFRS) Research Paper by Nicky

Financial Information According to International Financial Reporting Standards (IFRS)
The paper examines methods and approaches in presenting financial information according to the terms of the international financial reporting standards (IFRS)
# 147204 | 31,187 words | 57 sources | APA | 2010 | US
Published on Mar 02, 2011 in Accounting (Financial) , Accounting (Theory) , Business (Accounting) , Business (International)


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Description:

The study considers the terms and conditions of the IFRS, passed into global ratification in 2001. The primary objective of the study is to clarify and evaluate the terms of existing international agreements on financial reporting standards with respect to the accounting profession. The research promotes the argument that effective global integration of standards will be based primarily on the capacity of participating economies to educate, certify and monitor accountants and to prepare organizations strategically for dramatic and potentially costly changes in the field and in the global treatment of financial reporting. The study employs a literature review to consider the terms of the IFRS and the applicable terms of the International Accounting Standards (IAS), as well as to apply these terms to a fuller understanding of the applications and challenges ahead both in a general sense and in a case study on Bulgaria's struggles with the IFRS. Recommendations are presented on how to prepare for and address the vulnerabilities of this transition phase.

Table of Contents:
Abstract
Introduction
Research Model
Methodology
Literature Review
Background
Accounting Profession
Globalization
IFRS Summaries
IFRS 1 First-time Adoption of International Financial Reporting Standards
IFRS 2 Share-based Payment
IFRS 3 Business Combinations
IFRS 4 Insurance Contracts
IFRS 5 Non-current Assets Held for Sale and Discontinued Operations
IFRS 6 Exploration for and evaluation of Mineral Resources
IFRS 7 Financial Instruments: Disclosures
IFRS 8 Operating Segments
IAS Summaries
IAS 1 Presentation of Financial Statements
IAS 2 Inventories
IAS 7 Cash Flow Statements
IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
IAS 10 Events After the Balance Sheet Date
IAS 11 Construction Contracts
IAS 12 Income Taxes
IAS 16 Property, Plant and Equipment
IAS 17 Leases
IAS 18 Revenue
IAS 20 Accounting for Government Grants and Disclosure of Government Assistance
IAS 32 Financial Instruments: Presentation
IAS 36 Impairment of Assets
IAS 39 Financial Instruments Recognition and Measurement
IAS 41 Agriculture
Additional Standards Applying Under IFRS
Global Applications
Challenges
Bulgarian Outlook
Findings
Conclusion and Recommendations
Works Cited

From the Paper:

"Today, the global economy is becoming increasingly unified, both for better and for worse. The patterns of globalisation and free trade have created a scenario where these is a clear necessity for the accounting industry to adapt its orientation in accommodation of a changing landscape. The International Financial Reporting Standards (IFRS) have emerged as the primary doctrine in bringing about this accommodation. However, this is not occurring without its conflicts. The nature of the global economy, combined with the vulnerability demonstrated by this same global economy to corruption of financial reporting in recent years, helps to inform the examination which is to follow. It proceeds from the understanding the way that the accounting standards promoted by the IFRS as adopted and addressed will have a determinant impact on many of the realities proceeding from the process of globalisation."

Sample of Sources Used:

  • AFP. (2008). Barroso slams Bulgaria's rampant corruption. France 24.
  • Alexendrova, P. (2001). Media, Mafia and Monopoly in Bulgaria. Worldpress. Online at http://www.worldpress.org/Europe/208.cfm
  • APEx-Controllers' Leadership Roundtable. (2008). U.S. Companies Rapidly Warming to IFRS. IFRS Corporate Executive Board.
  • Ball, R. (2006). International Financial Reporting Standards (IFRS): Pros and Cons for Investors. Social Science Research Network. Online at http://papers.ssrn.com/sol3/papers.cfm?abstract_id=929561
  • Bandyopadhyay, S.P.; Hanna, J.D. & Richardson, G. (1994). Capital Market Effects of U.S.-Canada GAAP Differences. Journal of Accounting Research, 32(2).

Cite this Research Paper:

APA Format

Financial Information According to International Financial Reporting Standards (IFRS) (2011, March 02) Retrieved January 27, 2021, from https://www.academon.com/research-paper/financial-information-according-to-international-financial-reporting-standards-ifrs-147204/

MLA Format

"Financial Information According to International Financial Reporting Standards (IFRS)" 02 March 2011. Web. 27 January. 2021. <https://www.academon.com/research-paper/financial-information-according-to-international-financial-reporting-standards-ifrs-147204/>

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