Doupnik - International Accounting 4e - CH3

Doupnik - International Accounting 4e - CH3 - companies...

Info icon This preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
3.1: Harmonization reduces diversity, convergence moves towards 1 standards 3.2: Easier consolidation/lower costs, globalization, comparability, reduce cost of accessing global capital, easier access to global accounting personnel 3.5: It gave them a backer who had influence and weight internationally, gave them credibility when trying to promote IFRS (IASB), formal cross listing and enforcer 3.6: full time board members, selected based on technical expertise, supported by IFRS Foundation, public/open access, full time board members cut ties to former employees (100% committed 3.7: broad guidelines, professional judgment of the accountant 3.8: no, comprehensive accounting framework 3.10: Can replace the national GAAP, subsidiaries can use IRFS and parent use GAAP, stock listed companies only can use IFRS, foreign companies listing on domestic stock exchanges, domestic
Image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: companies listng on foreign sTock exchanges 3.11: NoT 100%, culTural values would inFuence accountng values, principle based means di³erenT applicaton meThods 3.12: I±RS uses The framework seTs sTandards and can be used as guidance when issues are noT resolved in The sTandards, can Then look aT foreign sTandards if The framework does noT have The answer (IAS 1) 3.13: fair represenTaton: fairly presenTs The subsTance of a Transacton, show resulTs of following The sTandards and explain why doing someThing else is be²er 3.14: 100% compliance wiTh all The requiremenTs of IASB (IASB as adopTed by a counTry, IASB wiTh minor changes) 3.15: MosT counTries have adopTed iT 3.16: SEC supporTs iT, haven’T said yes or no on adopton...
View Full Document

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern