IFRS - Universidad Iberoamericana UNIBE BBA in...

Info iconThis preview shows pages 1–5. Sign up to view the full content.

View Full Document Right Arrow Icon
Universidad Iberoamericana UNIBE BBA in International Business Accounting II Professor Richard De La Cruz Final Paper IFRS Full Analysis Adela Tremols (10-0386) Valerie Bodden (10-0014) Xavier Baquero Viteri (10-0126) Thiago da Cunha ( 10-0028 )
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Miguel Iglesias (10-0084) December 7, 2010 Santo Domingo, Dominican Republic International Financial Reporting Standards (IFRS) They are a set of accounting standards developed by the International Accounting Standards Board (IASB) that is becoming the global standard for the preparation of public company financial statements. International Accounting Standards Board The IASB is an organization that has as an objective to enforce the standards for the accounting procedures. It was first named International Accounting Standards Committee and was replaced on 2001; it is currently based in London. More that 100 countries are currently demanded to follow the standards of the Board and to comply with the International Financial Reporting Standards. The Board has 15 members each with one vote; these members are a group of qualified experts that are responsible for the development and publication of the IFRSs and approving the interpretations of the same. It seeks transparency and therefore all the meetings are held in public and
Background image of page 2
webcast. The IASB engages closely with stakeholders around the world, including investors, analysts, regulators, business leaders, accounting standard-setters and the accountancy profession. As of 2009 the members are the following: Sir David Tweedie (chairman) Stephen Cooper Philippe Danjou Jan Engström Patrick Finnegan Amaro Luiz de Oliveira Gomes Prabhakar Kalavacherla (‘PK’) Dr Elke König Patricia McConnell Warren McGregor Paul Pacter Darrel Scott John Smith Tatsumi Yamada Zhang Wei-Guo Status of the Global Change with the adoption of the IFRS The G-20 is a Group of Twenty Finance Ministers and Central Bank Governors from 20 economies: 19 countries plus the European Union, it is represented by the President of the European Council and the European Central Bank. The head of governments or head of states also met periodically at summits since 2008. Together the G-20 makes up 85 % of the global GDP and 80% of the world trade, as well as two-thirds of the world population. The G-20 was proposed by former Canadian Finance Minister Paul Martin for cooperation and consultation on matters pertaining to the
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
international financial system . It studies, reviews, and promotes discussion of policy issues pertaining to the promotion of international financial stability, and seeks to address issues that go beyond the responsibilities of any one organization. With the G-20 growing in stature since the 2008 Washington summit, its leaders announced on September 25, 2009, that the group would replace the G8 as the main economic council of wealthy nations. On April 2009, the G20 announced they would be strengthening the
Background image of page 4
Image of page 5
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

Page1 / 26

IFRS - Universidad Iberoamericana UNIBE BBA in...

This preview shows document pages 1 - 5. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online