Presentation is loading. Please wait.

Presentation is loading. Please wait.

GAAP PowerPoint #5.  International Financial Reporting Standards  Adopted in 1989 by the International Accounting Standards Board  Composed of principles-based.

Published byCamron Powers Modified over 8 years ago

Similar presentations

Presentation on theme: "GAAP PowerPoint #5.  International Financial Reporting Standards  Adopted in 1989 by the International Accounting Standards Board  Composed of principles-based."— Presentation transcript:

1 GAAP PowerPoint #5

2  International Financial Reporting Standards  Adopted in 1989 by the International Accounting Standards Board  Composed of principles-based standards, interpretations, and framework that establish broad rules and treatments of events  Because of numerous companies operating globally, standards that are applicable to all countries need to be developed.

3  States the basic principles for IFRS  Currently being updated and converged with the IASB and FASB  Objective is to create a sound foundation for future accounting standards

4  In February 2010, the SEC voted unanimously to reaffirm its commitment to the goal of a single set of High Quality Global Accounting Standards.  In October 2010, the SEC began working on a plan to combine GAAP and IFRS.  US companies may move to IFRS in approximately 2015 or 2016.

5  Explain the concept behind the IFRS.  Summarize the projected target date for US implementation of IFRS.

Download ppt "GAAP PowerPoint #5.  International Financial Reporting Standards  Adopted in 1989 by the International Accounting Standards Board  Composed of principles-based."

Similar presentations

Fall Break Planning Fall break is October 13th & 14th

Fall Break Planning Fall break is October 13th & 14th
® International Accounting Standards Board A set of slides to support our outreach activities 2006/7.

® International Accounting Standards Board A set of slides to support our outreach activities 2006/7.
Overview of International Financial Reporting Differences and Inflation EMBA Module 8 – PACE UNIVERSITY Copyright © 2009 by The McGraw-Hill Companies,

Overview of International Financial Reporting Differences and Inflation EMBA Module 8 – PACE UNIVERSITY Copyright © 2009 by The McGraw-Hill Companies,
McGraw-Hill/Irwin Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter 3 International Harmonization of Financial Reporting.

McGraw-Hill/Irwin Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter 3 International Harmonization of Financial Reporting.
Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 18-1 International Business Environments & Operations 14e Daniels ● Radebaugh ● Sullivan.

Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 18-1 International Business Environments & Operations 14e Daniels ● Radebaugh ● Sullivan.
Worldwide Accounting Diversity and International Standards

Worldwide Accounting Diversity and International Standards
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.

Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
® International Accounting Standards Board Special Libraries Association – Toronto, June 2005 Update on International Accounting Standards Ian P.N. Hague.

® International Accounting Standards Board Special Libraries Association – Toronto, June 2005 Update on International Accounting Standards Ian P.N. Hague.
International Financial Reporting and Analysis, 5 th edition David Alexander, Anne Britton and Ann Jorissen ISBN 978-1-4080-3228-2 © 2011 Cengage Learning.

International Financial Reporting and Analysis, 5 th edition David Alexander, Anne Britton and Ann Jorissen ISBN © 2011 Cengage Learning.
18-1 Copyright © 2009 Pearson Education, Inc. publishing as Prentice Hall Chapter Eighteen International Accounting Issues Part Six Managing International.

18-1 Copyright © 2009 Pearson Education, Inc. publishing as Prentice Hall Chapter Eighteen International Accounting Issues Part Six Managing International.
5BUS0253 FS 2 week 1 Financial Statements 2 Lecture 1.

5BUS0253 FS 2 week 1 Financial Statements 2 Lecture 1.
The Environment of Financial Reporting C hapter 1 COPYRIGHT © 2010 South-Western/Cengage Learning Intermediate Accounting 11th edition Nikolai Bazley Jones.

The Environment of Financial Reporting C hapter 1 COPYRIGHT © 2010 South-Western/Cengage Learning Intermediate Accounting 11th edition Nikolai Bazley Jones.
Revsine/Collins/Johnson/Mittelstaedt: Chapter 18

Revsine/Collins/Johnson/Mittelstaedt: Chapter 18
C. 2014 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, or posted to a publicly accessible website, in whole or in part.

C Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, or posted to a publicly accessible website, in whole or in part.
Revise Lecture 1 1. Framework of Financial Reporting 1. The regulatory system 2. A conceptual framework 2.

Revise Lecture 1 1. Framework of Financial Reporting 1. The regulatory system 2. A conceptual framework 2.
Different countries employ different Accounting standards while computing the Profits or a company. Hence the Accounting results for the different countries.

Different countries employ different Accounting standards while computing the Profits or a company. Hence the Accounting results for the different countries.
ACTG 6580 Chapter 1 – Financial Reporting and Accounting Standards Class Summary.

ACTG 6580 Chapter 1 – Financial Reporting and Accounting Standards Class Summary.
GENERALLY ACCEPTED ACCOUNTING PRINCIPLES GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP) ARE THE RULES BY WHICH FINANCIAL STATEMENTS ARE PREPARED. THE.

GENERALLY ACCEPTED ACCOUNTING PRINCIPLES GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP) ARE THE RULES BY WHICH FINANCIAL STATEMENTS ARE PREPARED. THE.
The GAAP Accounting principles board (APB) was set up accounting principles. Every business enterprise prepares its financial statement in accordance with.

The GAAP Accounting principles board (APB) was set up accounting principles. Every business enterprise prepares its financial statement in accordance with.
Convergence with IFRS in Latin America June 2007.

Convergence with IFRS in Latin America June 2007.

Similar presentations

Ads by Google