IASC

Best start with IFRS and US GAAP

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Best start with IFRS and US GAAP – Many of the world’s capital markets now require IFRS, or some form thereof, for financial statements of public-interest entities. The remaining major capital markets without an IFRS mandate are: The US, with no current plans to change Best start with IFRS and US GAAP Japan, where voluntary adoption is allowed, but no mandatory transition date has been established India, where regulatory authorities have made public statements about the intention to adopt from 2016-2017 China, which intends to fully converge at some undefined future date Continued global adoption affects multinational businesses, as additional countries permit or require IFRS for statutory reporting purposes and public filings. IFRS requirements elsewhere in the world also impact … Read more

History of intangible assets

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History of intangible assets – In November 1983, the International Accounting Standards Committee (IASC) approved the International Accounting Standards IAS 22 ‘Accounting for Business Combinations’ that contained the principles for accounting for goodwill. IAS 22, being concerned with business combinations, does not define goodwill. It also does not address the issues of revaluation of goodwill as well as accounting for internally generated goodwill. For the purpose of improved international accounting standards (IASs), the IASC issued exposure draft (ED 32) “The Comparability of Financial Statements” in January 1989. ED 32 proposed amendments to IAS 22 as well as other IASs. The draft defined goodwill as the difference between the cost of acquisition and the fair values of net identifiable assets acquired. … Read more

Differences in international financial reporting

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Differences in international financial reporting – In the current stage of social development, all countries can be divided into the two following groups: Countries with the legislation of general judicial development; Differences in international financial reporting Countries with a well-structured legislative framework. Differences in international financial reporting In the first group of countries laws are a set of merciless rules designed according to the principle ‘You are obliged to…!’, i.e., allowed only if expressly permitted in the law. See also: https://en.wikipedia.org/wiki/Common_law The responsibility of both physical and legal entities is to literally obey the rules laid down in the legislation which are provided for each even the smallest of the cases. Accounting standards which are approved at the government level … Read more