The Pros and Cons of Adopting IFRS by Lei Shi
International Financial Reporting Standards (IFRS) is a set of accounting standards developed by the International Accounting Standards Board (IASB). IFRS has been adopted by more than 12,000 companies in over 100 nations and is becoming the global standard for the preparation of financial statements of public companies throughout the world. However, in the U.S., GAAP (General Accepted Accounting Principles) is applied. Recently, the G20 leaders have called for significant progress towards moving to one set of high-quality global accounting standards. [...]
IASB and FASB propose a new joint standard for revenue recognition
This proposal marks a key milestone in our joint efforts to improve and converge our standards in one of the most important and pervasive areas in accounting.
The Transition from GAAP to IFRS
The United States, for some odd reason, has always had its own way of doing things. For example, it is the only country which uses feet and miles as opposed to meters and kilometers. With this in mind, the same goes for accounting. The U.S. has followed Generally Accepted Accounting Principles, or GAAP, as opposed to the rest of the world which follows International Financial Reporting Standards, or IFRS. However in recent years, corporations in the U.S. have started to [...]
Adopt, adapt, accept, acquire IFRS
Indian business environment will face sea of changes when Indian corporates will adopt IFRS in 2011. IFRS conversion requires fundamental change on multiple levels, can take up to several years, and affects virtually every function within an organization. Adopting IFRS is going to be very challenging but at the same time could also be rewarding. PIRON believes Indian corporates are likely to reap significant benefits from adopting IFRS. Improvement in comparability of financial information and financial performance with global peers [...]
Need to Converge from IGAAP to IFRS
Piron proudly takes the responsibility of creating IFRS awareness and providing end to end services in IFRS expertise with Piron – education, consulting and BPO to meet all possible requirements. PIRON presses the need to converge from IGAAP to IFRS as it holds significant business implications. Consistent, comparable and understandable financial information is the lifeblood of commerce and investing. Presently, there are many sets of reporting standards applicable in different parts of the world. In search of a new financial [...]
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