International Accounting Standards Board

Executive Summary: The chief objective of this report is to describe the advantages and disadvantages of International Financial Reporting Standards (IFRS) conceptual framework in general. The report also directs attention towards Australia’s step towards harmonization of the accounting standards and as well as on international financial reporting system. However, the prime focus of the report is on the adoption, implementation and the impact of IFRS framework in a developing country, Bangladesh

Vol. 2, No. 2 International Business Research Harmonization of Accounting Standards through Internationalization Nikhil Chandra Shil, ACMA (Corresponding Author) Department of Business Administration East West University 43, Mohakhali C/A, Dhaka – 1212, Bangladesh Tel: 9887989(Off.) ext 253, 01819289589 (M) Dr. Bhagaban Das P.G. Department of Business Management, Fakir Mohan University P. O.: Balasore, Pin.: 756019, Orissa, India E-mail: bhagaban_fm@yahoo.com Alok Kumar Pramanik Department

Framework for the Making of Australian Accounting Standards Introduction The Australian Financial Reporting Council (FRC) was established on 1 January 2000 under section 225 of the Australian Securities and Investments Commission Act 19891 (ASIC Act) for the purpose of overseeing Australia’s accounting standard setting process. One of the key functions of the Financial Reporting Council (FRC) is to provide broad oversight of the processes for setting accounting standards in Australia. Specifically, the

Intermediate Accounting III (10089) Abstract Due to the global integration of business and finance throughout the world, approximately 113 countries have adopted or are working on convergence with IFRS. This paper is a look at the history and an examination of where IFRS stands internationally and with the United States. For several decades the industrialized world has been working toward an international set of accounting standards. Since IFRS has become the de facto international accounting language

and the FASB’s Statements of Financial Accounting Concepts). Rationale for the Project and Project Objective A conceptual framework is basically a foundation serving as a guide to standard setters to help them establish the principles and concepts. Therefore, the conceptual framework project is to develop an improved common conceptual framework that provides a foundation for developing future accounting standards. In this sense, the framework is

Accounting standard set has become debatable topics in regards its function in real business. The standards of accounting have been developed throughout years and many countries has applied different accounting standard. However, as business world has become interconnected, there is an urged in need to have one stand-alone of accounting standards that could use worldwide. Therefore, many countries developed convergence of their accounting standard into International Financial reporting standard (IFRS)

Financial accounting regulations are the laws and principles that are governed by regulators to protect investors’ confidence and to promote financial stability. The regulators are directly involved in setting harmonized standards for the execution of efficient operations and to facilitate management in making effective decisions. The regulators are directly involved in regular inspection and investigation and will take strong action against any misconduct. The analysis presents the impact of financial

Comparative Analysis of Principles-based and Rules-based Accounting Standards Dr. Oris Guillaume 1 and Dr. Denel Pierre 2 (Shorter University1, USA ; Argosy University2, USA) Abstract The Financial Accounting Standard Board (FASB) and the International Accounting Standard Board (IASB) have been working jointly toward the convergence of the U.S. generally accepted accounting principles (GAAP) and the international financial reporting standards (IFRS). However, several arguments still exist as to

The benefits of conceptual framework in constructing International Accounting Standards and the difficulties of a single framework for improvement of accounting standards. In 2001, International Accounting Standard Board (IASB) replaced International Accounting Standard Committee (IASC) in order to develop a high quality standard of accounting for use in the capital markets area and by other numbers of users. (Mary E. et.al, 2007). There were so many issues presented and discussed since then to

1. A brief history of the two organisations, and their objectives, in as far as they relate to accounting practices regionally and/or internationally, as necessary. 1.1 European Union (EU) 1958 - EU was formed following by the Treaty of Rome Global trading has impacted the treaty to develop standards that support unrestricted market activities internationally. Uniformed accounting standards are required regionally to encourage the capital flow, enhance stakeholders’ protection, and increase the