International Financial Reporting Standards

Executive Summary 2 JB HI_FI Australia and Habib Bank Limited (HBL) Pakistan 3 Introduction: 3 Analyses under the light of accounting standard: 3 Accounting profession: 3 Accounting Bodies in Pakistan: 4 Accounting Bodies in Australia: 5 Analyses under the light of JB hi-fi Australia: 6 Analyses under the light of Habib Bank LTD Pakistan: 10 Reasons for International accounting differences: 12 Religion: 12 Strategies of JB Hi-fi and Habib Bank ltd: 13 Cultural: 13 Hofstede’s Cultural Dimensions: 14

[pic] | Our firm - Chiu & Weisserman LLP has been appointed as the new auditor of the public company Dollarama Inc. for the current fiscal year-end as at January 29, 2012. Please find in the following pages a report on the audit plan that was used to conduct our audit for the year ended January 29, 2012. Even though the audit of 2012 was performed by PWC, the assumption used for this project was that our firm was the new auditor for 2012. Please do not hesitate to contact us if you have any

BETWEEN IFRS AND USGAAP INTRODUCTION International Financial Reporting Standards (IFRS) are a set of accounting standards that are developed by the International Accounting Standards Board (IASB). This accounting standard is followed by approximately 130 countries as propagated by IASB. IASB is an independent accounting setting body that is based in London. It consist of 14 voters from multiple countries, including United States. Another accounting standard that is being followed is USGAAP that

CHARACTERISTIC Understandability An essential quality of the information provided in financial statements is that it is readily understandable by users. For this purpose, users are assumed to have a reasonable knowledge of business and economic activities and accounting and a willingness to study the information with reasonable diligence. However, information about complex matters that should be included in the financial statements because of its relevance to the economic decision-making needs of users

reconciliation to GAAP. In the major international market, there are currently only four countries do not require IFRS rules, and they are China, Japan, India, and the US. Pacter (2015) explained that presently there are one hundred and forty jurisdictions around the world need to have the completion of IFRS, and one hundred and sixteen countries require IFRS as their account rule. The IFRS can affect American business in many ways. The development of international business bring more and more non-US

investors and management. As well as this, a coherent standard is important as it provides consistency, addresses particular issues and allow for uniform interpretation. It is for this reason that the international benchmark requires financial reports to contain fundamental and enhancing qualitative characteristics, the affected being faithful representation, comparability and verifiability. The major reason IASB proposed changes with the current standard is because these characteristics were compromised

Accounting for Business Combinations and its relevant issues under the requirements of Australian standards have raised a considerable number of concerns, and therefore remained controversial for both accountants and scholars who have been struggling to deal with the practical – and – theoretical development of the Accounting industry. Regardless of such difficulties, due to the undeniable meaning of Accounting practices and the enormity of transactions involved on a daily basis, it is of great importance

transactions and requires companies to also follow regulations promulgated by the Securities and Exchange Commission. Conversely, the International Financial Reporting Standards (IFRS) is a principle based system that advocates for certain accounting principles that should be applied to all contracts and industries. The IFRS standards are created by the International Accounting Standards Board. In general, the U.S. GAAP accounting framework provides numerous rules on the issue of revenue recognition. Moreover

information power play. The theory of information asymmetry arises when the company shareholders and management are better informed about a company’s financial prospects than the external investors (López-Gracia & Sogorb-Mira 2008). In the case of SME financing, SME owners aware of information on the firm’s future prospects, in particular the financial status, while investors are not provided by SMEs with the same information leading to an information gap between the two (Binks, Ennew & Reed 1992;

Assignment topic: Global financial crisis: its cause and the global responses Introduction The global financial crisis or economy crisis is commonly believed to have begun in July 2007 with credit crunch, when a loss of confidence by the US investors in the value of sub-prime mortgages caused a liquidity crisis. On the other hand, due to the big changes that took place over the last 20 to 30 years in the worldwide economy and the influence of 2007 financial crisis, it has re-emerged as one of the