Differences in balance sheet disclosure under IFRS
Differences in balance sheet disclosure under IFRS

Author: alfred Mully

Publisher: GRIN Verlag

Published: 2014-01-21

Total Pages: 50

ISBN-13: 3656578974

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Research Paper (postgraduate) from the year 2008 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: A, University of Amsterdam, language: English, abstract: Since January first, 2005, IFRS is mandatory for the financial reporting of all listed companies within the European Union. This is in order to increase comparability, improve transparency and increase the quality of financial reporting (EC Regulation No. 1606/2002). However, although it is the objective of the European Union to become more united, there are significant differences in the backgrounds of the European countries. This research analyzes cross-country differences in disclosure in the balance sheets of companies, based on the level of enforcement, the prior accounting system and the legal system. The sample consists of 170 companies from France, Germany, the Netherlands, Spain and the United Kingdom. The variables are based on the recognition materiality concept and indicate the amount of detail in the disclosure in the balance sheets. The recognition materiality concept provides a limit below which disclosure is considered not material, based on the size and therefore is an indication for the amount of detail. The results indicate that the legal system has the strongest influence on the disclosure in balance sheets. Companies from common law countries provide significant more detailed balance sheet accounts in their annual reports, than companies from code law countries.

Wiley International Trends in Financial Reporting under IFRS
Wiley International Trends in Financial Reporting under IFRS

Author: Abbas A. Mirza

Publisher: John Wiley & Sons

Published: 2012-10-05

Total Pages: 1001

ISBN-13: 1118233824

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Wiley International Financial Reporting Trends provides copious examples of footnote disclosures and financial statement formats, carefully culled from the world's leading international companies ("Global 500") that are already compliant with IFRS and report under IFRS standards promulgated by the International Accounting Standards Board, the IASB. Arranged topically, this book is a quick source of reference to find answers to issues of interest to financial statement preparers. It provides hundreds of illustrations taken from financial statements prepared under IFRS by global conglomerates thereby helping preparers and users of financial statements to expeditiously obtain examples of footnote disclosures and financial statements presented under these Standards which are popularly referred to as "principles-based" standards (as opposed to "rules-based" standards). Additionally, Wiley International Financial Reporting Trends contains comparisons of IFRS to US GAAP, Indian GAAP, and Chinese GAAP, making it a truly global reference resource.

UK Financial Statements - Presentation and Disclosure Requirements
UK Financial Statements - Presentation and Disclosure Requirements

Author: Steve Collings

Publisher: Bloomsbury Publishing

Published: 2016-10-28

Total Pages: 789

ISBN-13: 1784515361

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Accounting standards in the UK and Republic of Ireland are going through a radical change. This book outlines the changes concerned, how they affect companies, what differences exist between the new and the old rules and what practitioners and directors should be aware of in producing financial statements for statutory purposes. To aid this theory, numerous worked examples and illustrative model accounts are included to help preparers understand how these changes should be implemented.Practitioners and preparers of accounts need to be fully versed in the changes to accounting practice and the stumbling blocks to avoid under the new rules. Each chapter contains a 'Pitfalls to avoid' section as well as a 'Chapter summary' to help preparers to understand the key differences. Invariably, if the accounts themselves are incorrect due to a misunderstanding of the new treatments, the resulting tax will be incorrect.UK Financial Statements: Presentation and Disclosure Requirements provides a comprehensive overview of the new reporting regimes in the UK and Republic of Ireland. Written by an expert in UK company financial reporting issues, it includes illustrative financial statements, model disclosures and the structure of the primary statements under new UK GAAP andEU-adopted IFRS. The appendices also contain useful disclosure checklists.The book is ideal for: Practitioners dealing with all types of companies Tax advisers Company directors Students studying for professional examinationsCoverage includes:Introduction;Overview of the revised Companies Act 2006;Summary of new UK GAAP and emerging issues and how to deal with them;Overview of small and micro-entity reporting requirements;Sample micro-entity financial statements;Sample small company financial statements;Sample medium-sized company financial statements;Sample large (unlisted) company financial statements;Sample EU-adopted IFRS financial statements;Abridged and adapted financial statements;Consolidated financial statements - overview of the requirements;Sample consolidated financial statements prepared to UK GAAP;Sample consolidated financial statements prepared to EU-adopted IFRS;Auditing financial statement disclosures.Appendices include: Disclosure checklists for micro-entities, small companies, medium-sized companies, large companies and EU-endorsed IFRS.

International Financial Statement Analysis
International Financial Statement Analysis

Author: Thomas R. Robinson

Publisher: John Wiley & Sons

Published: 2015-02-05

Total Pages: 1072

ISBN-13: 1119029759

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Better analysis for more accurate international financial valuation International Financial Statement Analysis provides the most up-to-date detail for the successful assessment of company performance and financial position regardless of country of origin. The seasoned experts at the CFA Institute offer readers a rich, clear reference, covering all aspects from financial reporting mechanics and standards to understanding income and balance sheets. Comprehensive guidance toward effective analysis techniques helps readers make real-world use of the knowledge presented, with this new third edition containing the most current standards and methods for the post-crisis world. Coverage includes the complete statement analysis process, plus information on income tax accounting, employee compensation, and the impact of foreign exchange rates on the statements of multinational corporations. Financial statement analysis gives investment professionals important insights into the true financial condition of a company. With it, realistic valuations can be made for investment, lending, or merger and acquisition purposes. The process is becoming increasingly complex, but this book helps readers deal with the practical challenges that arise at the international level. Understand the accounting mechanics behind financial reporting Discover the differences between statements from around the world Learn how each financial statement element affects securities valuation Master analysis for clues into operations and risk characteristics Amid an uncertain global economic climate, in today's volatile international markets, the ability to effectively evaluate financial statements is a critical skill. Standards and conditions are continuously evolving, and investment professionals need a strong, up-to-date resource for the latest rules and best practices. International Financial Statement Analysis provides this and more, with clarity and expert advice.

Wiley Interpretation and Application of International Financial Reporting Standards 2011
Wiley Interpretation and Application of International Financial Reporting Standards 2011

Author: Bruce Mackenzie

Publisher: John Wiley & Sons

Published: 2011-01-25

Total Pages: 1324

ISBN-13: 111803709X

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A one-stop resource for understanding current International Financial Reporting Standards As the International Accounting Standards Board (IASB) makes significant strides in achieving global convergence of accounting standards worldwide, the International Financial Reporting Standards (IFRS) become extremely important to the accounting world. Wiley IFRS 2011 provides the necessary tools for understanding the IASB standards and offers practical guidance and expertise on how to use and implement them. Covers the most recent International Financial Reporting Standards (IFRS) and IFRIC interpretations An indispensable guide to IFRS compliance Provides a complete explanation of all IFRS requirements, coupled with copious illustrations of how to apply the rules in complex, real-world situations Written by two well-known international experts on the subject with hands-on experience in applying these standards, this book is an indispensable guide to IFRS compliance.

Transparency in Financial Reporting
Transparency in Financial Reporting

Author: Ruth Ann McEwen

Publisher: Harriman House Limited

Published: 2009

Total Pages: 103

ISBN-13: 1906659133

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By January 2012, all major economies will provide financial reports using International Financial Reporting Standards (IFRS). This authoritative book provides all the essential information required for advanced practitioners and analysts at this critical juncture.

Consolidated Financial Statements in IAS/IFRS and German GAAP - Major Differences Explained
Consolidated Financial Statements in IAS/IFRS and German GAAP - Major Differences Explained

Author: Khanh Pham-Gia

Publisher: GRIN Verlag

Published: 2009

Total Pages: 61

ISBN-13: 3640382927

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Research Paper (undergraduate) from the year 2008 in the subject Business economics - Business Management, Corporate Governance, grade: 1,3, University of applied sciences, Munich, language: English, abstract: Due to a regulation of the European Union (EU) concerning financial accounting issued on June 6th, 2002, all listed companies in EU are obligated to provide their Consolidated Financial Statements (CFS) in accordance with financial accounting principles of International Accounting Standards (IAS) or International Financial Reporting Standards (IFRS) from January 1st, 2005. This regulation enables a necessary harmonization of accounting principles within the EU and supports a clear comparability of CFS worldwide. The object of this study is to analyze major differences of CFS in German GAAP and IAS/IFRS. Thereby, variations of both accounting standards are compared and a major difference is explained thoroughly with a concrete example. The major differences of CFS in IAS/IFRS and German GAAP result from different aims of both accounting standards. The German GAAP is strongly based on prudence principle for protection of creditors and authoritative principle (tax accounting based on commercial accounting). In comparison, the IAS/IFRS deliver potential investors realistic and decision useful information about assets, finance, and profit situations of a company (true and fair view / fair presentation principle). These basic principles could be reflected in several key points of the both accounting standards whose differences are clarified in this study. Furthermore, an essential key point of CFS namely the basis of consolidation (contains enterprises included in the consolidation and capital consolidation methods) is illuminated with a concrete example. Hereby, the relation between the control influence of the parent enterprise on its "sub-entities" and the correspondent capital consolidation methods are studied.

Consolidated financial statements in IAS/IFRS and German GAAP – Major differences explained
Consolidated financial statements in IAS/IFRS and German GAAP – Major differences explained

Author: Khanh Pham-Gia

Publisher: GRIN Verlag

Published: 2009-07-24

Total Pages: 28

ISBN-13: 3640383338

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Research Paper (undergraduate) from the year 2008 in the subject Business economics - Business Management, Corporate Governance, grade: 1,3, University of applied sciences, Munich, language: English, abstract: Due to a regulation of the European Union (EU) concerning financial accounting issued on June 6th, 2002, all listed companies in EU are obligated to provide their Consolidated Financial Statements (CFS) in accordance with financial accounting principles of International Accounting Standards (IAS) or International Financial Reporting Standards (IFRS) from January 1st, 2005. This regulation enables a necessary harmonization of accounting principles within the EU and supports a clear comparability of CFS worldwide. The object of this study is to analyze major differences of CFS in German GAAP and IAS/IFRS. Thereby, variations of both accounting standards are compared and a major difference is explained thoroughly with a concrete example. The major differences of CFS in IAS/IFRS and German GAAP result from different aims of both accounting standards. The German GAAP is strongly based on prudence principle for protection of creditors and authoritative principle (tax accounting based on commercial accounting). In comparison, the IAS/IFRS deliver potential investors realistic and decision useful information about assets, finance, and profit situations of a company (true and fair view / fair presentation principle). These basic principles could be reflected in several key points of the both accounting standards whose differences are clarified in this study. Furthermore, an essential key point of CFS namely the basis of consolidation (contains enterprises included in the consolidation and capital consolidation methods) is illuminated with a concrete example. Hereby, the relation between the control influence of the parent enterprise on its “sub-entities” and the correspondent capital consolidation methods are studied.