Transparency in financial reporting : a concise comparison of IFRS and US GAAP / by Ruth Ann McEwen.

Format:

Book

Author/Creator:

McEwen, Ruth Ann, 1952- author.

Language:

English

Subjects (All):

Accounting--Standards.

Accounting.

Physical Description:

1 online resource (150 pages)

Edition:

1st ed.

Place of Publication:

Petersfield : Harriman House, 2009.

Language Note:

English

Summary:

By January 2012 all major economies, apart from the US, will provide financial reports using International Financial Reporting Standards (IFRS). This book sets out the key differences between IFRS and US GAAP from a practitioner's perspective, although financial analysts will also benefit from the material presented.The financial crisis has been attributed to, among other things, a perceived lack of transparency in the financial markets. In general, transparency implies an ability to see the reported results of an entity's financial activities clearly and to use these results in making investment decisions. At question is the belief that transparency in financial reporting will lead to transparency in financial markets. Unfortunately, this link may be more subjective than most of us wish.Ruth Ann McEwen presents an analysis of reporting issues affecting transparency under IFRS, compared with US GAAP, and suggests areas of concern for preparers and users of financial reports. Providing an invaluable guide for all accountancy professionals, the book also contains a technical analysis of major accounting issues raised by convergence, and indicates areas of interest during initial adoption of IFRS by US entities. This authoritative book provides all the essential information required for advanced practitioners and analysts at this critical juncture.

Contents:

Intro

Contents

About the author

Introduction

Part One: Transparency of Financial Reporting

1. Transparency and Financial Reporting Quality

2. Transparency of the Balance Sheet: Fair Valuation

Part Two: Financial Reporting under IFRS Convergence

3. Legal Basis of US GAAP and IFRS

4. Fundamental Similarities and Differences

Part Three: Technical Analysis: US GAAP versus IFRS

5. Presentation of Financial Information

6. Related Party Transactions

7. Subsequent Events

8. Revenue Recognition

9. Assets

10. Asset Impairment

11. Liabilities and Contingencies

12. Pension Obligations and Expenses

13. Financial Instruments

14. Derivatives and Hedging

15. In Process Research and Development (IPRD)

16. Share Based Payments

17. Restructuring

18. Business Combinations

19. Income Taxes

Part Four: First Time Adoption: IFRS 1

20. Asset Differences

21. Mandatory and Optional Exemptions

Conclusion

Bibliography

Index.

Notes:

Title from title screen.

Digitized and made available by: Books24x7.com.

Includes bibliographical references and index.

Description based on print version record.

ISBN:

9780857190222

0857190229

OCLC:

930706822