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What You Need to Know about Business Accounting
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Home Page > Business > What You Need to Know about Business Accounting
What You Need to Know about Business Accounting
Posted: May 10, 2009 |Comments: 0
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What You Need to Know about Business Accounting
Businesses are an important economic pipeline for the United States just as they are in other countries. The way a business tracks their finances and reports their profits effects the way the economy grows or shrinks because the money that a business makes is circulated through all walks of life. Companies like Enron, WorldCom, Freddie Mac and others who make bad business accounting decisions shake the economy at its foundation and destroy the lives of investors who help to make our economy whole. Business accounting is a way for firms to account for profits and losses they have sustained.
Executive level pay is based upon company performance. If the performance of a company is not reported in a proper manner, executives make money that far exceeds what the business is capable of and creates a false picture of a company’s performance. This false reporting causes the stock market to balloon by rewarding stock to companies who do not deserve it, and these methods have a bad effect on our economy. Business accounting that honor the GAAP (Generally Accepted Accounting Practices) creates a transparent persona, an air of trust and respect, from the users of their financial statements.
Many smaller businesses, especially those that are not publicly traded, do not use the GAAP for their business accounting methods because they do not see the need to disclose their financial statements. This decision allows for discrepancies and inaccuracies in financial reporting, and users of these financial statements should make it a point to ask whether companies are using GAAP in their business accounting. Maintaining the proper financial books is important to the structure of a business. Business accounting books provide a way to determine how to make businesses more profitable by increasing certain kinds of production or cutting costs to save money in the future.
The success of a business depends greatly on the ability to be fair in accounting practices and keeping proper books. Adhering to guidelines that ensure a business is being upfront about what they are reporting gives a business credibility and ensures that their gains are genuine. It is responsible to hire professionals that are capable of adhering to those GAAP guidelines instead of using short-cuts or cutting corners in business accounting practices because the attention to detail shows integrity. Both larger businesses and smaller businesses alike can offer financial statements that provide an appropriate picture of their profits and losses by following the GAAP.
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No commentsThe benefits and drawbacks of conversion from GAAP to IFRS
The benefits and drawbacks of conversion from GAAP to IFRS
The benefits and drawbacks of conversion from GAAP to IFRS
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Home Page > Finance > Accounting > The benefits and drawbacks of conversion from GAAP to IFRS
The benefits and drawbacks of conversion from GAAP to IFRS
Posted: Dec 08, 2009 | Views: 1,207 |
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The benefits and drawbacks of conversion from GAAP to IFRS
International Financial Reporting Standards, IFRS, are used by public companies in over 100 countries, so it is easy to see why the U.S. is following suit. The United States is currently using what is known as Generally Accepted Accounting Principles when filing their financial statements and records. Currently, the SEC is debating how to impose the change in the U.S. The choice is between making IFRS a gradual adaption and establishing a definite date that companies must be converted by. If there was a gradual adaptation, companies would be given the choice of switching to IFRS from GAAP. This is mostly dependent on the size of the companies. On the other side, companies may continue to use GAAP until a certain date which then will force them to file their financial statements according to IFRS standards. The quick change to IFRS would be beneficial to companies because it would allow them to adapt the new standards quickly and efficiently.
Conversion to IFRS offers many benefits to companies. The most obvious and beneficial aspect of adopting IFRS is consistency. As stated before, public companies in over 100 countries are using IFRS and Canada is on track to adopting the new system and it seems only logical that the United States do the same. Additionally, if a company has foreign operations, adapting IFRS would give them internally consistency as well. They would be able to make their reporting uniform which can reduce costs because all reporting will be done the same way. This will allow them to streamline their operations, reporting standards, auditing, training, development and company standards. Whether domestic or global, their offices could adapt similar standards and reporting techniques, giving them precise and consistent company records and reporting. If IFRS adaptation is ruled to be optional before a set date, a company can gain a large advantage if they were to adopt the reporting standards early because they would be giving themselves a head start on using and becoming familiar with the system. Also, they would be receiving all the before-mentioned benefits that IFRS has to offer. For first-time converters, there are many choices on how to run their initial application.
It goes without saying that along with benefits come drawbacks. Changing to IFRS from GAAP is not simply a change in accounting procedure. It needs to be a transformation by companies. They need to focus on developing an action plan as well as a clearly defined plan for their future as IFRS users. Since the benefits of using IFRS will allow them easier and better foreign management, there should be a plan involving using these circumstances to their full benefit. There needs to be a strategy for conversion that will allow it to go as smoothly as possible so they can keep interruptions to their daily performance at a minimum. Additionally, because IFRS is different from GAAP, it would be beneficial to companies to hire financial advisors and staff that are knowledgeable in IFRS that will be able to help guide the company through its conversion. Hiring this new staff will increase costs and also makes layoffs and staff cutbacks very possible. Companies will most likely also have to upgrade their technology and computer programs for the change from GAAP. All reports, financial documents, contracts and agreements will have to be revised since they were originally drawn up under GAAP standards. Finally, companies will incur additional costs from the previously mentioned activities as well as costs for the auditors and advisors needed for the initial conversion. These would most likely only be one-time expenses however.
The eventual conversion from IFRS from GAAP is unavoidable. For companies to be sufficiently prepared for the change, they should plan ahead. It is a good idea for companies to begin their conversion with a plan and a timeline. It has been estimated that total conversion time will be about two years. Also, it was projected that the US should be converted by 2014. That leaves approximately 4 years left for companies to be changed to IFRS. It is crucial that companies begin planning and changing their standards. It is in their interest to start the change over so that they can be up to date and receiving the benefits that conversion has to offer as soon as possible. If companies start planning and acting now, it is entirely possible for the United States to have successfully converted itself to IFRS and be able to join the rest of the world in their accounting procedures.
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Globalization And Its Toll On Todays Accountants
Globalization And Its Toll On Todays Accountants
Globalization And Its Toll On Todays Accountants
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Home Page > Finance > Accounting > Globalization And Its Toll On Todays Accountants
Globalization And Its Toll On Todays Accountants
Posted: Apr 10, 2010 |Comments: 0
| Views: 228 |
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As accounting goes from the national level to the international level there are new career opportunities available. This does not however mean that landing a successful accounting job is an easier task. Accountants will find it harder to rely on knowing only certain accounting techniques and being compatible with only GAAP(Generally Accepted Accounting Principles) standards. GAAP standards are slowly becoming less dominant as international standards become more important. Focusing on one style of accounting will not work out in accountants favors as skills, knowledge, and abilities become more important then ever.
Financial accounting has been the bread and butter for American accountants for years, although financial accounting is still important is doesn’t hold the same value as it did in the past. From a global standpoint, management accounting is starting to play a larger role, it displays internal and external viewpoints as financial was focused more internally. People who excel in financial accounting won’t find themselves out of work anytime soon, a good balance between financial and management accounting is still necessary and beneficial. The more you know and the better credentials you have received is the backbone for succeeding in a more globalized accounting community. The saying, “knowledge is power”, holds more true then ever. Accountants with limited resources that are unable or unwilling to adapt to changes from the national to international level will find themselves falling behind.
As GAAP’s role as the source of standards becomes more threatened by the acceptance of IFRS (International Financial Reporting Standards) it brings about an advantage to many businesses and accountants alike. IFRS was created by the IASB (International Accounting Standards Board). IFRS is becoming a more internationally accepted set of accounting principles, already being used by over 100 different nations. Having set standards for the world will have many benefits, a major one being due to consistency and the ability to compare financial statements more effectively and legitimately. A lot of similarities exist between GAAP and IASB, but there are also significant differences. Which is the reason the accountants that understand the nature of accounting the best will have the easiest time translating from one to the next. Being in denial about the upcoming changes will only cripple you.
The need for accountants to have the ability to work with these standards are in high demand. Accounting principles are becoming globalized because most businesses are becoming globalized. Globalization has opened doors for a lot of new business’s, and like accountants the businesses that don’t take advantage and adapt to the changes are at risk of falling behind. Not only are large corporations going international but many small businesses are doing the same, creating more opportunity for accountants and the need for accountants to have commonly shared standards would prove beneficial. Companies of all sizes are able to make a wave in the market largely in part due to the internet and its advances it has made with technology. Trading borders and regulations are on the decline, especially in Europe where just about all restrictions have been removed, making trading easier and more commonly done. Large companies are moving to third world countries to make larger profit margins due to cheaper wages with less regulations and restrictions by their governments. As interaction between different countries is steeply on the incline, the need of accountants with the ability to understand and work with internationally accepted standards is all the more necessary. Accountants in the U.S. can get away with not making the necessary changes now, but that may not hold true in ten years or so.
Accountants switching to the likes of IFRS are likely and could help open doors for them in the future. Globalization will bring in new options and choices for accountants that know the IFRS system. However there are complaints about maneuvering from the one system to the next completely. Which is why accountants knowing the rules of both become more necessary. This requires them to have more knowledge then ever due to the introduction of globalization, which will not go away. GAAP is considered to have stricter rules while the international standards allow more room for judgment. There are some methods part of GAAP that are not accepted internationally that has the ability to hurt U.S. corps which is why the U.S. hasn’t been quick in accepting these new standards, unsure of where they will lead us and if problems will occur. Accountants true understanding of the sport is highlighted that much more, knowing both systems and the differences between will give an accountant more leverage in deciding their options in the job market.
Globalization is not going away, and being in denial about its existence and the changes that come about with it will only make what you know obsolete or simply not enough. International standards are viewed by many as a necessity as nations are becoming more interactive with one another. Accountant’s skills and true knowledge of the practice will become so ever more vital.
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References
1. How Globalization is Affecting U.S. Accountants. 2006. Bruce Pounder. 5 Mar. 2010 <http://www.accountingweb-cgi.com/whitepapers/How_Globalization_is_Affecting_US_Accountants–by_Bruce_Pounder_of_CPEanywhere.pdf>.
2. Bogoslaw, David. “Global Accounting Standards? Not so fast.” Business Newsweek 14 Nov. 2008: 17-17.
3. Robb, Alan, and Susan Newberry. “Globalization: governmental accounting and International Financial Reporting Standards.” Oxford Journals. 15 Oct. 2007. Oxford University Press and the Society for the Advancement of Socio-Economics. 5 Mar. 2010.
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How does the global environment of business today impact the role of HR within an organization?
What sites can i use to get allot of people to sign up on my gdi account?
I am trying to get a pay day advance loan but all I have is a saving account I need the money today and I need a phone number because my phone is off please say you can help me
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References
1. How Globalization is Affecting U.S. Accountants. 2006. Bruce Pounder. 5 Mar. 2010 <http://www.accountingweb-cgi.com/whitepapers/How_Globalization_is_Affecting_US_Accountants–by_Bruce_Pounder_of_CPEanywhere.pdf>.
2. Bogoslaw, David. “Global Accounting Standards? Not so fast.” Business Newsweek 14 Nov. 2008: 17-17.
3. Robb, Alan, and Susan Newberry. “Globalization: governmental accounting and International Financial Reporting Standards.” Oxford Journals. 15 Oct. 2007. Oxford University Press and the Society for the Advancement of Socio-Economics. 5 Mar. 2010.
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U.S. GAAP vs. IFRS
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U.S. GAAP vs. IFRS
Posted: Nov 16, 2010 |Comments: 0
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GAAP vs. IFRS
In this brief work I would like to discuss some of the main differences between the United States’ Generally Accepted Accounting Principles, and the more recently enacted International Financial Reporting Standards, for international use. The United States is working closely with the rest of the world to find a way to narrow the gap between what the U.S. sees as acceptable accounting standards and what the rest of the world does. Many professors I have in my accounting classes now and many other professionals in the accounting world think that these two different institutions will come together within the next few years to produce universal standards on what’s acceptable for accounting terms.
The revered accounting firm Ernst & Young published a work entitled, “US GAAP vs. IFRS the basics” in which they give some key differences between these two standards, I will be referencing that work in this paragraph and following paragraphs. The first main differences I would like to discuss involves the way in which companies distribute there inventories. Currently under U.S. GAAP there are three acceptable methods of using their inventories, First In First Out, Last In First Out, and Weighted Average. In IFRS LIFO is not accepted, also, “Same cost formula must be applied to all inventories similar in nature or use to the entity.” In U.S. GAAP you can have all three different methods, but you must not change which method you use from year to year. In International Standards you must use the method throughout all your business’ inventories.
Two other enormous issues that exist between these two opposing standards are the measurements and the reversal of inventory write-downs. Due to U.S. GAAP’s constraint of conservatism, “Inventory is carried at the lower of cost or market. Market is defined as current replacement cost as long as market is not greater than net realizable value (estimated selling price less reasonable costs of completion and sale) and is not less than net realizable value reduced by a normal sales margin.” IFRS seems to have a different view on this issue that says, “Inventory is carried at the lower of cost or net realizable value (best estimate of the net amounts inventories are expected to realize. This amount may or may not equal fair value).” This basically means that inventories can be written down at a cost lower than the cost of market, this could be a problem if inventories are stated over the lower cost of value. If inventories are overstated, Cost of Goods Sold would also be overstated, thus creating a Net Income that is actually lower than your actual Income. If your Income is understated that could be a big problem when allocation your funds to different things, also stock and debt holders could have skewed thoughts about the company. Another issue that is closely related to this is U.S. GAAP states that. “Any write-downs of inventory to the lower of cost or market create a new cost basis that subsequently cannot be reversed.” This means that if you as a company buy some type of inventory when the market for that item is high, then there is a huge drop in the cost of that item you cannot write that down as a loss. IFRS proclaims, “Previously recognized impairment losses are reversed, up to the amount of the original impairment loss when the reasons for the impairment no longer exist.” This basically says that you can record the previous situation as a loss.
Something that has been a bite of a debate between these two theories has brought about another hot button issue is revaluations of assets. U.S. GAAP says by no means can an asset be reassessed and changed for an alternative value. IRFS tells us this, “Revaluation is a permitted accounting policy election for an entire class of assets, requiring revaluation to fair value on a regular basis.” Currently for U.S. companies assets are bought at a certain price and cannot be changed for fair market value, in contrast International IRFS says that assets at anytime should be reassessed at fair market value. A situation that comes to mind in which this could hold major importance is if you are a delivery company and you buy a fleet of cars when the price for them is very low, then the market for that particular item goes up you can report that asset at a new fair market value.
These are just a few issues and points I wanted to raise, these issues seems to be very important in many situations and businesses that I have researched. U.S., GAAP and International, IRFS, are coming much closer together and have been expected to merge within the next few years. This entire operation of trying to find common grounds for which International and U.S. accounting standards is all just in response to the International business environment that we live in. The world is becoming a place in which you cannot just interact within your own community and country to be a successful expanding business. In conclusion has tough and as far apart as these to policies might be it is important that we have a universal code to which account for our businesses, so our businesses can flourish and thrive.
Bibliography
Ernst & Young LLP,. “The Basics.” US GAAP vs. FRS (2009): 1-52. Web. 16 Nov 2010. <http://www.ey.com/Publication/vwLUAssets/IFRS_v_GAAP_basics_Jan09/$ file/IFRS_v_GAAP_basics_Jan09.pdf>.
AICPA, Initials. (2010, November 16). Ifrs resources. Retrieved from http://www.ifrs.com/index.html
FASAB, Initials. (2010, November 16). Federal accounting standards advisory board. Retrieved from http://www.fasab.gov/accepted.html
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Future Of Accounting: IFRS v. GAAP
Future Of Accounting: IFRS v. GAAP
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Home Page > Business > Business Ideas > Future Of Accounting: IFRS v. GAAP
Future Of Accounting: IFRS v. GAAP
Posted: Oct 26, 2009 |Comments: 0
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The actions of Bernie Madoff and Kenneth Lay (Enron Co.) made quite an impact on business America. While thousands lost everything they had, the U.S economy lost something far greater; their ethical backbone and credibility. Since then, many consumers, corporations, and world economies put the U.S. economy under a microscope. GAAP and industry standards have been scrutinized, revised, and reformed. Despite the recent changes and strengthening of U.S. GAPP, the adoption of the International Financial Reporting Standards (IFRS) has become a potential possibility.
The adoption of IFRS has several positive attributes, with its greatest being the improvement of financial reporting to global investors, the facilitation of cross-border investments, and the integration of capital markets. Given that the global “IFRS network” has already reached a significant scale, the United States would benefit greatly by conforming, rather than remaining in the smaller underdeveloped IFRS network. It is difficult to gauge the magnitude of the effects but several studies and beliefs exist regarding the various effects of adopting IFRS.
Empirical studies show that the costs and benefits of IFRS adoption vary amongst firms. Evidence shows that voluntary IFRS adoption typically results in benefits exceeding costs. Voluntary adopters tend to have similar characteristics; larger in size, more likely to have international dispersed operations, more diffused ownership, and rely more on outside funding. In some respects, GAAP creates barriers for many U.S. companies limiting both expansion and growth. Consistent with the notion of comparability benefits, the primary beneficiaries of IFRS adoption would be the U.S. multinational firms, as well as their investors.
All accounting standards use discretion, since several figures stem from evaluations and approximations (such as the useful life of an asset, the value of company goodwill, etc). IFRS is no exception, and whether firms implement IFRS in ways that make the numbers more informative (such as footnotes and recognition) still poses a threat to the reliability of information. A single set of accounting standards does not guarantee the comparability of firms’ reporting practices, since enforcement is not the sole influence in achieving successful results. Ethics and other variables will always play a factor in the exercise of any accounting standards. It is essential to realize that the key elements of an institutional infrastructure fit and reinforce each other.
The best results have been seen in countries with strict enforcement regimes and institutional structures that provide strong reporting incentives. These countries are more likely to have discernable capital-market effects when using IFRS reporting. A “serious” commitment to IFRS has shown larger cost of capital and market liquidity benefits compared to adopting IFRS as a “label”. The comparison of accounting numbers under German GAAP against the use International Accounting Standards (IAS) for the same years reveal greater total assets, and book value of equity under IAS.
Mixed results including the benefit of mandatory IAS, do exist however between various industries. Regardless, a study spanning 26 different countries, with strict enforcement regimes and strong reporting incentives consistently showed an increase in market liquidity of 3-6%, a decrease in firms’ costs of capital, and a corresponding increase in equity valuations. Voluntary adopters of IFRS have better initial reporting incentives and are more responsive to institutional changes (switching to IFRS), resulting in greater benefits over the mandatory adopters. This raises the question whether the benefits received reside in the type of accounting practices and standards used or instead the incentives and changes that lie in other institutional factors. Perhaps creating standard incentives for strict adherence to the current GAAP would have a similar effect as adopting IFRS.
The intensity of public enforcement efforts in the U.S is unparalleled not just in terms of rules and regulations but also the staffing levels and budgets, actual enforcement actions, and sanctions imposed. The primarily enforcement agencies are the Securities Exchange Commission (SEC), U.S Congress, and the courts. In this aspect, the U.S stands as one of the greatest potential beneficiaries of IFRS.
In comparison, U.S. GAAP and IFRS are based on the same underlying philosophy, roots used in common law tradition, and capital-market orientation. In fact, U.S. GAAP constitutes a set of high-quality standards that is fairly similar to IFRS and expected to be even closer by the time the U.S may adopt IFRS. The IFRS adoption would be an easy transition insuring the same quality and benefits already enjoyed with GAAP. The comparability benefits and network effects of IFRS, however, provide a strong rationale to make the switch. Even if these benefits are modest, they are recurring in nature and accrue in the long run.
The U.S. uses GAAP that already mimics IFRS, has a large number of international operations, and monitors business through a strict enforcement regime. When considering the switch we must evaluate the cost-benefit trade off. The cost of IFRS would be the initial transition and the shift of accounting authority to the FASB. In return, America would benefit from the comparability benefits previously discussed, which are modest but accrue over a long term basis, and the recurring cost savings of reporting, which mainly effect multinational U.S. companies. Regardless, U.S. GAAP is slowly evolving through its adoption of various standards and practices of the IFRS. Others, including myself feel that the capitalist nature of a free market society will eventually meld the two standards together pushing the global economy to a new level of success.
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Why do all 4 reports of a financial statement have to be there for a audited financial report?
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The growing concerns and economic pressures of late have stirred change in the accounting world, with a spotlight focus on the U.S. adoption of the International Financial Reporting Standards as the governing accounting standard by 2014. The adoption of IFRS stems from basic accounting purposes; to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation (Walter).
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What Firms Are Doing To Become Ifrs Compliant
What Firms Are Doing To Become Ifrs Compliant
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Home Page > Business > Corporate > What Firms Are Doing To Become Ifrs Compliant
What Firms Are Doing To Become Ifrs Compliant
Posted: Mar 22, 2010 |Comments: 0
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For many years, when accountants heard the term “International Financial Reporting Standards,” they probably thought that they wouldn’t be around to finally see the changes that would take place. However, the time is coming soon, and more and more accountants are coming to the realization that US GAAP will no longer be a part of their lives. So what is it that accountants need to do in order to become more familiar with IFRS? They first need to understand what IFRS exactly are, and then know how to compare them to GAAP statements.
On the IMA’s list of short-term convergence projects, several differences are apparent. First, when dealing with impairment, US GAAP will use the undiscounted cash flows in order to determine if there is an instance of goodwill. IFRS, however, uses the future discounted cash flows. Secondly, when determining if there is goodwill impairment, GAAP will use a two-step method, while IFRS requires only one step. The goodwill impairment cannot be reversed under GAAP, but with IFRS, the goodwill impairment can be reversed, but must be recognized. Third, income taxes are recorded differently. The main difference is that all deferred tax assets and liabilities will be considered non-current, instead of being treated as “on the books.” Finally, one of the last short-term projects is to implement changes in research and development costs. Under GAAP, these costs are expenses as they are incurred. With IFRS, these expenses can be capitalized under the cost of the asset, thus allowing the company with the costs to consider them an investment, rather than just a one-time expense (Hughes, Table 1). There are also long-term convergence projects, which have been determined to take more time to implement. This could be explained as the fact that the transactions are more advanced in nature and will, in turn, take longer to properly train those accountants in order to be in compliance.
Included on the list of long-term projects are: business combinations, consolidations, fair values, intangible assets, and leases. For business combinations, GAAP to IFRS will require changes in valuation dates, determination of minority interest, treatment of research and development (as mentioned previously), and how negative goodwill is treated. For a business consolidation, GAAP determined that majority interest has control of the corporation. IFRS determines the majority by who holds the most control in the business. For determination of fair value, the definition of relevant parties, prices, and how liabilities are treated differ from GAAP to IFRS. Intangible assets cannot be marked-up under GAAP, but their value can be increased under IFRS. When dealing with leases, gains on sale of leaseback transactions that result in an operating lease are handled differently. Under GAAP, the gain is amortized of the life of the lease, but in IFRS the gain is recognized at the date of the sale of the lease (Hughes, Table 2.)
According to the PriceWaterhouseCoopers’ website regarding the switch to IFRS, a timeline has been established. As early as 2011, the SEC will meet to determine whether or not a date needs to be set for mandatory conversion. This will most likely be put into effect after determining the percentage of US firms that are taking proactive action to become compliant. By 2014, the conversion could be taking place; again pending what the outcome of the SEC meeting is (www.pwc.com). The website also notes the fact of the recent financial crisis, which showed just how interconnected the world is when it comes to financial matters. This company, along with hundreds of others, is already working toward the future.
So what will clients of these accountants see when the change to IFRS has taken place? Many of the visible changes will be how income tax is treated for a business and its recognition in relation to the assets of his business. As tax practitioners, the CPA/accountant should work with the business to determine just what needs to be changed in the course of everyday business, which employees are aware of what needs to be changed, and to explain what will take place. As also previously mentioned, many of the tax consequences will deal with the deferring of assets and liabilities, which will adjust the net income of the business. This net income, in turn, will determine the amount of tax liability (McGowan.)
Most of the changes to IFRS should have already taken place by the writing of this article. However, those in the business industry know that the delay has been for good reason. The global financial crisis that began in 2007 has worked the industry to the bone to try and figure a way out. Previously, the only thing accounting firms had in plans for the future were IFRS complacency. Now, with the crisis weighing in all aspects of the company, IFRS has faced a push to the side. The year for full conversion was once 2011, now it could be anywhere from 2014 to 2016, basically depending on the company itself. It still will, however, be beneficial for any company to get ahead with IFRS preparations. This will save money on training in the future, as well as reduce expenses for the project if it completed in a timely manner. Although all accounting firms are different, they can agree on one thing: IFRS is coming soon, and when it arrives, it will not just be something abstract to plan for in the distant future, but the law (Marshall.)
Works Cited
“Current Situation and Next Steps.” IFRS Reporting. PriceWaterhouseCoopers. Web. 17 Mar. 2010. .
Hughes, Susan B., and James F. Sander. “A U.S. Manager’s Guide to Differences Between IFRS and U.S. GAAP.” Management Accounting Quarterly 8.4 (2007): 1-8. Print.
Marshall, Kenneth. “IFRS Adoption in the United States: Hurry Up and Wait.” Corporate Compliance Insights. 22 Sept. 2009. Web. 18 Mar. 2010. www.corporatecomplianceinsights.com
McGowan, John R., and John Wertheimer. “The Effect of IFRS Implementation on Tax.” The Tax Advisor (2009): 842-48. Print.
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Globalization’s Continuing Impact on American Accounting
Globalization’s Continuing Impact on American Accounting
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Home Page > Finance > Accounting > Globalization’s Continuing Impact on American Accounting
Globalization’s Continuing Impact on American Accounting
Posted: Nov 17, 2010 |
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Globalization is effecting the accounting profession more than it ever has before. The most recent impact has come from the imminent change from U.S. GAAP to IFRS. Although the change isn’t expected to happen for several years, the switch is already starting to have an effect on accountants. Besides the CPA’s preparing the new financial statements, accounting majors and companies’ IT departments also need to prepare for IFRS.
The proposal from the Securities Exchange Commission (SEC) for the United States to stop using Generally Accepted Accounting Principles (GAAP) and adopt International Financial Reporting Standards (IFRS) is one of the biggest impacts that globalization has had on the accounting profession. The reasoning behind the switch is to have one single set of global accounting rules. Many countries are already reporting financial statements using IFRS, and more are planning to adopt the standards in 2011. These territories include Korea, India, Japan, Canada, and much of South and Central America. Although the SEC originally proposed that the United States would adopt IFRS in 2014, the year 2016 is looking more probable. The main difference between GAAP and IFRS is that GAAP is more rule-based, while IFRS is principle-based and the standards are broader.
Even though there are some differences between the two, there are also a lot of similarities. In regards to financial statements, both standards require a balance sheet, an income statement, other comprehensive income for GAAP and a statement of recognized income and expense for IFRS, a statement of cash flows, and accompanying notes. The financial statements for both GAAP and IFRS must be prepared on an accrual basis of accounting, except for the statement of cash flows. According to both accounting models, depreciation of a long-lived asset is required on a systematic basis. GAAP and IFRS both state that changes in depreciation method, residual value, and useful economic life are changes in accounting estimates.
There are differences between GAAP and IFRS with respect to financial statement presentation, and inventory among other things. Under GAAP, companies are required to classify expenses based on function, such as cost of sales or administrative. IFRS enables entities to present expenses based on either function or nature. If function is selected, certain disclosures about the nature of the expense are required within the notes. Reporting extraordinary items on the income statement is restricted to items that are both unusual and infrequent in nature according to GAAP, but they are prohibited under IFRS. Costing methods in reference to inventory are significant differences between GAAP and IFRS. LIFO is an acceptable costing method for companies using GAAP standards, but it is prohibited according to IFRS. Based on GAAP, inventory is carried at lower of cost or market, but IFRS states that inventory is carried at lower of cost or net realizable value.
The changes from GAAP to IFRS will not only effect companies’ financial statements; it will also change the way accounting majors are being taught in school. So far, there is no standard for professors to follow when it comes to integrating IFRS into their course load. According to a survey of 500 professors taken by the American Accounting Association and KPMG in 2009, 62% of the professors said that they had not taken any significant actions to incorporate IFRS into their programs. While some of the professors believe that they won’t need to begin teaching IFRS until 2011, about 72% of them responded that they are unsure of how to fit it into their curriculum and only 16% stated that their schools will fund training for the professors to learn about IFRS in order to teach it to students.
Realizing the challenges that the students and professors are facing, the Big Four accounting firms are each doing something to help prepare them for IFRS. Deloitte introduced the University Consortium, a tool designed to help bring IFRS into college curriculum. They provide tapes of lectures and transcripts from Deloitte subject matter leaders, case studies and case solutions. Similarly, KPMG has launched the KPMG IFRS Institute. It is an open forum with Webcasts, podcasts, surveys and publications designed to teach about IFRS. PricewaterhouseCoopers will award 0,000 in grants to colleges to help them prepare for IFRS integration. The grants are part of the million that PwC is dedicating to IFRS education. The grants, which will be awarded to 26 different U.S. schools, should go towards updating accounting programs, transform textbooks, and strengthen the focus on international business. Ernst & Young has also donated million to the Ernst & Young Academic Resource Center.
The change to IFRS will also develop problems for companies’ IT departments. Since the new standards will require different accounting procedures, new software and controls will need to be put in place. These changes can take years until they are put into effect and if they are not done properly, they could be very costly to the company. A study conducted by KPMG found that IT expenses are usually more than 50% of the cost of an IFRS conversion. European countries that have recently made the switch to IFRS suggest implementing the IT changes in various phases. The procedure is lengthy and time-consuming, but it eliminates the margin for error.
The switch from U.S. GAAP to IFRS will be one of the most prominent impacts that globalization has had on American accounting to date. The change will not only affect current CPA’s, but those studying to be one and the IT departments within these accounting firms. The effect of IFRS on America is not yet known, but it will leave a lasting impression.
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Home Page > Finance > More Transparency on Pink Sheet Stocks
More Transparency on Pink Sheet Stocks
Posted: May 14, 2007 |Comments: 0
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Some of the leading stock trading and investment firms have whole buildings devoted to their research teams. Some of the brightest minds from some of the best schools are at work in deciphering every morsel of news and information that is out in the open and even more care is taken to extract information that is not out in the open.
Long considered an extremely risky market, the OTC (Over-The-Counter) or the penny-stock market has developed and is in the process of streamlining its disclosure process. What had been a market where public information was meager as compared to what the company insiders and handlers knew, has now embarked on attempts to help the average person get more information about the company one is interested in.
The OTC market will still not be on par with the information that is publicly available for the publicly traded and listed companies on the major exchanges. However, the first step in the right direction is being taken as beginning in May 2007, more classification and delineation is being made available to the general public.
Among the categories under which penny-stocks may be classified include Emerging Equities, SEC Current, Current Information and so on. Based on the disclosure to the public and the level of adherence to SEC guidelines and the GAAP accounting principles, the pink-sheet stocks will be appropriately classified. This allows far more disclosure and openness for the OTC market participants, whether as a company official or as an investor or a trader. Moreover, the classification helps narrow one’s focus down to only those companies that meet certain criteria as considered to be important by the user. For example, a trader who wants to deal only with those companies that are rather open in their disclosure can look under the Emerging Equities list and can do so with ease. On the other hand, those that are looking only for distressed companies but have offered some information in the most recent six months can look up the list of “Limited Information” classification.
While the research that goes into one’s decision is not eased much by such new classification categories, one’s focus is now greatly limited and one can use one’s resources and time more wisely and effectively. In a market where time and resources are very valuable, this move definitely is the right step forward in the right direction.
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Brazil?s Improving Corporate Governance
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Home Page > Law > Regulatory Compliance > Brazil’s Improving Corporate Governance
Brazil’s Improving Corporate Governance
Posted: Dec 18, 2009 |Comments: 0
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From the mid 1990’s until 2000 the Brazilian equity market was characterized by poor corporate governance, weak enforcement, little minority investor protection, shallow liquidity and low valuations. This challenging situation provoked de-listings and forced a migration of companies seeking the greater protection that the NYSE could offer. Fast-forward to the period between 2004 and 2007 and the scenario had changed completely, with a record number of IPO’s coming to the market raising a total of US billion from foreign and domestic investors. So how can such a turnaround be explained? Alternative Latin Investor was fortunate to attend the recent alternative investment summit in Sao Paulo, Brazil and Jose Luis Osorio from Jardim Botanico Partners shed some light on how investor protection legislation has evolved in the recent past.
A significant reform took place in Brazil in 2001, when two 1976 corporate laws no. 6404 and 6385 were updated leading to amongst other things an improvement in shareholders rights and their enforcement and importantly a granting of independence to the CVM (the Securities and Exchange Commission of Brazil). Jose Luis Osorio went on to explain that at the same time the BOVESPA (the Sao Paulo Stock Exchange) created three new listing levels for issuing companies, each with increasing better corporate governance requirements. These three levels were voluntary and contained the following elements; Level I, required and improvement in quarterly reports and the disclosure of an annual calendar of corporate events; Level II, looked for the elements of Level I as well as Tag along rights (80%) and voting rights granted to preferred shares in transactions between related parties; The highest and final level was called “Novo Mercado”, which incorporated the elements of levels I & II but in addition had Tag along rights (100%) and one share one vote. Mr. Osorio, a former President of the CVM concluded his brief historical summary by mentioning that the CVM and the Central Bank of Brazil oversee the Brazilian fund industry.
Mr. Osorio then highlighted some of the more recent developments aimed at providing greater investor protection and transparency in Brazil. Some of the more significant actions have included; better enforcement against Insider Trading through a 2005 agreement with the Brazilian Public Prosecutors office; a convergence of Brazilian GAAP accounting to IFRS; the introduction of the possibility of on-line voting and a CVM guideline no.35 on mergers between companies with the same controlling shareholder. Jose Luis Osorio then spoke of how the financial crisis was shaping debate for new rules and regulations currently being considered. In November of last year, BOVESPA created a committee, headed by a former head of CVM, to conduct a review of the Novo Mercado rules mentioned earlier. The consultation process with market participants involves the following aspects that Mr. Osorio highlighted; 1. Poison Pills; 2. Board member participation and 3. Corporate restructurings – Tag Along Rights.
In concluding his presentation Jose Luis Osorio posed the question “how has the BOVESPA’s Novo Mercado performed?” He said that if measured in terms of the number of new companies that accessed the equity market and the volume of money raised that the success of the Novo Mercado is unquestionable. Osorio also thought that it is indisputable that Novo Mercado companies can now boast better governance standards than those in the traditional market. Finally and perhaps most importantly the question was asked as to if better corporate governance had led to better performance? Osorio compared the performance of the IBOVESPA with the IGC (special governance stock index) since 2001, and he illustrated that the IGC has consistently performed better than the Ibovespa.
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