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Essay / Research Paper Abstract
This 3 page paper considers whether or not large firms such as Wal-Mart, Exxon Mobile, Dell and CostCo are ready to adopt international financial reporting standards, and the impact it may have on them once adopted. The bibliography cites 5 sources.
Page Count:
3 pages (~225 words per page)
File: TS14_TEIFRSwal.rtf
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Unformatted sample text from the term paper:
the International Financial Reporting Standards, instead it remained with US GAAP. It appears that firm such as Wal-Mart, Exxon Mobile, Dell and CostCo may be advised to move toward adopting
and using these standards for a number of reasons, including the way in which the firms are now attracting, and seeking to attract international investors, the way that accounts are
used by the primary defined users as well a the way that pressures are moving towards convergence; the Securities and Exchange Commission (FTC) has backed the convergence between the US
accounting standards and international standards, a move that surprised many commentators (Fulcrum Inquiry, 2007). However, the commitment in the Norwalk agreement shows the desire to move towards convergence of
standards (Deloitte, 2007). There are a number of differences in the way IFRS and US GAAP are implemented, the issue concerning the principles based aspect of the IFRS and
the rules based US GAAP is an interesting consideration, and it may signal some relaxations in the US, however, convergence still be attained in terms of practices without major changes
in the underlying conceptual framework. The issue is to do with practices and accounting policies that are adopted. The difficulty for many major firms is the way that the
changes will impact on their accounting policies and potential impact on the way that the results presented. However, when looking at the convergence it means that there will be compliance
and comparability of the result, the tools and approaches may not be exactly the same. There are many areas where there are differences, for example, some elements may be fairly
easy to comply with as they require small changes, such as reformatting the way that the accounts are presented, for example under IAS 1 there is a requirement for the
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