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Essay / Research Paper Abstract
This 19 page paper considers the way in which asset impairment is accounted for. The paper looks at the introduction of SFAS 142 and SFAS 144, comparing them to the previous model and to the standards set out for international standards under IAS 36. The paper goes into detail of the requirements of the US model, including a few examples of the differences that the new statements will and will not make. The bibliography cites 11 sources.
Page Count:
19 pages (~225 words per page)
File: TS14_TEassimp.rtf
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Unformatted sample text from the term paper:
for businesses and investors, however the same opportunities also include increased risks. Those which are widely acknowledged tend to focus on the different financial, political or commercial environment in a
particular market. These are all difficult to ascertain and quantify, but are at least visible. There are also other differences, such as those in the standard of accounts. In each
country accounting standards boards have developed to set standards by which accounts should be prepared. The different treatment of various contents within the accounts can result in vastly different result
despite similar performance, International accounting standards are seen as a way of creating a level playing field if harmonization can be attained. One issue that is current seeing changes internationally
is that of asset valuation and the standards and practices set out for the write down value of assets. With international standards implements the clarity with which accounts can
be read should benefit all stakeholders. As much of the of the value of a company resides in its assets, as the standards for asset impairment are a key factor
in the harmonization of standards. In a recent survey undertaken by the European Commission which asked CFOs their opinion on the proposal to implement IASC in the union by 2005
nearly 80% backed the move ((Journal of Accountancy, 2001). In addition more than two thirds believed that the International Accounting Standards should be the only financial reporting standard,
or at the very least be an alterative to the GAAP version in each country (Journal of Accountancy, 2001). 2. Accounting Standards in the US; SFAS 142 and SFAS
144 In looking at the different standards in each country there have been changes and the patterns are moving closer to the international standard In many countries, from the
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