International Accounting Regulations and Practices

목차

1. Introduction -The nature of the company
2. Comparison in accounting standard and regulation -PPE, Revenue, Intangible asset
3. Financial reporting and regulatory environments
4. Factors in the determination of the accounting practices -political, legal, social
5. Theoretical benefits in adopting IFRS standards
6. Conclusion
7. Reference

본문내용

Considering the major trend of globalisation in the world economy and internationalization, international trade and investment continue to grow and this requires fully understanding and better interpretation of accounting regulation and standards in different countries. This report focuses on how different accounting standards operate in different countries and how different accounting regulations affect the measurement, recognition and disclosure of accounting information which may have a great impact on increasing cross-border business. This report contains the comparison of two actual firms which are selected from the airline industry.

<중 략>

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.

참고자료

· Internationalism & International accounting, Dr. Keong Choong
· Delta air lines on Wikipedia http://en.wikipedia.org/wiki/Delta_Air_Lines
· Qantas air lines on Wikipedia http://en.wikipedia.org/wiki/Qantas
· IFRS for SEMs- U.S. GAAP comparison wiki http://wiki.ifrs.com/
· Year 2011 annual report for Delta Air Lines , Delta Air Lines
· Year 2011 annual report for Qantas, Qantas.
· Current major differences between IFRS and US, The Finance Professional’s Post,27/04/2012. http://post.nyssa.org/nyssa-news/2010/04/current-major-differences-between-ifrs-and-us-gaap.html
· Economic Benefits of Adopting IFRS or US-GAAP: Have the Expected Costs of Equity Capital really decreased? Holger Daske.
· Introduction to IFRS-US GAAP difference, Alfred Popken &Lewis Dulitz, 11/02/2008.
· IFRS and US GAAP: similarities and differences, IFRS readings series, October 2011.
· US GAAP vs. IFRS the basics, ERNST&YOUNG, March 2010.
· IFRS compared to US GAAP: an overview, KPMG, September 2010.
· Foundation for Applied Research, L.Murphy Smith.
· http://www.aasb.gov.au/admin/file/content102/c3/IFRS_adoption_in_Australia_Sept_2009.pdf
· http://www.pwc.com/us/en/issues/ifrs-reporting/publications/ifrs-and-us-gaap-similarities-and-differences.jhtml
· http://www.accounting.unimelb.edu.au/pdfs/research/WorkingPapers08/0801_Chalmers_Clinch_2008.pdf
· Austrade- the Australia Government's Trade and Investment Development agency
· Securities Regulation in the United States, Wikipedia
· The Changing Accounting Environment: International Accounting Standards and US implementation, Assma Sawani Westminster College
· Bradshaw, M.T., and G.S. Miller 2005. Working paper, Harvard Business School
· Ball, R./Robin, A./Wu, J. S. (2003), Incentives versus Standards in: Journal of Accounting and Economics, Vol. 36
· SODERSTROM, N., AND K. SUN. “IFRS adoption and accounting quality: a review.” European Accounting Review, 16 (2007): 675-702.