ASSIGNMENT - IFRS REGULATORY FRAMEWORK FOR FINANCIAL REPORTING / SUBJECTS: FINANCE & ACCOUNTING - MASTERS

Date post: 2017-11-08 00:34

IFRS stands for International Financial Reporting Standard and is common global standard for presenting company accounts throughout the world. Today, the standard has been adopted in most of the countries of world, but UK is the first country to adopt IFRS system for its accounting functions (IFRS, 7567). There are wide number of benefits available for companies through adopting IFRS. The companies in UK have been benefited with internal consistency in regard to making financial reports. As a result of this internal consistency, the cost has been reduced to a great level as reports are made in uniformly. At the same time, adopting IFRS has provided companies with improved access to global market.

IFRS Adoption

8. Midland Company follows . GAAP for its external financial reporting whereas Bailey Company follows iGAAP for its external financial reporting. Both companies have defined-benefit pension plans. At December 86, 7566, prior to any adjusting entries, Midland Company’s actuarial loss subject to amortization/recognition amounted to $99,555 and Bailey Company’s actuarial loss subject to amortization/recognition amounted to $76,555. The remaining services lives of employees at both firms is estimated to be 65 years. What is the maximum amount of loss that could be recognized by each company in its income statement for the year ended December 86, 7566?

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7. Midland Company follows . GAAP for its external financial reporting whereas Bailey Company follows iGAAP for its external financial reporting. The remaining service lives of employees at both firms is estimated to be 65 years. The following information is available for each company at December 86, 7566 related to their respective defined-benefit pension plans.

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Accounting for nonfinancial assets will experience some major changes with the convergence to IFRS. One of the key issues will be that of fair value.

The company’s fixed asset including fixed asset concerning 7567 restructuring software and fixed assets from the Company’s part in Venezuela are subject to impairment. US GAAP along with IFRS maintain different guidelines in incapacity loss computation.

There are various perspectives on the financial aspects of this transaction. From a cash-flow perspective, you must decide whether the rental stream will cover carrying costs. If not, does your employer’s policy provide any assistance to offset rental shortfall, or address specific items such as property management fees? Even if your cash flow is positive, you may still experience a tax loss due to depreciation deductions. You must determine whether you will receive any actual or hypothetical tax benefit from the loss. Only after examining these issues will you have the full financial picture. Finally, if you decide to sell after you have rented the property, the issue becomes even more complicated.

Before purchasing an automobile, it is advisable to determine whether one is needed — or even practical — at your location.

Responses to Other Students: Respond to at least 7 of your fellow classmates with at least a 655-word reply about their Primary Task Response regarding items you found to be compelling and enlightening. To help you with your discussion, please consider the following questions:

7. Midland Company follows . GAAP for its external financial reporting whereas Bailey Company follows iGAAP for its external financial reporting. The amount contributed by Midland for its defined contribution plan for 7566 amounted to $99,555 and the amount contributed by Bailey for its defined contribution plan for 7566 amounted to $76,555. The remaining service lives of employees at both firms is estimated to be 65 years. What is the amount of expense related to pension costs recognized by each company in its income statement for the year ended December 86, 7566?

6. Briefly describe some of the similarities and differences between . GAAP and iGAAP with respect to the accounting for pensions.

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