08 Oct International Financial Reporting Standards
Principles of Accounting 1
DQ1 International Financial Reporting Standards
International Financial Reporting Standards
(IFRS)
WGEED IFRS are considered to be more “principles-based” than U.S. GAAP, «which is considered to be more “rules-based.” For example, U.S. GAAP consists of approximately 17,000 pages, which include numerous industry-specific accounting rules. In contrast, IFRS allow more judgment in deciding how business transactions are recorded. Many believe that the strong regulatory and litigation environment in the United States is the cause for the more rules-based GAAP approach. Regardless, IFRS and GAAP share many common principles.
Questions:
Think about if the entire world used the same accounting systems as opposed to the US using GAAP and the EU using the IFRS.
What are the advantages of this?
What are the disadvantages of this?
Should there be more than one accounting system? Why or why not?
DQ2 In business, there are many laws that are required of companies. These laws while there to protect the consumer are not always the in the best interest of the company’s bottom line. In some cases, many cases, the CEOs and other higher up executives find ways around these laws (some illegal and some legal) to benefit not the company, but themselves. This project is going to give you an in depth look at one of these such businesses where a member of the business took it upon themselves to find ways to get money out of the business for personal use. In this course, we are going to be doing some research on these companies and sharing it with the class. This project will be broken down into weekly steps.
Step one: Choosing a Business – post it to the discussion area
Choose a business from the list. Once you have chosen your business please post the name of your business on the discussion. EVERYONE MUST DO A DIFFERENT BUSINESS. If your chosen business is taken, please choose a different one. Once you have chosen a business, please reply to your classmates about the business they have chosen. Share with them thoughts and research you have done about their businesses. Please be sure to cite your sources.
Adelphia Communications
Bristol-Meyers Squibb
CVS
Enron
Global Crossing
HealthSouth Corporation
Kmart
Martha Stewart
Merck
Pharmor
Qwest Communications International
Tyco
Wal-mart’s various law issues
Worldcom
Xerox
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