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Assignment Accounting 550

In: Business and Management

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1. As you interview for and begin a full-time position in the accounting profession, what level of knowledge of issues related to international accounting (including IFRS) do you believe is expected of you by the accounting profession? Why do you think there is such an expectation?
The national accounting firms have been very firm that we should be exposed to and have a basic understanding of IFRS. Additionally, the CPA exam will begin testing basic information on IFRS in January 2011. PricewaterhouseCoopers has been more specific in its expectations of what students should know when interviewing. Student with at least one course in accounting should be able to define what IFRS stands for , explain uses of U.S.GAAP and IFRS; and explain why IFRS will be important in the future. Students interviewing for internships and full time positions should have a full awareness of IFRS, including the sources of U.S. GAAP and IFRS; how IFRS financial statements are organized and presented; differences between U.S. GAAP and IFRS; and discuss the likely timeline of the adoption of IFRS 2. Explain the advantages and disadvantages of establishing one set of accounting standards (IFRS) to be followed by all companies around the world.?
The advantages of one set of accounting standards to be followed by all companies around the world include the comparability of financial statements, irrespective of the location of the company’s headquarters; global cost of capital; and its ability to raise capital in the worldwide markets; not just the home country. The disadvantages of one set of accounting standards is the failure of one set of standards to be 100% compatible with the unique legal, regulatory, litigious, social, economic, religious, and cultural environments of each country. There are some concerns about the enforcement of IFRS. The SEC is the main regulatory body for U.S…...

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