Consolidated Financial Reporting

Consolidated Financial Reporting

In U.S, GAAP equates to in all supposed accounting principles of consolidated financial statements. GAAP principle states, how company would determine various components of consolidated financial statements. These manners have been used for preparing, presenting, as good as stating of monetary statements for an accumulation of entities. On the other hand, International IFRS is based on standards formed upon principles, interpretations, as good as a horizon adopted by an International Accounting Standards Board (IASB), that was founded in 2001 (Jarnagin, 2008).

There have been little similarities between IFRS and US. However, IFRS, is as good as U.S. GAAP principles. The differences have been explained next usually a couple of critical as good as that from this indicate of time (Rodgers, 2007). These might shift due to changes in a joining module of IFRS as good as U.S. GAAP. With courtesy to income recognition, U.S. GAAP has grown a minute beam to the opposite industries with different standards due by alternative organizations, internal accounting customary in a United States (Bragg, 2004).

IFRS standard is the combination of accounting standard. It states that how different types of the transaction and other accounting events should be reported in the consolidated financial statement. It is declared by the International Accounting Standards Board (Jarnagin, 2008).

International Financial Reporting Standards (IFRS) aspires to bring the entire nations in the world under a similar set of global accounting standards that presents consistency, transparency, and compatibility in financial reporting system. According to the investment regulators in several countries have generated high demand for IFRS compliant financial statement (Khan, 1993).

Implementing IFRS will have a persuasive impact on the projects under accounting systems. It may have an impact on the non-financial companies. IFRS will have an impact on how companies track their leasing information. The audit committees and ...