International Financial Reporting Standards – IFRS – By US Companies

Posted on May 13, 2011 by admin



Adoption of International Financial Reporting Standards(IFRS) by US Companies will change the role of finance professionals. On November 14, 2008, the SEC released its proposed roadmap for the adoption of IFRS in the US thus affirming SEC focus on moving towards global accounting standards. In the Roadmap, the SEC did not set a definitive adoption date, but rather set forth several milestones that, if achieved, could lead to the required use of IFRS by US issuers beginning in 2014. Early adoption is permitted for the qualified companies for the period ending as early as December 15, 2009.

Following are the major highlights of the roadmap-
SEC Roadmap

* 2009- Early adoption permitted for qualified companies for periods ending December 15, 2009
* 2011-SEC will evaluate the success of early adopters and progress against the pre-defined mile stones.
* 2014- IFRS filing for large accelerated filers for Fiscal years ending on or after December 15, 2014.
* 2015- IFRS filing for accelerated filers for Fiscal years ending on or after December 15, 2015
* 2016- IFRS filing for non- accelerated filers for Fiscal years ending on or after December 15, 2016.

Regardless of the date US companies are required to adopt IFRS, in the near-term one can see continued convergence between US GAAP and IFRS accounting standards, followed by ultimate conversion to IFRS.

An agreement between the Financial Accounting Standards Board (“FASB”) and the International Accounting Standards Board (“IASB”), called the Memorandum of Understanding (“MoU”) pledges to improve both US GAAP and IFRSin 11 major topical areas such as revenue recognition, leasing, consolidation, financial instruments, debt and equity. The effects of these accounting changes reach far beyond just financial reporting.

We believe that the adoption is inevitable and would also be in the best interest of investors and companies as they move towards a single set of robust global accounting standards ensuring better transparency across nations.

Steps to be taken by US Companies to get IFRS Ready

-Understand the change – CEOs and CFOs of companies should know about the impact of IFRS on the entity as the change affects not just financial statements but also other regulatory, legal or operational obligations that rely on financial reporting.

-Perform an Initial assessment – Hire IFRS advisors to do a detailed and in depth assessment on the current process and practices.

-Impact on foreign subsidiaries – Consider how new adoption of standards will influence business across international boundaries. There might be a need to re-visit long term strategies, international taxation, financing and other processes.

-Corporate GRC (Governance, Reporting and Compliances- Starting early is the key to avoid huge costs later.

-Solid planning – Companies need to consider the short term and long term effect of conversion and prepare a timeline to effectively integrate them into existing processes.

-Impact of IFRS on US Companies Better transparency.

-Initial assessment of the differences in GAAP and IFRS accounting is necessary within a company

-Advanced accounting and financial systems needed for IFRS accounting

-Transitioning will require lot of work such as maintenance of dual ledgers, better information and reporting systems and increased costs

While IFRS implementation is focused on public companies, soon private companies will adopt too if they have overseas subsidiaries, foreign based operations or foreign based investors etc.

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Wise to Use Your Loan Money

Posted on May 13, 2011 by admin

In this day and age who does not need the cash to satisfy all the desires that are always there when you’re in financial trouble even going to increasingly become-and so, when you try to postpone it because it will make you need to swell. This will not solve your problem even add more and more complicated, so it now has available a variety of loan types that you can use as the best solution for you.

Like finding your life back then the loan will also write you something new and give you an injection of fresh funds with all the convenience of the service you will get, this will make you more prosperous and peaceful living your life. These loans provide relief at a time with customers asking for help cash loan, then this lending system makes it easy for you to get some money in cash is not a deposit in your savings book. With interest rates close to 0% will make you more easily in the restoration of all borrowing costs that has you use.

Not just about how you managed to make the loan but also how you can use the money you’ve borrowed, it is very important that you do not get stuck on the same error that is to borrow the money back. You must be smart in managing your finances to make an expenditure that is not useless, the smart way is to make your money grow with the business investment that could make the money you generate a higher profit than what you’ve borrowed. Now you can try to use the borrowed money with a more sensible way and release it for things that you need it.

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Help for those of you who choked by the bill before the day of your salary

Posted on May 13, 2011 by admin

If you are a financial worker who lacked the funds to meet the needs of your daily life, because your salary be used to pay bills. We’re here to help manage your payroll and billing, you can contact our company for help, if you’re in the pose a problem, you must pay your bills promptly, but your salary day is still 20 days longer. For that we are here, we can help all the problems you face.

You can come to our company or contact us online, we can lend you pay day so you can pay your bills with a loan from us and you can pay our bills with your salary. In the case of payday loans, there are some terms you should know and obey you, before you make a loan, you should have a bank account so that we cannot transfer your loan. But if you need a short path, we can give a check to you, so you can quickly right liquid.

But if you cannot meet, procedures and agreements that have been on set together, we can increase the interest rate and add bill payment, this is done to change your payment has failed because it did not fulfil the agreement. For that you must be a good borrower and abide by all agreements made with, because we always serve you well and will never make you disappointed.

 

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