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- Title
Analyzing Financial Statements under IFRS Opportunities & Challenges.
- Authors
Jeffers, Agatha E.; Askew, Sidney
- Abstract
The FASB and the IASB have been working fervently to obtain a single set of quality global financial reporting standards. With this momentum, the road is now practically clear towards convergence. Despite its speed, convergence will raise a host of accounting issues for many parties who use financial statements to assess liquidity, solvency, market capitalization and profitability. We examine challenges emanating from convergence to the mandatory switch from the LIFO method. Further, we examine the impact of convergence on the analysis of financial statements, highlight challenges that will arise and make suggestions for users and preparers to understand and work with one set of global standards.
- Subjects
FOREIGN exchange accounting; INTERNATIONAL cooperation on finance; FINANCIAL statements; LIQUIDITY (Economics); MARKET capitalization; PRICE-earnings ratio; SMALL capitalization stocks; LAST in, first out (Accounting); FINANCIAL disclosure; FINANCIAL performance
- Publication
Journal of Leadership, Accountability & Ethics, 2010, Vol 8, Issue 1, p45
- ISSN
1913-8059
- Publication type
Article