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IFRS and GAAP Convergence
Efforts to converge IFRS and the U.S. GAAP have been ongoing for the past ten years. However, the process has gained wide attention in the last two years. The bodies mandated to set the standards: the Financial Accounting Standards Board for the U.S. GAAP and the International Accounting Standards Board for IFRS, have pointed out 10 main areas where they are set to give new accounting standards
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Convergence of Accounting Standards
The establishment of a single set of international standards that can be used globally and, particularly, for reducing the difference between the (IFRS) International Financial Reporting Standards and (US GAAP) US General Accepted Accounting Principles is what is mainly termed as convergence of accounting standards.
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The World’s Most Ethical Companies
“Ethical” is a term used to refer to a good and helpful state of a person, group or an organization. Ethical practice ensures that people have integrity, transparency and good relationships. Ethisphere is an institute that has rated different companies across the world to reward the most ethical among them. The institute attains its goals with the help of information available online and field survey from different countries.
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IFRS Impact on Financials
IFRS is important to cross-border investors for them to comprehend financial statements, which are prepared by a foreign company using their individual countries' accounting standards. The global investment community achieves greater efficiency and uniformity, especially it concerns majorities of public companies domiciled in the European Union (EU) countries where they are required to adhere to the IFRS, which started in early 2005. Certified Public Accountants (CPAs) should help their clients and employers in the preparation for the effects of the EU requirements in financial reporting (Hassaan, 2013).
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IFRS: Investments
Nowadays, the transition to the International Accounting Standards (IAS) and financial reporting is one of the conditions for companies to receive support from governmental agencies. In particular, for the countries with high-risk financial conditions, the recognition of the International Financial Reporting Standards (IFRS) will be an important step to attract foreign investments. The transition to international accounting practices will greatly facilitate the relationships with foreign investors and help to increase the number of joint projects. It should be mentioned that the process of harmonization and standardization of accounting systems is global.
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Physical Environment for Infant and Toddler
General-purpose: Acknowledge my audience on the importance of creating a good environment for the physical and psychological growth of infants and toddlers. Central idea: The growth of toddlers and infants is determined by the conditions in which they are raised.
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