IFRS

"You can leverage US GAAP for certain topic areas but the bottom line is there hasn't been a lot of material developed on IFRS, " he said.

Further, they felt that IFRS-compliant statements were too complex and that users had to be financially literate to understand them.

Most other countries have embraced the international rules, known as International Financial Reporting Standards (IFRS).

The Board intends the IFRS for SMEs to be a stand-alone document for a typical private entity with about 50 employees.

There are worries overseas too, for instance that the SEC will try to interfere with IFRS and interpret it in a narrow, prescriptive way.

IFRS is a single set of accounting principles that tend to be more focused on objectives and rely less on detailed rules than do US GAAP.

Cash-basis accounting is not considered to provide a true and fair view of the financial performance and position of an entity under IFRS.

International Financial Reporting Standards (IFRS) try to smooth the immediate costs of writing new business across several years.

It is not intended as a quantified size test for defining a private entity, though jurisdictions adopting the IFRS for SMEs may add one.

Thus IFRS 9 improves comparability and makes financial statements easier to understand for investors and other users.

The convergence with IFRS represents a significant step forward for the internationalisation of Chinese Accounting.

IFRS topics not relevant to a typical private entity are omitted, with cross-references to the IFRS if needed.

We may find that we need to consider how auditors can refer to financial reporting frameworks that are close to IFRS, but not wholly IFRS.

There is no mandatory requirement in IFRS to carry items of PPE and intangible assets at fair value.

The Framework for the Preparation and Presentation of Financial Statements states basic principles for IFRS.

Our services include IFRS, US GAAP audit and accounting services, financial due diligence, consultation during IPO or M&A and bookkeeping .

The author believes that the wise approach would be to allow the use of IFRS in conjunction with US GAAP.

Prof Dietrich says competence with IFRS will become a selling point for students in search of jobs at big auditing firms.

Kuwait and other countries in the Middle East, too, are said to be adopting IFRS with certain peculiarities.

Switching from U. S. rules to IFRS brings a host of technical changes for companies that could result in higher or lower reported earnings.

Regular internal reporting to management and shareholders according to IFRS, including performance metrics tracking and analysis.

Indeed, since 2008, the European Commission has deemed mainland standards as equivalent to IFRS as adopted by the European Union.

The consortium, which comprises nearly 100 universities, started in May with two partner schools: Ohio State and Virginia Tech universities.

The Securities and Exchange Commission, the US regulator, is expected to push for allowing US multinationals to use IFRS by 2011.

The SEC is engaged in a "work plan" that could move public company accounting into convergence with IFRS by 2015.

IFRS as groundwork, draw up an accounting policy which accord with company development.

Financial report: prepare monthly BS, PL, cash flow report follow PRC GAAP and IFRS and group report.

Cash-basisaccounting is not considered to provide a true and fair view of thefinancial performance and position of an entity under IFRS.

Under IFRS - no residual value whereas under the local tax treatment, one has to set aside a 10% residual value when computing depreciation.

Today, an investor in Europe could not tell from reading a company's financial report whether it is using full-blown IFRS or the EU version.

Ensuring the correctness of account subject, account balance and follow-up with the auditors according to local GAAP and IFRS.

But even the EU's embrace of IFRS has been less than effusive.

It is difficult to argue in favour of historical cost measurement in situations where IFRS mandates fair value measurement.

The absence of detailed rules in IFRS, which is based more on broad principles, also could cause confusion, other panelists said.

Previous experience with regular management reporting according to IFRS is required.

EU companies have been required to use IFRS since 2005, while foreign companies must start using the new standards from January 2009.

But several observers say it's likely the shift to IFRS will still occur.

Corporation tax law is changing so that, in the future, IFRS accounting profits are largely respected.

The commission has already cleared the way for overseas firms to use IFRS when doing business or listing securities in America.

The other filers will phase-in by 2011, including foreign filers that will use the IFRS XBRL taxonomy.

Review the company's accounting system to check the accounting procedures and rules, in conformity with IFRS and PRC law;

Advising and planning asset policy and calculation for applying IFRS (International Finance Reporting Standard) and PRC standard;

b. that it complies with applicable IFRS, except that it departs from a requirement of IFRS to achieve a fair presentation;

Familiar with GAAP and IFRS and China tax laws, higher financial analysis skills, good communication and negotiation skills;

Bachelor degree or above in accounting; familiar with Chinese GAAP & IFRS; hold Wuxi accountant certificates;

Familiar with GAAP and IFRS and China tax laws, SAP system , have higher financial analysis skills, good communicator skills;

Familiar with IFRS, PRC accounting practices, China tax and customs regulations

all accounting terms not otherwise defined herein have the meanings assigned under IFRS;

Ensure compliance with PRC accounting and tax regulation and also IFRs;

To prepare the financial reports, including but not limited to monthly and annual BS, PL&CF (according to two accounting rules, PRC & IFRS)

actively participate in the work of IASB to acquire more voice in it and to affect IFRS's convergence toward us;