XYZ Corporation transition to IAS

XYZ Corporation transition to IAS

Introduction

This part of the assignment discusses about the academic sources and literary resources about the chosen topic.

Research Findings

Scenario # 01

“Making the transition to IAS will affect the financial records of XYZ Corporation.”

Reference # 01

Benzacar, K. (2009). IFRS brings a radical change to financial statement presentation. Retrieved from http://www.knowledgeplus.org/pdfs/CMA_IFRS_statements_February09.pdf

Karine Benzacar published about the International Financial Reporting Standards in his publication. This correlates the concerns for the accountants about the balance sheets. The aesthetics and functionality of the financial statements is his proposal to understand the key regulations involved in all the instruments of reinventing financial statements.

Reference # 02

Kwok, W., and Sharp, D. (2005). Power and international accounting standard setting Evidence from segment reporting and intangible asset projects. Accounting, Auditing & Accountability Journal, vol. 18 (1), pp. 75.

Emerald Group Publishing Limited provides significant empirical analysis for setting process of International Accounting Standards Board (IASB) for four stakeholder forces such as accountants, users, regulators, and prepapers.

Scenario # 02

“The shift to IAS will require the development of a universal accounting language by the IASB, which may not be possible.”

Reference # 01

Evans, L. (2004). Language, translation and the problem of international accounting Communication. Accounting, Auditing & Accountability Journal, vol. 17 (2), pp. 235.

The limitation of the language creates confusion for the presentation of financial data in different organizations. The technical terms communicates accounting information which suggests that language is a key medium for the correct interpretation of the accounting standards.

Reference # 02

Salamudin, N., Bakar, R., Ibrahim, M. K., Hassan, F. H. (2010). Intangible Assets Valuation in the Malaysian capital market. Journal of Intellectual Capital, vol. 11 (3). pp. 393.

The main idea of contribution for this resource is to use empirical evidence for strategic, intangible, and intellectual assets ask for critical attention for a ...