Finally, the effects of IFRS seem unlikely to be uniform across different measures of earnings quality.Taken all together, the findings suggest that standard setters and researchers should probably not consider the effects of IFRS in isolation of firms' reporting incentives and that the SEC, that the Financial Accounting Standards Board's (FASB) concerns about the lack of implementation guidance in extractive and high-litigation-risk industries are warranted, and that fair value accounting is likely to be harmful to earnings quality.Firstly, providing you the background with a high level overview of the new requirements regarding recognition and timing of revenue, highlighting the big picture underlying the changing coming up with the introduction of the new revenue recognition standard IFRS 15, with a deep cross reference and analysis on the main topics embedded in the new standard and providing you some illustrative examples on how you can apply it.
By looking at the impact of IFRS (via IAS 39) on adopters and non-adopters, this thesis contributes to the literature by investigating the impact of IFRS adoption on IFRS adopting banks in this region.
The findings demonstrate that IFRS adoption leads to a reduction in income smoothing activities through loan loss provisions for IFRS adopters.
With the exception of a few discrete areas, the revenue standard is converged, eliminating most differences between US GAAP and IFRS in accounting for revenue from contracts with customers.
Most entities will see some level of change as a result of the implementation of that new standard: at the end of the day, in a nutshell, the new standard creates a single model for revenue recognition from contracts with customers and this single revenue recognition model will promote greater consistency and comparability across industries and capital markets Scope of work of this dissertation will be twofold.
This report basically provides an analysis of different financial accounting measurement techniques, their advantages and disadvantages and practical implications.
Accounting measurement has become a controversial issue due to its assorted nature in financial reporting system.
The global banking industry called for immediate changes following the crisis that swept through the financial markets resulting in huge regulatory challenges.
Maltese banks are an essential part of the local economy and as such their prosperity is of great importance.
The replies received are analysed and then compared to provide the full picture.
Findings: The study concludes that the changes issued so far through IFRS 9 are mainly aimed at making it easier for banks to conduct their business, with reporting mainly being limited to just that, with the removal of the tainting provisions as well as the reduction in the classifications for financial assets.