Fibre Optic Connectivity Solutions Home AboveNet UK AboveNet France AboveNet Germany AboveNet Amsterdam

AboveNet News

November 11, 2010
AboveNet Expands High Bandwidth Services Portfolio in London
More>

November 8, 2010
AboveNet Connects with CENX to Expand High Bandwidth Network
More>

September 20, 2010
AboveNet Expands to key European Markets
More>

June 16, 2010
AboveNet's secure fibre network connects to London's Telehouse West data centre
More>

June 7, 2010
AboveNet Expands Metro Portfolio with Launch of Core Wave Services
More>

More News

Search News

 

In 1973 the Financial Accounting Standards Board (FASB) was organized to establish standards of financial accounting and reporting. They created the Generally Accepted Accounting Principles (GAAP) that are used today in the United States. These standards are essential for comparable financial reports that are credible for use by investors, creditors, and auditors. The International Accounting Standards Board (IASB) took this a step further when it began operations in 2001. The IASB works with national standard creators, such as the FASB, to achieve global uniformity in accounting standards (NEWS RELEASE). In October of 2002 the FASB and IASB announced the issuance of a memorandum of understanding known as the Norwalk Agreement (Convergence). GAAP and International Financial Reporting Standards (IFRS). business. Weaknesses of the transition include the time and money spent on training, reduced quality of financial statements, and questionable international enforcement. Strengths of the switch include the elimination of political influence over the FASB, and the implications of increased international comparability of financial statements (Persons). GAAP to IFRS will present a number of drawbacks to today's business markets. The American Institute of Certified Public Accountants' senior vice president for member competency and development, Arlene Thomas, says the acceptance of IFRS as a basis for financial reporting represents a "fundamental challenge" (Anderson). Switching to something new is always a challenge. According to Paul Allen, chief executive of the largest accounting firm in Wichita, there is a trickle down effect that will escalate the price of doing business as a result of the numerous changes that must be made when such a system is implemented (Anderson). investors and accountants will have to spend a considerable amount of time and money in training to oakley a frame yellow learn IFRS (Persons). This switch will upend professionals' familiarity with the current system. This training will need to reach not only accounting professionals and investors, but must also reach college level courses (Anderson). If adequate time is not given for this kind of a restructuring, then a gap could form in the availability of adequately skilled college graduates. The use of IFRS could also reduce the quality of financial reports and impede comparability. GAAP, IFRS has more alternative accounting treatments, which could provide more opportunities for earnings management. Companies will choose the treatment that makes their company look most profitable. In doing so, financial statements using different treatments will not be as comparable. culture and its oakley a frame 2.0 shaun white business environment (Persons). There is apprehension pertaining to the IASB's inability to enforce its international standards. If an individual country does not approve of one of the IASB's principles, then that country may undermine IFRS on that principle. In this case the IASB will have no control over the issue. While this political issue may arise, others may be eliminated (Persons). GAAP is the ability of special interest groups to influence politicians to pressure the FASB in its decisions. The regulation of IFRS by the IASB will make this kind of influence more difficult. This is one of many positive aspects of the switch (Persons). GAAP to IFRS will be a strength for the United States economy as international comparability of financial statements will become possible. markets more attractive to international investor and foreign countries. Over one hundred countries currently use IFRS (Niemela). will simplify international business. GAAP is rule based with many details, which are difficult to understand by investors without accounting expertise. GAAP to interpret and use financial information prepared in the United States (Anderson). GAAP to IFRS include the time and money spent on training, reduced quality of financial statements, and questionable international enforcement. Strengths of the switch include the elimination of political influence over the FASB, and the implications of increased international comparability of financial statements. GAAP to IFRS is a bad idea; however most of the negative aspects of the transition are short term obstacles. They are being fed by fear surrounding the unknown. "SEC's switch from GAAP system will affect private businesses too." Witchita Business Journal 16 May 2008. 23 July 2008 . "Convergence with the International Accounting Standards Board (IASB)." Financial Accounting Standards Board 23 July 2008 . "NEWS RELEASE FASB and IASB Reaffirm Commitment to Enhance Consistency, Comparability and Efficiency in Global Capital Markets." Financial Accounting Standards Board 27 Feb 2006. 23 July 2008 .

oakley a frame 2.0 shaun white,oakley a frame yellow

oakley a frame 2.0 shaun white,oakley a frame yellow

 

oakley online shop at sport conrad,oakley in north conway
oakley online shop at sport conrad,oakley in north conway

oakley juliet coin,oakley juliet cyclops
oakley juliet coin,oakley juliet cyclops

oakley xl sunglasses polarized,oakley xl 1.0 half jacket
oakley xl sunglasses polarized,oakley xl 1.0 half jacket

oakley turbine black ink,oakley turbine blue polarized
oakley turbine black ink,oakley turbine blue polarized

men's oakley casual shoes,oakley men's chalten cap
men's oakley casual shoes,oakley men's chalten cap

oakley sliver polarised,oakley sliver prizm golf
oakley sliver polarised,oakley sliver prizm golf

oakley icons,oakley dispatch i
oakley icons,oakley dispatch i

oakley offshoot youtube,oakley offshoot z87
oakley offshoot youtube,oakley offshoot z87

oakley golf shoes 2011,oakley golf shoes 2014
oakley golf shoes 2011,oakley golf shoes 2014

oakley goggles pink,oakley goggles polarized
oakley goggles pink,oakley goggles polarized

 

 

 

 

 

AboveNet Promotions

AboveNet Webinars

London Network Map

Quick Links

Contact Sales

Contact Sales

UK
[email protected]
+44 (0)20 7220 3822

France
[email protected]
+33 1 77 61 24 23

Germany
[email protected]
+49 163 66 00 00 8

The Netherlands
[email protected]
+31 631 76 631 9

European Partner Programme
[email protected]
+44 (0)20 7220 4355



Contact Support

Network Management Centre (NMC):
0800 169 1646 (UK)
+1 888 636 2778 (Outside of UK)

Technical Support Email:
[email protected]