Ifrs

Similarities and Differences between IFRS and Indonesia GAAP and US GAAP International Financial account Standards (IFRS) are Standards, Interpretations and the Framework adopted by the International accounting system Standards Board (IASB). It is the standard that is globally used all roughly the world, the purpose of this standard is so people would have no more problem in interpreting the financial reports as they are all following the same standard. By having PSAK converging to IFRS The developments may have different impacts on different companies. national companies which do not have any IFRS reporting engagement (domestic reporters) will generally apply new PSAKs as they become effective. For them, the key challenges are to have a shit plan on how to deal with the business, financial and human cap implications arising from the implementation of so many PSAK and to execute the plan on a timely basis. Domestic companies that are listed in the united States of America (US) have the option to file a matured set of IFRS found financial statements instead of filing PSAK based financial statements that include additional disclosures regarding the reconciliation between PSAK and the US GAAP.

|Subject |IFRS |Indonesian GAAP |US GAAP | | exquisite Presentation Override |In extremely rare cases, entities | non explicitly mentioned in the |Conceptually similar to IFRS, but | | |should be override the standards |GAAP. However, override standards |no used in practice. | | |where internal to give a fair |is possible although rarely | | | | first appearance |exercised. | | |First Time Adoption of Accounting... If you want to get a full essay, order it on our website: Orderessay

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