Economics And Ifrs

Essay specific features

 

Issue:

Business

 

Written by:

William Y

 

Date added:

October 17, 2015

 

Level:

University

 

Grade:

B

 

No of pages / words:

5 / 1296

 

Was viewed:

565 times

 

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Essay content:

The purpose of the case is to address this concern by providing evidence of the differences between Italian GAAP and IAS/IFRS. The main focus will be on Fiat group who adopted IFRS in 2004. Vraag 1 & 2 Potential red flags & Discretion of the Fiat Group; The most significant discrepancy between the two set of standards is in the accounting treatment of business combination, provisions, financial instruments and intangible assets with reference to both net income and shareholders’ equity; while the individual accounting differences in income taxes, and property, plant, and equipment show a significant difference only on shareholders’ equity...
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Therefore it is utterly important to observe the differences in the balance statement based on IFRS and Italian GAAP. The main accounting differences emerging from the application of IAS/IFRS compared to Italian accounting principles affect many areas, including fair value reporting, depreciation and amortization, leasing, segment reporting, revenue recognition, impairment tests, deferred taxes, and post-retirement employee benefits...
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