Responses could include:
· Failure
to observe a proper standard of professional care, skill or competence.
· Failure
to respond to a client’s correspondence on personal and business tax returns.
· Continuing
practising as an accountant in a business that was in the process of
liquidation.
· Failure
to return client monies held in trust accounts exam bank.
· Failure
to comply with the code of conduct.
1.36 IFRS
adoption
Go to the IFRS Foundation
website at www.ifrs.org. Click on the IFRS tab and click on ‘Use around the
world’. Comment on the jurisdictions that have adopted IFRS. Which countries
are yet to adopt IFRS? Can you think of reasons why certain countries have not
adopted IFRS?
There are 81 profiles from jurisdictions commenting
on whether they have adopted IFRS. Please note this is not the full list of
IFRS exam bank adopters. Profiles are included from countries such as Albania, Austria,
Australia, Iceland, Singapore, Poland, Norway and South Africa. Some of them
have adopted IFRS and some have not. The
profiles discuss the following issues:
1. Commitment to a single set of global
accounting standards: Nearly all of the jurisdictions (78 of the 81) have made a public
commitment supporting a single set of high quality global accounting standards.
Only Albania, Macao, and Switzerland have not.
2. Commitment to IFRSs: The relevant authority in all but 1
of the 66 jurisdictions (Switzerland) has made a public commitment to IFRSs as
the single set of global accounting exam bank standards.
3. Adoption of IFRSs: 70 jurisdictions (over 85 per cent
of the profiles) have adopted IFRSs for at least some companies in their
capital markets. All but 2 of those have already begun using IFRSs. Brunei and
Colombia will begin using IFRSs in 2014 and 2015 respectively. Of the remaining
11 jurisdictions that have not adopted:
a. two (Pakistan and Singapore) have
adopted most but not all IFRSs as part of national GAAP with some
modifications question bank download;
b. three permit IFRSs on a limited
voluntary basis for domestic and/or foreign issuers (India, Japan, United
States);
c. one (Saudi Arabia) requires IFRSs on
a limited basis (banks and insurance companies only);
d. two (Bhutan and Bolivia) have not
adopted IFRSs, but IFRSs are nonetheless used by some companies, and Bhutan has
begun an adoption process;
e. one (China) has substantially question bank download
converged its national standards to IFRSs; and
f.
two
(Macao and Indonesia) have adopted some IASs/IFRSs but have not announced a
plan or timetable for full adoption.
Countries may not yet have adopted IFRS due to the
additional information process costs, and also the fear of disclosing additional
information to the market which could impact on their level of competition.
Some jurisdictions (e.g. USA) also believe that
some parts of IFRS may not meet their user needs and may in fact result in a
loss of information for stakeholders for question bank download.
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