IFRS Simplifies And Improves International Accounting

international accountingThe interesting thing about the prospects of a world government is that there are aspects of a world government already in place. In the realm of international accounting, many countries are on the same page. After all, if the rules of accounting are different in every country and countries cannot come to any sort of agreement, where would that leave trading and investors? It is possible that trading and accountancy would take on a more piratical form, if not completely influencing a country in the interests of a bigger country.

Much like the metric system (and the imperial system of measurement), it has been seen that international accounting standards would benefit businesses and countries around the world. This is why there are International Financial Reporting Standards. Standardization across the world for accounts was created to make company accounts understandable and comparable across international borders. The need for these standards is a consequence of growing international shareholding and trading. For companies that have dealings in more than one country, such standards are very important.

The IFRS Foundation is a non-profit accounting organization comprised of two bodies: the International Accounting Standards Board and the Trustees. Within the foundation, there is also the IFRS Advisory Council and the IFRS Interpretations Committee. The trustees appoint members of the IASB, advisory council and the interpretations committee as well as establishing operating procedures, exercise oversight and raise the funds needed for operating. The group that oversees the effectiveness of the trustees is the Trustees’ Due Process Oversight Committee. The trustees are also accountable to a monitoring board of public authorities. The IASB is independent from the IFRS Foundation and is responsible for creating the standards that international accounting run by.

113 countries around the world have adopted IFRS and 85 of those countries require IFRS reporting for all domestic, listed, companies. This worldwide standardization is beneficial for companies because it improves the quality of information and reduces the costs of comparing alternative investments. The increased comparability of a set accounting standard will help companies that are involved in foreign activities and investment. International Accounting is made easier by these standards because all participating countries and the businesses therein, are on the same page. Math is now the closest thing to a universal language there is.

Of course, not all countries adopt the complete framework of IFRS. For instance, Australia has received a little criticism for their “Australianising” of the IFRS. Even though Australia was one of the first countries to adopt IFRS for domestic purposes, The Australian Accounting Standards Board was merely creating equivalents to IFRS that reflect local terminology. Some of those changes have been reversed, along with reinstating some options and eliminating some Australian specific disclosure. Australia has been on the side of a standardized international accounting framework since the very beginning, but saw the need to create an Australian version, possibly to keep some of its identity from being confused on an international scale.

Canada was a late joiner to the IFRS where international accounting is concerned. In 2011, it was made mandatory that all Canadian, publicly accountable and profit-oriented enterprises adopt IFRS for financial periods beginning on or after January 1st, 2011.

Taiwan is the most recent to move their businesses into this realm of international accounting. The companies listed in Phase I (listed companies and financial institutions supervised by Taiwan’s Financial Standards Committee) are required, as of January 1st, 2013, to prepare financial statements in accordance with Taiwan-IFRS. Phase II companies, which are credit card companies, credit cooperatives and unlisted public companies, will be required to use Taiwan-IFRS starting from January 1st, 2019. Early adoption was permitted for Phase I companies and is now permitted for Phase II companies.

The IFRS Foundation is a non-profit accounting organization comprised of two bodies: the International Accounting Standards Board and the Trustees. Within the foundation, there is also the IFRS Advisory Council and the IFRS Interpretations Committee. The trustees appoint members of the IASB, advisory council and the interpretations committee as well as establishing operating procedures, exercise oversight and raise the funds needed for operating. The group that oversees the effectiveness of the trustees is the Trustees’ Due Process Oversight Committee. The trustees are also accountable to a monitoring board of public authorities. The IASB is independent from the IFRS Foundation and is responsible for creating the standards that international accounting runs by.

There are many U.S. based agencies that are experienced in international accounting and know well the rules and regulations the IASB sets forth. One of the most experienced would have to be RBZ, a firm that has the large firm technical experience combined with the client attentiveness of smaller firms.

RBZ is an international accounting firm. Our international tax services group provides tax consulting and compliance services to businesses that are based in the U.S. and currently have foreign operations, or are planning to expand internationally. We also assist non-U.S.-based companies that are entering or planning on entering the U.S. marketplace.

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Benefits Of Merchant Cash Advances

Merchant Cash AdvancesStatistics have shown that the majority of failed small businesses lack underfunding and adequate capital investment. As a small business owner, it can be difficult to find the right funding source to meet the investment levels that will ensure your business has a fair chance for success in the market. A merchant cash advance is an alternative cash source that may be an ideal way for your business to get the funding it needs without the added risk of a conventional loan.

Is a Merchant Cash Advance the Same as a Loan?

When a small business loan is contracted by a business owner, the principle amount is paid back through payments that include interest. The interest rates on small business loans tend to be less reasonable for new businesses simply because they lack the merchant credit history that is required to garner a low interest rate. Merchant cash advances are different from loans because they are based on a flat fee rather than interest. The money is paid back automatically without further action by the merchant.

How Does a Merchant Cash Advance Work?

Any business that has accepted credit card sales for more than 60 days is typically eligible for a merchant cash advance. The provider in this case is known as a factoring company. When applying, the factoring company will agree to a lump-sum payment to the applicant business in the form of an agreed amount. The business owner is then free to invest the new capital into his immediate operation. The factoring company then retrieves the investment from credit card sales payments that are made to the merchant from credit card companies in lieu of that merchant until the full amount of the cash advance and the flat-rate fee have been retrieved.

What Are the Benefits to a Merchant Cash Advance?

The most significant benefit is that the flat-rate fee associated with the transaction is highly competitive with interest rates because it does not continually accrue over the duration of the outstanding debt. Another benefit is that the risk of repayment default is lower due to the fact that the initial principle is retrieved according to the natural influx of credit card receipts. The principle is not based on a strict, predetermined timetable.

The merchant cash advance is intended to stimulate an immediate cash flow investment that is then repaid at a prorated pace according to credit card sales. The majority of small businesses that need extra funds can benefit greatly from merchant cash advances.

Fred often writes articles on how small businesses can improve their cash flow problems. He believes that a merchant cash advance company can be an excellent solution for many companies in this situation.

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Debt Settlement: The Advantages And Disadvantages

debt settlementDebt Settlement

Debt can be really scary! You worry about creditor calls even when they aren’t calling. Wondering what you will say, how you will tell them that you lost your job, your income is not what it once was, or you simply got in over your head. You lose sleep and work and still don’t have a solution. This may be the time to consider debt settlement.

What is Debt Settlement?

This is a program offered by experts in finance and negotiations. When these services are contracted an experienced debt settlement professional will act on your behalf, call up your creditors and work at reducing your debt, your late fees and penalties to lower your total debt substantially. If you owe more than $10,000 then this is an option you should carefully consider.

How Does it Work?

In most cases, you are already in a debt collection situation and creditors are already contacting you and aren’t being very nice in their collection efforts. When you decide to contract debt consolidation services, the creditors stop calling and you stop making any payments you are currently making. Instead any payment you make is placed in a savings or escrow account set up by the debt settlement company. At that point they begin negotiating with your creditors and use the account funds to settle a certain amount of your debt. When these funds don’t cover the negotiated settlement amount then they work with you to get a loan to pay off all the creditors and leave you with the one loan payment.

 The Advantages

With debt settlement services you could satisfy your debt for far less than what you actually owe. It is not unheard of for a reliable debt settlement company like http://tridentdebtsolutions.com/debt-settlement/ to reduce debt by as much as 50% to 60% and sometimes even more. This gives you the opportunity of becoming totally debt free within a 12 to 24 month period. Once the settlement is agreed upon and you fulfill your part of the deal these debts will no longer be subject to legal action or collection pursuits. Additionally, most people who undergo the process feel financial relief as their monthly debt payment is often reduced substantially, giving them more disposable income.

The Disadvantages

Debt solution is not a “get-out-of-jail free card”. There are consequences and one of these may affect your credit score negatively. For a while a debt settlement process could give you a negative mark on your credit history. Still, this negative hit is not as dire or as far-reaching as that of bankruptcy. Additionally the forgiven amount of the debt will be reported on your credit score. Even so, by following your credit consolidation agent’s advice you can turn this negative mark around and pull your credit score back up.

Still a Solution

Even with the disadvantages debt settlement can be a good option when your credit bills are out of hand and you can barely make the minimum payments – never seeming to get ahead. Just make sure the debt settlement service you choose works in your best interest and helps you get fair offers you can actually pay. Once creditors agree to your offer get letters in writing that the account is settled and keep these in a safe location. You never know when you have to prove these as having been settled.

Jonathon Blocker is an expert on information regarding legal matters. Jon searches online for debt settlement to find firms that offer legal advice and assistance.

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How To Create A Winning Investment Strategy

investment stratgiesWhether playing an online game or investing your money in real life, there are a number of ways in which individuals can build themselves a winning investment strategy. We have to say that, when it comes to investing, there is no specific right way or wrong way, and no one way that will always guarantee to make you successful.

Building a winning investment strategy takes into account a whole range of factors with one overall aim: getting out with a positive return. We looked at some of the things to consider when building your own personal investment strategy.

Specific or General?

Depending on how you plan to invest, you will either want to invest generally with a view to making a return, or look at specific sectors. When it comes to specific sector investing, try to stick to those that you have a little knowledge about and will be able to make educated decisions around. It is often too easy to be drawn into investing in a particular area just because “the returns are great.”

High returns potential generally means high risk, and if you adopt a cavalier attitude you will find that out the hard way!

Learn to Read

Reading investment charts is a little bit like checking out form for horseracing. You know the information is important, but tend to look at it blankly without ever really understanding what it means.

If you can teach yourself how to read financial charts and information, you will find it much easier to get on board with winning investments. Learn how to read a chart to understand the best times to buy and, even more crucially, the best times to sell, so that you can maximise all of your investment returns.

Know Your Limits

Before doing anything involving finances, you should know what you are looking to spend. If you are committing money to a private equity fund, then put in what you want initially, and then leave it there. If you use an online trading platform, ensure you have it set up so that you can automatically sell or stop if you lose a certain amount.

It is easy to be drawn in by attractive looking, high numbers, but very difficult to deal with the repercussions of being financially irresponsible. Ensure this doesn’t happen to you.

Find Resources

Although you will understandably want to build your own investment patterns, it is always worth picking up top tips from those who have been successful in the industry. If you are using a private equity fund then you will have a wealth of experience to help you, while if you are going it alone, for example online, you should make use of blogs, infographics, social media and emailing lists in order to glean as much advice as you possibly can.

Rob is a writer on the private equity marketiplace and has specialised in raising funds for entrepreneurs over a series of years, ranging from local investments to mulit-million pund funding.

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The Role Of A Solicitor

Law & rulesIf you are thinking about starting a career and becoming a solicitor, you should first ask yourself what does a solicitor actually do. Many people will jump into a role without actually having a full understanding of what it is. If you already have an interest in solicitors and a slight idea what they do, you should read on to get a clearer idea. Once you have a clear idea of the role of a solicitor, you may be ready to decide whether you actually want to go into this type of career.

Your Role as a Solicitor

Your role as solicitor will be to protect your client’s rights. You will have a client come to you with a problem; you will then have to offer your client some legal advice. Depending on the situation and the problem, you client may choose or have to go to court, if this is the case then you as your clients lawyer will have to present their case to the judge.

Legal Services

A solicitor can offer you a range of legal services. If you want to specialise in particular sector of law, it is important that you are trained to do so otherwise you may be a solicitor that has to work on broad terms. Here is a list of the different legal services solicitors can offer:

  • Employment Lawyer : An employment lawyer will protect the rights of both the employer and the employee.
  • Personal Injury Lawyer : A personal injury lawyer will present your case if you have been injured because of someone else’s negligence.
  • Legal Aid Lawyer : If you have any legal issues, you will need to hire legal aid lawyer.
  • Family Lawyer : A family lawyer will look after issues within the family, such as divorce.
  • Wills and Probates Lawyer : If there is a death in your immediate family, you may need to hire a wills lawyer to sort out any finances.
  • Immigration Lawyer : An immigration lawyer will present your case if you believe you have the rights to stay in a country.

If a particular sector of this law interests you, you should do a bit more research into it. It is essential that you do plenty of research so that you can decide what the best role is for you.

How to Train To Become a Solicitor

Once you have decided what you actually want to do, it is now time to get your qualifications. Gaining a qualification to become a solicitor can be quite difficult; this is because there is so much competition to be a solicitor. The quickest way to get your qualification is to go through university. To make things a little easier when you finish university, you should try and obtain as much work experience as possible.

Choosing a Law Firm

Once you have your qualification you will then have to choose a law firm you would like to work for. If you are still not sure what part of law you would like to specialise in, you will be better off choosing a law firm that offers a variety of different services.

Laura is a family lawyer from Brighton, she loves to share advice and tips with others. She works for www.lynnepassmore.com that specialises in family law.

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