Extent of Commitment of Maritime Companies in Lebanon to Implementing the IAS 16

The study examined the extent of commitment of maritime companies in Lebanon to implementing the International Accounting Standard (IAS) 16. It aimed at recognizing the extent to which maritime firms in Lebanon apply the International Accounting Standard (IAS) 16 by explaining the financial statements and their features and constituents. A five-point Likert style questionnaire was constructed as a study tool to collect information from the sample that consisted of 70 people who were accountants at maritime companies in Lebanon in addition to auditors of these companies. From the 70 questionnaires distributed, 63 were retrieved. The research concluded that maritime companies in Lebanon apply the IAS 16 in the income statement and the statement of financial position. The researchers recommended that the International Accounting Standards Board (IASB) should set up a clear and coordinated approach to deal with the issue of the periodic maintenance for ships, especially that the IAS 16 did not specify a preferred approach to settle this issue; rather, the IASB left it for the companies to choose the most convenient approach. They also recommended increasing disclosure of Lebanese maritime companies using the procedures followed in determining, depreciating and itemizing fixed assets in the financial statements.

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Challenges, Advantages and Disadvantages in Implementation of Ifrs 15 in Different Industries

Proceedings of The 2nd International Conference on Business, Management and Finance ◽

10.33422/2nd.icbmf.2019.11.769 ◽

2019 ◽

Author(s):

Ivana Pavić ◽

Ivana Mamić Sačer ◽

Lajoš Žager

Keyword(s):

Financial Statements ◽

International Accounting ◽

International Accounting Standards ◽

It Infrastructure ◽

Multiple Sources ◽

Revenue Recognition ◽

Accounting Standard ◽

Advantages And Disadvantages ◽

Accounting Rules ◽

International Accounting Standard

The accounting rules related to revenues’ recognition and measurement have not been changed for many years, and have been listed in International Accounting Standard 18 – Revenues, which has been in use since 1984. Practice has shown that the standard is no longer an adequate basis for revenue recognition and therefore the International Accounting Standards Board (IASB) in cooperation with American FASB has created and published a new accounting standard that addresses the issue of revenue recognition – IFRS 15 – Revenues from Contracts with Customers. This standard supersedes the application of IAS 18 as of January 1, 2018. Since revenue is a very important element in determining the profit or loss of an entity and therefore its performance, preparers of financial statements should pay full attention to accounting principles related to revenues’ recognition and measurement while preparing financial statements. New accounting standard for revenues introduces certain innovations in the field of revenue calculation as well as in time of revenues’ recognition. These changes will have a significant impact on the amount of revenues for certain industries, such as the telecommunications and construction industry, which have significant share of revenues from contracts with customers. The aim of the research is to identify the challenges and problems that appears in the initial phase of application of a new standard on revenues such as; the need to consider a larger volume of documentation, inadequate existing IT infrastructure, multiple sources of documentation that must be considered in revenue recognition, including commercial, legal and financial documentation etc. In addition, we plan to identify benefits form the application of the new standard for the entities preparing the financial statements. In this context, it is expected to identify the sectors that have the most dilemmas in the application of this standard and to propose potential solutions to address these problems.

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Extent of Commitment of Accountants in Lebanon to Implementing the International Accounting Standard 16: Property, Plant and Equipment (An Empirical Study)

Research in Economics and Management ◽

10.22158/rem.v5n1p38 ◽

2020 ◽

Vol 5 (1) ◽

pp. p38

Author(s):

Maysa Ayoub ◽

Dr. Hasan El-Mousawi

Keyword(s):

Empirical Study ◽

Analytical Approach ◽

Statistical Significance ◽

Accounting Standards ◽

International Accounting ◽

International Accounting Standards ◽

Certified Public Accountants ◽

Accounting Standard ◽

Fixed Assets ◽

International Accounting Standard

Tangible fixed assets are fundamental to the organization; thus, the International Accounting Standards Board (IASB) issued International Accounting Standard 16, (IAS 16—Property, Land and Equipment), which includes regulations that organize the recognition, measurement and disclosure of those assets. Later versions of the standard improved and updated the standard. The research aims at studying the extent of commitment of Lebanese accountants to implementing IAS 16. The researchers used a descriptive, analytical approach to tackle their topic. A well-structured five-point Likert style questionnaire was used to collect data. The samples were all members of the Lebanese Association of Certified Public Accountants (LACPA). The results of the study showed a difference of statistical significance within the opinions of the study samples about the extent of commitment of LACPA members to applying IAS 16. The research reached that accountants in Lebanon apply only some items of IAS 16, which the research tool specified. The researchers had some recommendations based on the findings of the research.

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The Conformity Level of Income Tax Accounting In Jordan with the Requirements of the International Accounting Standard IAS (12) in Terms of Taxable Temporary Differences’ Recognition

International Business Research ◽

10.5539/ibr.v10n5p51 ◽

2017 ◽

Vol 10 (5) ◽

pp. 51

Author(s):

Ahmad Adel Jamil Abdallah

Keyword(s):

Income Tax ◽

Accounting Standards ◽

Financial Statements ◽

International Standards ◽

International Accounting ◽

International Accounting Standards ◽

Accounting Standard ◽

Foreign Companies ◽

International Accounting Standard ◽

Tax Accounting

The present study aimed to measuring the conformity level of income tax accounting in Jordan with the requirements of ISA (12), and because of increasing to apply the international standards by local and foreign companies in Jordan and Jordanian legislations it’s appear gap between the accounting profit and the tax profit caused Taxable temporary and permanent differences. The study seeks to achieve set of goals represented by studying and analyzing the compatibility level of income tax accounting by a questionnaire was distributed to 100 income and sales auditors working in the senior and moderate Taxpayers, directorates 85 questionnaires were retrieved and eighty were valid for the study’s purposes, the major results that is the study found the income tax accounting in Jordan does not adhere to the requirements of most of the international accounting standards as there were no presentation to the financial statements, and There was no recognition of Taxable temporary differences and deductible temporary differences (the differences between accounting profit and taxable profit) in the income tax accounting in Jordan.

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Non-recognition of internally generated brands: implications for the usefulness of financial statements

Journal of Economic and Financial Sciences ◽

10.4102/jef.v8i3.123 ◽

2015 ◽

Vol 8 (3) ◽

Cited By ~ 1

Author(s):

Pieter Van Aardt Van Der Spuy

Keyword(s):

Accounting Standards ◽

Financial Statements ◽

Research Approach ◽

International Accounting ◽

International Accounting Standards ◽

Accounting Standard ◽

Current Accounting ◽

Disclosure Requirements ◽

International Accounting Standard ◽

Reporting Entity

International Accounting Standard 38 (IAS38) prohibits the recognition of internally generated brands as assets. This article explores the implications of this prohibition for the usefulness of financial statements, focusing on the implications for note-disclosure. A theoretical doctrinal research approach is taken in which the literature on intangible assets and current accounting standards is examined and evaluated. The article highlights the information content relevant to unrecognised brand assets that is not currently disclosed to users of financial statements. Furthermore, the article argues and explains how this situation may compromise the usefulness of financial statements. Practitioners compiling financial statements may find the conclusions and recommendations useful in improving voluntary note-disclosure when a reporting entity owns significant unrecognised brand assets. The International Accounting Standards Board (IASB) may find the article useful in reviewing IAS38’s mandatory note-disclosure requirements in order to improve the usefulness of financial statements.

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Instructional Case: Worldwide Shipping Corporation Ltd: Early or Late Adoption of a New International Accounting Standard?

Issues in Accounting Education ◽

10.2308/iace.1999.14.2.211 ◽

1999 ◽

Vol 14 (2) ◽

pp. 211-231

Author(s):

Peter Lee ◽

Pearl Tan

Keyword(s):

Financial Reporting ◽

Financial Analysis ◽

Balance Sheet ◽

Financial Statements ◽

Economic Consequences ◽

International Accounting ◽

Accounting Choice ◽

Accounting Standard ◽

The Impact ◽

International Accounting Standard

The management of Worldwide Shipping Corporation Ltd (hereafter “Worldwide Shipping”) is confronted with a dilemma when a new international accounting standard on leases is introduced which contains a transitional provision allowing firms to defer implementation for a period of four years. Students are required to put themselves in the position of managers who have to weigh the adverse impact of early adoption of the new accounting standard against a responsibility for fair financial reporting. Worldwide Shipping is a multifaceted case that can be used as an accounting case study or a financial analysis study. The objectives of the case are threefold. First, it aims to provide students with a better understanding of the impact of off-balance sheet transactions (in this case, sale-leaseback contracts) on a firm's financial statements. Second, it requires students to examine implications of accounting choice on management compensation and debt-contracting costs, as well as the perplexing problem of recognition in financial statements vs. footnote disclosures. By putting students in the position of managers, the case increases students' awareness of the possible economic consequences arising from accounting choice. Third, it provides students with a useful exercise in the mechanics of effecting a change in accounting method using the retroactive method.

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De invloed van het niet of niet volledig waarderen van actieve belastinglatenties op de nettowinst

Maandblad Voor Accountancy en Bedrijfseconomie ◽

10.5117/mab.90.31204 ◽

2016 ◽

Vol 90 (11) ◽

pp. 471-485

Author(s):

Alidus Dannenberg ◽

Chantal de Bruin ◽

Peter Epe

Keyword(s):

Accounting Standards ◽

International Accounting ◽

International Accounting Standards ◽

Accounting Standard ◽

International Accounting Standard ◽

International Accounting Standards Board

Actieve belastinglatenties moeten in de jaarrekening worden gewaardeerd tot het bedrag waarvoor het waarschijnlijk is dat voldoende fiscale winst wordt behaald om de actieve belastinglatenties te verrekenen. De vraag is welk effect deze norm van de Raad voor de Jaarverslaggeving (RJ) en de International Accounting Standards Board (IASB) heeft op de gepubliceerde nettowinst van een onderneming. Zo raken tussentijdse op- en afwaarderingen van de actieve belastinglatentie de effectieve belastingdruk en daarmee de nettowinst. Richtlijn 272 en International Accounting Standard (IAS) 12 geven de onderneming de ruimte om de nettowinst te beïnvloeden door het al dan niet volledig tot waardering brengen van actieve belastinglatenties. Dit onderzoek richt zich op de vraag in hoeverre deze situatie invloed heeft op de gepubliceerde nettowinst. De invloed van het al dan niet volledig tot waardering brengen van actieve belastinglatenties op de gepubliceerde nettowinst bedraagt ruim 17%.

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NCP 5 – Tangible Fixed Assets

Advances in Social Sciences Research Journal ◽

10.14738/assrj.89.10802 ◽

2021 ◽

Vol 8 (9) ◽

pp. 133-144

Author(s):

Adalmiro Andrade Pereira

Keyword(s):

Content Analysis ◽

Accounting Standards ◽

September 11 ◽

International Accounting ◽

International Accounting Standards ◽

Practical Application ◽

Public Accounting ◽

Accounting Standard ◽

Fixed Assets

2015 saw an important step in the accounting reform in Portugal. On September 11, 2015, the Accounting Standardization System for Public Administrations (SNC-AP) was approved through Decree-Law No. 192/2015, which revokes the Official Public Accounting Plan (POCP) and establishes an accounting standard aligned with international accounting standards. The development of this work is based on content analysis focused on Public Accounting Standard 5, NCP 5, which was broken down into the respective chapters of the regulations. In this way, to reach the objective of the study, work was developed on several themes, which are essentially based on the chapters of NCP 5. In this way, the topics covered are: Objectives, Scope and Definitions, Measurement, Recognition and Derecognition; and, in order to better contextualize and exemplify the practical application of the standard, we will find, at the end of this work, some practical situations.

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Requirements for the possibility of applying international accounting standards on financial instruments-an applied study in the national bank of Baghdad

Journal of Raparin University ◽

10.26750/vol(7).no(1).paper11 ◽

2019 ◽

Vol 7 (1) ◽

pp. 142-180

Author(s):

Dilan Abdullah Mohammed ◽

Basira Majeed Najm

Keyword(s):

Financial Markets ◽

Interest Rates ◽

Financial Statements ◽

Fair Value ◽

Interest Rate Risk ◽

International Accounting ◽

Financial Instruments ◽

Accounting Standard ◽

Important Place ◽

International Accounting Standard

The reality today proves that growth and success have become the share of financial markets that have learned how to read the road map and achieve leadership by investing in the so-called derivatives, where the center of gravity in financial markets has shifted from relying on simple financial instruments to relying on Great for innovation and creativity to create innovative financial products that cover the needs of investors. The issue of derivatives has become an important place in global markets. The importance of this study is illustrated by the nature of the accounting treatment of these instruments and how they are disclosed in the annual financial statements of companies and banks dealing with them according to the international accounting standard No. (32) and how to recognize and measure the financial instruments, and disclose them according to the International Accounting Standard No. (7-9), in order to clarify the nature of the analysis required to determine the correct accounting processing when using these instruments, as the financial statements published by the dealers of financial instruments and provided to end users must include sufficient information about them with To clarify the risks for which the transactions were carried out, the extent to which such information is covered (is it for hedging purposes or for trading purposes), the degree of risk and how to account for it, and through this process has been concluded among the most important risks to which the bank is exposed is the risk of changing interest rates, given that the net Interest income constitutes a large percentage of the bank's returns, the interest rate risk is particularly important, as the case of high interest rates creates for banks the risk of paying higher rates on deposits for the future and other bank demands compared to what they get from their glory, and the situation is quite the opposite when the Shame interest. The study recommends that the bank dealing in derivative financial instruments distinguish between the profitability of trading in these and other investment instruments, and for the instruments used for the purposes of hedging the risk of interest rates, as well as the bank to clarify the accounting methods used The bank must disclose the fair value of both hedge stake and hedge funds.

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PROBLEMS AND SOLUTIONS FOR LEASE VALUATION AND ACCOUNTING IN LATVIA

Polonia University Scientific Journal ◽

10.23856/3301 ◽

2019 ◽

Vol 33 (2) ◽

pp. 11-18

Author(s):

Iluta Arbidane ◽

Anita Puzule

Keyword(s):

Accounting Standards ◽

International Accounting ◽

International Accounting Standards ◽

Accounting Standard ◽

Financial Reports ◽

Problems And Solutions ◽

The Republic ◽

International Accounting Standard

In the legislation of the Republic of Latvia, leasing transaction accounting complies with the provisions no. 17 of the International Accounting Standard "Leasing", which expired on January 1, 2019. The problem for the lessee in the accounting of leasing transactions is also the introduction of a new standard for companies that prepare annual financial reports in accordance with the requirements of international accounting standards. The aim of the study is to examine accounting problems and assess leasing transactions in Latvia and offer solutions. The study examined the justification for the assessment and accounting of leasing transactions in line with international accounting standards and identified issues of assessment and reporting in Latvia, possible solutions to improve the quality of leasing transactions have been worked out, offering necessary changes in legislation and revision of methodological documents.

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PENERAPAN STANDARD AKUNTANSI INTERNASIONAL OLEH PERUSAHAAN PUBLIK DI INDONESIA

Media Riset Akuntansi Auditing & Informasi ◽

10.25105/mraai.v5i3.1821 ◽

2008 ◽

Vol 5 (3) ◽

pp. 289

Author(s):

Nang D. Gunawan ◽

Heru Satyanugraha

Keyword(s):

Stock Exchange ◽

Financial Statements ◽

Listed Companies ◽

The Other ◽

Accounting Standard ◽

Financial Report ◽

Going Concern ◽

Income Statement ◽

Stock Information ◽

International Accounting Standard

Adopting international accounting standard shall be beneficial to fins listed in stock exchange. This research investigates the extent to which the disclosure require-ment of Intemational Accounting StandardsliAS-1) for presentation of financial state-ments are complied by the listed companies in Jakarta Stock Exchange. The financial reports of 280 companies listed in Jakarta Stock Exchange were examined. The study concludes that in general listed companies in Jakarta do not comply fully with lAS-1 requirements. In items of "components of financial statements", "disclosure of income statement", 'timeliness", "comparability", "stock information" they do comply with the international standard. For the other items, " compliance", "going concern", °divi-dend", "description of reserves", "reclassification", they tend not to comply with the requirements. The study found also there are differences of size of the companies toward "timeliness' and "disclosure", differences of types of auditor on compliance to "disclosure", and pmfitability of the companies on "going concern".Key words : compliance, financial report, accounting standard, intemational, jakarta stock exchange,

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