UNIVERSITY OF TECHNOLOGY BAHRAIN

Salmabad, Kingdom of Bahrain

COLLEGE OF ADMINISTRATIVE AND FINANCIAL SCIENCES

1st Trimester, AY 2021-2022

BSIB 622 – International Accounting

HOMEWORK 1

COURSE CODE BSIB 622 COURSE TITLE INTERNATIONAL ACCOUNTING

SECTION TIME DAYS ROOM

STUDENT NAME ID NO.

TEACHER’S NAME Mr. Emad Sadeq DATE

TOPIC

ACTIVITY TITLE

ACTIVITY

DIRECTION &
1. While 60.4% of the 1,219,000 accounting, tax preparation, bookkeeping and
REQUIREMENT/S payroll services professionals employed in the U.S. in 2019 were women, 79.7%
of the employee base was white. ... Black, Asian and Latina women all earned
less than 7% of bachelor's degrees, and less than 6% of the master's degrees.
Explain the nature, reason and problem caused by accounting diversity. (10
Marks)

2. Discuss the IFRS framework.(10 Marks)

Rubric for 10 Marks:

9-10 = Details are fully complete and demonstrate deep understanding of content

7-8 = Answer is acceptable but lacks minor details

6-5 = Answer is responsive but not fully complete

3-4 = Major details are missing and shows low level of understanding of the content

1-2 = Answer is lacking multiple major details

 0 = Question in not answered or answer given is inappropriate

ACTIVITY What is IFRS?

OUTPUT IFRS is short for International Financial Reporting Standards. IFRS is the
international accounting framework within which to properly organize and report
financial information. It is derived from the pronouncements of the London-
based International Accounting Standards Board (IASB). It is currently the
required accounting framework in more than 120 countries. IFRS requires
businesses to report their financial results and financial position using the same
rules; this means that, barring any fraudulent manipulation, there is
considerable uniformity in the financial reporting of all businesses using IFRS,
which makes it easier to compare and contrast their financial results.
IFRS is used primarily by businesses reporting their financial results anywhere in
the world except the United States. Generally Accepted Accounting Principles, or
GAAP, is the accounting framework used in the United States. GAAP is much
more rules-based than IFRS. IFRS focuses more on general principles than
GAAP, which makes the IFRS body of work much smaller, cleaner, and easier to
understand than GAAP.
Topics Covered by IFRS
IFRS covers a broad array of topics, including:

1. Presentation of financial statements

2. Revenue recognition
3. Employee benefits
4. Borrowing costs
5. Income taxes
6. Investment in associates
7. Inventories
8. Fixed assets
9. Intangible assets
10. Leases
11. Retirement benefit plans
12. Business combinations
13. Foreign exchange rates
14. Operating segments
15. Subsequent events
16. Industry-specific accounting, such as mineral resources and agriculture
 17. The Differences Between GAAP and IFRS

There are several working groups that are gradually reducing the differences
between the GAAP and IFRS accounting frameworks, so eventually there should
be minor differences in the reported results of a business if it switches between
the two frameworks. There is a stated intent to eventually merge GAAP into
IFRS, but this has not yet occurred.
There will be a reduced cost for companies once the two accounting frameworks
are more closely aligned, since they will not have to pay to have their financial
statements restated to show results under the other framework in cases where
they need to report their results in locations where the other framework is
required
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