Harmonization Process Report

Added on - 28 May 2020

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Running head: SUCCESS OF ACCOUNTING HARMONISATIONSuccess of accounting HarmonisationName of the StudentName of the UniversityAuthor’s Note
1SUCCESS OF ACCOUNTING HARMONISATIONTable of Contents1.0Executive Summary..............................................................................................................22.0 Introduction................................................................................................................................23.0 Rationale of harmonisation........................................................................................................23.1 Compliance with the Standard of IASC................................................................................33.2 Compliance with the Asia.....................................................................................................33.3 Globalisation.........................................................................................................................34.0 Issue in harmonisation...............................................................................................................34.1 Cultural Obstacles.................................................................................................................44.2 Integration Problems.............................................................................................................44.3 Negative impacts on the small business................................................................................44.4 Licensing and Enforcement...................................................................................................54.5 Political Grouping.................................................................................................................54.6 International Sovereignty Issues...........................................................................................55.0 Country Level Analysis.............................................................................................................55.1 Rationale for Majority of IFRS in Singapore........................................................................55.2 Efforts to Harmonise SAS with FRS.....................................................................................66.0 Case study on Singapore and “Singapore Press Holdings”.......................................................66.1 Background of the Company.................................................................................................66.2 Implementation process of FRS from Local SRS.................................................................66.3 Before and after harmonisation of impact on the financial statement...................................6Conclusion and recommendation..................................................................................................11References......................................................................................................................................12
2SUCCESS OF ACCOUNTING HARMONISATION1.0Executive SummaryHarmonisation is considered as the main process for collaborating with various systemsin a particular method. This particular report has been able to show the rationale of the overallharmonization process which are seen to be in compliance with the Standard of IASC and Asianstandards. The study has been able to infer the different types of the recognised issues in theharmonization in Singapore Press Holdings.As per the findings of the report the main form of the barriers in theharmonization process has been seen to be depicted with the varied information which are basedon the “Cultural Obstacles, Integration Problems, Negative impacts on the small business,Licensing and Enforcement”. The pre-and the post implementation of the harmonization hasbeen further able to discuss on PPE less the cost accumulated with the impairment anddepreciation. In case of SAS the fixed assets are considered with fixed assets less accumulateddepreciation(Legenzova, 2016).2.0 IntroductionThe important concept of the harmonisation is considered with the collaboration ofdifferent systems in a certain method. The procedure of accounting policy is maintained as perthe increasing compatibility setting constraints and accounting practices and depicting the waythey change. The basic reason for the study is to assess the financial position after theharmonisation process(Adrian-Cosmin, 2015).3.0 Rationale of harmonisationIn general harmonisation in account is based on the similarity with the accountingstandards and financial reporting. Harmonization not only puts emphasis on the elimination ofthe contradiction rules but also overcome the reduction in the global differences to achieve thereduction in the contradiction rules. The process of harmonisation in accounting has been able toovercome the global differences for achieving an improved international comparability for thefinancial statements. The present reporting standard has been able to highlight the subsequenttransition to “Financial Reporting Standards” “(FRS) and INT FRS”. As per the changes withthe significant difference in the balance sheet and income statement for “Singapore PressHoldings”. As per the opinion by SmithKline Beecham and Daimler-Benz the difference and thesegregation has been able to change the main purpose for the result of accounting requirement
3SUCCESS OF ACCOUNTING HARMONISATIONimplementation process. The main aim for the harmonisation is seen with the financialstatements which are comparable with the other countries and same countries. The main form ofthe conceptualisation of the harmonisation is important for the organizations operating with otherbusiness situations(Frezatti, B. Carter, & F.G. Barroso, 2014).3.1 Compliance with the Standard of IASCThe IASC is seen to maintain the accounting standard with the published financialstatements. The important form of the compliance is further taken into account with thestandards helpful for harmonisation of the standards which are used by national accountingrequirements(Auvinen et al., 2014).3.2 Compliance with the AsiaIn Singapore the“The Accounting Standards Council” was seen to beconceptualized in 2007. The financial analysts are able to consider that theconsolidated financial condition of the FBOs are seen with the relevant keyaccounting differences and the various types of the supervisory impacts to perform“Strength of Support Assessment (SOSA)”. The IFRS implementation has beendepicted with "a single set of high quality, uniform, globally-applied, and enforcedaccounting standards which is conducive for both domestic and cross-borderinvestment and financing decisions”. The adaptation of IFRS is taken into accountwith greater reliance on the financial statement reporting aspects, which ispresented with by FBOs and other genres of enterprises(Sauer, 2015).3.3 GlobalisationThe accounting standards which are followed in Asia is based on the compliance of bothIAS and GAAP. The increase in the accounting standard compliance has been furtherable to comply accounting standard which is taken into account with theglobalization criteria. The main effect on the globalization is considered withnumerous enterprises franchised and setup other than Asian countries. Due to this,harmonization of accounting standard is seen to be related with the overallpresentation and understanding of the financial presentations of the report invarious countries in which it is seen to be operational. The adoption process ofaccounting harmonization is seen to be conducive with undertaking theresponsibilities of the investors in a better way. This has been further able to assessthe concerns with the financial data presented in the annual report. This particularconsideration is further seen to be based on various factors of harmonizationprocess(Visvikis, 2014).
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