Huggy Bear known IHUB basher states that Audits he has yet to see are not done under U.S GAAP Regs or anything else. Read below for proof he is wrong, lying and making misleading statements to defame NVC Fund:
Huggy Bear Member Level Wednesday, 02/28/18 05:44:00 PM
Re: Followmylead post# 35189 0
Post # 35198 of 35230
That's not an audit under US GAAP regs or anything else for that matter....
That's Frank Ekejija Kool Aid.
I can only imagine the feds rolling their eyes.
I have reviewed the Audits and Appraisals which have been done in accordance with both the International Financial Reporting Standards (IFRS) and the American Institute of Certified Public Accountants (AICPA). The Appraisals were done under both Uniform Standards of Professional Appraisal Practice (USPAP) under the Appraisal Foundation and International Valuation Standards (IVS).
International Financial Reporting Standards (IFRS) is a set of international accounting standards that states how certain transactions and events should be reported in financial statements. It is based upon principles rather than hard set rules, which is in contrast to U.S. GAAP, a rules-based accounting standard.
Approximately 120 nations and reporting jurisdictions permit or require IFRS for domestic listed companies, although approximately 90 countries have fully conformed with IFRS as promulgated by the IASB and include a statement acknowledging such conformity in audit reports.
In the United States, financial reporting practices are set forth by the Financial Accounting Standards Board, or FASB, and organized within the framework of the generally accepted accounting principles, or GAAP. ... Perhaps the most notable specific difference between GAAP and IFRS involves their inventory treatments.
The new UK GAAP standard is FRS 102, 'The financial reporting standard applicable in the UK and Republic of Ireland'. It is based on the IFRS for SMEs, a simplified IFRS standard developed by the International Accounting Standards Board for non-publicly accountable entities.
Countries currently considering adopting IFRSs include:
United States.
Japan.
India.
Russia.
Malaysia.
Colombia.
The U.S. is moving toward IFRS. Unlike what happened with other countries, IASB and FASB have been working on convergence for many years. ... By the end of the '90s, the two predominant standards were the U.S. GAAP (Generally Accepted Accounting Principles) and IFRS (International Financial Reporting Standards).
International Financial Reporting Standards (IFRS) are a set of accounting standards developed by the International Accounting Standards Board (IASB) that is becoming the global standard for the preparation of public company financial statements.
To be successful in the US capital markets, it is increasingly important to be financially bilingual – you have to speak both IFRS and US GAAP. Why, you ask, given that there are no current US plans to require or permit domestic public companies to use IFRS? Because we operate in a global marketplace and the impact of IFRS on US capital markets is not just about its domestic use in capital filings. IFRS requirements elsewhere in the world affect many US companies – public or private, large or small — through cross-border, M&A activity, and due to the IFRS reporting demands of stakeholders outside the US. and the continued global adoption of IFRS means that the impact on multinational US businesses will only grow stronger, as additional countries permit or require IFRS for statutory reporting purposes and public filings.
From an investor perspective, the need to understand IFRS is arguably even greater. US investors keep looking overseas for investment opportunities. Recent estimates suggest that over $7 trillion of US capital is invested in non-US securities. The US markets also remain open to non-US companies that prepare their financial statements using IFRS. There are currently approximately 500 non-US filers with market capitalization in the multiple of trillions of US dollars that use IFRS without reconciliation to US GAAP.
To assist investors and preparers in becoming financially bilingual, this guide provides a broad understanding of the major differences between IFRS and US GAAP, as well as insight into the level of change on the horizon.
Huggy Bear Member Level Wednesday, 02/28/18 05:44:00 PM
Re: Followmylead post# 35189 0
Post # 35198 of 35230
That's not an audit under US GAAP regs or anything else for that matter....
That's Frank Ekejija Kool Aid.
I can only imagine the feds rolling their eyes.
I have reviewed the Audits and Appraisals which have been done in accordance with both the International Financial Reporting Standards (IFRS) and the American Institute of Certified Public Accountants (AICPA). The Appraisals were done under both Uniform Standards of Professional Appraisal Practice (USPAP) under the Appraisal Foundation and International Valuation Standards (IVS).
International Financial Reporting Standards (IFRS) is a set of international accounting standards that states how certain transactions and events should be reported in financial statements. It is based upon principles rather than hard set rules, which is in contrast to U.S. GAAP, a rules-based accounting standard.
Approximately 120 nations and reporting jurisdictions permit or require IFRS for domestic listed companies, although approximately 90 countries have fully conformed with IFRS as promulgated by the IASB and include a statement acknowledging such conformity in audit reports.
In the United States, financial reporting practices are set forth by the Financial Accounting Standards Board, or FASB, and organized within the framework of the generally accepted accounting principles, or GAAP. ... Perhaps the most notable specific difference between GAAP and IFRS involves their inventory treatments.
The new UK GAAP standard is FRS 102, 'The financial reporting standard applicable in the UK and Republic of Ireland'. It is based on the IFRS for SMEs, a simplified IFRS standard developed by the International Accounting Standards Board for non-publicly accountable entities.
Countries currently considering adopting IFRSs include:
United States.
Japan.
India.
Russia.
Malaysia.
Colombia.
The U.S. is moving toward IFRS. Unlike what happened with other countries, IASB and FASB have been working on convergence for many years. ... By the end of the '90s, the two predominant standards were the U.S. GAAP (Generally Accepted Accounting Principles) and IFRS (International Financial Reporting Standards).
International Financial Reporting Standards (IFRS) are a set of accounting standards developed by the International Accounting Standards Board (IASB) that is becoming the global standard for the preparation of public company financial statements.
To be successful in the US capital markets, it is increasingly important to be financially bilingual – you have to speak both IFRS and US GAAP. Why, you ask, given that there are no current US plans to require or permit domestic public companies to use IFRS? Because we operate in a global marketplace and the impact of IFRS on US capital markets is not just about its domestic use in capital filings. IFRS requirements elsewhere in the world affect many US companies – public or private, large or small — through cross-border, M&A activity, and due to the IFRS reporting demands of stakeholders outside the US. and the continued global adoption of IFRS means that the impact on multinational US businesses will only grow stronger, as additional countries permit or require IFRS for statutory reporting purposes and public filings.
From an investor perspective, the need to understand IFRS is arguably even greater. US investors keep looking overseas for investment opportunities. Recent estimates suggest that over $7 trillion of US capital is invested in non-US securities. The US markets also remain open to non-US companies that prepare their financial statements using IFRS. There are currently approximately 500 non-US filers with market capitalization in the multiple of trillions of US dollars that use IFRS without reconciliation to US GAAP.
To assist investors and preparers in becoming financially bilingual, this guide provides a broad understanding of the major differences between IFRS and US GAAP, as well as insight into the level of change on the horizon.
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