International Financial Reporting Standards (IFRS) are accepted throughout the world, particularly in the European Union, Australia, New Zealand and Canada. Emerging economies are also are aligning their practices with IFRS. Historically, the USA has been cautious about accepting IFRS. However, following acceptance of IFRS worldwide, the US…

The Securities and Exchange Commission (SEC) has recently announced a proposal that will require all public companies to report their financial data in Extensible Business Reporting Language (XBRL). XBRL is an extension of Extensible Markup Language (XML). Moving to a standard reporting format makes it easier for organizations to report the…

This paper attempts to identify the ways and give examples of how Sarbanes-Oxley compliance can be taught in real time using the SAP R/3 system and the many lessons derived from the experience. The Sarbanes-Oxley Act significantly impacts CEO's, CFO's and public accountants. It also applies to all levels of management. Organizations and their…