...Accounting Standards Board and the Financial Accounting Standard Board Accounting Theory & Research 541 The History & Relationship of the International Accounting Standards Board and the Financial Accounting Standard Board The International Accounting Standards Board (IASB), and independent standard-setting body of the IFRS Foundation was created after the Financial Accounting Standards Board (FASB) to develop and establish universal accounting procedures and standards for both boards. In recent years however, there has been significant shifts in the relationship between both entities given various considerations. Currently, IASB and FASB are working on a joint venture referred to as the convergence project, in hopes of eliminating a variety of differences between International Financial Reporting Standards and U.S. Generally Accepted Accounting Principles. It is further my intent to provide a brief history of the relationship between the two aforementioned entities as well as briefly address the importance of the prescribed course of study within the University of Phoenix’s Master of Accountancy program for individuals who are pursing professions within the field of accounting. History In 1973, FASB was born of the Financial Accounting Foundation (FAF) to generate and rectify practices of financial accounting and reporting for nongovernmental businesses. This change was made because of the censure of the Accounting Principles Board (APB) The APB fashioned...
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...ISSUES IN ACCOUNTING EDUCATION Vol. 26, No. 3 2011 pp. 609–618 American Accounting Association DOI: 10.2308/iace-50029 A Series of Revenue Recognition Research Cases Using the Codification R. Mark Alford, Teresa M. DiMattia, Nancy T. Hill, and Kevin T. Stevens ABSTRACT: This series of four short cases is designed to help students develop the skills to research the Financial Accounting Standards Board’s (FASB) Accounting Standards Codification and other authoritative literature. It also is designed to help improve students’ ability to analyze and critique the complex issues that often surround the accounting for revenue recognition. The case scenarios describe transactions in which students must decide whether, when, and how much revenue to recognize. The issues analyzed involve bill-and-hold, multiple-element arrangements, gross versus net revenue reporting, and sales incentives. The cases are also designed to improve teamwork and communication skills. The sequence of cases is intended for use in an intermediate accounting class that covers revenue recognition, or in a capstone class that emphasizes critical thinking and research skills. Keywords: revenue; recognition; codification; research. INTRODUCTION evenue recognition is one of the top causes for financial statement restatements (Whitehouse 2010). In addition, revenue recognition is an area commonly questioned by the Securities and Exchange Commission (SEC) staff in their review of public filings and resultant comment...
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...ACTG 630 – Case Assignment Due: Wednesday, December 3 Please submit one assignment per group. No more than 3 students per group. Read “Growing Pains at Groupon” by Dutta, Caplan and Marcinko (2014) and complete the questions included in the Case Requirements section (beginning on page 238). Instructions for accessing the FASB Codification database: 1. Go to http://aaahq.org/ascLogin.cfm 2. User ID: AAA51526 3. Password: x43AYtX ISSUES IN ACCOUNTING EDUCATION Vol. 29, No. 1 2014 pp. 229–245 American Accounting Association DOI: 10.2308/iace-50595 Growing Pains at Groupon Saurav K. Dutta, Dennis H. Caplan, and David J. Marcinko GROWING PAINS AT GROUPON s an undergraduate music major at Northwestern University, Andrew Mason eagerly sought a version of rock music that would fuse punk with the Beatles and Cat Stevens. Little did he imagine that within ten years he would be the CEO of one of history’s fastestgrowing businesses. After Northwestern and faded dreams of rock stardom, Mason, a self-taught computer programmer, was hired to write code by the Chicago firm InnerWorkings. InnerWorkings was founded in 2001 by Eric Lefkofsky, who had built several businesses around call centers and the Internet. In 2006, Lefkofsky became interested in an idea of Mason’s for a website that would act as a social media platform to bring people together with a common interest in some problem— Saurav K. Dutta is an Associate Professor and Dennis H. Caplan is an Assistant Professor, both at University...
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...| UNIVERSITI TUNKU ABDUL RAHMAN (UTAR)FACULTY OF BUSINESS AND FINANCE (FBF) | Unit Plan 1. | Unit Code &Unit Title: | UBMM2023 Organisational Behaviour | 2. | Course of Study: | FBF:Bachelor of Marketing (Hons)Bachelor of Business Administration (Hons) Entrepreneurship (EN)Bachelor of Commerce (Hons) Accounting (AC)FICTBachelor of Information Systems (Hons) Information Systems EngineeringBachelor of Information Systems (Hons) Business Information Systems FSCBachelor of Science (Hons) Biotechnology (BT)Bachelor of Science (Hons) Logistics and International Shipping | 3. | Year of Study | Flexi structure | 4. | Year and Trimester: | 201601 | 5. | Credit Hour | 3 credit hours | 6. | Lecturing hours and Tutoring hours | 2 hours lecture per week for the duration of 14 weeks1.5 hours tutorial per week for the duration of 14 weeks | 7. | Lecturer: | Lead Lecturer:Ms. Norhayati Bt Md Isa (norhayatim@utar.edu.my)Co-lecturer:Ms. Lim Yong Hooi (limyh@utar.edu.my) | 8. | Tutors: | FBF/FICT/FSCMs. Lim Yong Hooi (limyh@utar.edu.my) Ms. Cheah Ching Mun (cheahcm@utar.edu.my)Ms. Seow Ai Na (seowan@utar.edu.my)Ms. Norhayati Bt Md Isa (norhayatim@utar.edu.my) | 9. | Moderator | Ms. Lai Ka Fei | 10. | Mode of Delivery: | Lecture and Tutorial | 11. | Objective: | To enable students to understand the impact that individuals, groups/teams and structure have on behaviour within organisations for the purpose of improving...
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...r t i c l e in f o abstract Article history: Received 15 September 2010 Received in revised form 24 May 2012 Accepted 25 May 2012 Available online 7 June 2012 We investigate the effect of standard setters in standard setting. We examine how certain professional and political characteristics of FASB members and SEC commissioners predict the accounting ‘‘reliability’’ and ‘‘relevance’’ of proposed standards. Notably, we find FASB members with backgrounds in financial services are more likely to propose standards that decrease ‘‘reliability’’ and increase ‘‘relevance,’’ partly due to their tendency to propose fair-value methods. We find opposite results for FASB members affiliated with the Democratic Party, although only when excluding financialservices background as an independent variable. Jackknife procedures show that results are robust to omitting any individual standard setter. & 2012 Elsevier B.V. All rights reserved. JEL classification: D72 D78 G18 K22 L51 M41 Keywords: Accounting FASB Politics Relevance Reliability Standard setting 1. Introduction As the Financial Accounting Standards Board (FASB) closes in on four decades, the role of its standards in shaping U.S. and international corporate reporting is widely acknowledged. An empirical literature on the political economy of FASB standard setting has emerged over that period to explore the origins of accounting standards largely through an analysis of constituent comment-letter lobbying...
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...419218 zak / Research IssuesNursing Science Quarterly NSQXXX10.1177/0894318411419218Florc Research Issues Research Based on the Roy Adaptation Model: Last 25 Years Nursing Science Quarterly 24(4) 312–320 © The Author(s) 2011 Reprints and permission: sagepub.com/journalsPermissions.nav DOI: 10.1177/0894318411419218 http://nsq.sagepub.com Callista Roy, PhD; RN; FAAN1 Abstract Two key events lead to the prominence of links among Roy’s grand theory, derived middle-range theories and the design of research. The author in this column describes this work in two formats. Essential details of two areas of research are presented in episodic form—the first is work on secondary analysis of Roy model-based research over 40 years and the author’s study of persons’ cognitive recovery from mild head injury.The second is a project on re-conceptualizing coping and adaptation processing in sequential detail within the context of work in the field and the significance of on-going work for nursing practice. Keywords adaptation, coping, middle-range theory, research, Roy adaptation model The story of research based on the Roy adaptation model (RAM) can be told in many ways. When asked to write about research based on the RAM in the past 25 years I considered the major events of those years and also how to organize a description of the resulting research. First, I considered that it was 20 years ago that the first group presented a synthesis and critique...
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...| |UNIVERSITI TUNKU ABDUL RAHMAN (UTAR) | | | | | |FACULTY OF BUSINESS AND FINANCE (FBF) | Unit Plan |Name of Subject |MANAGEMENT PRINCIPLES | |Code |UBMM1013/UKMM1013 | |Course of Study |FBF | | |Bachelor of Business Administration (Hons) (BA) | | |Bachelor of Commerce (Hons) Accounting (AC) | | |Bachelor of Business Administration (Hons) Banking & Finance (BF) ...
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...IFRS in the United States: If, When and How Donna L. Street s described by Erchinger (2012), for decades various United States (US) Securities and Exchange Commission (SEC) Chairs and Chief Accountants have expressed support for the development of one set of globally accepted accounting standards. Since the formation of the International Accounting Standards Board (IASB) in 2001, SEC leaders have repeatedly indicated that the logical choice for globally accepted standards is the International Financial Reporting Standards (IFRS) issued by the IASB. However, in line with other large economies, such as Japan, India and China, as of June 2012 the US had not adopted IFRS.1 This paper explores when and how, and indeed if, IFRS will become the basis for the financial reporting of domestic SEC registrants in the US. Readers are encouraged to first review Erchinger’s (2012) history of the SEC’s consideration of IFRS in the US included in this forum and especially Table 1 of this article, which provides a chronology of SEC releases regarding incorporation of IFRS into the US financial reporting model. This paper complements Erchinger’s by assessing approaches recently explored by the SEC for incorporating IFRS into the US financial reporting model. A decision can lead to correct or incorrect action. However, as articulated by many SEC constituents, uncertainty associated with repeated delays and hence ‘no decision’ by the SEC is clearly not in the best interest of investors and other financial...
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...The Best HR Department Project Lauren Secko Human Resource Management SNHU 71 Aiken Street, Unit H6 Norwalk, CT 06851 Telephone: 203.550.8114 Email: lsecko@newcanaanymca.org Instructor: Dr. Bonnie Nelsen Executive Summary The best HR departments are ones that bring out the best in the team that they are working with. This is done through asking for and being open to feedback from those that you are representing. There are many components that go into this process, and one is no more important than the next. It is all of them together that brings forth an innovative and inclusive HR department that is there to service each and every staff member that is hired. From training and development, to retention and top talent recruitment, HR departments need to understand what is important to their staff and how they can make that team feel engaged and valued. When one is able to perfect that, they can then formulate a department and company that is working towards a common mission and goal. I hope to address this process through my paper that follows. The Best HR Department The best HR departments are ones that are able to attract and help to retain top talent. These departments help their employees feel valued as more than just a number or a tool to make their company better. Instead they make sure that employees know that who they are outside of work and what experiences they bring to the table every day, are valued and received. HR should be a place...
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...Accountancy Jump to: navigation, search Accountancy (profession)[1] or accounting (methodology) is the measurement, statement or provision of assurance about financial information primarily used by managers, investors, tax authorities and other decision makers to make resource allocation decisions within companies, organizations, and public agencies. The terms derive from the use of financial accounts. Accounting is the discipline of measuring, communicating and interpreting financial activity. Accounting is also widely referred to as the "language of business".[2] Financial accounting is one branch of accounting and historically has involved processes by which financial information about a business is recorded, classified, summarised, interpreted, and communicated; for public companies, this information is generally publicly-accessible. By contrast management accounting information is used within an organisation and is usually confidential and accessible only to a small group, mostly decision-makers. Tax Accounting is the accounting needed to comply with jurisdictional tax regulations. Practitioners of accountancy are known as accountants. There are many professional bodies for accountants throughout the world. Many allow their members to use titles indicating their membership or qualification level. Examples are Chartered Certified Accountant (ACCA or FCCA), Chartered Accountant (FCA, CA or ACA), Management Accountant (ACMA, FCMA or AICWA), Certified Public Accountant...
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...SECURITIES AND EXCHANGE COMMISSION 17 CFR Parts 210, 229, 230, 240, 244 and 249 [RELEASE NOS. 33-8982; 34-58960; File No. S7-27-08] RIN 3235-AJ93 ROADMAP FOR THE POTENTIAL USE OF FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS BY U.S. ISSUERS AGENCY: Securities and Exchange Commission. ACTION: Proposed rule. SUMMARY: The Securities and Exchange Commission (“Commission”) is proposing a Roadmap for the potential use of financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board by U.S. issuers for purposes of their filings with the Commission. This Roadmap sets forth several milestones that, if achieved, could lead to the required use of IFRS by U.S. issuers in 2014 if the Commission believes it to be in the public interest and for the protection of investors. This Roadmap also includes discussion of various areas of consideration for market participants related to the eventual use of IFRS in the United States. As part of the Roadmap, the Commission is proposing amendments to various regulations, rules and forms that would permit early use of IFRS by a limited number of U.S. issuers where this would enhance the comparability of financial information to investors. Only an issuer whose industry uses IFRS as the basis of financial reporting more than any other set of standards would be eligible to elect to use...
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...Running Head: GLOBAL FINANCIAL REPORTING: Global Financial Reporting: Why Move Toward Global Financial Reporting Connie Cerruto Student ID 3247960261 Accounting Capstone: Senior Seminar in Accounting ACC 499 005016 Winter Semester 2008 Submitted to Professor Tee Thein March 16, 2008 Dedication and Acknowledgement I would like to take this time to thank my husband, George, for all his support over this last ten weeks. For graciously doing the laundry, vacuuming, dusting, grocery shopping, meal preparing, and dishes so I had time complete the needed research for my paper. I appreciate the sacrifices you made to support me in my efforts of obtaining a Bachelors Degree in Accounting. Table of Contents Page Abstract 5 Chapter 1: Introduction 6 1.1 Background 6 1.2 Problem 7 1.3 Purpose 7 1.4 Scope 8 Chapter 2: Review of Literature 9 Chapter 3: Methodologies 12 3.1 Perspective 12 3.2 Research Procedure 12 Chapter 4: Development of Accounting Principles 17 4.1 History of Accounting Differences 17 4.1.1 Ancient Recordkeeping 17 4.1.2 Double-Entry Accounting 19 ...
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...SECURITIES AND EXCHANGE COMMISSION 17 CFR Parts 210, 229, 230, 240, 244 and 249 [RELEASE NOS. 33-8982; 34-58960; File No. S7-27-08] RIN 3235-AJ93 ROADMAP FOR THE POTENTIAL USE OF FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS BY U.S. ISSUERS AGENCY: ACTION: Securities and Exchange Commission. Proposed rule. SUMMARY: The Securities and Exchange Commission (“Commission”) is proposing a Roadmap for the potential use of financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board by U.S. issuers for purposes of their filings with the Commission. This Roadmap sets forth several milestones that, if achieved, could lead to the required use of IFRS by U.S. issuers in 2014 if the Commission believes it to be in the public interest and for the protection of investors. This Roadmap also includes discussion of various areas of consideration for market participants related to the eventual use of IFRS in the United States. As part of the Roadmap, the Commission is proposing amendments to various regulations, rules and forms that would permit early use of IFRS by a limited number of U.S. issuers where this would enhance the comparability of financial information to investors. Only an issuer whose industry uses IFRS as the basis of financial reporting more than any other set of standards would be eligible to elect to use IFRS, beginning with filings...
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...The media’s watching Vault! Here’s a sampling of our coverage. “For those hoping to climb the ladder of success, [Vault’s] insights are priceless.” – Money magazine “The best place on the web to prepare for a job search.” – Fortune “[Vault guides] make for excellent starting points for job hunters and should be purchased by academic libraries for their career sections [and] university career centers.” – Library Journal “The granddaddy of worker sites.” – US News and World Report “A killer app.” – New York Times One of Forbes’ 33 “Favorite Sites” – Forbes “To get the unvarnished scoop, check out Vault.” – Smart Money Magazine “Vault has a wealth of information about major employers and jobsearching strategies as well as comments from workers about their experiences at specific companies.” – The Washington Post “A key reference for those who want to know what it takes to get hired by a law firm and what to expect once they get there.” – New York Law Journal “Vault [provides] the skinny on working conditions at all kinds of companies from current and former employees.” – USA Today HEDG FUND CARE VAULT CAREER GUIDE TO HEDGE FUNDS © 2007 Vault, Inc. HEDG FUND VAULT CAREER GUIDE TO HEDGE FUNDS ADITI A. DAVARE, HOLLY GOODRICH, MICHAEL MARTINEZ AND THE STAFF OF VAULT © 2007 Vault, Inc. Copyright © 2007 by Vault Inc. All rights reserved. All information in this book is subject to change without notice. Vault makes no claims...
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...practice. Mastery of this material will be invaluable to you in whatever field you select. Through many editions, this textbook has continued to reflect the constant changes taking place in the GAAP environment. This edition continues this tradition, which has become even more significant as the financial reporting environment is exploding with major change. Here are three areas of major importance that are now incorporated extensively into this edition of the text. A New Way of Looking at Generally Accepted Principles (GAAP) Learning GAAP used to be a daunting task, as it is comprised of many standards that vary in form, completeness, and structure. Fortunately, the profession has recently developed the Financial Accounting Standards Board Codification (often referred to as the Codification). This Codification provides in one place all the GAAP related to a given topic. This textbook is the first to incorporate this Codification—it will make learning GAAP easier and more interesting! Convergence of U.S. GAAP and International GAAP (iGAAP) As mentioned above, the most important innovation shaping our capital...
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