STUDY MATERIAL Integrated Professional Competence Course PAPER : 1 ACCOUNTING VOLUME – I BOARD OF STUDIES THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA This study material has been prepared by the faculty of the Board of Studies. The objective of the study material is to provide teaching material to the students to enable them to obtain knowledge and skills in the subject. Students should also supplement their study by reference to the recommended text books. In case students need
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Financial Accounting Standards Board ORIGINAL PRONOUNCEMENTS AS AMENDED Statement of Financial Accounting Standards No. 157 Fair Value Measurements Copyright © 2010 by Financial Accounting Foundation. All rights reserved. Content copyrighted by Financial Accounting Foundation may not be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of the Financial
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IAS 40 International Accounting Standard 40 Investment Property This version includes amendments resulting from IFRSs issued up to 31 December 2010. IAS 40 Investment Property was issued by the International Accounting Standards Committee in April 2000. In April 2001 the International Accounting Standards Board (IASB) resolved that all Standards and Interpretations issued under previous Constitutions continued to be applicable unless and until they were amended or withdrawn. In December 2003
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International Financial Reporting Standards, are a set of accounting guidelines and standards just like the GAAP (American Institute of Certified Public Accountants, 2012). This is the first thing that Marie Claveau needs to understand, since the firms will be expecting people who can help in the adoption of the new international accounting standards. The standards were established by the international accounting standards board to become the globally accepted standards for use in the preparation of
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environment to those.” Do you agree/disagree with Richards’ comment? Why/Why not? Discuss the ethical implications of the fraud committed at Computer Associates. In your response you should refer to Part A of the Code of Ethics of the Australian Accounting Profession discussed in Chapter 29 of the text. (25 marks) EARNINGS MANAGEMENT 2. “Numerous pieces of evidence suggested that earnings management – the managerial use of discretion to influence reported earnings – was a widespread corporate
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of earnings management concerning revenue recognition. On 14 November 2011 the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) issued for public comment a revised draft standard to improve and converge the financial reporting requirements of International Financial Reporting Standards (IFRSs) and US General Accepted Accounting Principles (GAAP) for revenue (and some related costs) from contracts with customers. The objectives
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Accounting Standards Board Paper Katherine Meyer ACC/ 541 Kenneth Burton July 30, 2012 The Accounting Standards Board and the Financial Accounting Standards Board have been critical in modernizing the accounting field. The Accounting Standards Board was created out of criticism of the field and the Financial Accounting Standards Board was created out of criticism of the Accounting Standards Board. The histories of the boards have improved the accounting profession and have made the flow
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U.S. generally accepted accounting principles (GAAP). The convergence project began with the two organizations conducting a joint meeting in Norwalk, Connecticut, on September 18, 2002. The goal for creating the convergence project was for the “development of high-quality compatible accounting standards that can be used for both domestic and cross-border financial reporting. They also promised to use their best efforts to make their existing financial reporting standards compatible as soon as practicable
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Financial Reporting policies in healthcare are a commonly used set of standards that the company compiles by use of authoritative and accepted ways to record and report accounting. Corporate compliance is designed to prevent any violations of the law by those such as, agents, employees, of a business. The ethics are equally important these are a set of morals or moral principles set by a person or agency. Fraud can be described as a breach or deceit and abuse can be described as a misuse of authority
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conceptual framework in setting accounting standards Ian Dennis Business School Oxford Brookes University Abstract The paper examines the nature and role of a conceptual framework for financial reporting. Although much has been written about such frameworks and their purported role and the FASB and IASB are currently revising and converging their frameworks there are still questions about the kind of thing it is and how it is used in setting accounting standards. Using insights from the
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