process by which the accounting standards are set in Singapore. Within the jurisdiction of Singapore, the task of prescribing accounting standards comes under the purview of the Accounting Standards Council (ASC). The ASC receives its mandate from the Accounting Standards Act, which came into effect on 01 Nov 2007. It is responsible for prescribing accounting standards for companies, charities, cooperative societies and societies in line with International Financial Reporting Standards (IFRS) issued
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accepted accounting principles when reporting their company’s financial data. The administration and finances of several regulatory boards and councils such as the financial accounting standards board, the financial accounting standards advisory council, governmental accounting standards advisory council, and the governmental accounting standards board is the responsibility of Financial Accounting Foundation (FAF) (Weygandt, Kimmel, & Kieso, 2008). The Financial Accounting Standards Board (GASB)
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and I will tell you about the proposal of a new or changed standard, how it is approved and also the way in which the objective of financial reporting was changed. A new standard arises because it is realized that certain aspects of the framework need to be tightened up or made clearer, which means reporting becomes easier. A lot of the time changes are made to existing standards, rather than drafting a whole new standard. A new standard comes about via a process set out in paragraph 31 of the
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The Relevance of the Value Relevance Literature For Financial Accounting Standard Setting: Another View Mary E. Barth Graduate School of Business Stanford University William H. Beaver Graduate School of Business Stanford University Wayne R. Landsman Kenan-Flagler Business School University of North Carolina – Chapel Hill January 2001 We thank Dan Collins, Brian Rountree, participants at the 2000 Journal of Accounting & Economics conference, and the editors, S. P. Kothari, Tom Lys,
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Fair Value Accounting and Ethics Presented by: Unit 6: AC504 04.12.2011 Executive Summary Over the past 15 years fair value accounting has been building in popularity. It is now widely used by International Financial Reporting Standards (IFRS) and US GAAP. It is thought that adapting to fair value accounting will make financial statements more relevant and reliable. Currently the majority of assets are recorded under historical cost. Under historical cost the asset is recorded
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is the different degree of interference by governments in accounting. It is understood that “International Financial Reporting Standards (IFRS)” has been adopted in many countries around the world, as a minimum for the companies that are obliged for financial reporting. IFRS has been implemented in nearly one hundred and fifteen countries around the world, whilst phasing out the previous standard of rules of Generally Accepted Accounting Practice or more commonly known as GAAP. The United States
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revised form): 12th December 2010 Samuel Francis is an attorney and certified public accountant experienced in corporate, litigation, audit and tax matters focusing his practice on financial services and investment management. He holds a BS in accounting from the City University of New York, Brooklyn College and a JD from Fordham University School of Law. He is the author of the 2009 award-winning article ‘Meet Two-Face: The Dualistic Rule 10b-5 and the Quandary of Offsetting Losses by Gains’. Fordham
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University of Toronto The Canadian Financial Reporting Environment Role of Financial Reporting • Financial statements and financial reporting • Accounting and capital allocation •Stakeholders Objective of Financial Reporting •Management bias •Users’ needs Standard Setting • Need to develop standards • Parties involved in standard setting • Standard setting in a political environment GAAP • GAAP hierarchy •Professional judgement • Role of ethics Challenges Facing Financial Reporting • Globalization
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from equity participants”. The principles for recognising revenue are clarified by the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) when both of the boards have affiliated. The boards are forming a new model to improve financial reporting by providing clearer guidance on when an entity should recognise revenue, and by reducing the number of standards to which entities have to refer. History of Australia’s policy before the adoption of IFRS In
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Accounting Standards Boards Sharon Little ACC 541 Marina Layvand May 27, 2013 The FASB, Financial Accounting Standards Board was created in 1973 when the APB, Accounting Principles Board, was abolished. The FASB focuses on accounting standards in the United States. The board established the Generally Accepted Accounting Principles, or GAAP, emplyed by financial accountants in the United States. It also establishes
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