Accounting 381 Project 2: Three Little Pigs Case Study (15 points) Due: Thursday, March 11 (at beginning of class). Also, please be prepared to discuss the case and your group’s solution in class on this date. Groups: Please work in groups of 3-5 students (submit 1 discussion per group). You may select your own groups. Please contact me if you are having difficulty finding a group. Required: First, prepare a discussion outlining the alternatives for determining whether inventory
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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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Accounting regulation The Learning Objectives for this lecture: Regulatory framework Role of a conceptual framework Current state of play of conceptual framework for international standards Different approaches to accounting regulation •Free-market approach EMH Agency theory •Regulatory approach market mechanisms will not be able to achieve a socially optimal equilibrium price for accounting information Theory of efficient markets • The forces of supply and demand influence market
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The road to international reporting The Convergence of GAAP and IFRS | Leroy Meadows Advanced Accounting | The road to international reporting The Convergence of GAAP and IFRS | Leroy Meadows Advanced Accounting | The Road to International Reporting The convergence of a rules-based approach and a principles-based approach in relation to accounting and the dissemination of financial information is not something to be taken lightly. With the need for convergence increasing due to globalization
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Basic Accounting Concepts and Business Structures Topic 1 Four organizations are involved in the production of accounting standard: Securities and Exchange Commission (SEC), American Institute of Certified Public Accountants (AICPA), Financial Accounting Standards Board (FASB), and Government Accounting Standards Board (GASB). SEC The SEC is a federal organization that helps develop standards for financial information presented to stockholders. SEC requirements are based on FASB and AICPA standard
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arguments Robert Bushman, Wayne R. Landsman Accounting and Business ResearchVol. 40, Iss. 3, 2010 Introduction There were a series of scandals in the UK in the 90’s which resulted in the collapse of Barings Bank, due to this the Financial Services Authority changed the structure of financial regulation that consolidated regulation responsibilities. The aftermath of the financial crisis of 2007 to 2009 has drawn the financial accounting standard setting into the orbit of political processes
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Country Differences in Accounting Standard Ashford University BUS 616: International Business October 21st, 2013 Country Differences in Accounting Standard International Accounting Standard Board (IASB) is the standard agreed upon by the European Union for the financial reporting of all publicly traded companies on the European stock exchange (Hill, 2011). The United States currently uses the Generally Accepted Accounting Principles (GAAP)
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on the accounting standards set forth throughout the world in the global economy. The United States follows the Financial Accounting Standards Board (FASB) which has created a large number of accounting standards that are interpreted and accepted by international companies and by the International Accounting Board (IASB). The IASB plays a similar role like the FASB for the rest of the global economy. The IASB is located in London, England and is an independent, privately funded accounting standard-setter
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Case 06-4: Fast Car, Inc. In June 2008, the FASB issued FASB Statement 167, Amendments to FASB Interpretation No. 46(R) (Statement 167), which is effective as of the beginning of each reporting entity’s first annual reporting period that begins after November 15, 2009. Statement 167 amends Interpretation 46(R) to require an enterprise to perform a qualitative analysis (eliminates quantitative analysis) to determine whether the enterprise’s variable interest or interests give it a controlling financial
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IFRS vs GAAP: Concerns about LIFO General accepted accounting principles (GAAP) allows the use of LIFO (Last-in First-out) under ASC 330-10-30-9 to determine inventory costs. However, IFRS (International Financial Reporting Standards) does not allow the use. Many companies choose to use the LIFO method because it allows the higher value inventory to be included into the cost of sales. This results in a smaller profit margin that further results in less tax. IFRS doesn’t allow the use of LIFO for
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