The major accounting regulatory bodies would include the Securities and Exchange Commission, American Institute of Certified Public, Financial Accounting Standards Board, and Government Accounting Board. Each regulatory body contributes to the ethical over watch of companies by keeping them transparent, follow GAAP, and other ethical practices that should be used by accountants and their companies. The Securities and Exchange Commission regulates companies in how they report their financial statements
Words: 271 - Pages: 2
is to evaluate, recognize and discuss the adoptions, progress and achievements of the EU efforts in harmonizing their accounting framework within their region and with other nations worldwide. 1. Introduction The Fourth and Seventh Law Directives provide a basis for the preparation of the accounts of companies in the EU. The Directives however do not provide a universal standard which was required for the users in the 1990s mainly in the US, when major European companies were seeking globalization
Words: 397 - Pages: 2
explain why a subsidiary would be set up as a corporation. When looking into deferred taxes, it is imperative to look into what the Financial Accounting Standards Board (FASB) has to say about the subject. " deferred tax liability is recognized for temporary differences that will result in net taxable amounts in future years." ("Financial Accounting Standards Board," n.d.). More simply stated deferred tax is a tax that is paid at a later period (ex. income tax, capital gains tax) which when the taxable
Words: 1198 - Pages: 5
Answer to the question no. 1 Conceptual Framework: Conceptual framework is the sole part of financial accounting and financial reporting. It is “a coherent system of interrelated objectives and fundamentals that can lead to consistent rules and that prescribes the nature, function, and limits of financial accounting and financial statements.” It is a kind of constitution. Roles: * Conceptual framework is to be useful and rule-making should build on and relate to an established body
Words: 1834 - Pages: 8
The IFRS is a better accounting standard system than GAAP because it is used internationally as the primary standard accounting system and it has more enhancing qualities First the IFRS is use internationally as the primary standard accounting system for at least 151 countries (European Union) consisting of two organizations overseeing practices (IFRS and IASB). The IFRS were created plans as a common worldwide language for business affairs. So companies accounts were able to be understandable
Words: 562 - Pages: 3
According to Hicks (n.d.), “An accounting department plays an enormous role within the medical office. As the backbone of the organization, the accounting department allows the organization to operate at its fullest potential. Without an accounting department, it would be impossible for any type of organization to operate in a cost effective manner” (The Role of Accounting in the Medical Office). Reporting Practices and Ethics Financial reporting and ethical standards in health care allow organizations
Words: 1212 - Pages: 5
These values , which are computed using publicly available financial statements. We The team will also discuss differences in industries, IASB and FASB measurement conventions, and determinante differences in the cash basis versus the accrual basis accounting that affect presentations. Financial Information Coca Cola, INC. According to the Yahoo Finance website (2011), The Coca-Cola Company is a manufacturing company that distributes and markets soft drinks and syrups worldwide. The company primarily
Words: 2286 - Pages: 10
differences in the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) and last the differences in industries and how they affect the presentation. Differences in the IASB and the FASB Domestic and foreign corporations have two different accounting standards to follow when preparing their financial statements. The FASB creates the standards for domestic companies and the IASB creates the standards for international organizations
Words: 1218 - Pages: 5
Abstract Accounting standard boards exist both in the United States and other countries. Our economies move to a more globalized environment a global standard or accounting methods and guidelines has become necessary. Over the past decades with the help of the Internet we have seen our economy grow from a national one to a global one. With this comes new challenges and opportunities. Companies can have potential investors in other countries as well at home. For foreign investors to look
Words: 1121 - Pages: 5
Be Global Accounting Standards Adopted Within the Next 5 Years? The SEC recently issued for comment a proposed roadmap for initially allowing and eventually requiring U.S. issuers to report financial results in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") rather than generally accepted accounting principles in the United States ("U.S. GAAP"). IFRS is a set of principles-based accounting standards published
Words: 445 - Pages: 2
