Accounting Horizons Vol. 26, No. 1 2012 pp. 125–133 American Accounting Association DOI: 10.2308/acch-50087 COMMENTARY Some Conceptual Tensions in Financial Reporting American Accounting Association’s Financial Accounting Standards Committee (FASC) Yuri Biondi, Jonathan Glover, Karim Jamal (Chair and principal co-author), James A. Ohlson, Stephen H. Penman, Shyam Sunder (invited principal co-author), and Eiko Tsujiyama SYNOPSIS: We examine four key conceptual tensions that are at the heart
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When dealing with the accounting world, one needs to take a look at not only GAAP (Generally Accepted Accounting Principles) but also needs to learn the IFRS (International Financial Reporting Standards). There are a number of differences between these two systems. For the purposes of this report, we will cover the difference associated with fair value measurements, depreciation, plant assets, contingent liabilities and the differences and similarities associated with accounting for liabilities.
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field of accounting today. Accountants will need to adapt to the challenging task of working with both GAAP (Generally Accepted Accounting Principles) and IFRS (International Financial Reporting Standards) reporting methods in order to conduct everyday business. The following paragraphs will discuss reporting, GAAP and IFRS standards of reporting Some advocate the idea that companies should voluntarily disclose financial information they deem important instead of using standardized financial reporting
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Convergence Project Financial Accounting Standards Board and International Accounting Standards Board By: Lydia Ferdin Our world is changing and sometimes in business, there are times when we must change our policies, standards, and guidelines as well to keep up with the natural changes in our environment. This leads to the idea of convergence as it relates to accounting. One of the world’s greatest naturalist and Greek professor Heraclitus (535 BC - 475 BC), once coined the theory and phrase
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Convergence or Adoption: From U.S. GAAP to IASB Deanna E. West American Public University Accounting 600 Professor: Dr. Kuhn Abstract This paper discusses how the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) signed the Norwalk Agreement in 2002, and agreed to work together towards the development of high-quality, compatible accounting standards that could be used globally. The creation of short-term and long-term convergence plans in
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comparisons between the International Financial Reporting Standards (IFRS); which is designed to be a common global language for business affairs and the Generally Accepted Accounting Principle (GAAP); which refer to the standard framework of guidelines for financial accounting. There are certain ways that the format of a statement of financial position under the IFRS often differ from the balance sheet presented under the GAAP. At a minimum the statement of financial position shall include items that
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Accounting Standards Boards Paper Accounting Standards Boards Paper This paper will discuss the relationship of the two accounting boards, International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB). Both groups are working on a venture known as the convergent project. The convergent project is an attempt by the IASB and FASB to eliminate differences between the International Financial Reporting Standards and the US GAAP. This paper will also
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accountants responsibilities to the client include to act with integrity, objectively, due care, competence, fully disclose any conflict of interest, maintain client confidentiality, disclose fees to client, and serve the public interest when providing financial services, (AICPA code of conduct) Accountants can also have fiduciary duties to a client if the accountant gives advice to a client involving taxes, assessing management or business consulting. Fiduciary is a legal duty to act solely in the best
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LP1 Assignment: Accounting System Structure End of Chapter - Question #1 A.) An accounting information system is a computer-based method for tracking accounting activity storage by collecting the data, processing it, and reporting the information back to use internally and externally within a company. B.) The FASB conceptual framework is a guide for the accounting principles that I follow on a daily basis in every class I am taking. The FASB works as more of a building block for the AIS.
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Indian Accounting Standards: Scope, Procedure and Compliance by Puneet Accounting Advertisements: Formation of the Accounting Standards Board: The Institute of Chartered Accountants of India, recognizing the need to harmonies the diverse accounting policies and practices at present in use in India, constituted an Accounting Standards Board (ASB) on 21st April, 1977. Scope and Functions of Accounting Standards Board: The main function of ASB is to formulate accounting standards so that such
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