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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there is no market Received (in 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
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The financial accounting standards board (FASB) has developed a research tool to assist people in finding the correct guidelines and generally accepted accounting principles (GAAP) that apply to companies not ran by the government. [ (multiple, FASB Accounting Standards Codification, 2009) ] The Codification is to give up to date releases of standard-setting activity, ensure accurate codified material, and simply access of all authoritative US GAAP into one centralized location. The Codification
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Chapter 1 The Canadian Financial Reporting Environment Prepared by: Dragan Stojanovic, CA Rotman School of Management, 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
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IFRS and GAAP Convergence Janette Renea Anderson Professor David Ochwangi Intermediate Accounting 303 May 22, 2012 IFRS and GAAP Convergence Currently, more and more companies large and small are doing business world-wide and creating a growing need for international accountancy standards for everyone. The globalization of business and finance has led more than 12,000 companies in almost a hundred countries to adopt IFRS. In 2005, the European Union (EU) began requiring companies
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in equity, other than increases relating to contributions 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.
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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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1 DQ #1 What are the major objectives of financial reporting? Who are the users of financial reporting? What type of information will each user group need? Response 1 Financial reporting establishes a foundation for financial accounting and reporting. The objectives of financial reporting provide information that is useful to creditors, investors, and any other external users in making rational decisions that involve investments, and credits. Financial reporting helps present and potential investors
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Same or Different The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) are working on nearly a dozen joint projects designed to improve both U.S. Generally Accepted Accounting Principles (US GAAP) and International Financial Reporting Standards (IFRS), and ultimately make the standards fully compatible. But in the mean time, the two predominant accounting standards to this day are the U.S. GAAP (Generally Accepted Accounting Principles) and IFRS
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International Convergence of Accounting Standards Standardization is a common theme across many sectors as the world continues an ever developing push towards globalization. This globalization requires the economic integration of nations into an international economy. In order to achieve integration it was recognized that there needed to be a standardized accounting system for financial information to be exchanged and interpreted. Thus, a goal and a path were developed to obtain the International
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