significant asset for numerous companies, especially those which are operating in high technology industries. According to the growing importance of intangibles there has also been a significant change in standards associated with accounting for goodwill. In 2004 International Accounting Standard Board (IASB) issued
Words: 6504 - Pages: 27
Theoretical Structure of Financial Accounting AACSB assurance of learning standards in accounting and business education require documentation of outcomes assessment. Although schools, departments, and faculty may approach assessment and its documentation differently, one approach is to provide specific questions on exams that become the basis for assessment. To aid faculty in this endeavor, we have labeled each question, exercise and problem in Intermediate Accounting, 7e with the following AACSB
Words: 7572 - Pages: 31
Accounting Standards Harmonization and Financial Statement Comparability: Evidence from Transnational Information Transfer Clare Wang The Wharton School University of Pennsylvania wclare@wharton.upenn.edu Current Version: January 2011 Abstract This study investigates whether harmonization of accounting standards enhances the comparability of Önancial information across countries. First, I statistically deÖne and link comparability to Örm value in a two-Örm, sequential information release framework
Words: 19979 - Pages: 80
investment opportunities. This, in turn, made the need of financial information essential in international capital market. Relevant and reliable financial information aids in making economic decisions relating to the reporting entity. Also enables its users to measure and quantify the economic and financial aspects of an enterprise. Kothari and Barone (2006:23) believe that 'accounting is becoming increasingly globalized'. However, ‘current accounting practice does not meet the information needs of capital
Words: 2766 - Pages: 12
and useful financial reporting system. For this purpose, the Financial Accounting Standards Board (FASB) created the Accounting Standards Codification that was launched on July 1, 2009, for interim and financial reporting after September 15, 2009. The Financial Accounting Standards Board (FASB) codification system or Accounting Standards Codification (ASC) is a system that compiles all general accepted accounting principles (GAAP) to be used in the United States for public financial reporting.
Words: 502 - Pages: 3
Accounting Standards Boards Name ACC/541 Date Instructor Name Accounting Standards Boards The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) first converged in 2002 following the Norwalk Agreement (Whittington, 2007). The convergence was inspired by the need of the boards to produce a solid infrastructure by uniting the two frameworks represented by each board in a bid to harmonize accounting practices worldwide (Whittington
Words: 1166 - Pages: 5
up to date for the released results of standard-setting activity. c. What authoritative literature does the codification supersede? The codification in Statement No. 168 supersedes Statement No. 162 - The Hierarchy of Generally Accepted Accounting Principles. d. How is the codification structured? Include as discussion of the topic, subtopics, sections and subsections in your answer. The Codification is organized into Areas, Topics, Subtopics, and Sections. Each Area, Topic, and
Words: 1128 - Pages: 5
drawing conclusions and communicating your results. 2. Accounting, auditing, or tax research involve a systematic and logical investigation of an issue or problem using the accountant’s professional judgment. Furthermore, accountants approach this problem using critical-thinking skills to obtain and document evidence underlying a conclusion relating to an issue or problem currently confronting the accountant or auditor. 3. Accounting, auditing, or tax research are necessary in order to determine
Words: 6804 - Pages: 28
Introduction to Accounting and Financial Reporting for Governmental and Not-for-Profit Entities True / False Questions 1. Special purpose governments generally provide a wider range of services to their residents than do general purpose governments. True False 2. Examples of general purpose governments include cities, towns, and public schools that receive tax revenue to finance the services they provide. True False 3. The Governmental Accounting Standards Board
Words: 6249 - Pages: 25
2010. Buck and his auditor and management would like to know how to book presentation of cash flows through the use of a revolving line of credit is whether to report the amounts borrowed and repaid on a net basis or on a gross basis. FASB’s Accounting Standards Codification 230-10-45-7 states “information about the gross amounts of cash receipts and cash payments during a period is more relevant than information about the net amounts of cash receipts and payments.” (FASB, ASC 230-10-45-7).
Words: 1560 - Pages: 7
