Project The Financial Accounting Standard Board (FASB) is located in the United States and was formed in 1973 as a private sector to establish guidelines for financial accounting. These standards command the arrangement of financial reports by nongovernment bodies. The Financial Accounting Standard Board has only 5 members. The FASB standards are known by The American Institute of Certified Public Accountants and the Securities and Exchange Commission. The Financial Accounting Standard Board
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Non-Adoption of IFRS The United States (US) should not adopt the International Financial Reporting Standards (IFRS) as a replacement for the Generally Accepted Accounting Principles (GAAP) we currently follow. The basic concept of the IFRS is to provide the reporting standards for global financial organizations and the framework on how to disclose their financial statements in a general format, similar to a template from a software program. The argument has been made about the need for a
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Vincent Mokwenye ACCA 545- Financial Reporting Monday December 18, 2012 Memorandum- CPA Report MEMORANDUM Date: December10, 2012 To: Libby Grimes Re: CPA Report This memo is in response to the request for information from the CPA firm examining our subsidiary. The memo addresses information regarding the methodology used to determine deferred taxes, the various procedures used for reporting accounting changes and error corrections, and the rationale for establishing the subsidiary as
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client under audit. B. 3) involves the objective examination of and reporting on management prepared statements. C. 1) maintains public confidence in the profession. 4-19 A. 1) a fee based on whether the CPA’s report on the client’s financial statements results in the approval of a bank loan B. 3) Disclosing confidential information to another accountant interested in purchasing the CPA’s practice. C. 3) prohibited under the AICPA rules of conduct. 4-20 A) Yes B) No C) No D)
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Accounting Standards Boards ACC/541 Accounting Standards Boards Whether it be international or here at home in America is it of the upmost importance to have an agreed upon set of standards in which people agree upon. Accounting is no different in dealing with people who need to have a set of standards in order to make sure everything is uniform. The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) are two sets of standards boards that have
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Current Liabilities and Contingencies The International Accounting Standards board (IASB) issues the International Financial reporting standards (IFRS) to over one hundred ten countries. The United States is excluded from this group but primarily follows the standards of Financial Accounting Standards Board (FASB) and General Accepted Accounting Principles (GAAP). While both accounting standards have some differences, 2016 will be the year the U.S. will make the switch and unite with the IFRS
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School Assignment ACCT XXX – Accounting I & II Abstract I believe to make this career field more attractive I would provide in this presentation the various types of businesses, non-profit organizations, and government entities both nationally and internationally. In the private sector, accounting profession include such fields as bookkeeping, payroll clerks, general accountants, budget analyst, internal auditor, and controller. In the public sector, accounting profession is found in the
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1. Accounting - an information and measurement system that identifies, records, and communicates relevant, reliable, and comparable information about organizations business activities. 2. Recordkeeping/Bookkeeping - the recording of transactions and events, either manually or electronically. 3. External users - are not directly involved in running the organization. Including shareholders, directors, customers, suppliers, regulators, lawyers, brokers, press, and lenders. 4. Financial
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and FASB Convergence With the growth of international business there is a need to standardize financial statements globally. Presently there are “approximately 120 foreign private issuers currently that report to the Commission using IFRS financial statements.” By standardizing accounting practices investors will be able to make informed decisions based on comparability and accuracy of financial statements. The SEC released this statement in 2008, “We believe that IFRS has the potential to
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3. Islam and nature: insights for development of environmental accounting They have discussed on the centrality of the principle of Trusteeship (khilafah) to an Islamic environmental ethics that would implicate accounting. In Islam, the principle Trusteeship is mostly explain on the role of accountant or Muhtasib in Islam. Muhtasib are responsible to ensure that business is not harmful or cause any negative impact to the community. Besides, the Tawheed principle stressed on the concern to monitor
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