One Global GAAP: IFRS vs. US GAAP Acct 522 Current Topics in Financial Reporting Zhipeng Cao CIN: 300443421 Introduction The most influential accounting reporting criteria today is the International Financial Reporting Standards (IFRS) by and U.S Generally Accepted Accounting Principles (U.S. GAAP). These two different accounting standards have various emphases. In short, IFRS states principles and it leaves the decision-making in everyday questions for accountants, while US GAAP consists
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place at the beginning of the year. The future earnings of pooling companies tend to be higher than those of purchase companies, primarily because of additional depreciation and goodwill amortization. Because of the possibility of abuse, the APB placed tight restrictions on the use of the pooling method by requiring compliance with twelve criteria. Perhaps the most important (and difficult) of these requires that a company exchange a portion of its shares for at least 90 percent of the voting
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paid. d. it recognizes revenues when earned and expenses when cash is paid. 3. The body that has the power to prescribe the accounting practices and standards to be employed by publicly traded companies is the a. FASB. b. AICPA. c. SEC. d. APB. 4. What would NOT be an advantage of having all countries adopt and follow the same accounting standards? a. Consistency. b. Comparability. c. Lower financial statement preparation costs for multinational entities. d. Lower cost of raising debt
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Contents 1. INTRODUCTION..................................................................................................................... 2 1.1 Luca Pacioli: Father Of Modern Accounting ...................................................................................... 2 1.2 19th Century – The Beginnings of Modern Accounting in Europe and America ............................... 3 1.3 20th Century – The Development of Modern Accounting Standards.........................................
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AUDITING CASE STUDY ACCT: 407-01 3/31/2010 The general definition of an audit is an evaluation of a person, organization, system, process, enterprise, project or product. Audits are performed to ascertain the validity[->0] and reliability[->1] of information; also to provide an assessment of a system's internal control[->2]. The goal of an audit is to express an opinion on the person / organization/system (etc) in question, under evaluation based on work done on a test basis. Due
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standards by the Accounting Principles Board? a. The independence of the members of the APB. The individuals serving on the board had full-time responsibilities elsewhere that might influence their views of certain issues. b. The structure of the board. The largest eight public accounting firms (at that time) were automatically awarded one member, and there were usually five or six other public accountants on the APB. c. Harmonization. The accounting standards developed were dissimilar to those developed
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Form 10-K 1 of 56 http://www.sec.gov/Archives/edgar/data/1046501/000104596903000752... 10-K 1 d10k.htm FORM 10-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) x Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Fiscal Year Ended December 29, 2002 or ¨ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Transition Period From to . Commission file
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Accounting standards Boards paper” Con la caída de empresas como Enron, Tyco, Worldcom, y la falta de honradez probada y la desaparición de la mayor firma de contabilidad Andersen Authur (AA), el país y el mundo se hicieron dolorosamente conscientes de los cambios necesarios en los sistemas contables de los Estados Unidos. La Ley “Sarbanes-Oxley” (SOX), aprobada en 2002 ha implementado el cambio tan necesario en la industria. Con la economía mundial en crecimiento, la producción y el comercio en
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Chapter 1 Accounting principle board 9, accounting research bulletin 9, accounting standards update 12, accrual basis accounting 6, aicpa 9, apb opinions 9, auditing standard board 10, committee on accounting procedure 9, decision usefulness 6, emerging issues task force 12, entity perspective 6, expectation gap 18, fasb staff position 13, financial accounting 4, financial accounting standards board 10, codifications 14, crs 14, financial reporting 4, financial statements 4 Chapter 2 Assumption
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Accounting for Software Development Costs Applying SOP 98–1 Paul Flanagan Principal Consultant 1552 Lakeport Court, Virginia Beach, VA 23464 Tel: 757-373-1454 / Fax: 810-885-5312 / pflanagan@christophertechnology.com www.christophertechnology.com Disclaimer The author of this report is neither a Certified Public Accountant nor an Attorney. This report should not be construed as providing either financial accounting advice or legal advice. This report represents the views of a senior
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