globalization, it is necessary for Islamic bank to adopt a single set of international accounting standard particularly for Islamic banks alone worldwide. In addition to this, it is sadly to say the fact that AAOIFI has no power to enforce its standards due to IFRS and IAS has been globally accepted worldwide by most of the countries. It is argued that Islamic banks should have their own accounting standards as not all accounting treatment could be referred to IFRS as for example Islamic banks do not include
Words: 337 - Pages: 2
Running Head: WORLDCOM AND ETHICS IN ACCOUNTING 1 WorldCom and Ethics in Accounting Brian Bartram Professor Hogan Strayer University Accounting 557 11/05/2012 WORLDCOM AND ETHICS IN ACCOUNTING 2 There have been many corporate and ethical breeches over the years in financial record keeping but it is believed that the current business and regulatory environment is conducive
Words: 2739 - Pages: 11
RESEARCH: Accounting Standard Codification (ASC) 1. FASB had four primary goals in developing the codification. List these four goals: 1. Simplify user access to all authoritative U.S. GAAP by putting them all in one place with codification 2. Assist FASB with the research and international convergence efforts required during the standard-setting process 3. Become the authoritative source of literature for the completed extensible business reporting language (XBRL) taxonomy 4. Clarify that
Words: 695 - Pages: 3
financial department, a company needs to know if it is making a profit. Modern accounting is believed to have begun around 1494 A.D. Book keeping entered into the Unites States in late 19th century. The first accounting exam was held by and organization in 1896. Today, accounting is used throughout the world and business to communicate, buy, sell and barter with each other very frequently and therefore, International accounting principles have been developed for the entire globe (Csebfalvi, 2012). In
Words: 1160 - Pages: 5
main target of reducing contamination level. Based on the International Financial Reporting Standards, also known as IFRS, Hemo Tech is interested to find out what accounting standards the company needs to use in order to offer more accurate information regarding the deliverables. In the same time FASB (The Financial Accounting Standard Board) was adopted by Hemo Tech, n order to determine which of the products deliverables are or not. One thing to be mentioned is the fact that this new technology that
Words: 688 - Pages: 3
idea of globalized change. The convergence of accounting standards is changing the attitudes of CPAs and CFOs as far as internal accounting is concerned and how the quality of the International Accounting Standards will affect it and the efforts made toward converging IFRS and the GAAP standards. Create an argument for or against the IFRS and GAAP convergence process versus a pure adoption of IFRS in the context of impact to the public accounting profession. With Business and finance globalization
Words: 1559 - Pages: 7
Effectively Communicating with Clients By J. David Strother, CFP®, AIFA®, financial advisor at DSF Wealth Management, LLC Of all the elements a CPA or financial advisor needs to consider in order to operate a successful wealth management practice, an effective client communication strategy ranks at the top of the list. Regular communication is critical to the long-term success of your firm, but it has to be done right. The fact is that the vast majority of advisors want to sell, but very few
Words: 2508 - Pages: 11
possibility of a loss or gain to a company that will be a result from future events failing to occur. The chances of winning the case are remote which means Camp Industries is not likely to win the law suit. According to the standards of financial accounting and reporting states “An estimated loss from a loss contingency shall be accrued by a charge to income if both of the following conditions are met: The amount of loss can be reasonably estimated and it is implicit in this condition that it must
Words: 817 - Pages: 4
Accounting Standards Codification Previously, the documents that detailed the rules and regulations of the Generally Accepted Accounting Principles (GAAP) varied in structure, format, and completeness. These variations led to confusion among users and it became more difficult to determine if they were using GAAP correctly. In response to this problem, the FASB developed the Accounting Standards Codification (ASC) whose main purpose is to provide users access to all of the generally accepted accounting
Words: 836 - Pages: 4
Continuing Education Exam Prep Quizzer FAQs Calculators Tweet 1 Disqus Email Print Feedback Frequently Asked Question November 18 2009 | Filed Under » Accounting, Consumer Goods, Electronics Should computer software be classified as an intangible asset or part of property, plant and equipment? In accounting terms, an intangible asset is something of value that is not of physical nature. On the other hand, property, plant and equipment (PPE) are just as the name suggests. PPE
Words: 498 - Pages: 2
