Exchange Commission’s debate over whether to accept the International Financial Reporting Standards as an alternative to the United States’ Generally Accepted Accounting Principles remains undecided. In February 2010, the SEC generated an IFRS Work Plan in order to promote the development of a single set of high-quality, globally accepted accounting standards. The Work Plan consists of six key areas. The first of these focus on the ability of IFRS to be comprehended, to be consistent, and to be enforced;
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Assumptions of accounting provide a foundation for the accounting process. There are two main assumptions the monetary unit assumption and the economic entity. The monetary unit assumption requires that companies include in the accounting records only the transactions data that can be expressed in terms of money. This type of assumption allows accounting to see a quantity or measure of economic events. This is vital for the company to apply the cost principle. This type of assumption also prevents
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Accounting Standards Boards Paper In 2002, a formal agreement took place to work toward the merging and standardization of international financial reporting rules. The two entities are described in further detail in the following paper along with the progress of the project. This paper also details how the completion of the MSA program prepares students for a professional life within the accounting vocation. The globalization of the business environment over the last decade has brought about the
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COSTING CONVERGENCE UNDER GENERALLY ACCEPTED ACCOUNTING PRINCIPLES AND INTERNATIONAL FINANCIAL REPORTING STANDARDS Casey Reineking Department of Accounting Murray State University Murray, KY 42071-3314 E-mail: casey.reineking@hotmail.com Don H. Chamberlain Department of Accounting Murray State University Murray, KY 42071-3314 Holly R. Rudolph Department of Accounting Murray State University Murray, KY 42071-3314 L. Murphy Smith* Department of Accounting Murray State University 351 Business Building
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State Board of Accountancy has specific education requirements that are current after July 2000. In order to be eligible to take the CPA exam, a person must have a Bachelor’s degree or higher and must have completed at least 150 semester credits of college education (Board of Accountancy Washington State). Within these 150 semester credits, 24 credits must be in accounting subjects with 15 credits at the upper or graduate level and 24 credits must be in business administration subjects (Board of Accountancy
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ACCT 340 Exam #2-Fall 2013 Take Home Discussion Question (10 points) Due on Tuesday, November 12, 2013 at the beginning of class Instructions: Read the “Refer-a-Friend Program” Case. You have just been hired by Runway Discount as the assistant controller and one of your first tasks assigned to you by the controller is to evaluate the company’s accounting treatment of the “Refer-a-Friend Program” described in the case. The controller expects you to research the case and have your written
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Basic Accounting Concepts and Business Structures Basic Accounting Concepts and Business Structures The accounting environment is constantly changing to improve so decision-making in the business world will thrive. To be successful in a business, understanding the fundamental concepts are essential to make informed decisions. The federal government formed the SEC to standardize financial information and to keep the financial environment regulated
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An Introduction to Accounting The biggest part of a business is the role of financial accounting. It has individuals, businesses and nonprofit organizations when recording the financial transactions, preparing reports that reflects performance and current financial positions, and when making important decisions about users. There are different types of business structures, such as proprietorship and partnership. a proprietor is the sole owner and a partnership is having multiple owners. Proprietors
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Explaining Basic Accounting Concepts and Business University of Phoenix Introduction Accounting has become an indispensible part of today’s economy. It is being used to keep a track of company’s profit or loss, assets, liabilities and owner’s equity. Financial accounting, on the other hand, is to prepare financial reports to external parties such as: investors, creditors, and governmental agencies. However, prior to reporting any information to external users, financial accounting must be completed
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Basic Accounting Concepts and Business Structures ACC/537 August 13, 2012 Sources of GAAP and Source Hierarchy According to our textbook Financial Accounting, “General Accepted accounting principles (GAAP) have substantial authoritative support. The American Institute of Certified Public Accountants (AICPA’s) code of professional conduct requires that members prepare financial statements in accordance with GAAP. Specifically rule 203 of this code prohibits a member from expressing an unqualified
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