------------------------------------------------- International Accounting Standards * Print * PDF * Cite * Comparable, transparent, and reliable financial information is fundamental for the smooth functioning of capital markets. In the global arena, the need for comparable standards of financial reporting has become paramount because of the dramatic growth in the number, reach, and size of multinational corporations, foreign direct investments, cross-border purchases
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heavily on accountants to ensure the basics are covered when dealing with financial reporting. A good start is to become familiar with the going concern assumption. The exposure draft was issued on June 26, 2013 in order to discuss amendments for accounting for assets and liabilities. “Under U.S. GAAP, financial statements are prepared under the presumption that a reporting entity will be
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International Business Research Vol. 2, No. 2 Harmonization of Accounting Standards through Internationalization Nikhil Chandra Shil, ACMA (Corresponding Author) Department of Business Administration East West University 43, Mohakhali C/A, Dhaka – 1212, Bangladesh Tel: 9887989(Off.) ext 253, 01819289589 (M) E-mail: nikhilacc@yahoo.com Dr. Bhagaban Das P.G. Department of Business Management, Fakir Mohan University P. O.: Balasore, Pin.: 756019, Orissa, India E-mail: bhagaban_fm@yahoo.com Alok
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should be well versed in the two primary accounting methods: GAAP (Generally Accepted Accounting Principles) and IFRS (International Financial Reporting Standards). The Financial Accounting Standards Board set the GAAP which is primarily used in the United States and the IFRS is used in several other countries. It has been reported that the United States Security and Exchange Commission is planning to switch to IFRS in 2015 (Logue, 2011). While the two accounting methods share some similarities, there
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Abstract In the field of accounting, one important aspect of any business is their internal controls. Internal controls are defined as “a means by which an organization’s resources are directed, monitored, and measured” (http://en.wikipedia.org/wiki/Internal_control). Here in the United States, the Financial Accounting Standards Board (FASB) is responsible for setting the generally accepted accounting principles (GAAP) that must be adhered to by all companies
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TITLE: ROLE OF COST AND MANAGEMENT ACCOUNTANTS IN IFRS REGIME Personal Details |NAME |CMA. ARINDAM BANERJEE | |QUALIFICATION |MCOM AICWA | |RANK |Faculty Member, United Institute of Management, Allahabad | |Email
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Edition (east Coast). The New York Times writer and author Mr. Floyd Norris discussed a rarely-used international accounting standard or practice, known as the "true and fair" provision. During this article Norris is current, direct and authoritative, noting the reaction of other companies to Societe Generale's use of this type of a provision. The International Accounting Standards Board (IASB) writes these rules and standards, but there is not an international organization with the power to enforce
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their strategy review for the next decade. It is stated in that consultative document that the IFRS Foundation and IASB should encourage the maintenance of a network of national and other accounting standard-setting bodies as an integral part of the global standard-setting process. National and other accounting standard-setting bodies should continue to undertake research, provide guidance on the IASB’s priorities, encourage stakeholder input from their own jurisdiction into the IASB’s due process
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revised form): 12th December 2010 Samuel Francis is an attorney and certified public accountant experienced in corporate, litigation, audit and tax matters focusing his practice on financial services and investment management. He holds a BS in accounting from the City University of New York, Brooklyn College and a JD from Fordham University School of Law. He is the author of the 2009 award-winning article ‘Meet Two-Face: The Dualistic Rule 10b-5 and the Quandary of Offsetting Losses by Gains’. Fordham
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Response to Client Request II ACT/541 March17, 2014 Response to Client Request II To: Client From: Consulting Group Subject: Financial Implications of Pending Litigation Financial Repercussions The Generally Accepted Accounting Principles (GAAP) created financial reporting that will have some consequences from the client’s impending litigation. The first impact is with the obligation for contingencies in the financial statements to explain the probable account for the conclusion of
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