.................................................................................... 6 International standards and the IASB ............................................................................................................ 6 Financial accounting and reporting in the United States ................................................................................ 6 IFRS and U.S. GAAP comparison ................................................................................................
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Z. and Wang, Y., 2002. Evidence from China on whether harmonised accounting standards harmonise accounting practices. Accounting Horizons, 16(3), pp.183-197. Colasse, Bernard, and Noal Mellott. "The international standardization of accounting: the resistible rise of the IASC/IASB." In Annales des Mines-Gérer et comprendre, no. 2, pp. 15-24. ESKA, 2010. European Commission. 1995. Communication from the Commission, Accounting Harmonisation: A New Strategy Vis-à-vis International Harmonisation
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Lucy Spheroid is the partner on the engagement of Juggyfroot, a global manufacturer of pots and pans. Ricardo Rikey is the managing partner of the office. Fred and Ethel are the two members of the firm that make final judgments on difficult accounting issues especially when there is a difference of opinion with the client. All four are CPAs. Ricardo Rikey is preparing for a meeting with Norman Baitz, the CEO of Juggyfroot. Rikey knows that the company expects to borrow $5,000,000 next quarter
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changes to them. Provide the liquidation value of a company. Provide information that is useful in assessing cash flow prospects. 2. (TCO A) The Financial Accounting Standards Board employs a "due process" system which (Points: 5) has all CPAs in the United States vote on a new Statement. enables interested parties to express their views on issues under consideration. identifies the accounting issues that are the most important. requires
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Part 1 Background and Overview Part 2 US GAAP and IFRS Part 3 China GAAP and IFRS Part 4 Summary of Convergence Process Part 5 Pros & Cons of Convergence Part 6 The reasons for differences in accounting practice ww.ifrs.org + The International Accounting Standards Board + The International Accounting Standards Committee (IASC) Foundation + Objective – a single set of global financial reporting standards + Aim – convergence between national standards and international standards + IFRS Framework
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MEMORANDUM TO: Senior Accounting FROM: Staff Accountant DATE: June 29, 2015 SUBJECT: Shared-Based Payment Reporting and Special Purpose Entities (SPE) CC: Team members ______________________________________________________________________________ As an Accounting Firm it is very important that we follow the most recently changed or amended regulations and standards set by the Financial Accounting Standards Board (FASB). As of 2009 the Financial Accounting Standards Board (FASB) has made
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Chapter 7 - Positive Theory Positive Accounting Theory Philosophy of PAT Million Friedman championed positive theories in economics. He stated that: (part 3 Empirical Research in Accounts of Accounting theory from Jayne Godfrey) The ultimate goal of positive science (i.e. INDUCTIVE) is • The development of a ‘theory ‘ or ‘hypothesis’; • that yields valid and meaningful “Predictions’ • about phenomena not yet “observed”. Consistent with Friedman’s view, Watts and Zimmerman asserts that:
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at fair value •IFRS 13 does not currently provide guidance on Investment Company accounting. Topic 820 provides guidance on investment company accounting •Minor wording and styling differences exist. Goals of issuing IFRS 13 •Dispersed guidance on fair value across IFRS •Perceived inconsistencies of fair value guidance across IFRS •Improved transparency by enhancing disclosures. •Convergence with US GAAP Scope IFRS 13 applies if another IFRS requires or permits the use of fair value IFRS
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2009 International Accounting Standards Board (IASB® ) IFRS for SMEs ® International Financial Reporting Standard (IFRS®) for Small and Medium-sized Entities (SMEs) International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs) The International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs) is issued by the International Accounting Standards Board (IASB), 30 Cannon Street, London EC4M 6XH, United Kingdom. Tel:
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Cathey (2011) suggest capitalizing only the actual interest costs directly related to the constructed asset is appropriate because the asset’s cost is neither overstated nor understated (p. 286). According to Generally Accepted Accounting Principles Generally Accepted Accounting Principles (GAAP) provides guidance on the required method for capitalizing interest. According to FASB ASC 835-20-05, the amount of interest to capitalize is based on the asset’s historical cost (2009)(IFRS 5). This means a
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