Katherine Schipper, Financial Accounting Standards Board The views expressed in this presentation are my own, and do not represent positions of the Financial Accounting Standards Board. Positions of the Financial Accounting Standards Board are arrived at only after extensive due process and deliberation. 2. Overview Financial reporting topics Exposure draft, Business Combinations (joint with the IASB) Exposure draft, Consolidated Financial Statements, Including Accounting and Reporting of Noncontrolling
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|forests. | |1.IFRS IAS 41, Para 10-33 |Fair value with value changes recognized in profit or loss. | |2.U.S GAAP |Historical cost is generally used. However, fair value less | |ASC 905-330-35-3 |costs to sell is used for harvested crops and livestock held | |
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critisms about the IAS -39 like: 1. Fair Value accounting was said to have created cycles of accounting write downs and distressed selling of assets during the financial Crisis. 2. The application of IAS-39 impairment model for loan loss provisions results in delayed recognition of losses. 3. The over complexity of IAS-39 such as mined valuation models, multiple impairment approaches, complicated transfer rules and hedge accounting requirement. Due to the above mentioned
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This case gives students an opportunity to determine the accounting for impairment of long-lived assets in accordance with ASC 360-10. Applicable Professional Pronouncements ASC 360-10, Property, Plant, and Equipment: Overall (ASC 360-10) ASC 360-10 provides guidance on accounting for property, plant, and equipment, and the related accumulated depreciation on those assets. This Subtopic also includes guidance on the impairment or disposal of long-lived assets. ASC 360-10 notes that long-lived
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University of Melbourne DEPARTMENT OF ACCOUNTING SEMESTER 1, 2014 SUBJECT CODE: ACCT 90013 SUBJECT NAME: FINANCIAL ACCOUNTING Student Declaration I / we declare that: 1. This submission is our own work 2. The submission is based on our own research and analysis 3. All sources are documented in the assignment 4. All participants contributed equally to this joint submission Student number 1 2 3 4 594130 644502 579471 517355 Signature Jie Yang Anqi Li Xi Zhao Lei Fu Date 6 May 2014 6 May
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FAS 157 defined the fair value of an asset as the price that would be received by the holder of that asset in an orderly transaction. On September 30, 2008, SEC and FASB issued a joint clarification which stressed that fair market value is not the price that would be received in distressed sale or forced liquidation. They also provide guidance that estimates of fair value can be made using the expected cash flow of such assets, provided the estimates has also reflects the adjustment of a willing
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School , University of North Carolina at Chapel Hill , Chapel Hill, NC, USA Published online: 07 Jul 2010. To cite this article: Mary E. Barth & Wayne R. Landsman (2010) How did Financial Reporting Contribute to the Financial Crisis?, European Accounting Review, 19:3, 399-423, DOI: 10.1080/09638180.2010.498619 To link to this article: http://dx.doi.org/10.1080/09638180.2010.498619 PLEASE SCROLL DOWN FOR ARTICLE Taylor & Francis makes every effort to ensure the accuracy of all the information
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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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Accepted Accounting Principles (GAAP) are rules and guidelines established to attempt to standardize accounting and recording practices across the United States and Internationally. International Financial Reporting Standards (IFRS) is a set of international accounting standards stating how particular types of transactions and other events should be reported in financial statements. IFRS uses fair-value accounting of assets and liabilities. GAAP also known as Generally Accepted Accounting Principles
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4 3.2 Positive Accounting Theory 5 3.2 Efficient Market Hypothesis 7 4.0 Discussion and findings 8 5.0 Conclusion 10 Reference 12 Relationship between Fair Value Measurements with Investor Confidence during Global Financial Crisis Abstract As investor, the needs of information which can reflect accurate financial information matching with current market condition is essential. Using fair value methods and measurement for asset valuation is one of the best accounting methods which can
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