Abstract International Accounting Standards are not always implemented into companies around the globe. Most industrialized countries have their own organizations, such as the United States Financial Accounting Standards Board, that govern their accounting standards. This can cause major difficulties for multi-country corporations, as well as confusing for investors who are trying to compare company financials. To rectify this problem, the SEC has prepared a roadmap that proposes requiring all
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namely Dillard’s, Hyundai, and Nationwide Insurance. The current ratio, quick ratio, profit margin, asset utilization, DuPont ratio and financial leverage will be computed. How differences in industries and different measurement convention (IASB and FASB) affect presentations and the difference between cash and accrual basis of accounting will be addressed . Financial Statement Analysis of Dillard’s, Hyundai and Nationwide Insurance Dillard According to marketintellisearch.com and msn
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IASB Agenda ref FASB Agenda ref 3G 274 STAFF PAPER REG FASB│IASB Meeting Project Paper topic CONTACT(S) March 2014 Leases Lease Term Anna Heining Sarah Geisman Scott A. Muir aheining@ifrs.org sgeisman@ifrs.org samuir@fasb.org +44 (0)20 7246 6428 +44 (0)20 7246 6464 +1 (203) 956 3478 This paper has been prepared by the staff of the IFRS Foundation and the FASB for discussion at a public meeting of the FASB or IASB. It does not purport to represent the views of any individual members
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Pros & Cons of GAAP and IFRS Convergence The International Accounting Standards Board (IASB) was formed in an attempt to bring uniform accounting standards within international countries through its issuing of the International Financial Reporting Standards (IFRS). Today, over 100 countries including Canada, India, and Japan have adopted these standards for financial reporting. The growth of multinational companies such as Coca Cola and the increasing desire of cross-border investing have made
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The creation of the… Committee on Accounting Procedures a) Role: formative era b) history: c) structure: In response to the SEC’s Accounting Series Release No. 4, the American Institute of Accountants (AIA) reorganized its Committee on Accounting Procedure (CAP) in 1939 and increased it from 8 to 22 members, all accounting practitioners except for three academicians. To emphasize its importance and the AIA’s intent to demonstrate leadership, Clem W. Collins, AIA president, was designated
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Acct 450 Conceptual Framework Project Analysis Spring 2015 Directions Investigate the “Conceptual Framework Project” of the FASB and IASB. Answer the following: 1. When did the project begin? The in class text seems to suggest that the project initially started in October 2004 when the FASB and IASB decided to add to their agendas the joint project of developing an improved conceptual framework for both the IASB’s Preparation and Presentation of Financial Statements
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Structure This memo includes research on leases and lease structure. Through intensive research on the Financial Accounting Standards Board (FASB), three sub-types of leases were found for lessors to account for the leases. The three sub-types are direct financing, sales-type, and operating leases. The international accounting standards board (IASB) and FASB are proposing a draft for lease accounting. The critics are disputing some of the concerns with operating lease financial reporting. This memo
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Standards Board (FASB) in 1997 and subsequently the International Accounting Standards Board (IASB), leading to ‘comprehensive income’ reporting. Comprehensive Income (CI) is the sum of Profit or Loss (P&L) and OCI. OCI comprises of items of income and expense not recognised in profit or loss as required or permitted by AASB (AASB, 2014) Recent Amendments permit P&L and OCI to be presented in as a single statement or in separate statements with the P&L section first. In the past, the FASB permitted a
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the same goal- to ensure that financial reports are transparent, informative and useful to present to potential investors and creditors- they use different approaches to achieve this goal. GAAP was created by the Financial Accounting Standards Board (FASB) in 1973. It was created to work in accordance with the AICPA (American Institute of Certified Public Accountants) Code of Professional Conduct,
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Group 1 ACCT 5321.001 Dr. Martin Taylor FASB/IASB Exposure Draft on Leases The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) published comment a revised Exposure Draft on Leases on May 16th, 2013 and closed on September 13th, 2013. Based on this exposure, two boards claimed that the existing financial reporting of leasing activities fails to meet the needs of users of financial statements. While the existing accounting principles require
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