IASB/FASB Meeting Week commencing 14 March 2011 IASB Agenda reference FASB Agenda reference 5D Staff Paper Contact(s) FASB ED Session March 9, 2011 Michael Gonzales Danielle Zeyher David Humphreys mgonzales@fasb.org dtzeyher@fasb.org dhumphreys@ifrs.org 143 +1 203 956 3478 +1 203 956 5265 +44 20 7246 6916 Project Topic Leases Accounting for Purchase Options Objective 1. The purpose of this paper is to discuss the accounting by lessees and lessors for purchase options
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process is been paid more attention. The framework that set by IASB has been adopted by more and more countries in which not to fall behind by others in accounting standards. The Australian Accounting Standards Board (AASB) is a body corporate with perpetual succession, and the most important function of AASB is to developing the conceptual framework. The AASB framework is set by Australian Accounting Standard Board which is referring to the IASB framework. As a guide to the AASB in developing accounting
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options on financial statements, FASB issued a revised standard to recognize stock-option compensation as an expense on income statements. Many in Congress may try to thwart the proposal before it becomes effective. A bill by Representative Richard Baker of Louisiana that would require expensing the cost of stock options for only the top five executives of a company has drawn the support of those groups still resolutely opposed to expensing. This time, however, FASB is likely to prevail. Investors
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The BIGGER Picture (Ch. 1) Why do we need financial reporting? What is its purpose? Who are some of the key players in financial reporting? PROVIDER EXTERNAL USERS REGULATORS Your textbook (as most out there) evaluates accounting issues from a FASB perspective. We will discuss issues from the FASB’s conceptual framework, but also will try to think about others’ perspectives as well. Before we talk about the conceptual framework, we will discuss the structure of the ultimate product of the financial
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and regulations are set to prevent investors from being defrauded and deceived by greedy, money-grubbing corporations, Christians are also called to prevent non-believers from being deceived by the devil. The accounting rules set forth by the SEC and FASB are put into place to hold public and private corporations accountable for what they do with the money of investors. We, as Christians, are in the same way accountable for the souls of those whom we encounter. The auditing
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International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) have been trying to implement a global acceptable standard for financial reporting since the end of 2002 onwards (Fogarty, 2011). However to this day in 2013 the convergence of both IFRS and US GAAP has yet to be completed and implemented. The likelihood of the convergence being completely finished and implemented seems possible but yet so far as both the IASB and FASB have already been trying for ten years
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All CFA Institute members and candidates are required to comply with the Code and Standards Basic structure for enforcing the Code and Standards The CFA Institute Bylaws primary principles Based on two Fair process to member and candidate Confidentiality of proceedings Rules of Procedure Maintains oversight and responsibility The CFA Institute Board of Governors Through the Disciplinary Review Committee (DRC) Is responsible for the enforcement of the Code and Standards Conducts professional
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financial-statement presentation proposed assessment of future performance. In response, by a joint project of the Financial Accounting many companies—including all of the 25 largest Standards Board (FASB) and the International US-based nonfinancial companies—are Accounting Standards Board (IASB) in 2010, increasingly reporting some form of non-GAAP which state that financial-statement information earnings, which they use to discuss their should be presented “in a manner that
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or very different” (Bloomsbury Publishing, 2009). As it applies to accounting, convergence is the “collaborative efforts of the FASB and the International Accounting Standards Board (IASB) to both improve U.S. generally accepted accounting principles (U.S. GAAP) and International Financial Reporting Standards (IFRS) and eliminate the differences between them” (IASB-FASB Update Report to the Financial Stability Board Plenary on Accounting Convergence, 2012). While efforts towards convergence have
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technology skills that are needed in an accounting position. International Accounting Standards Board (IASB) The International Accounting Standards Board is an organization that is based out of London in which it seeks to set as well as enforce accounting standards procedures. As stated by the Business Dictionary (2012) “Over 100 countries currently require or permit companies to comply with IASB standards. It is responsible for maintaining the International financial Reporting Standards” (Business
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