Fair Value Accounting: The Road to Be Most Travelled By Rock Lefebvre, Elena Simonova and Mihaela Scarlat Fair Value Accounting: The Road to Be Most Travelled By Rock Lefebvre, Elena Simonova and Mihaela Scarlat December 2009 Sponsored by the Certified General Accountants Association of Ontario Introduction ................................................................................................................................ Fair Value Accounting – An Overview.............
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responsible for the administration and finances of the financial accounting standards board, the financial accounting standards advisory council, the governmental accounting standards advisory council, and the governmental accounting standards board. The FASB (Financial Accounting Standard Board) is responsible for the standards of the non-governmental financial accounting and reporting. The SEC (The Securities and Exchange Commission). This commission’s main purpose is to watch security of the participants
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This is a privet sector organization to help keep the standards for the financial accounting. The fourth on is the Financial Accounting Standards Board (FASB) put in to place for to help keep up the standards for nongovernment financial accounting and reporting. The fifth one is the Governmental Accounting Standards Board (GASB) is a part of the FASB that are of the state and local levels. The sixth on is the Federal Accounting Standards Advisory Board (FASAB) is the one that develop the accounting
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standard in the world. Early in 2002, the International Accounting Standards Board (“IASB”) and the Financial Accounting Standards Board (“FASB”) agreed that a common set of high quality, global accounting standards was priority of both Boards. Then, the Securities and Exchange Commission (“SEC”) proposed a Roadmap for the potential use of financial statements prepared in accordance with IFRS as issued by the IASB by U.S. issuers for purposes of their filings with the Commission in 2008 which can
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previously planned convergence with U.S. Generally Accepted Accounting Principles (GAAP), now plans to require IFRS for publicly accountable entities in 2011. The Accounting Standards Board of Japan (ASBJ) and the International Accounting Standards Board (IASB) plan convergence by 2011. (Journal of Accountancy, 2008) To start an explanation of ‘Convergence’ I would first need to explain a ‘conceptual framework’. The definition of a conceptual framework is a coherent system of interrelated objectives and
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practices are similar to get to the final result but have big differences. The GAAP is more of a rule based systems and the IFRS is along the principal based system. The GAAP is maintained and improved by the Financial Accounting Standards Board (FASB). They are a private company
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framework must be developing in a particular order. * Some issues need to be resolved before move to subsequent building block. * Must be develop in developing framework * Framework develops by IASC and later adopted by its successor IASB. History development of Conceptual Framework History development of Conceptual Framework Development in United States Development in United States * 1961 & 1962: accounting practice should be practice based on current values. *
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SECURITIES AND EXCHANGE COMMISSION 17 CFR Parts 210, 229, 230, 240, 244 and 249 [RELEASE NOS. 33-8982; 34-58960; File No. S7-27-08] RIN 3235-AJ93 ROADMAP FOR THE POTENTIAL USE OF FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS BY U.S. ISSUERS AGENCY: ACTION: Securities and Exchange Commission. Proposed rule. SUMMARY: The Securities and Exchange Commission (“Commission”) is proposing a Roadmap for the potential use of financial statements prepared in
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EXECUTIVE SUMMARY NOTE: “The executive summary usually appears before the table of contents and is given a lower-case Roman numeral page number (for example, i).” – from the guide on accounting writing methods on BB. The collapse of Enron in 2001 has alerted the financial standard-setters worldwide for the need to develop a single set of global high quality accounting standards in order to achieve greater transparency, clarity, consistency and comparability of the financial reports. This
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The U.S. SEC has, in part, been the leader in developing this common international set of accounting standards. In 2007, the SEC voted to allow foreign private issuers to file financial statements prepared in accordance with IFRS as issued by the IASB without reconciliation to U.S. GAAP, mentions the author to International Financial Reporting Standards. In November 2008, the SEC issued a “roadmap” which
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