Standards Board (FASB), Accounting Principles Board (APB) American Institute of Certified Public Accountants (AICPA), and Securities and Exchange Commission (SEC). There is no single document that includes all the accounting standards. But the FASB has released its Accounting Standards Codification for verification by its constituents. Currently there are data bases, such as the FASB Financial Accounting Research System (FARS) that includes most accounting standards (Nikolai 2010). The FASB standards are
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Proposed Revision for Revenue Recognition Xin Yan Introduction Since 2002, the International Accounting Standard Board (IASB or collectively the boards) and the Financial Accounting Standards Board of US (FASB or collectively the boards) have been working together on a project to revise and converge IFRS and US GAAP on revenue. Consequently, the Boards have jointly issued two exposure drafts outlining proposed changes. The latest one was published in November 2011 with public comments
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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: Securities and Exchange Commission. ACTION: Proposed rule. SUMMARY: The Securities and Exchange Commission (“Commission”) is proposing a Roadmap for the potential use of financial statements
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9/23/2014 FASB Paper Summary of 2014.08 Update The 2014.08 update first talks about what this update did. The update states “The amendments in this Update address those issues by changing the criteria for reporting discontinued operations and enhancing convergence of the FASB’s and the IASB reporting requirements for discontinued operations”. The main thing that was done with this update was that “The amendments in this Update change the requirements for reporting discontinued operations
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recognized as income while expenses result from decrease in assets and increase in liabilities. Considering the example above, the decrease in wealth or asset from £50,000 to £40,000 is considered as an expense (depreciation) to the entity. (c) The IASB/FASB is now adopting asset and liability view. They stated that income and expense view could be too simplistic and not all inclusive in dealings with some items such as research and development cost. They added that this view permit almost debit balance
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money holds a constant purchasing power. It ignores specific price-level change, general price-level change and fluctuations in exchange rates. During inflationary periods, HCA can become irrelevant and can lead to an erosion of operating capacity. IASB framework states “the objective of financial statements is to provide information about the financial position, performance and changes in financial position of an entity that is useful to a wide range of users in making economic decisions. It also
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that fair value accounting was just a measurement tool of measuring assets. Currently both Financial Accounting Standard Board (FASB) and International Accounting Standard Board (IASB) escalated their efforts towards establishment of a single source of guidance for all fair value measurements and clarification of the definition of fair value and related guidance. The IASB is aiming to complete all phases of replacement of IAS 39 Financial Instruments: Recognition and Measurement by IFRS 9 Financial
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been successful in some areas while the convergence in other areas emphasizes the differences between the two financial reporting standards. U.S. GAAP (ASC 230) and IFRS (IAS 7) are the standards for presenting the Statement of Cash flows under FASB and IASB respectively. Although there are similarities between the two standards, there are also differences, both of which will be discussed here. The notable convergences between the two standards are: the classification of all business activities as
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IASC was established, they began to release International Accounting Standards between 1973 and 2000 (Knowledge guide to international accounting standards). There is also the Financial Accounting Standards Board, which has worked together with the IASB. Their goals have been to converge on several different aspects such as leases, revenue
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created by FASB also known as Financial Accounting Standards Board is currently being practiced in the United States. The IASB or International Accounting Standards Board makes the final decision on the practice of the International Finance Reporting Standards or IFRS and the standards used by over one hundred and fifteen countries. Fair market value is the price charged during a specific date in the selling of a good or service. This is also called market to market accounting. FASB has a new
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