standard accounting system and it has more enhancing qualities First the IFRS is use internationally as the primary standard accounting system for at least 151 countries (European Union) consisting of two organizations overseeing practices (IFRS and IASB). The IFRS were created plans as a common worldwide language for business affairs. So companies accounts were able to be understandable and comparable across international boundaries. They are a set of conditions of building international shareholding
Words: 562 - Pages: 3
Q NO.03: Discuss the role of each of the following in the Formation of Accounting Principles? * AICPA * FASB * SEC Ans: * AICPA: American Institute of Certified Public Accountant: The American Institute of Certified Public Accountants (AICPA) is the national professional organization for Certified Public Accountants (CPAs) in the United States. Founded in 1887, the American Institute of Certified Public Accountants (AICPA) is the national professional organization of Certified
Words: 1851 - Pages: 8
Accountancy is the production of financial records for organizations and shows readers in money terms the economic resources the company has under its control and represents it in terms of relevance and does this faithfully. Accounting is called “the language of business” because it acts as a vehicle for a business entity to report their financial information to groups of people outside of the company’s day to day activities. Some researchers believe the earliest instance of accounting was from
Words: 3372 - Pages: 14
Exercise 2-3 To: Jim Kakes From: Zhenqun Huang Subject: Suggestion about CMA Date: Sep. 10 2012 This memo is in response to your questions hiring a CMA. This memo will first explain Certified Management Accountant (CMA) and then discuss the value of CMA to the company. After you know the designation of CMA, you will be better able to decide whether the extra amount salary is worth. What Is Certified Management Accountant (CMA)? The title Certified Management Accountant (CMA) is used by various
Words: 2176 - Pages: 9
those which are operating in high technology industries. According to the growing importance of intangibles there has also been a significant change in standards associated with accounting for goodwill. In 2004 International Accounting Standard Board (IASB) issued
Words: 6504 - Pages: 27
1 Financial Reporting Overview Chapter 1 is an overview chapter covering accounting users, financial reporting, GAAP, accounting organizations, the conceptual framework, accounting careers, and ethics. The topics are wide ranging and very heavy on the new terminology side of things. Although it is a good chapter for introductory purposes, the concepts and organizations covered are so extensive that it will make a good chapter to come back to later, or at the end of intermediate accounting
Words: 9014 - Pages: 37
and Exchange Commission known as the SEC; this is an independent federal agency which is responsible for regulating securities markets where stocks and bonds of major companies are traded. There is also the Financial Accounting Standards Board the FASB that is the largest independent US body that is responsible for establishing and interpreting the accounting standards and practices that are known as the Generally Accepted Accounting Principles (GAAP). The American Institute of Certified Public
Words: 331 - Pages: 2
Ex. 1.10 Learning Objectives 1, 3, 5 2, 5 3, 4 5, 6 1, 3, 5, 6 5, 6 2, 5, 6 7, 8 5, 7 1 Topic Users of accounting information Components of internal control Inexact or approximate measures Standards for the preparation of accounting information FASB conceptual framework PCAOB COSO Professional certifications in accounting AICPA code of professional conduct Personal benefits of accounting skills Skills Analysis Analysis Analysis, judgment Analysis Analysis Analysis, research Analysis, ethics
Words: 5941 - Pages: 24
they are reactive and can allow for fraud because they dictate what can or cannot be done rather than what should or should not be done to preserve the ‘true and fair view’. In practice, this shows to be a problem because if the standard-setting body (FASB) reacts to accounting issues rather than being more prescriptive, it can create an endless laundry list of rules to attempt to prevent fraudulent accounting rather than allowing for individualism and professional judgment. Also, it’s logical to assume
Words: 577 - Pages: 3
VIE model. As a result, every entity should be carefully analyzed to determine whether it is a VIE or a VOE in order to determine the appropriate model for evaluating which party may have the controlling financial interest. ASC 946 FASB AS Update 2009-16 FASB AS Update 2009-17 IFRS 10, Consolidated Financial Statements IFRS 10 establishes a single control model which applies to all entities and will require management to exercise significant judgment to determine which entities are controlled
Words: 562 - Pages: 3
