Assignment 1 –FAC501 | Challenges facing the accounting profession and how I see them affecting me in the future with regards to IFRS companies submitting IFRS on US stock exchanges? Macdonald Felix Rusoto Muchemedzi Student Kaplan University As the Stock exchange affords different investors the opportunity to actively trade in the non-US companies and also provide an avenue for non-US companies to raise capital will the investment and accounting community be able to fully understand
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delayed recognition of losses. 3. The over complexity of IAS-39 such as mined valuation models, multiple impairment approaches, complicated transfer rules and hedge accounting requirement. Due to the above mentioned criticisms the IASB received calls to reduce the complexity of the accounting standards from G-20, European Union and regulators and other stakeholders from around the world. Thus, the new IFRS 9 comes to light to replace IAS 39. What is IFRS
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Proposed Accounting Standards Update Financial Instruments: Credit Losses ( Subtopic 825-15) Issued December 20th 2012 ACCT 6003: Financial Accounting Theory Professor Bill Dawson Completed by: Rich Allen, Jordan Keuken, Karen Vander Vloet, Lillian Cuevas Rosales June 28th, 2013 Executive Summary The recent global economic crisis of 2008 created a glaring need for changes in accounting standards in US GAAP. One of the many issues that contributed to the recession was accounting
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at least two articles. (25 marks) LOBBYING 4. The fraudulent activity at CA centred on issues of earnings management concerning revenue recognition. On 14 November 2011 the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) issued for public comment a revised draft standard to improve and converge the financial reporting requirements of International Financial Reporting Standards (IFRSs) and US
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or GAAP, are a set of rules and a set of guidelines that are set for all accountants in the United States to ensure they are legal and practical ethics. A GAAP is issued by the Financial Accounting Standards board or FASB as well as the International Accounting Standards Board or IASB, for equal standards worldwide. Some of these principles can include; regularity which ensures all books,
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statement. Chapter 1: Purpose (objective) of financial accounting; cash vs accrual accounting (net operating cash flow vs. net income); history of standard setting – SEC, AICPA (formerly AIA), CAP, APB, FASB; process of standard setting (graphic 1-4); global accounting standards – IASC, IASB, IFRS, Covergence project; Sarbanes-Oxley Act 2002 – Key provisions; Conceptual framework – objective of financial reporting, qualitative characteristics (Graphic 1-7)- fundamental and enhancing qualitative
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financial statement. Since 1977, Financial Accounting Standards Board (FASB) set accounting standards to regulate leases that show on financial statement. However, current accounting rules for leases unable to meet the needs of users of financial statements because they do not provide a truthful representation of leasing transaction (Financial Accounting Standards Board). As a result, Financial Accounting Standards Board (FASB) and International Financial Reporting Standards (IFRS) decided to create
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BMAN 20081/20611 Financial Statement Analysis Glossary of terms |US term |UK/European term |Description | |10-Q |Quarterly report |Publicly available document, usually | | | |produced for the stock market, containing| | |
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literature in their public online libraries. There is also accounting research software, one of which is called “Accounting Research Manager, the ultimate research tool.”1 This software provides updated information from FASB, AICPA, the FASB’s EITF (Emerging Issues Task Force), IASB, and industry-specific guidance.1 Also, IASPlus.com and IFRS.com are useful research tool websites when exploring current events and international accounting. EDGAR (Electronic Data Gathering, Analysis, and Retrieval) is
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[pic]Importance of IaS [pic] Submitted to: Md. Safayat Hossain Lecturer Dept. of Accounting & Information Systems University of Dhaka Submitted by: Md. Nur Alahi Jony ID: 13 105 4th Year, 2nd Semester B.B.A, 13th Batch Dept. of Accounting & Information Systems University of Dhaka. Date of
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