1. Describe what accounting convergence means and assess the likelihood of the convergence being completed and implemented in the next five (5) years? Accounting convergence is a process or goal to establish one set of accounting standards that can be used internationally by attempting to eliminate the differences in the International Financial Reporting Standards (IFRS) and the US Generally Accepted Accounting Principles (US GAAP). Convergence also seeks to establish understandability amongst
Words: 1269 - Pages: 6
in accounting used to keep track of income and expenses are the cash basis and the accrual basis. The cash basis is the preferred method in small companies and its income is not counted until cash is received and expenses are not counted until they are paid. When using the accrual basis income is recorded when the order is made or the service occurs, and the same with expenses, they are recorded when the goods or service are received. Smaller companies will use the cash basis of accounting but
Words: 505 - Pages: 3
Accounting Standards Boards Debra McCaster ACC 541 June 27, 2011 Ken Burton Accounting Standards Boards The IASB (Internal Accounting Standards Board) set standards dealing with international accounting and FASB (Financial Accounting Standards
Words: 769 - Pages: 4
Accounting Standards Boards Paper Kristi Crow ACC/541 Accounting Theory and Research September 30, 2015 Valerie Turnbow The Financial Accounting Standards Board (FASB) is the accounting board used in the United States. The FASB is tasked with improving and establishing the standards of financial accounting and reports for education of the public (Schroeder, Clarke, Cathey, 2011). The International Accounting Standards Board (IASB) is the accounting board used to simplify the process for
Words: 790 - Pages: 4
Accounting Standards Board Paper Accounting Standards Board Paper Accounting is defined as the practice of recording, analyzing, and reporting the financial transactions of an organization (Schroeder, Clark, & Cathey, 2011). Since 1973, there has been a governing body that has determined what is considered acceptable business practices in regard to the relationship between these functions. In the United States, that governing body is known as the Financial Accounting Standards Board or FASB
Words: 888 - Pages: 4
Accounting Standard Board Paper ACC/541 June 18, 2012 Accounting Standard Board Paper In the world of accounting there needs to be standards for all of the countries, whether they are in the United States of Overseas. The accounting boards will help with making sure that all of the information is done correctly and are reported in a consistent way so that investors can determine what company is better to invest in. The two types of accounting standards board that are being discussed is the
Words: 1306 - Pages: 6
CGA-CANADA ACCOUNTING THEORY & CONTEMPORARY ISSUES [AT1] EXAMINATION March 2009 Time: 3 Hours Note: All references to the Handbook refer to the CICA Handbook. Marks 28 Question 1 Select the best answer for each of the following unrelated items. Answer each of these items in your examination booklet by giving the number of your choice. For example, if the best answer for item (a) is (1), write (a)(1) in your examination booklet. If more than one answer is given for an item, that item will
Words: 7728 - Pages: 31
Abstract Accounting standard boards exist both in the United States and other countries. Our economies move to a more globalized environment a global standard or accounting methods and guidelines has become necessary. Over the past decades with the help of the Internet we have seen our economy grow from a national one to a global one. With this comes new challenges and opportunities. Companies can have potential investors in other countries as well at home. For foreign investors to look
Words: 1121 - Pages: 5
relationship that the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) have and how crucial the unification of these two setting standards entities are in these current days, where financial transactions are expected to perform globally. In addition, it is important to have a Master of Science in accountancy in order to prepare professionals in accounting to provide reliable information for this new environment of economic and financial transactions. The
Words: 1134 - Pages: 5
conceptual framework in setting accounting standards Ian Dennis Business School Oxford Brookes University Abstract The paper examines the nature and role of a conceptual framework for financial reporting. Although much has been written about such frameworks and their purported role and the FASB and IASB are currently revising and converging their frameworks there are still questions about the kind of thing it is and how it is used in setting accounting standards. Using insights from
Words: 12464 - Pages: 50
