client under audit. B. 3) involves the objective examination of and reporting on management prepared statements. C. 1) maintains public confidence in the profession. 4-19 A. 1) a fee based on whether the CPA’s report on the client’s financial statements results in the approval of a bank loan B. 3) Disclosing confidential information to another accountant interested in purchasing the CPA’s practice. C. 3) prohibited under the AICPA rules of conduct. 4-20 A) Yes B) No C) No D)
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Current Liabilities and Contingencies The International Accounting Standards board (IASB) issues the International Financial reporting standards (IFRS) to over one hundred ten countries. The United States is excluded from this group but primarily follows the standards of Financial Accounting Standards Board (FASB) and General Accepted Accounting Principles (GAAP). While both accounting standards have some differences, 2016 will be the year the U.S. will make the switch and unite with the IFRS
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School Assignment ACCT XXX – Accounting I & II Abstract I believe to make this career field more attractive I would provide in this presentation the various types of businesses, non-profit organizations, and government entities both nationally and internationally. In the private sector, accounting profession include such fields as bookkeeping, payroll clerks, general accountants, budget analyst, internal auditor, and controller. In the public sector, accounting profession is found in the
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1. Accounting - an information and measurement system that identifies, records, and communicates relevant, reliable, and comparable information about organizations business activities. 2. Recordkeeping/Bookkeeping - the recording of transactions and events, either manually or electronically. 3. External users - are not directly involved in running the organization. Including shareholders, directors, customers, suppliers, regulators, lawyers, brokers, press, and lenders. 4. Financial
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and FASB Convergence With the growth of international business there is a need to standardize financial statements globally. Presently there are “approximately 120 foreign private issuers currently that report to the Commission using IFRS financial statements.” By standardizing accounting practices investors will be able to make informed decisions based on comparability and accuracy of financial statements. The SEC released this statement in 2008, “We believe that IFRS has the potential to
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3. Islam and nature: insights for development of environmental accounting They have discussed on the centrality of the principle of Trusteeship (khilafah) to an Islamic environmental ethics that would implicate accounting. In Islam, the principle Trusteeship is mostly explain on the role of accountant or Muhtasib in Islam. Muhtasib are responsible to ensure that business is not harmful or cause any negative impact to the community. Besides, the Tawheed principle stressed on the concern to monitor
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GAAP Hierarchy: Financial reporting rules: What are they, where can you find them, and which ones are more important? The financial accounting rules are called generally accepted accounting principles (GAAP). “They are the guidelines, procedures and practices that companies are required to use in recording and reporting accounting information in its audited financial statements. GAAP defines accepted accounting practices and provides a standard by which to report financial results” (Nikolai
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INTRODUCTION International Financial Reporting Standards (IFRS) In 2011, international financial reporting standards (IFRS) will replace generally accepted accounting principles (GAAP). This means Canadian publicly-traded companies will be required to present financial statements in accordance with IFRS. This change will not only affect those involved in the development of financial information but also those who use this information. Economic globalization brings increased demand for high quality
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Generally Accepted Accounting Principles refers to the standard framework of guidelines for financial accounting used in any given jurisdiction. It is a common set of accounting principles, standards, and procedures that companies use to compile their financial statements (Investopedia). For many years, countries have developed their own accounting standards. The U.S. has always followed the U.S. GAAP while most European countries followed the IFRS, or acronym for International Financial Reporting Standard
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and developed in the last 20 years, the need for unified accounting standards has increased dramatically. The U.S. Securities and Exchange (SEC) was established after the Great Depression to prevent accounting fraud that could potentially lead to another market crash. For decades the SEC regulated the stock market using U.S. GAAP (Generally Accepted Accounting Principles) and required public and privately held companies to provide accounting reports according to GAAP standards. Over time many
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