IAS/IFRS accounting standards: The logic and implications of the principles-based system q Salvador Carmona *, Marco Trombetta IE Business School, Calle Pinar, 15-1B, 28006 Madrid, Spain a r t i c l e i n f o a b s t r a c t The widespread acceptance of International Accounting Standards (IAS)/International Financial Reporting Standards (IFRS) makes it timely to examine their technical determinants as well as their implications for the accounting profession and the process of accounting harmonization
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What is accounting? Its financial information for a business or individual which is prepared by a trained accountant for investors, tax audits, creditors, to pay taxes and to receive tax returns. What is an accountant? The accounting profession is a very diverse field with a number of different professional occupations a person can get into, and some of these fields depend on the accounting degree a person has. An accounting degree ranges from a certificate to a doctorate. Some of the different professional
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review and an audit are. With the examination of a subsidiary that has been established as a corporation there are certain questions that arise such as: What is the methodology used in determining deferred taxes, What it t he procedures for reporting accounting changes and error corrections, and What is the rationale behind establishing the subsidiary as a corporation. The draft below outlines my response to the questions that have been provided. CPA Professional Responsibility As an accountant I am
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third one is The Financial Accounting Foundation (FAF). This is a privet sector organization to help keep the standards for the financial accounting. The fourth on is the Financial Accounting Standards Board (FASB) put in to place for to help keep up the standards for nongovernment financial accounting and reporting. The fifth one is the Governmental Accounting Standards Board (GASB) is a part of the FASB that are of the state and local levels. The sixth on is the Federal Accounting Standards Advisory
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level around the globe. It examines the Financial Accounting Standards Board, the International Accounting Standards Board, the differences between the two boards, and the joint conceptual framework project that is in the process of being formulated. The history of the FASB and the different responsibilities it takes on itself regarding the conceptual framework and other issues are mentioned in the research results. The IASB and many of the elements of financial statements are defined within the paper
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standards of financial accounting and reporting for the guidance and education of the public, including issuers, auditors and users of financial information, the Financial Accounting Standards Board (FASB) added to its agenda in 2002 a project designed to develop a comprehensive Statement of Financial Accounting Standards that will focus on revenue recognition that will apply to all industries. Revenue recognition guidance exists throughout accounting literature, accounting and audit guides
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ACC 557 Week 3 Assignment 1 Assignment 1: Review of Accounting Ethics Due Week 3 and worth 200 points Many organizations have been in the news over the past few years due to accounting ethical breaches that have affected their customers, employees, or the general public. Search the Internet or the Strayer Library to locate a story in the news that depicts an accounting ethical breach. You may select from any type of organization about which you have information or a curiosity. Write a
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Week One Individual Explaining Basic Accounting Concepts and Business Structures Week One Individual Generally Accepted Accounting Principles and Source Hierarchy The sources of Generally Accepted Accounting Principles are the FASB standards, Interpretations, and Staff Positions, APB Opinions, AICPA Accounting Research Bulletins and other authoritative pronouncements. The hierarchy is as such: Category A, B, C, and D and Category A is the highest hierarchy. The following
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Assignment #5 – NEW AND IMPROVED REWARDS AT WORK Leslie Medlock June 15, 2012 Total Rewards - HRM 533 Dr. Judie Bucholz, Instructor Assignment #5 – New and Improved Rewards at Work 1. Determine how innovations in employee benefits can improve the overall competitive compensation strategy of the organization. The innovations in employee benefits can improve the overall competitive compensation strategy of the organization tremendously in a positive manner due to the employee benefits
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Basic Accounting Concepts and Business Structures Karen Miersma ACC/537 July 14, 2012 Professor James Neuner Basic Accounting Concepts and Business Structures One of the first things looked at when studying accounting concepts and business structures is GAAP (generally accepted accounting principles). There is a hierarchy that accountants use when exploring “substantial authoritative support” (Kieso, Weygandt, & Warfield, 2007, Chapter 1, Financial Accounting and Accounting Standards)
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