International Financial Reporting Standards (IFRS) An AICPA Backgrounder 1 Table of Contents Get Ready for IFRS ........................................................................................ 2 Worldwide Momentum ................................................................................. 2 SEC Leadership in International Effort .......................................................... 3 The SEC Work Plan.................................................................
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BUS5AFS ACCOUNTING AND FINANCE FOR SUSTAINABLE VALUE CREATION Topic 2: Principles of Accounting Semester 1, 2014 ACCOUNTING AND FINANCE FOR SUSTAINABLE VALUE CREATION TOPIC 2: PRINCIPLES OF ACCOUNTING La Trobe Business School BUS5AFS: Topic 2 – Principles of Accounting 1 Topic Learning Outcomes 2.1 2.2 2.3 2.4 2.5 Discuss the nature and purpose of accounting. Explain the five basic financial elements of a business. Explain the underlying concepts of recognising and measuring
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Running head: THE IASB AND FASB The IASB and FASB Amber Lynch ACC/541 Week 1 Paper March 10, 2014 The IASB and FASB Although the concept of the convergence of accounting standards is a new concept to some the idea has existed since the 1950’s. This idea came about as a solution for economic integration and the uptick in international business operations. When the project was first constructed it focused mainly on harmonizing the differences in principles that existed across many different
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environment to those.” Do you agree/disagree with Richards’ comment? Why/Why not? Discuss the ethical implications of the fraud committed at Computer Associates. In your response you should refer to Part A of the Code of Ethics of the Australian Accounting Profession discussed in Chapter 29 of the text. (25 marks) EARNINGS MANAGEMENT 2. “Numerous pieces of evidence suggested that earnings management – the managerial use of discretion to influence reported earnings – was a widespread corporate
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Accounting Discussions: Discuss the rules that impact a business' Accounting Information System. What types of compliance are required? Visit the website of the Financial Accounting Standards Board (FASB) to learn about Generally Accepted Accounting Principles (GAAP). Go to www.fasb.org. Additionally, you may read more about compliance from www.aicpa.org, the site of the American Institute of Certified Public Accountants (AICPA). What rules impact a business' Accounting Information System? What
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difference in financial reporting practice is the different degree of interference by governments in accounting. It is understood that “International Financial Reporting Standards (IFRS)” has been adopted in many countries around the world, as a minimum for the companies that are obliged for financial reporting. IFRS has been implemented in nearly one hundred and fifteen countries around the world, whilst phasing out the previous standard of rules of Generally Accepted Accounting Practice or more
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Accounting Standards Boards Sharon Little ACC 541 Marina Layvand May 27, 2013 The FASB, Financial Accounting Standards Board was created in 1973 when the APB, Accounting Principles Board, was abolished. The FASB focuses on accounting standards in the United States. The board established the Generally Accepted Accounting Principles, or GAAP, emplyed by financial accountants in the United States. It also establishes
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Accounting Assumptions, Principles, and Constraints | XACC 280 | Amy Croall | The Financial Accounting Standards Board (FASB) has expounded policies named the Generally Accepted Accounting Principles (GAAP). The rules were recognized to make monetary reports or “fiscal statements” beneficial to users. All monetary reports must cover comparable features so making choices is simpler. The features are “relevance, reliability, comparability and consistency” (Weygandt, Kimmel, & Kieso, 2008)
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The International Accounting Standards Committee was formed in 1973. This committee was the first international standard-setting body. In early 2001, this Committee was reorganized and became the the International Accounting Standards Board (IASB) to independently develop and establish a single set of accounting procedures for international business. Since the reorganization of the IASB, the use of these international financial reporting standards (IFRSs) have been required or permitted in over 100
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The standards setting process is a very complex but necessary process in the accounting world. The Financial Accounting Standards Board accomplishes this mission through a comprehensive and independent process that encourages broad participation, objectively considering all stakeholder views, and by being subjected to oversight by the Financial Accounting Foundation’s Board of Trustees. Through these few necessary requirements they help form a very effective and sound standard setting process.
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