ASC receives its mandate from the Accounting Standards Act, which came into effect on 01 Nov 2007. It is responsible for prescribing accounting standards for companies, charities, cooperative societies and societies in line with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB). The formulation of accounting standards in Singapore follows a formal and rigorous process that comprises four successive stages—namely exposure, reviewing of
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9(12), p.99. Hoogervorst, H. 2015. Ten years on, what have we learned? IASB Speech. Pacter, P. (2014) Global Standards: How Close Are We? Retrieved from http://www.ifrs.org/ Roberts, C.B., Weetman, P. and Gordon, P., 2005. International financial reporting: a comparative approach. Pearson Education. Schaub, A., 2005. Use of International Accounting Standards in the European Union, The. Nw. J. Int'l L. & Bus., 25, p.609. Tran, L. 2012. The Role of the FASB and the IASB in Establishing Fair
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is to “Draw up and manage rules designed to ensure that the financial information prepared and disclosed by EU companies is comparable and high-quality (Banking and Finance, Accounting- Financial Reporting, 2015). Additionally, the committee aims to make sure that information on the environmental impact of EU companies and their social and human rights record is more widely available” (Banking and Finance, Accounting- Financial Reporting, 2015). In other words, the Accounting Regulatory Commission
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international financial reporting system The primary objective of financial reporting as set out in the IASB’s Conceptual Framework is to provide financial information to existing and potential investors, lenders and other creditors in making decisions about providing resources to the entity; to enable efficiency of operation of capital markets and To ensure investors’ and lenders’ confidence and trust. High quality financial reporting appears when companies are having good internal financial accounting
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(updated January 2012) Effect analysis IFRS 10 Consolidated Financial Statements and IFRS 12 Disclosure of Interests in Other Entities In The IASB’s approach to effect analysis Before we issue new requirements, or make amendments to existing IFRSs, we consider the costs and benefits of what we are proposing. This includes an assessment of both the costs incurred by preparers of financial statements and the costs incurred by users of financial statements when information is not available. We also consider
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market crash of 1929, there were stresses on the accounting profession to institute uniform accounting standards. Thus the evolution of financial accounting and reporting standards came into existence. The development of this uniform standard was not easy. However, due to a number of individuals feeling that they were faced with incomplete and inaccurate financial statement information, a standard needed to be established and enforced. Inaccuracy and deception led to a number of negative events
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Financial Statements Review Financial Statements Review The following paper will address the Patton-Fuller Community Hospitals financial statements including the differences between the audited and unaudited financial statements, the effect that revenue sources had on the financial reporting for the hospital and how the hospitals revenue and expenses were grouped for planning and control. When organizations report unaudited financials it is important to realize there may be changes in the audited
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Efficient Securities Markets and International Financial Reporting Standards Efficient Securities Markets and International Financial Reporting Standards Introduction As of January 2011 Canada’s publicly accountable enterprises (PAEs) will have to adopt International Financial Reporting Standards (IFRS) as their accounting framework under which financial statements are prepared. This means the accounting standards Canada had been using generally accepted accounting principles
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constituencies did agree with the Trueblood report objectives of financial reporting (Dopuch and Sunder, 1980). Notwithstanding these issues, the FASB and the IASB go further towards a focus on capital providers needs in their joint project of revision of the Conceptual Framework when writing that financial reporting is not primarily directed to other groups than capital providers. There is a possibility that the objectives assigned to financial accounting as a social activity is directed by a dominant
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its financial information as a reporting unit. The objective of the accounting standard is to specify the financial reporting by an entity when it undertakes a business combination. The proposed accounting standards addresses the accounting principles and method that is relevant for reporting acquisition of business entities. When an entity acquired another entity as a business combination it should account for the business acquired at its fair value at the acquisition date. Financial accounting
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