issuing official standards has decided there is a need for a harmonization project to bring about ease of use financial statements for stakeholders that use the financial statements. IASB which was formed in 2001 was originally the IASC which operated from 1973 to 2000. IASB is board which is part of the IFRS foundation which their mission is to issue international financial reporting standards through the IASB. These standards are expected to be of high quality, understandable, and enforceable
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Introducing … Accounting Accounting Financial Accounting Accounting Analysis Generating Financial information Using the Financial information Recording, Classifying & Summarising Used for Reporting Analyze, Interpret & Communicate Provides Information for Planning & Control Audience: Internal (Managers, Employees & Owners) and External (Investors, Government Bodies, Society, Customers, etc) ( , , y, , ) FAM 3e @RamKakani 2 Financial Accounting – Evolution Evidence
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Standards Board (GASB) Statement 24, Accounting and Financial Reporting for Certain Grants and Other Financial Assistance, was issued June 1994 and effective for periods beginning after June 15, 1995. This statement establishes accounting and financial reporting standards for pass-through grants, food stamps, and on-behalf payments for fringe benefits and salaries.” The purpose of this document is to explain each of given areas on their financial operations. Pass-through grants are grants received
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IFRS8-1: What are some steps taken by both the FASB and IASB to move to fair value measurement for financial instruments? In what ways have some of the approaches differed? IFRS and GAAP are comparable regarding essential bookkeeping and reporting issues that join. With recognizable proof and estimation of remittance records, accounts receivables, recording rebates, and the diminishment procedure to represent awful obligation and considering. Notwithstanding, FASB (Monetary Bookkeeping Gauges Board)
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specified foreign financial interest (“SFFAs”). Filing obligation is dependent of the aggregate value for the year of SFFAs and the applicable threshold. Reporting is required for assets held in taxable years beginning after March 18, 2010 on Form 8938. Form 8938 is attached to the taxpayer’s annual income tax return and is due on the same date (including extensions). Code section 6038D(a): “Any individual who, during any taxable year, holds any interest in a specified foreign financial asset … if the
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IFRS vs. GAAP ACC/291 June 1, 2015 Judith Bines IFRS vs. GAAP The International Financial Reporting Standards (IFRS) and the Generally Accepted Accounting Principles (GAAP) are rules used to ensure ethical reporting of financial information. During Accounting 291, we have learned how to apply these rules however the differences between the United States GAAP and the IFRS make it difficult to compare companies. Some of these differences appear in the measurement of “fair value”, component
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ASC 944, Financial Service — Insurance (ASC 944) (FASB Statement No. 113, Accounting and Reporting for Reinsurance of Short-Duration and Long-Duration Contracts (Statement 113)) FASB Concepts Statement No. 5, Recognition and Measurement in Financial Statements of Business Enterprises (Concepts Statement 5) SEC Division of Corporation Finance, Frequently Requested Accounting and Financial Reporting Interpretations and Guidance, Part I(J), Accounting for Extended Warranty Plans (SEC Financial Reporting
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ASC 810-10 ASC 810-10 (pre-Codification FIN 46(R), Consolidation of Variable Interest Entities) further interprets how to apply the controlling financial interest criterion. This model is known as the “variable interest model” and entities subject to this model are referred to as “variable interest entities” (VIEs). VIEs include entities that have been referred to as special-purpose entities, as well as other entities that are structured in such a way that (a) the equity investment at risk is not
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Quality? Preliminary Evidence* ANWER S. AHMED, Texas A&M University MICHAEL NEEL, University of Houston DECHUN WANG, Texas A&M University 1. Introduction We provide evidence on the preliminary effects of mandatory adoption of International Financial Reporting Standards (IFRS) on accounting quality for a relatively broad set of firms from 20 countries that adopted IFRS in 2005 relative to a benchmark group of firms from countries that did not adopt IFRS matched on the strength of legal enforcement
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Islamic Financial Institutions (AAOIFI) issued Financial Accounting Standards to tackle the accounting treatment for such transactions. The paper criticised the accounting treatment offered by AAOIFI for violating the matching principle and lacking faithful representation. Suggested amendments for accounting treatments are also proposed. Keywords: Ijarah, lease, Islamic accounting, Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), financial reporting 1. Introduction
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