Globalization of Accounting Standards ACC 201 This year, the Securities and Exchange Committee is looking to make a decision on international rules regarding accounting standards. The United States has expressed support of accounting harmonization rather than accounting convergence. Accounting harmonization is the goal to adjust the consistencies among the different methods, procedures, or systems of other countries in order to make them more compatible with each other uniformly
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Inventory methods go back to the times of the first recorded businesses, First in First out method or FIFO, is commonly accepted over all accounting standards; however, the antithesis of FIFO is not as easily agreed upon. Last in First Out method, was ruled as not an acceptable accounting method for valuation of inventories in 1930 by the Supreme Court. This was after issues with many companies seeing LIFO as the most accurate way to valuate their inventories, which caused many law suites and lead
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The BIGGER Picture (Ch. 1) Why do we need financial reporting? What is its purpose? Who are some of the key players in financial reporting? PROVIDER EXTERNAL USERS REGULATORS Your textbook (as most out there) evaluates accounting issues from a FASB perspective. We will discuss issues from the FASB’s conceptual framework, but also will try to think about others’ perspectives as well. Before we talk about the conceptual framework, we will discuss the structure of the ultimate product of the
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Objectives..................................................................................................... 2 Basic Accounting Concepts ....................................................................................... 3 Cash versus Accrual Accounting................................................................................7 Qualitative Characteristics of Accounting Information ...........................................9 Valuations on the Balance Sheet .............................
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Fair Value Accounting: The Road to Be Most Travelled By Rock Lefebvre, Elena Simonova and Mihaela Scarlat Fair Value Accounting: The Road to Be Most Travelled By Rock Lefebvre, Elena Simonova and Mihaela Scarlat December 2009 Sponsored by the Certified General Accountants Association of Ontario Introduction ................................................................................................................................ Fair Value Accounting – An Overview.............
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activities, particularly its operating, investing and financing activities. Different countries have developed their own accounting principles over time, making international comparisons of companies difficult. To ensure uniformity and comparability between financial statements prepared by different companies, a set of guidelines and rules are used. Commonly referred to as GAAP, these set of guidelines provide the basis in the
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IFRS adoption and analysts’ earnings forecasts: Australian evidence Julie Cottera University of Southern Queensland Ann Tarcab University of Western Australia Marvin Weeb University of Western Australia a b University of Southern Queensland. University of Western Australia. Address for correspondence: Ann Tarca, UWA Business School, M250, 35 Stirling Highway, Crawley, Western Australia 6009. Email: Ann.Tarca@uwa.edu.au Tel: +61 8 6488 3868. Version 24 August 2009 ____________________________________________________________
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Convergence Project Financial Accounting Standards Board and International Accounting Standards Board By: Lydia Ferdin Our world is changing and sometimes in business, there are times when we must change our policies, standards, and guidelines as well to keep up with the natural changes in our environment. This leads to the idea of convergence as it relates to accounting. One of the world’s greatest naturalist and Greek professor Heraclitus (535 BC - 475 BC), once coined the theory and phrase
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essay is an attempt to understand the strengths, shortfalls and differences of current national and international accounting rules for reporting R&D expenditure, with a specific emphasis to pharmaceutical industry. This essay challenges the current dogma of considering R&D as an expanse and also provides some insights into overcoming these challenges. INTRODUCTION Accounting is an art and science of communicating the financial information of the organizations to its managers, employees,
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▪ Bachelor of Commerce (2005) - Cairo University. ▪ Major: Accounting. Languages Skills : English: Very Good Arabic: Mother Tongue Positions Held : Dec 2007 – Present: ▪ Auditor at Deloitte (Saleh, Barsoum, Abdel Aziz & Co-Egypt). Job Description: - Examine and analyze accounting records to determine financial status of establishment and prepare financial reports
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