the convergence project, between the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) (FASB, 2002). This paper will also provide a brief history of the relationships between the two boards, and the equivalents between IASB and FASB. Along with an explanation of how the Master of Science in Accountancy Program helps prepare students for a professional life, within the accounting vocation. Accounting Standards Boards Within each country, there are
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from its insurance carrier. It decided to use those proceeds to fund its pension plan rather than rebuild its warehouse. Beverly must decide which cash flow statement treatment is appropriate. It must also discuss how IFRS apply to cash flow statement and how they compare to U.S. GAAP. While addressing the decision on where to put the borrowing and payment activity on the statement of cash flows, Beverly should refer to ASC 230-10-45-14 and ASC
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(Eagle) From: Subject: Eagle in Italy and Eagle in Serbia Impairments Date: May 7th 2014 1. For Eagle in Italy, is the building impaired under IFRS as of Dec. 31, 2013, and if so what is the amount of the impairment? After reviewing the given facts provided by Eagle in Italy, we have determined that there is an impairment on their building under IFRS for the amount of $200,000. We have determined this through the use of IAS-36 as well as the calculations given below: IAS 36-6 An impairment loss
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9/23/2014 FASB Paper Summary of 2014.08 Update The 2014.08 update first talks about what this update did. The update states “The amendments in this Update address those issues by changing the criteria for reporting discontinued operations and enhancing convergence of the FASB’s and the IASB reporting requirements for discontinued operations”. The main thing that was done with this update was that “The amendments in this Update change the requirements for reporting discontinued operations
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LATEST To purchase this visit following link: https://coursehomework.com/product/acc-563-week-4-assignment-1-strayer-latest/ Contact us at: HELP@APEXSEEKERS.COM ACC 563 WEEK 4 ASSIGNMENT 1 STRAYER LATEST Assignment 1: Research of Emerging Accounting Issues For this assignment, you will need to go to the FASB Website and review the issue that the Emerging Issues Task Force (EITF) is working on at http://www.fasb.org/jsp/FASB/Page/SectionPage&cid=1218220137528. From the current issues described
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Adoption of IFRS Improve Accounting 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
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Acquisition Presented by Professor: Course: ACC 401 Advanced Accounting Date: This is a discussion of the recent acquisition by Google, Inc., a publically traded U.S. multinational corporation, of Motorola Mobility, another multinational corporation. We will briefly describe in general terms, the acquisition of Motorola by Google, including analyzing the accounting requirements for such acquisition, and the various accounting challenges in preparing the financial statements for the consolidation
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IFRS: FASB and IASB Fair value measurements provide users of financial statements with an accurate picture of the value of a company’s assets. Both IFRS and GAAP require firms to include information regarding fair value measurement practices in the notes of financial statements. Under either system, companies will be required to report assets at either book value or fair value, depending on the situation. As a general rule of thumb, all assets in the same class must receive the same valuation treatment
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have collaborated for the past 10 years. This collaboration was a goal toward convergence of U.S. generally accepted accounting principles (GAAP). The convergence project began with the two organizations conducting a joint meeting in Norwalk, Connecticut, on September 18, 2002. The goal for creating the convergence project was for the “development of high-quality compatible accounting standards that can be used for both domestic and cross-border financial reporting. They also promised to use their
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been considering the option to adopt IFRS for all U.S. Issuers as a means to have central reporting standards for U.S. to International Company offerings. While the FASB and IASB work on key projects such as revenue recognition, leasing standards, and financial instruments, the SEC continues to analyze this progress and weigh the benefits and concerns with adopting IFRS for U.S. companies. This paper will focus on the concerns of SEC in fully implementing IFRS, what steps some companies are taking
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