Definition of 'Accounting Standard's An accounting standard is a guideline for financial accounting, such as how a firm prepares and presents its business income and expense, assets and liabilities. The Generally Accepted Accounting Principles is comprised of a large group of individual accounting standards. GAAP standards apply to financial reporting in the United States and may be eventually phased out in favor of the International Accounting Standards. 1. Generally Accepted Accounting Principles
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for the Islamic finance sector in order to meet the needs of continued growth (Vinnicombe, 2012). Harmonization of Shari’a accounting standards has continue to be made by the AAOIFI as it is also done by the International Accounting Standards Board (IASB) for conventional accounting harmonization. In its development, financial reporting in Islamic accounting adds some different additional reports than conventional accounting to accommodate the unique transactions of Islamic economics. In that regard
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ACCOUNTING 404 INTERNATIONAL ACCOUNTING FALL 2012 Instructor: Dr. Meihua Koo Office: Building 164, Room 2086 Email: mkoo@csupomona.edu Vmail: (909) 869-4531 Office Hours: Tuesday & Thursday: 5:00 – 5:45 p.m. Wednesday: 9:30 a.m. – 1:00 p.m. COURSE DESCRIPTION: Examination and discussion of accounting theories, techniques, procedures, accounting standards and regulations used in other nations. Examination of contemporary practices prevailing in different parts of the world. Emphasis on multi-national
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CHAPTER 2 CONCEPTUAL FRAMEWORK UNDERLYING FINANCIAL ACCOUNTING Show Me the Earnings! The growth of new-economy business on the Internet has led to the development of new measures of performance. When Priceline.com splashed onto the dot-com scene, it touted steady growth in a measure called “unique offers by users” to explain its heady stock price. To draw investors to its stock, Drugstore.com focused on the number of “unique customers” at its website. After all, new businesses call for new performance
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S. Standards Financial information presented in financial statements require key elements that make it valuable to users to derive meaningful conclusions about the trends in an entity's financial performance and position over time. The conceptual framework categorizes these elements into fundamental or enhancing qualitative characteristics, depending on how they affect the decision usefulness of information. One of the qualitative characteristics stated is comparability. For accounting information
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create guidance for solving accounting problems, but did not believe they had enough time. Instead, they began attacking specific problems and recommended accounting methods. c. Strengths – Although the CAP did not produce an accounting framework, they set the stage for how accounting policies would be made, in the private sector. They also had more power than was granted to any committee prior to their existence. d. Weaknesses - The committee did not have
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statement///Requires preparation of ‘true and fair’ financial statements by public companies, large proprietary companies, organizations with securities listed on the ASX, and some small proprietary companies. Functions of AASB--developing a conceptual framework making accounting standards that have force of law under s. 334 of the Corporations Act//formulate accounting standards for other purposes such as for entities not governed by The Corporations Law//participate in and contribute to the development
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Accounting Estimates and Errors as issued at 1 January 2012. Includes IFRSs with an effective date after 1 January 2012 but not the IFRSs they will replace. This extract has been prepared by IFRS Foundation staff and has not been approved by the IASB. For the requirements reference must be made to International Financial Reporting Standards. The objective of this Standard is to prescribe the criteria for selecting and changing accounting policies, together with the accounting treatment and disclosure
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CHAPTER 1 Financial Accounting and Accounting Standards ASSIGNMENT CLASSIFICATION TABLE | | | | |Topics |Questions |Cases | |1. |Subject matter of accounting. |1, 2 |4
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Work Plan for the Consideration of Incorporating International Financial Reporting Standards into the Financial Reporting System for U.S. Issuers A Comparison of U.S. GAAP and IFRS A Securities and Exchange Commission Staff Paper November 16, 2011 OFFICE OF THE CHIEF ACCOUNTANT UNITED STATES SECURITIES AND EXCHANGE COMMISSION This is a paper by the Staff of the U.S. Securities and Exchange Commission. The Commission has expressed no view regarding the analysis, findings
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