undertaken by the IASB and the FASB jointly aiming at removing the differences between the two sets of accounting Standards, the GAAP and the IFRS. In other words, the main purpose of the project is to make the accounting standards of both the IASB and the FASB comparable so that there will be a global used accounting standard. (Deegan 2010, p49) This project will make international financial reports more comparable and more helpful for information users. The development of Conceptual Framework is a basic
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Developing Conceptual Framework Is An Impossible Possibility Accounting Essay Accounting is playing an important role in nowadays society. It provides financial information to the user to make business decision. However, accountants have to follow accounting standards when they are providing the information. We may question what the principle of those standards is. Financial accounting theory was created as the principle in making standards, and conceptual framework for accounting built up. This
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The history and Accounting practices in Australia Development of accounting practices in Australia: The Accounting Practices were firstly recommended and issued by the Institute of Chartered Accountants in Australia (ICAA) in 1946 and these accounting practices were called as “Recommendations of Accounting Principles”. These accounting principles were just barely “copied” from those issued earlier by the Institute of Chartered Accountants of England and Wale (ICAEW). However, these accounting
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Australia accounting standards and related pronouncements. In 2004, the Australia Accounting Standard Board (AASB) adopted the Framework for the Preparation and Presentation of Financial Statement. (Picker, Leo, Loftus and Wise, 2009, P30) The framework plays an important role as a guide to the AASB in developing accounting standards and resolving accounting disputes. Also, the framework address general purpose financial statement, which are the financial statements that an entity prepares and presents at
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Accounting regulation The Learning Objectives for this lecture: Regulatory framework Role of a conceptual framework Current state of play of conceptual framework for international standards Different approaches to accounting regulation •Free-market approach EMH Agency theory •Regulatory approach market mechanisms will not be able to achieve a socially optimal equilibrium price for accounting information Theory of efficient markets • The forces of supply and demand influence market
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C12-3 IASB Deliberations Robert Peters ACC/440 December 2, 2013 Rick Corwin C12-3 IASB Deliberations This paper will identify three projects currently on the active agenda that are being addressed by the IASB. Items that will be addressed for each of the projects are what is the timetable identified for milestones on each of the projects and what is the status of the conceptual Framework project? IFRS 9: Financial Instruments (replacement of IAS 39) The IASB divided this project to reconsider
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reflect an entity perspective focussing on the needs of all capital provides, not just equity investors. The financial statement must truly reflect the qualitative characteristics of information (Leo et al, 2009). However, IASB and FASB try to develop a new conceptual framework recently. The project's objective is tried to create a new sound foundation for future accounting standards that are principles-based, internally consistent and also internationally converged. This assignment is about if Australia
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Questions 1. Explain why principles-based standards require a conceptual framework. A: Conceptual framework can be defined as “an attempt to define the nature and purpose of accounting” (Team, 2015). Conceptual framework is essential for principle-based standards because it lays out a fundamental structure for principles-based standards. Setting the standard on and relate to an established body of concepts and objectives, enable FASB and IASB to “issue more useful and consistent standards over time”
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International Accounting Standards Board (IASB) began their joint commitment in 2002 to improve both generally accepted accounting principles (GAAP) and International Financial Accounting Standards (IFAS). The mission of these two boards is to try to make both methods of accounting standards as compatible as possible. The two boards are trying to come to a common denominator that will allow use for both domestic and cross-border financial reporting. The FASB and IASB are also working on a number of individual
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quality for Generally Accepted Accounting Principles (GAAP) standards and improve the relations and communication with additional nationwide standards setters. The convergence program is to help increase the quality of recording standards. FASB and IASB recognized that increasing the comparability of principles will not be as easy as they thought. To do so, they will need the help of setters around the world to have an agreement amongst the standards. We also have to remember that FASB priority is
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