benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in increases in equity, other than those relating to contributions from equity participants. Income encompasses both revenue and gains. Revenue is income that arises in the course of ordinary activities of an entity and is referred to by a variety of different names including sales, fees, interest, dividends and royalties. This Standard prescribes the accounting treatment of revenue
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Accounting Horizons Vol. 24, No. 3 2010 pp. 355–394 American Accounting Association DOI: 10.2308/acch.2010.24.3.355 Global Accounting Convergence and the Potential Adoption of IFRS by the U.S. (Part I): Conceptual Underpinnings and Economic Analysis Luzi Hail, Christian Leuz, and Peter Wysocki SYNOPSIS: This article is Part I of a two-part series analyzing the economic and policy factors related to the potential adoption of IFRS by the United States. In this part, we develop the conceptual framework
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ultimately the rest of the world economy. Speculation was rife that accounting standards, in particular, fair value accounting was the prime reason for this significant meltdown. “This sparked a fierce debate with some experts believing that fair value accounting was primary cause of the crisis whilst others considered that it exacerbated it. On the other side of the debate were those commentators that believed that fair value accounting was successful in acting as an early warning system and effectively
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Accounting Standards Boards Paper Elena Thomas ACC/541 January 10, 2011 Accounting Standards Boards Paper In the 1930’s, the financial community was realizing a need for a uniform accounting standard especially for its publicly traded companies. The SEC was given the authority by the Securities Act of 1933 to create accounting standards and determine the accounting disclosures (M.E. Sharpe, 2006). The SEC deferred to the accounting profession the task of creating auditing standards
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there be one set of accounting standards in use throughout the world in the next five years? Currently many countries have been using Accounting guidelines based on the International Financial Reporting Standards (IFRS) these are managed by the International Accounting Standards Board (IASB). The United States holds companies accountable to Accounting Guidelines maintained by the Financial Accounting Standards Board (FASB) which issues the Generally Accepted Accounting Principles (GAAP) in
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Keywords: IFRS, GAAP, switch Introduction International Financial Reporting Standards (IFRS) is a standard accounting system easy to International Accounting Standards Board (IASB) issued by the countries in the cross-border economic exchanges. IFRS is a global harmonization of financial rules to regulate the operation of financial management in accordance with international standards guidelines. For specification worldwide accounting operations of enterprises or other economic organizations
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www.ccsenet.org/ijbm International Journal of Business and Management Vol. 7, No. 3; February 2012 Adoption of International Financial Reporting Standards in Developing Countries: The Case of Nigeria Abdulkadir Madawaki College of Business, Universiti Utara Malaysia Sintok, 06010 Kedah, Malaysia E-mail: abdulkadirmadawaki@yahoo.com Received: September 16, 2011 doi:10.5539/ijbm.v7n3p152 Abstract The study focused on the adoption process of International Financial Reporting Standards (IFRS)
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challenges to the Accounting through out the world. Accounting standards will have to adopt an “official common language” if expansion and investment continue growing as have occurred in the past decade. However, it is difficult to say that exactly in five years the business world will have a standard accounting method due to the many government barriers that such a decision involves. Accounting has changed in the past decade with low results in approaching one set of accounting standards. However
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providers needs in their joint project of revision of the Conceptual Framework when writing that financial reporting is not primarily directed to other groups than capital providers. There is a possibility that the objectives assigned to financial accounting as a social activity is directed by a dominant group that imposes its will on all others involved in the activity by making its own objective become the objective of the social activity (Dopuch and Sunder, 1980). Therefore, when criteria are
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International Financial Reporting Standards Colin Erskine DU- Accounting 301 03/13/2014 International Financial Reporting Standards “Over the last decade, progress has been made to harmonize financial accounting standards and practices into one set of single standards to be implemented by businesses domestically and internationally” (Harper, A. Leatherbury, L. Machuca, A. Phillips, J.). There has been some controversy among accounting professionals regarding the impact that switching to
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