October 2012 Table of contents The heart of the matter 2 US financial reporting will change significantly within the next several years An in-depth discussion 4 Examining the implications IFRS affects US businesses in multiple ways What this means for your business 6 Anticipate and manage the change What companies can and should do now October 2012 The heart of the matter US financial reporting will continue to change over the next several years Although
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characteristics identified in the New Zealand Framework are ‘relevance’ and ‘faithful representation’. Relevance is a fundamental qualitative characteristic of financial reporting. Under the IASB Conceptual Framework, information is regarded as relevant if it is considered capable of making a difference to a decision being made by users of the financial statements. There are two main aspects to relevance. For information to be relevant it should have both predictive value and confirmatory value (or feedback
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BAO 3309 Advanced Financial Accounting Semester 2 2013 BAO3309 Advanced Financial Accounting: Research Assignment INDIVIDUAL ASSIGNMENT – 20% (Due date: no later than 5pm on Wednesday 18 September 2013) This assignment weighs 20% of the total grade of this subject. It must be handed in before the due date and meet all the submission requirement for successful completion of the subject Research topic: Convergence of international financial reporting standards 1. Your essay needs to address the
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Contents Contents Page………………………………………………………………………………………………………………………………………….1 Main Body……………………………………………………………………………………………………………………………………………….2 1. Harmonisation – what it means……………………………………………………………………………………………….…2 2. IASB’s reasoning for financial reporting harmonisation…………………………….………………………………..3 3. Approaches to harmonisation………………………………………………………………………..…………………………..4 4. Obstacles in harmonisation………………………………………………….……………………………………………………..6 5. The convergence between IASB and FASB
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Canyon north of Los Angeles, California (2012). Since its origination, it has blossomed and generated large amounts of revenue ever since. The International Financial Reporting Standards would be beneficial for Chevron. However, since this company has been in existence for a decade and have foundational methods and ways of their accounting and financial systems such as GAAP already implemented, it is hard for Chevron to adjust and
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Exposure Draft: Revenue Recognition (Topic 605): Revenue from Contracts with Customers The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have publishing this exposure draft as revenue is a vital number that financial statement users use to value a company’s performance. Both Boards require improvements in their revenue recognition requirements, therefore joined forces to refine the principles for revenue recognition. The goal of the FASB
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AFX 5860 Assignment International Studies in Banking & Finance Visit 1: UN Food and Agricultural Organization [pic] Place: Rome Italy Brief Introduction: The Food and Agriculture Organizaiton of the United Nations (FAO) is a special agency of the United Nations that leads international efforts to defeat hunger. FAO acts as a forum where all nations meet equally to negotiate agreements and debate policy, it also a source of knowledge and information which help developed and developing
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first discuss about how important convergence of IFRS and GAAP is to the US. Knowing how the global market is a very dynamic market nowadays with companies and firms merging, expanding and investing globally across the world, having a standard financial reporting system would be beneficial not to just investors but to all aspect of people analyzing the business plan. The SEC is working on issue a standard of procedure of educating US companies about the comparison between GAAP and IFRS along with
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year. The Update amends the criteria in Subtopic 605-25 for separating revenue in multiple-deliverable arrangements. The amendments replace the use of the fair value of deliverables with the selling price of the deliverables. This change allows the financial statements to more accurately affect the nature of multiple-element arrangements [ (FASB Emerging Issues Task Force, 2009) ]. The first question to address is whether the multiple deliverables in the Power Starterpack are to be considered
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agreement, which appears on company’s financial statement all the time, no matter fortune 500 companies or startup firms. Most of the companies will rent tangible property including office and machines that is called rental agreement. When it comes to accounting, leasing becomes one of the most important sources of the financial statement. Since 1977, Financial Accounting Standards Board (FASB) set accounting standards to regulate leases that show on financial statement. However, current accounting
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