and procedures inherent in the preparation of the general-purpose financial statements required of all publicly traded companies. Specifically addressed are the balance sheet, income statement, statement of cash flows, explanatory notes, and the auditor’s opinion. Other areas explored include review of the accounting process, profitability analysis, financial disclosures, and time value of money concepts. IFRS (International Financial Reporting Standards) will be explored in conjunction with each chapter’s
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towards a common global accounting framework called International Financial Reporting Standards (IFRS). THE IASB and FASB have been working jointly to establish a global standard that will guide the organization and presentation of information in the financial statements. The boards goal is to improve the usefulness of the financial information to the users of its’ financial statements and to help users in making their decision. The key financial statement that this paper will focus on is the statement
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Convergence or Adoption: From U.S. GAAP to IASB Deanna E. West American Public University Accounting 600 Professor: Dr. Kuhn Abstract This paper discusses how the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) signed the Norwalk Agreement in 2002, and agreed to work together towards the development of high-quality, compatible accounting standards that could be used globally. The creation of short-term and long-term convergence plans in
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examine comparisons between the International Financial Reporting Standards (IFRS); which is designed to be a common global language for business affairs and the Generally Accepted Accounting Principle (GAAP); which refer to the standard framework of guidelines for financial accounting. There are certain ways that the format of a statement of financial position under the IFRS often differ from the balance sheet presented under the GAAP. At a minimum the statement of financial position shall include items
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Accounting Standards Boards Paper This paper will discuss the relationship of the two accounting boards, International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB). Both groups are working on a venture known as the convergent project. The convergent project is an attempt by the IASB and FASB to eliminate differences between the International Financial Reporting Standards and the US GAAP. This paper will also explain how the MSA program will help students
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KIER v CARILLION EXERCISE BFM234: ACCOUNTING FOR NON-FINANCIAL MANAGERS Group 77 Table of Contents Introduction .................................................................................................. Financial performance and position of Kier Group plc ................................. Financial performance and position of Carillion plc ..................................... Comparison of the financial performance and position between Kier Group plc and Carillion plc .........
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made in Romania post communism. Included in this paper are comparisons of previous practices and the implications presented within each practice; along with the pros and cons and many challenges that are associated with the adaptation of International Financial Reporting Standards (IFRS) for small and medium-sized entities (SMEs). Romania’s Post Communism Accounting Practices and The Effects of Adapting IFRS Romania is country located in southeastern Europe and
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ISSUES IN ACCOUNTING EDUCATION Vol. 27, No. 2 2012 pp. 461–474 American Accounting Association DOI: 10.2308/iace-50005 Super Electronics, Inc.: Financial Reporting of Sales Incentives and Vendor Allowances Using FASB Codification Mahendra R. Gujarathi ABSTRACT: Super Electronics, Inc., a specialty retailer, has recently initiated several sales incentives and has entered into a long-term purchase arrangement with a major vendor that entitles it to sliding discounts based on its level of purchases
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Accounting Issue: Financial Reporting * Comprehensive Income * Issued to address the presentation of certain items that bypass the income statement and were recorded directly to equity * Focused on net income would not take into account comprehensive income items in measuring financial performance * Bypassed the incomes statement: recorded directly to stockholder’s equity * Foreign currency matters * Derivatives and hedging * Compensation
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Provisions and Contingencies Scenario 1 Fact: Energy Inc. (Energy, or the Company), which operates in the oil industry, is a U.S. subsidiary of a U.K. entity that prepares its financial statements in accordance with IFRS and U.S. GAAP. A draft law in a country where Energy operates in, which requires a cleanup of land already contaminated, will possibly be enacted shortly after the year-end. Issues: Should Energy recognize a provision, (i) in reporting under IFRSs, and (ii) in accordance
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