Property, Plant and Equipment Property, Plant and Equipment I- Nature of Accounting Issues Businesses purchase and use a variety of fixed assets, such as equipment, furniture, tools, machinery, buildings, and land. These fixed assets are long-term or relatively permanent assets. Also, they are tangible assets because they exist physically. They are owned and used by the business and are not offered for sale as part of normal operations. Perhaps the most descriptive titles these assets are
Words: 4741 - Pages: 19
Beswick's “condorsement” idea would infuse IFRS into U.S. Generally Accepted Accounting Principles by endorsing international standards one at a time while also continuing to converge them to GAAP. The Financial Accounting Standards Board would follow some established endorsement protocol for folding newly issued or amended international standards into GAAP, while also having the authority to modify or supplement them as the boards deems necessary. That would lead to a more gradual transition to
Words: 1409 - Pages: 6
US GAAP versus IFRS The basics December 2011 !@# Table of contents Introduction .....................................................................2 Financial statement presentation......................................4 Interim financial reporting ................................................6 Consolidation, joint venture accounting and equity method investees .............................................................7 Business combinations ...................................
Words: 18710 - Pages: 75
* UNMODIFIED REPORT * UNMODIFIED- The financial statement shows a true and fair view about the company’s financial position * There are no “if”, ”but” or additional information provided. * MODIFIED REPORT * The choices for QUALIFIED can be described in a matrix * Example of insufficient appropriate audit evidence … Except as discussed in the following paragraph… We did not observe the counting of inventories at 31/12/200X… unable to determine inventory quantities by other
Words: 281 - Pages: 2
Executive Indian Banks’ Association IFRS Convergence: Challenges and Implementation Approaches for Banks in India In line with the global trend, the Institute of Chartered Accountants of India (ICAI) has proposed a plan for convergence with International Financial Reporting Standards (IFRS) for certain defined entities - including banks - with effect from April 1, 2011. Convergence to IFRS would mean India would join a league of more than 100 countries, which have converged with IFRS. We believe
Words: 6216 - Pages: 25
verses International Financial Reporting Standards Laura Lance Financial Accounting, ACC211 Instructor Suzanne Lozano 12 November 2011 GAAP vs IFRS 1 Generally Accepted Accounting Principles verses International Financial Reporting Standards. The two accounting reporting systems used today are the International Financial Reporting
Words: 541 - Pages: 3
IAS 2 International Accounting Standard 2 Inventories This version includes amendments resulting from IFRSs issued up to 17 January 2008. IAS 2 Inventories was issued by the International Accounting Standards Committee in December 1993. It replaced IAS 2 Valuation and Presentation of Inventories in the Context of the Historical Cost System (originally issued in October 1975). The Standing Interpretations Committee developed SIC-1 Consistency—Different Cost Formulas for Inventories, which was
Words: 5989 - Pages: 24
One day we don’t have to talk about the story of convergence between International Financial Reporting Standards (“IFRS”) and U.S. GAAP (“GAAP”). I believe that they will be fully converged someday in the future. It is generally assumed that, all standard setters would agree on a single, high-quality accounting standard and it can meet everyone’s need. However, there is also a long road to achieve this ultimate goal. Fortunately, the steps of convergence never stop. There are more than 100 countries
Words: 276 - Pages: 2
PUBLIC SECTOR ACCOUNTING A. Institutional Framework for Public Sector Accounting 5. The institutional framework should include adherence to IFAC-issued International Accounting Standards. And it should support the groundwork for qualified accounting staff to provide the timely, relevant, and reliable financial information needed to support all fiscal and budget management, decisionmaking, and reporting processes. The diagnostic questionnaires that were used in this assessment collected information
Words: 1667 - Pages: 7
Presentation of Financial Statements The board proposes to amendment IAS 1 to state explicitly that an entity shall present the components of changes in equity either in the notes to the financial statements or in the statements of changes in equity, the amount per share of dividends recognized as distributions to owners. Proposed amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards The board proposes to amendment IFRS 1 First-time Adoption of International Financial
Words: 343 - Pages: 2
