those in the plantation industry) for a limited-scope project for BBAs and such a project is also supported in the Issues Paper produced by the Asian-Oceanian Standard Setters Group (AOSSG) and the IASB's Emerging Economies Group (EEG). Users of financial statements that responded to the IASB's agenda consultation considered a project on bearer biological assets to be important/urgent. The AOSSG noted that concerns had been raised by investors (as well as preparers) about the relevance and usefulness
Words: 1782 - Pages: 8
standards and risk assessments for accounting and reporting practices. Sarbanes-Oxley Act The Sarbanes Oxley Act (the “Act”) of 2002 is a federal law passed in response to major corporate and accounting scandals including those of Enron, Tyco International, and Worldcom. These accounting scandals gave pause to the accounting world because of how complex and encompassing they were. They resulted in a decline of public trust in both accounting and reporting practices. It was then when the government
Words: 527 - Pages: 3
International Convergence of Accounting Standards Standardization is a common theme across many sectors as the world continues an ever developing push towards globalization. This globalization requires the economic integration of nations into an international economy. In order to achieve integration it was recognized that there needed to be a standardized accounting system for financial information to be exchanged and interpreted. Thus, a goal and a path were developed to obtain the International
Words: 1308 - Pages: 6
IFRS 8 Operating Segments On 30 November 2006, the International Accounting Standards Board issued IFRS 8 Operating Segments, which replaces IAS 14 Segment Reporting. IFRS 8 is mandatory for annual financial statements for periods beginning on or after 1 January 2009, although earlier application is permitted. Once IFRS 8 is effective, segment reporting under International Financial Reporting Standards and US Generally Accepted Accounting Principles will be converged except for some minor
Words: 1638 - Pages: 7
The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) have a common relationship that is always evolving. There are several different items that have to be looked at before changes can be made. Due to changes in accounting practices, both boards have to take many things into account. They deal with companies worldwide, so they have to take a look at the customs for each country along with different accounting methods and economic differences as well
Words: 1109 - Pages: 5
Devry College of NY | Masters of the Universe | Accounting Project Case 11-3 | 12/7/2011 | | Introduction Mergers and Acquisitions are a normal part of the Corporate Finance world. Every week we hear news about large and small corporate mergers and buy-outs. They bring separate companies under the umbrella of a larger company that can be more efficient, created more profits and often offer more products, services and better quality. In this project we look at a joint venture
Words: 2022 - Pages: 9
its financial information as a reporting unit. The objective of the accounting standard is to specify the financial reporting by an entity when it undertakes a business combination. The proposed accounting standards addresses the accounting principles and method that is relevant for reporting acquisition of business entities. When an entity acquired another entity as a business combination it should account for the business acquired at its fair value at the acquisition date. Financial accounting
Words: 2496 - Pages: 10
How International Differences in the Ownership and Financing of Companies Could Lead to Differences in Financial Reporting Introduction The major objective behind the development of International Financial Reporting Standards (IFRSs) has been to achieve financial reporting across different countries, which could be easily compared. In order to achieve this kind of comparability, it is very crucial that the IFRS be used by all the countries involved in the same way, and that these standards
Words: 1874 - Pages: 8
Board Paper Accounting is defined as the practice of recording, analyzing, and reporting the financial transactions of an organization (Schroeder, Clark, & Cathey, 2011). Since 1973, there has been a governing body that has determined what is considered acceptable business practices in regard to the relationship between these functions. In the United States, that governing body is known as the Financial Accounting Standards Board or FASB. FASB helped to refine and establish what is known as the
Words: 888 - Pages: 4
earning management and fraudulent reporting ? Fraudulent reporting is a form of aggressiveWhen a company is in a down turn in business | Earnings management "Earnings management" occurs when managers use judgment in financial reporting and in structuring transactions to alter financial reports to either mislead some stakeholders about the underlying economic performance of a company or influence contractual outcomes that depend on reported accounting numbers.[3] Earnings management usually involves
Words: 695 - Pages: 3
