EXECUTIVE SUMMARY Accounting for intangible assets is a major issue within the accounting environment. The issue is identifiable when it concerns accounting for research and development costs, in particular, internally generated assets. With two imperative standards in practice today, one being the IASB’s selective capitalisation of expenses into an intangible asset once a specific criteria has been reached and the other being the FASB’s system of straight expensing of all expenditure. This subject
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International Financial Reporting Standards (IFRS) MBA 691: Managerial Accounting Professor: Prepared by: April 19, 2009 Bibliography: • Ernst & Young, “U.S. GAAP vs. IFRS: The basics”, January 2009. • Securities & Exchange Commission, “Roadmap for the Potential Use of Financial Statements Prepared in Accordance with International Financial Reporting Standards by U.S. Issuers”, www.sec.gov/spotlight/ifrsroadmap.htm (Release No. 33-8982;
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Accounting Standards Board Paper Financial Accounting Standard Board (FASB) is a private, not-for-profit organization responsible for setting accounting standard for public companies in the United States. It was created in 1973 as a replacement for the Committee on Accounting (CAP) and the Accounting Principle Board (APB). Financial Accounting Standard Board mission is stated as “to establish and improve standards of financial accounting and reporting that foster financial reporting by nongovernmental
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voted to add to its agenda a project on lease accounting. The project will be conducted jointly with the US Financial Accounting Standards Board (FASB) and is expected to result in the publication of a joint discussion paper in 2008. The project will reconsider all aspects of lease accounting and is expected to fundamentally revise the way lease contracts are recognized in the financial statements of lessees and lessors. The Board directed the staff to establish a working group of individuals
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affiliated through ownership cannot be considered independent, arm’s-length transactions. As in many matters relating to financial reporting, we look to transactions with outside parties to provide a basis for accounting valuation. When firms are affiliated through a common set of owners, measurements that recognize the relationships among the firms help to provide objectivity in financial reporting. LO4 LO3 LO2 LO1 1 LEARNING OBJECTIVES After studying this chapter, you should be able to: Describe
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volatility during the financial crisis In Group with Mr Duchemin and Mr Melloul Benjamin CNUDDE Introduction: The world of finance is from now global and has huge repercussions all over the planet as we could see during those last years of the recent recession. The subprime crisis triggered in the United States during the second half of 2006 has quickly turned into an international financial crisis with huge repercussions on the European financial markets. Banks and financial intermediaries were
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Version 24 August 2009 ____________________________________________________________ _____________ We thank Wendy Hsu, Tasha Grieve, Dessalegn Mihret, Lalith Seelanatha and Anthony Vu for data collection assistance. We also acknowledge the financial support of the Accounting and Finance Association of Australia and New Zealand (AFAANZ), UWA Business School and the University of Southern Queensland. We thank Millicent Chang, John Holland, Izan and seminar participants at Monash University and
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all over the world rely upon financial statements before taking decisions. They need to be convinced that the financial statements are true and fair and what they understand from the statements is what the person preparing them intends to convey. However, different countries adopt different accounting treatments and disclosure patterns with respect to the same economic event. This may create confusion among the users while interpreting the financial statements. Financial statements that are based on
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company form, the demands for financial information from investors and other interested parties increased. B. The establishment of two stock exchanges helped rapid growth of the accounting activities. C. Various government regulations on the implementation of economic reform measures require the involvement of independent auditors. D. The laws on joint ventures with foreign companies require the audit of annual statements. E. International accounting firms were allowed
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A critical review of the trade-offs between the concepts of relevance and reliability in financial reporting Theme: Financial Accounting Classification: M41 Author: Prof D Coetsee Affiliation: Department of Accountancy, University of Johannesburg, South Africa Contact address: Department of Accountancy R-Ring 607 University of Johannesburg PO Box 524 Auckland Park Johannesburg South-Africa 2006 Telephone: +27-11-559-3047 Fax: +27-11-559-2777
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