International Accounting Standards and Selected Middle East Stock Exchanges Besalet Basoglu and Ahmed Goma Manhattan College Email: bbasoglu@manhattan.edu Agoma@manhattan.edu JEL Classifications: G1, M4, O5 Keywords: Middle East Stock Exchanges, International Accounting Standards, GAAP, IASC 1. International Accounting Standards and Selected Middle East Stock Exchanges In an effort to generate comparable and reliable accounting information to help investors, creditors and others
Words: 3535 - Pages: 15
endorsed by the US Financial Accounting Standards Board (FASB). In 2003 the International Financial Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) commenced a joint project with the aim of converging the IFRSs and FASB standards. This project will result in further changes which will flow through to Australia, but when complete, may ultimately result in a true international standardisation of accounting and a single set of global financial accounting standards
Words: 614 - Pages: 3
global accounting standards. In doing so, financial reporting will be leveled, and international transactions as well as investors can assure their decisions and provide statements under fair value measurement. The collaboration of FASB and IASB, will be one of the most important changes in financial reporting to take place in years; best of both worlds as I would like to call it. The convergence of US GAAP to IFRS will bring have a major impact in our financial system. Accountants and regulatory bodies
Words: 344 - Pages: 2
International Journal of Business and Social Science Vol. 4 No. 13; October 2013 Cooking the Books: The Case of Malaysian Listed Companies Fathilatul Zakimi Abdul Hamid Rohami Shafie Zaleha Othman Wan Nordin Wan Hussin Faudziah Hanim Fadzil School of Accountancy Universiti Utara Malaysia Sintok, 06010 Kedah Malaysia. Abstract Cooking the books refers to fraudulent accounting activities undertaken by a business to falsify its financial statements. Thus, the objectives of this study are
Words: 5312 - Pages: 22
is to prepare financial information for internal and external users. Accounting standards play a key role in financial reporting and help users to make informed decisions. Levitt (1998) highlighted the importance of accounting standards as ‘educated investors need relevant, useful information to make their investment decisions’ and he emphasises that this can be achieved by high quality accounting standards. Up to 1970s, there was no uniform system for the preparation of financial statements and
Words: 827 - Pages: 4
as the International Financial Reporting Standards. This paper will provide a history of IFRS and discuss the time frame of the conversion, along with is effects on U.S in the accounting perspective. Over the past few years, much talk of U.S adopting the IFRS as the basis for accounting principles has circulated amongst the accounting and business world. Although many may resent the conversion from U.S Generally Accepted Accounting Principles (GAAP) to the London-based International Financial
Words: 1422 - Pages: 6
Going Concern Group 4 ACCT 632, Advanced Financial Acct Theory Liberty University Aug 7, 2013 GOING CONCERN Summary of Going Concern current exposure draft Comparison and Contrast of current Going Concern theory and standards 1 Guidance provided by AU Section 341 2 Guidance provided by 17 U.S.C. §229.303 3 Proposed guidance of exposure draft Comparison and Contrast of U. S. GAAP and IFRS with respect to Going Concern 1 Current Going Concern variations
Words: 4936 - Pages: 20
attempting to eliminate the differences in the International Financial Reporting Standards (IFRS) and the US Generally Accepted Accounting Principles (US GAAP). Convergence also seeks to establish understandability amongst users and enforceable by regulators (Erchinger, Melcher, 2007). The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) have been trying to implement a global acceptable standard for financial reporting since the end of 2002 onwards
Words: 1269 - Pages: 6
A friend of your says, “I understand there are ‘rules’ for financial reporting. But what are these rules, where can a person find them, and which ones are more important?” One of the most common rules for financial reporting is GAAP, which is Generally Accepted Accounting Principles. GAAP are and is a combination of authoritative standards and simply the common accepted ways of recording and reporting accounting information from companies. GAAP can be found and imposed by companies so that
Words: 469 - Pages: 2
framework and standard setting process, nationally and internationally. 4. Evaluate the relationship between accounting theories and framework to the practice in the real world. 5. Analyze the recognition, measurement and other current issues in financial reporting. COURSE OUTLINE |Week |Topic |Contact Hours |Learning Levels|References | | |
Words: 1500 - Pages: 6
