numerous national generally accepted accounting principles with the International Financial Reporting Standards (IFRS) guarantees reliable and comparable financial information that will help investors in making the best investment decisions. Many countries and the International Accounting Standards Board plan to implement or converge with the International Financial Reporting Standards with a goal of comparing uniformed financial statements across countries. Having uniform standards for accounting
Words: 1081 - Pages: 5
Week 1: Overview of Financial Statements - Discussion Accounting is a way of tracking transactions and organizing them into concise reports to be used by investors, principals of companies, or government agencies to be able to control the financial health of a company, family, or an individual. The book uses the example of a checkbook, which is apropos, as I don't know of anyone who has never "bounced" a check due to careless recording of a transaction. Accounting involves a level of trust, that
Words: 1463 - Pages: 6
accounting + auditing Intro to XBRL Patricia Francis xbrL Is resHApING tHe FINANcIAL reportING LANDscApe WorLDWIDe, AND LooKs set to Do tHe sAme IN mALAYsIA oNce FuLLY ImpLemeNteD bY LocAL reGuLAtors AND busINesses. Are You xbrL reADY? The objectives of SSM’s SDP II are: • To enhance delivery and improve accuracy of information; • To achieve a standardised and consistent mode of reporting with enhanced analytical capabilities; • To promote data usability and exchange flow with external
Words: 2550 - Pages: 11
one is the International Accounting Standards Board (IASB), and the second is the Financial Accounting Standards Board (FASB). The two boards are putting together this joint adventure to have a universal standard recognized internationally by entities for reporting of financial statements. This adventure will help to ensure that reporting of financial information is consistent globally and in the United States. The adventure will also help investors, stakeholders, the public, and financial institutions
Words: 1110 - Pages: 5
Financial Reporting Timeline The creation of: 1. Committee on Accounting Procedures Role - With the recent increase in members, the SEC delegated the responsibility of issuing pronouncements on accounting principles to the Committee. The SEC worked with the Committee on Accounting Procedures to develop standards for accounting and financial reporting and issued 51 Accounting Research Bulletins (ARBs) over its lifetime. In 1949, they updated 42 of their original ARBs and codified them.
Words: 3361 - Pages: 14
TO: xxxxx FROM: xxxxxx DATE: xxxxxx SUBJECT: TrueBlood Case 1, Refer-a-Friend Background Runway Discount (Runway), a privately held online retailer, has implemented a new customer referral marketing campaign. The campaign involves incentivizing current customers to refer their friends to Runway’s website. When a current customer refers someone who makes a purchase on Runway’s website, the referring customer receives a $25 credit to be applied to a future purchase. Two important provisions
Words: 351 - Pages: 2
Chapter 2 – Consolidation of Financial Information FASB allows reporting for businesses combined using the acquisition method. The acquisition method embraces a fair value measurement attribute. * Adoption of this attribute reflects the FASB’s increasing emphasis on fair value for measuring and assessing business activity. * In the past, reporting standards embraced the cost principle to measure and report the financial effects of business combinations. Expansion Through Corporate
Words: 2340 - Pages: 10
Abstract This paper is intended to explain a joint venture referred to as the convergence project, between the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) (FASB, 2002). This paper will also provide a brief history of the relationships between the two boards, and the equivalents between IASB and FASB. Along with an explanation of how the Master of Science in Accountancy Program helps prepare students for a professional life, within the accounting
Words: 1110 - Pages: 5
this world that does not conduct business on an international basis. The need for a universal accounting system is a direct result of the magnitude of international business. Investors, managers, CEOs, and virtually all stakeholders need to understand the accounting information of the other businesses they interact with, regardless of the country or region of the world that business is located. “The effort to join the international financial community in a single set of standards has been
Words: 2524 - Pages: 11
Excello Telecommunications Abstract This paper will explain the legality and ethicality of financial reporting as it pertains to the Excello Telecommunications case. Other topics that will be touched on will be reporting standards, SOX Act criteria, and alternatives for Excello. Excello Telecommunications Introduction Excello has a dilemma with end of year reporting and in meeting their earnings estimates in accordance to calculations at the beginning of the year. What the CFO wishes
Words: 1284 - Pages: 6
