The International Accounting Standard Committee (IASC) came into existence on June 29 1973 when sixteen accounting bodies from nine nations (designated as founder members) signed the agreement and constitution for its formation with headquarters at London. The objective of the committee is "to formulate and publish in the public interest standards to be observed in the presentation of audited financial statements and to promote their worldwide acceptance and observance". This would
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Accounting Standards Boards Increased globalization in the business world has brought to fore some of the issues and challenges that multinational businesses face in financial recording and reporting of foreign based operations. With operations based in different countries that operate under different accounting principles and with varying currencies‚ there has been a need for the accounting principles and standards to be converged. This has in the past nine years seen the accounting policy
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302 Accounting Standard (AS) 16 (issued 2000) Borrowing Costs Contents OBJECTIVE SCOPE DEFINITIONS RECOGNITION Borrowing Costs Eligible for Capitalisation Excess of the Carrying Amount of the Qualifying Asset over Recoverable Amount Commencement of Capitalisation Suspension of Capitalisation Cessation of Capitalisation DISCLOSURE Paragraphs 1-2 3-5 6-22 8-12 13 14-16 17-18 19-22 23 The following Accounting Standards Interpretations (ASIs) relate to AS 16: ASI 1- Substantial Period
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2.1 Accounting standard-setters have an expectation that the readers of general purpose financial reports have a ‘reasonable knowledge’ of accounting. Specifically‚ the IASB Framework states that ‘users are expected to have a reasonable knowledge of business and economic activities and accounting and a willingness to study the information with reasonable diligence’. Hence‚ there is an expectation that financial statements are not tailored to meet the needs of people who have not‚ in some way‚ studied
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Case 1-3 Politicalization of Accounting Standards A. These groups are put in place to help regulate the economy and to help form accounting principles that should be followed to promote and ensure accuracy and efficiency in companies across America. There was much policitalization which led to the abolishment of the APB and the formation of FASB. This was due to reasons such as the investment of tax credit in 1961 which made the APB responsible for deciding how it was to be reported. Due to the
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RESEARCH: Accounting Standard Codification (ASC) 1. FASB had four primary goals in developing the codification. List these four goals: 1. Simplify user access to all authoritative U.S. GAAP by putting them all in one place with codification 2. Assist FASB with the research and international convergence efforts required during the standard-setting process 3. Become the authoritative source of literature for the completed extensible business reporting language (XBRL) taxonomy 4. Clarify that
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sentenced to 10 years. He had moved company cash into his personal bank account. Some of this was used to buy Polly Peck shares to keep the price up. In 2002 the accounting disciplinary body‚ the Joint Disciplinary Tribunal‚ fined Stoy Hayward £75‚000 for its role as group auditor to Polly Peck. Erdal & Co‚ the north Cypriot accounting firm was also fined for its audit of the north Cypriot subsidiaries of Polly Peck in 1988 and 1999. 2. Enron 2001 Massive fraud. AA helped to set up off balance
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198 Accounting Standard (AS) 14 (issued 1994) Accounting for Amalgamations Contents INTRODUCTION Definitions EXPLANATION Types of Amalgamations Methods of Accounting for Amalgamations The Pooling of Interests Method The Purchase Method Consideration Treatment of Reserves on Amalgamation Treatment of Goodwill Arising on Amalgamation Balance of Profit and Loss Account Treatment of Reserves Specified in A Scheme of Amalgamation Disclosure Amalgamation after the Balance Sheet Date ACCOUNTING STANDARD
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MCQs in lecture from ch 2 1. Accounting theories should be A. Inductive B. Deductive C. Descriptive D. None of the given options is correct 2. Which of the following statements is true about accounting measurements such as profits and assets? A. They are subject to professional judgment B. They would not vary if prepared by different accountants‚ providing they were based on the same set of accounting standards C. They are based on hard‚ objective‚ evidence
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BANGLADESH STANDARDS AND TESTING INSTITUTION (BSTI) Introduction: Bangladesh Standards and Testing Institution (BSTI)‚ the only National Standards body of Bangladesh‚ is playingan important role in developing and Promoting industrial Standardization. Keeping in view that Standardization‚ metrology‚ testing and quality control in the industrial spheres are the basic pre-requisite of the infrastructure necessary for sound economic development of the country‚ the Government of Bangladesh has established
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