Framework for Financial Reporting” was worked on jointly by FASB and IASB (the International Accounting Standards Board) and was published simultaneously by FASB and IASB in September 2010. It deals with “The Objective of General Purpose Financial Reporting” and the “Qualitative Characteristics of Useful Financial Information”. The contents would be excessively long to read at a single sitting: this article restricts itself to ““The Objective of General Purpose Financial Reporting” as agreed upon by FASB
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Statement of Financial Accounting Concepts No. 8 September 2010 Conceptual Framework for Financial Reporting Chapter 1‚ The Objective of General Purpose Financial Reporting‚ and Chapter 3‚ Qualitative Characteristics of Useful Financial Information a replacement of FASB Concepts Statements No. 1 and No. 2 Copyright © 2010 by Financial Accounting Foundation. All rights reserved. Content copyrighted by Financial Accounting Foundation may not be reproduced‚ stored in a retrieval system‚ or
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Financial reporting framework in Bangladesh Legal framework The Companies Act of 1994 provides basic requirements for financial reporting by all companies in Bangladesh. It is silent about either Bangladesh Financial Reporting Standards (BFRS/BAS) or International Financial Reporting Standards (IASs/IFRSs). o Listed companies. The Securities and Exchange Commission of Bangladesh regulates financial reporting by listed companies. SER 1987 requires compliance with IASs/IFRSs as adopted in Bangladesh
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and whether you’ve been sued or arrested‚ or have filed for bankruptcy. Credit reporting companies sell the information in your report to creditors‚ insurers‚ employers‚ and other businesses that use it to evaluate your applications for credit‚ insurance‚ employment‚ or renting a home. The federal Fair Credit Reporting Act (FCRA) promotes the accuracy and privacy of information in the files of the nation’s credit reporting companies. Some financial advisors and consumer advocates suggest that you review
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Accounting Reporting Criteria Paper Accounting reporting criteria includes many factors and covers many elements. From Fundamental Financial Accounting Concepts‚ “accounting is so important that it is often called the language of business. In fact‚ accounting affects not only individual businesses but also society as a whole” (Edmonds‚ Edmonds‚ McNair‚ Olds‚ & Schneider‚ 2006‚ p. 4). Global business requires added consideration in the way of accounting reporting criteria. With heightened consumer
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CHAPTER 1 Financial Reporting and Accounting Standards ASSIGNMENT CLASSIFICATION TABLE Topics Questions Cases 1. Global markets. 1 2. Environment of accounting. 2‚ 3‚ 4 4‚ 5‚ 7 3. Objective of financial reporting. 5‚ 6‚ 7‚ 8‚ 9‚ 10 2 4. Standard-setting organizations. 11‚ 12‚ 13‚ 14‚ 15‚ 16‚ 17‚ 18 1‚ 3‚ 6 5. Financial reporting challenges. 19‚ 20‚ 21‚ 22‚ 23‚ 24‚ 25 8‚ 9‚ 10 6. Ethical issues. 25 11‚ 12 Copyright
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Financial Reporting Standards (IFRS). IFRS has recently been dominating the regulatory changes in accounting for listed companies around the world. Through the years‚ over 100 countries have adopted IFRS reporting‚ some of which include Australia‚ the European Union‚ India‚ Japan‚ South Africa‚ Russia and most recently Canada. In addition‚ the U.S. Securities and Exchange Commission (SEC) are working towards the final element of a work plan to incorporate IFRS into the U.S. financial reporting jurisdiction
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Edition Kieso‚ Weygandt‚ and Warfield 1 Financial Statements and Financial Reporting • Goals or purpose of (financial) accounting – Identification‚ measurement‚ and communication of financial information about – An economic entity to – Interested Parties (internal and external) • Creditors‚ managers‚ unions‚ government agencies Financial reports (statements) & notes 2 Financial Statements and Reporting Economic Entity Financial Information Accounting? Identifies and Measures
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Framework For Integrated reportIng and the Integrated report dIscussIon paper 25 JAnuARy 2011 The Discussion Paper has been released by the Integrated Reporting Committee (IRC) of South Africa. The IRC invites public comment on the Discussion Paper. Please email your comments to ircomments@saica.co.za The last day for comment is 25 April 2011. The Discussion Paper can be downloaded from www.sustainabilitysa.org contents Foreword 1 1. Introduction 3 The context of an
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from the Conceptual Framework for Financial Reporting----the objective of general purpose financial reporting and qualitative characteristics of useful financial information. In this report‚ Myer Holdings Ltd is as an example to describe these two concepts. This report includes the analysis on whether the disclosure of PPE from Myer Holdings Ltd meets the requirements of AASB 116‚ especially the requirements of objective of general purpose financial reporting and qualitative characteristics of useful
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