Board (IASB) and US Financial Accounting Standards Board (FASB) have been joined and worked together on convergence project since 2002 for the purpose of combining US accounting standards and global standards into a single International financial reporting standards. This paper will discuss about the history and the relationship between International Accounting Standards Board and Financial Accounting Standards Board. It also evaluates the IASB equivalents of the FASB original pronouncements. Finally
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on Earnings Quality Around the World” by Houqe et al. In the paper “The Effects of IFRS Adoption and Investor Protection on Earnings Quality Around the World” Houqe et al. study the interaction of two fundamental factors that influence financial reporting. So‚ the authors developed an empirical model that tested whether the quality of earnings is a function of mandatory IFRS adoption‚ the country’s investor protection and the interaction of these two variables. For the purpose of having accurate results
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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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core of this project study and thus without his direction‚ the very inception of this work would not have been possible. Q1. Whether a country’s capital market is debt –oriented or equity oriented has a significant impact on the financial reporting that develops in the country‚ both at the cosmetic and at the substantive level. Choose a equity oriented country and a debt oriented country‚ and obtain two corporate annual reports from each. Comment on the similarities and the differences of the
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is Accounting Standard Reporting Board (ASRB). This board reviews and approves financial reporting standards and their amendments‚ give directions as to authoritative support of accounting policies and encourage development of financial reporting standards. This board will be superseded by External Reporting Board (XRB) on 1 July 2011. (ASRB‚ 2011) XRB will have a broader range of authority than ASRB and will cover the responsibility of all aspects of financial reporting and for accounting and
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performing a qualitative assessment before calculating the fair value of the reporting unit (i.e.‚ step 1 of the goodwill impairment test). If entities determine‚ on the basis of qualitative factors‚ that the fair value of the reporting unit is more likely than not greater than the carrying amount‚ a quantitative calculation would not be needed. The proposal would not change how goodwill is calculated or assigned to reporting units‚ nor would it revise the requirement to test goodwill annually for impairment
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CHAPTER 1 THE CANADIAN FINANCIAL REPORTING ENVIRONMENT Multiple Choice—Conceptual Answer No. Description d 1. Accounting characteristics. a 2. Nature of financial accounting. c 3. Definition of financial accounting. a 4. Financial reporting entity. d 5. Efficient use of resources. d 6. Capital allocation process. c 7. Assessing management stewardship. c 8. Objectives of financial reporting. a 9. Role of AcSB. c 10. Body responsible for setting GAAP. b 11. Preparation of biased information
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Chapter 2 : Regulation in Financial Accounting 2.1 Advanced Financial Accounting the FunCtion oF FinanCial aCCounting and reporting The International Accounting Standards Board (IASB) in their Conceptual Framework for Financial Reporting state that ‘the objective of general purpose financial reporting is to provide financial information about the reporting entity that is useful to existing and potential investors‚ lenders and other creditors in making decisions about providing resources
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FOLLOW THE PROCEDURES OF THE SETTING FOR REPORTING AND RECORDING ACCIDENTS AND EMERGENCY SITUATIONS RECORDING ACCIDENTS All accidents must be recorded in a Record of First Aid Treatment book. A copy of this is kept by each first aid box. All details need to be filled in‚ including any treatment given. A letter is sent to parents about what to look for in head injuries‚ if needed. FIRST AID BOXES Contents Scissors Bandages Antiseptic wipes Sterile gauze Disposable gloves Eye
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Committee (IASC) was founded in 1973 by a group of professional accounting practitioners with an attempt to formulate a uniform and global accounting standards that would aim at reducing the discrepancies in international accounting principles and reporting practices. In this light‚ the International Accounting Standard (IAS) was proposed which has actively been championing the uniformity and standardization of accounting principles over two decades now. Meanwhile‚ in April 2001‚ the International Accounting
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