transaction price‚ allocate the transaction price to the performance obligations in the contract‚ and recognize the revenue when‚ or as‚ the entity satisfies a performance obligation . In identifying a contract with a customer‚ both the FASB and the IASB require approval and commitment of the parties‚ as well as the identification of rights and payment terms. Also required is that the contract has commercial substance. It must be probable that consideration will be received in exchange for the goods
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members of the FASB are appointed by the FAF’s Board of Trustees and may serve up to two five-year terms. A 60+ person staff supports the Board. (FASB‚ n.d) IASB The International Accounting Standards Committee (IASC) is an independent private sector body‚ formed in 1971 to develop worldwide accounting standards. The requirement for IASB had arisen because many countries did not have a program of developing accounting standards and because of the need to harmonize differences among national standards
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The Evolution of the IASC into the IASB‚ and the Challenges it Faces1 Stephen A. Zeff Rice University ABSTRACT: In this article‚ I undertake to review the major developments and turning-points in the evolution of the IASC‚ followed by the evolution of the IASB. At the conclusion‚ I suggest five challenges facing the IASB. Keywords: IASC; IASB; IAS; IFRS; standard setting; regulation I.INTRODUCTION In the past several years‚ most accounting academics have been paying close attention to the International
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measurement is required by IFRSs. Discussion at the September 2005 IASB Meeting At the September 2005 meeting‚ the IASB added the Fair Value Measurements topic to its agenda. The aim of the project is to provide guidance to entities on how they should measure the fair value of assets and liabilities when required by other Standards. This project will not change when fair value measurement is required by IFRSs. Discussion at the November 2005 IASB Meeting The staff conducted an education session on the FASB’s
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Info Conceptual Framework — IASB-FASB joint project Background At their joint meeting in October 2004‚ the IASB and the US FASB decided to add to their respective agendas a joint project to develop a common conceptual framework‚ based on and built on both the existing IASB Framework and the FASB Conceptual Framework‚ that both Boards would use as a basis for their accounting standards. The two boards reached the following tentative decisions about the approach to the project: * The project
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An Introduction to Modeling and Analyzing Complex Product Development Processes Using the Design Structure Matrix (DSM) Method Ali A. Yassine Product Development Research Laboratory University of Illinois at Urbana-Champaign Urbana‚ IL. 61801 yassine@uiuc.edu Brief description of the author Ali Yassine is an assistant professor at the Department of General Engineering at the University of Illinois at Urbana-Champaign (UIUC). He is the director of the Product Development Research Laboratory and an
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ASEAN was created on August 8‚ 1967 by five founding members; Thailand‚ Indonesia‚ Singapore‚ Malaysia‚ the Philippines. Malaysian foreign minister Ismail Abdul Rahman said at that time: ‘we have to come to a profound shared realization that we will not be able to survive as independent nations for long…‚ unless we think and act at the same time as residents of Southeast Asia’ . At perilous times when the nation-states were pressurized into joining either one of the two major blocs‚ Southeast Asian
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Revenue recognition on FASB and IASB convergence process I. CONVERGENCE OF U.S. GAAP AND IFRS Since 2002‚ Financial Accounting Standards Board (FASB) and International Accounting Standards Board’s (IASB) have been working toward “convergence” of US General Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS). They have made significant progress in efforts to converge critical accounting standards such as those dealing with revenue recognition‚
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Background on resilience Resilience is being able to get back up after falling down and carry on with life. Life is full of ups and downs and when your life is at a down point resilience will help you to bounce back again. Resilience is important for mental health because if you are not able to bounce back from times of adversity an individual runs the risk of poor mental health turning into a mild mental illness. Nick Wall’s showed he was a resilient person after the tragedy of the February 22nd
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Memorandum To: Ms. Albright Subject: Similarities and differences between standard setting process of FASB and IASB Date: February 10‚ 2011 ____________________________________________________________ ______ Dear Ms.Albright‚ The FASB (Financial Accounting Standards Board) and IASB (International Accounting Standards Board) are making progress towards convergence in setting better accounting standards. However‚ there exist some differences between their standard setting processes. After
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