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‚ financial instruments
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new line of business or goes into new product line or set up new plant‚ funds are required Incase of well established firms/ Entities‚ funds are financed via internal accruals‚ but there is time gap between funds/ cash generation and funds/ cash requirement. Therefore even well established firms/ business entities and other entities resort to external financing which is enumerated below a) Debentures b) Bonds c) Loans from banks and financial Institution The above borrowing involves borrowing
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same standards to prepare their financial statements can be compared to each other more accurately. This is especially important when comparing companies located in different countries‚ as they might otherwise be using different rules and methodologies to prepare their statements. This increase in comparability has helped investors better determine where their investment dollars should go. Not Globally Accepted The United States has not yet adopted International Financial Reporting Standards and
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Interpreting Financial Statements An important factor to the success of a small business is understanding financial statements. Financial statements are very important and critical to a business’ journey to economic success. According to Edmonds‚ Olds & Tsay‚ (2008)‚ when used properly‚ financial statements can act as a basis of information for business valuation. Another important and useful indicator when determining a business’ performance and financial situation are financial ratios. Financial
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Accounting Standard Board Tracy L Duran ACC/541 February 23‚ 2015 Leslie Crews Accounting Standard Board Introduction Accounting was created thousand years ago. Many companies use accounting system to record‚ maintain and report‚ and analyze business financial transactions. Because managers and investors make their business decisions base on the Financial Statement‚ the information that obtained from the Financial Statement must be concise and reliability. Budgets and performance reports provide
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maintained by the many biochemical events happening within the body. This essay explores the metabolic processes that occur at the start of the race‚ 5 minutes into the race and 45 minutes into the race in terms of mobilization‚ biochemical pathways used for degradation of molecules and comparing the yield of ATP of the two types of fuels involved‚ namely carbohydrates and lipids. Carbohydrates‚ which have the empirical formula (CH2O)n‚ acts as the predominant source of metabolic energy in muscle cells
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The Build of a Standard Electric Guitar vs. The Build of a Standard Electric Bass Guitar Standard electric guitars and standard electric bass guitars appear to be immensely similar to the naked eye. Both instruments are played in numerous genres of music‚ but these two instruments are extraordinarily diverse. The standard electric guitar is built differently than the standard electric bass guitar for obvious reasons‚ like sound variety. An electric guitar and an electric bass guitar have contrasting
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ounting cycle Accounting Cycle The accounting cycle comprises of the cycle of accounting process. It begins with analysis of the transactions and ends with carrying forward the balances in balance sheet to the next accounting period. It produces numerous records‚ entries‚ documents‚ reports and statements. The most important output of accounting cycle is an enterprise’s financial statements. The following are the steps that summarises an accounting cycle. The accountant performs the steps
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The importance of accounting standards A PricewaterhouseCoopers Case Study Introduction PricewaterhouseCoopers was created in July 1998 by the merger of two firms - Price Waterhouse and Coopers & Lybrand - each with historical roots going back some 150 years and originating in London. PricewaterhouseCoopers‚ the world’s largest professional services organization‚ helps its clients build value‚ manage risk and improve their performance. Drawing on the talents of more than 140‚000 people in 152
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Introduction of Standard costing 2. : CIMA { } 3. : Advantages of Standard costing 4. : Limitation of standard costing 5. : Types of standard costing 6. : Examples of standard costing 7. : Variance analysis 8. : Types of analysis 9. : Refferences 10. : Conclusion Standard Costing and Variance Analysis Introduction MEANING OF STANDARD COST AND STANDARD COSTING Standard Cost The word
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