Nature of Accounting and the Accounting Standard Background Accounting is an important part for business and it is dubbed “language” of business activities conducted by firms. People think it is used to communicate business transactions per se to all stakeholders. However‚ some people argue that the functions of accounting are not that easy. Except the communication tool‚ accounting acts as many other difference roles in business. When doing accounting‚ different standard may be used. There are
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Harmonization of International Accounting Standards Need for Harmonization of International Accounting Standards Introduction As there has been a tremendous growth in the market place with the existing accounting practices‚ this leads us to question why do we need harmonization of International accounting standards‚ what are its advantages and what are the barriers that hinder harmonization? Although accounting may be the "language of business‚" a common language has never been necessary
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Accounting in the USA The following report will describe and discuss the major elements of accounting in the USA. It will show that the US Generally Accepted Accounting Principles (GAAP) are set by the Financial Accounting Standards Board (FASB)‚ where as the International Accounting Standards (IAS) are set by the International Financial Reporting Standards (IFRS). This report will also state the similarities and differences between these standards. In addition‚ the following report will use
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Harmonisation of accounting standards International accounting harmonisation can be defined as "the process of bringing international Accounting Standards into some sort of agreement so that the financial statements from different countries are prepared according to a common set of principles of measurement and disclosure". Harmonisation means that deviating rules‚ which do not exclude themselves‚ can continue to exist next to each other. That means harmonisation does not focus on the elimination
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‘Uniform Accounting Standards Produce Uniform Financial Reporting’ Inro Why is the question important? In an increasingly interconnected world‚ the operations of international corporations are transnational. In addition‚ more and more investing takes place on a global level. Historically‚ different countries have developed their own national accounting standards. Before the introduction of the IFRS‚ the accounting principles of neighbouring countries were similar in many respects but used different
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Accounting Standards and Their Importance AS-1: DISCLOSURE OF ACCOUNTING POLICIES The following is the text of the Accounting Standard (AS) 1 issued by the Accounting Standards Board‚ the Institute of Chartered Accountants of India on ’Disclosure of Accounting Policies’. The Standard deals with the disclosure of significant accounting policies followed in preparing and presenting financial statements. AS-2: VALUATION OF INVENTORIES A primary issue in accounting for inventories is the determination
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Universal Accounting Standards Issue The internationalization of business activities has increased exponentially over the past 3 decades. Because the accounting standards and practices of different countries have developed in response to diverse environments‚ accounting has developed with strong national accents . As a result‚ multinationals with branches and investments in a wide array of countries find it difficult to achieve a consolidated financial report. Further‚ investors in these multinationals
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United States Accounting Standards vs International Accounting Standards June 21‚ 2009 Introduction This research project will inform the reader of the difference between the United States accounting standards and International accounting standards. The United States uses the Financial Accounting Standards Board (FASB) to issue financial reporting procedures. The International Financial Reporting Standards (IFRS) are issued by the International Accounting Standards Board (IASB).
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essay is written specifically on the accounting standard used in Australia. This essay starts with introduction on various topics such as conceptual framework‚ IASB‚ Sacs then it discussed the issue of harmonization. Harmonization will have positive impact on the economy because it attracts overseas investors to invest in Australia. This essay covers difference between conceptual framework developed in Australia and IASB framework. There are given lot of difference such as treatment of non for profit
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Exposure Draft Accounting Standard (AS) 10 (revised) Tangible Fixed Assets (Last date for Comments: February 28‚ 2006) The Institute of Chartered Accountants of India Issued by Accounting Standards Board Exposure Draft Revised AS 10‚ Tangible Fixed Assets Contents INVITATION TO COMMENT [Exposure Draft] Accounting Standard AS 10 (revised) Pages 4-5 Tangible Fixed Assets OBJECTIVE SCOPE DEFINITIONS RECOGNITION Initial Costs Subsequent Costs MEASUREMENT AT RECOGNITION Elements
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