What are the convergence projects between FASB and IASB? What are their major problems? What are their major achievements? The Norwalk Agreement‚ first announced on September of 2002‚ was a paramount step towards a unified global accounting standard. In this document‚ both U.S. Financial Accounting Standards Board (FASB) and the International Accounting Standards Boards (IASB) (the Boards) “each acknowledge their commitments to the development of high quality‚ compatible accounting standards
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International Accounting‚ Auditing and Taxation The financing of the IASB: An analysis of donor diversity Robert K. Larson a‚∗ ‚ Sara York Kenny b a b Department of Accounting‚ University of Dayton‚ Dayton‚ OH 937-229-2497‚ United States IFRS Interpretations Committee‚ and Retired‚ International Finance Corporation‚ World Bank Group‚ United States a r t i c l e i n f o Keywords: International Accounting Standards Board IASB International Financial Reporting Standards IFRS Financing
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Critically discuss the difference between qualitative and quantitative work. Your answer should include some indication of the benefits and disadvantages of both approaches and indicate the circumstances in which you might use either approach. Your answer should include at least two examples. There has been the reason for many debates among educational researchers since mid 19th century. During the 1970s and 80s the critique against quantitative research which had dominated the field for several
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that revenue is conclusive in assessing a company’s operating situation and developing prospects. This statement has a profound influence on accounting industry and has lead to a wide range of comments and criticizes. The purpose of this essay is to discuss the above statement by using some theories of accounting. The essay will focus on the issue of revenue recognition and its relationship with accounting theory. The discussions are based on the context of conceptual framework. It is widely recognized
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the IASB and FASB have been striving since 2002 to achieve convergence‚ there are still many differences between the two. These differences range from revenue recognition to the matter in which the organizations receive funding. Under the IASB‚ the accrual method is the only preferred way of recognizing revenue and expenses. While FASB accepts cash basis and accrual basis; cash basis is only accepted if cash sales are less than $5 million per year. When it comes to generating funds the IASB receives
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example if it is based on what type of food the monkey has discovered‚ the smell‚ the surroundings‚ the color‚ etc. A way to research the triggering cause is to introduce the monkeys to different new food sources with different characteristics and identify which characteristics of the food source
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enhancing qualitative characteristics of useful financial information? Objective of financial reporting and the capital markets 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 decision about providing resources to the entity. Qualitative characteristics of useful information The Framework 2010 identifies two fundamental qualitative characteristics
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Relationship Between IASB and FASB In 1973‚ the private sector International Accounting Standards Board (IASB) was formed. The IASB is a natural extension of a global market that has been evolving over the last three decades. The IASB formulates and publishes accounting standards to be observed when presenting financial statements and promote their global acceptance. As an overarching mission‚ the IASB works to improve and harmonize accounting standards‚ regulations‚ and procedures as it relates
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IASB and FASB Convergence Project To compete in a global economy with the emergence of multinational corporations financial reporting requires operators to understand the accounting practices used by the company‚ the language of the country in which the company exists‚ and the currency utilized by the corporation to prepare its financial statements and in turn to attract investors and creditors to invest in or lend money to companies. To harmonize accounting standards among countries‚ The International
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examined qualitative research on "Pregnancy and protection: Perceptions‚ attitudes and experiences of Australian female adolescents" to determine designs and methods used and to discover emergent themes across study. Most of the study reviewed was described as qualitative or phenomenological by design and included samples comprising of Australian females participants exclusively. Based on analysis of the collective primary findings of the sample research studys‚ three themes were identified: (a) Perceptions
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