Question 1 – a) Putting Canada on a continuum between fully converging or partially converging with the international financial reporting standards (IFRS) with their “Made in Canada” (Canadian Institute of Chartered Accountants [CICA]‚ 2006) generally accepted accounting practice (GAAP)‚ Canada would lie very close‚ if not on the line of convergence. Over the past few years‚ before the consideration of IFRS and leading up to the full convergence of it‚ Canada’s GAAP has been a ‘no mans land’
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Quiz 1 All Questions Included. TRUE-FALSE—Conceptual 1. Financial accounting is the process of identifying‚ measuring‚ analyzing‚ and communicating financial information needed by management to plan‚ evaluate‚ and control a company’s operations. 2. Financial statements are the principal means through which a company communicates its financial information to those outside it. 3. Users of financial reports provided by a company use that information to make their capital
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The IASB standard-setting process: Participation and perceptions of financial statement users Introduction The interests of users of financial statements are‚ in theory‚ paramount to accounting standard-setters. However‚ there is a dearth of research into users’ participation in‚ and influence on‚ the process of setting accounting standards. (George Georgiou‚ Birmingham Business School‚ Birmingham University‚ Edgbaston Park Road‚ Birmingham‚ B15 2TT‚ UK). Literature review In 2001 the International
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for external reports‚ but mostly it is used for internal purposes. External reports don’t not need to be as detailed. Some cost are reported‚ however breakdowns may not be included. Grenzplankostenrechnung (GPK)‚ roughly translating to "flexible standard costing‚" is the costing systems used heavily in Germany and other European countries. Companies that use GPK work towards identifying cost behaviors‚ traceability‚ relevance to decision making‚ and cost period measurement. The main idea behind GPK
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public accounting profession) Several private and public sector organizations are associated with the profession. Listed below are activities pertaining to these organizations. REQURIED: Indicate the organization or organizations associated with each activity 1. License individuals to practice as CPAs * State Boards of Accountancy - There are 54 boards of accountancy. Licensing‚ renewing‚ and suspending or revoking licenses to practice are the primary functions of the State Boards of Accountancy
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Financial Accounting Standards Board (FASB) which is the largest independent US body that is responsible for establishing and interpreting the accounting standards and practices known as the Generally Accepted Accounting Principles‚ Financial Accounting Foundation (FAF) which is a private sector organization that is mainly responsible for establishing and improving financial accounting and operation standards and educating its residents about those standards. Governmental Accounting Standards
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l accounting standards • Ethics FINANCIAL STATEMENTS AND FINANCIAL REPORTING * Accounting and capital allocation * Objective * Need to develop standard PARTIES INVOLVED IN STANDARD-SETTING * Securities and Exchange * Commission * American Institute of CPAs * Financial Accounting * Standards Board * Changing role of the AICPA GENERALLY ACCEPTED ACCOUNTING PRINCIPLES * FASB Codification ISSUES IN FINANCIAL REPORTING * Political environment * Expectations
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Profession Similar to all aspects of the accounting profession‚ the auditing focus in the business world has evolved considerably over its history. The main drive behind the changes has been new legislation and a strict enforcement standard which more times then not was influenced by the fraudulent activity delivered by corporate management. By the creation of oversight policies and standard setting entities‚ these countless scandals have shaped the accounting and auditing profession into what we know
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OVERVIEW Accounting is the language of business. As such‚ accountants collect and communicate economic information about business enterprises or other entities to a wide variety of persons. To be useful‚ financial statements must be clearly understandable and comparable so that users may compare the performance of one business with the performance of the same business for a prior period or with the performance of another similar business. Therefore‚ all general purpose financial statements should
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CHAPTER 1 FINANGIAL ACCOUNTING AND ACCOUNTING STANDARDS OVERVIEW Accounting is the language of business. As such‚ accountants collect and communicate economic information about business enterprises or other entities to a wide variety of persons. To be useful‚ financial statements must be clearly understandable and comparable so that users may compare the performance of one business with the performance of the same business for a prior period or with the performance of another similar business
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