convergence of IFRS and US GAAP in the United States’ “I declare that this dissertation is my own original work and has not been submitted elsewhere‚ wholly or partly‚ in the fulfilment of the requirements of this or any other award. Academic citation standards have been maintained and I have made due acknowledgement to the work of others where used in direct quotation and general reference.” Signed ____________________________________________________________________ Acknowledgements First of all I would
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Dr. Steven Hall Accounting 5312 29 June 2014 The Merger of the Financial Accounting Standards Board and the International Accounting Standards Board The proliferation and evolution of international trading and commerce have not only opened the gateway to international markets for many of the world’s emerging economies‚ but they have also fostered an unprecedented growth in the number of multinational corporations. Spurred by trade agreements such as the North American Free Trade Agreement (NAFTA)
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Proficiency Examination syllabus and to making sure that this SBA was successful at the end. I also would like to thank Keron Brown for lending me his computer and printing facilities so that this School Based Assessment could meet the presentation standards of the Caribbean Advanced Proficiency Examination syllabus. The Jamaica Public Service Company Limited is incorporated and domiciled in Jamaica and is eighty percent (80%) subsidiary of Maru Energy JPSCO Barbados SRL‚ which is incorporated in
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International Financial Reporting Standards (IFRS) are a set of accounting standards developed by the International Accounting Standards Board (IASB) that is becoming the global standard for the preparation of public company financial statements. The goal of IFRS is to provide a global framework for how public companies prepare and disclose their financial statements. IFRS provides general guidance for the preparation of financial statements‚ rather than setting rules for industry-specific reporting. Having
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MARK-TO-MARKET ACCOUNTING Sharon S. Seay‚ Macon State College Wilhelmina H. Ford‚ Macon State College ABSTRACT Fair value accounting has received a significant amount of blame as the cause of the current financial crisis. Fair value accounting does not cause illiquidity or volatility in financial markets. Banks‚ rather than accounting‚ caused the existing crisis‚ ultimately through bad lending decisions and inadequate risk management. Accounting rules are designed to reveal the full extent of losses
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acceptable accounting standards used in the US‚ also known as the GAAP or General Accepted Accounting Principles and whether or not the US should adopt the International Financial Reporting Standards used by many international companies. The following is an answer to some of the most frequently asked questions that come up during the debate. Answering the Big Questions IFRS 8-1: What are some steps taken by both the FASB and IASB to move to fair value measurement for financial instruments? In what
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Theory and Practice Tutorial Questions for Tutorials 1- 6: Semester 2 2014 TUTORIAL 1 - Semester 2 2014 Deegan Topic 1: Introduction to financial accounting theory QUESTION 1 - Question 1.8: What is the difference between developing a theory by induction and developing a theory by deduction? QUESTION 2 - Question 1.9: Is the study of financial accounting theory a waste of time for accounting students? Explain your answer. QUESTION 3 - Question 1.26: Would you reject as ‘insignificant
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CHAPTER 1 THE ENVIRONMENT OF FINANCIAL REPORTING CONTENT ANALYSIS OF CASES Time Range (minutes) 5-10 Number C1-1 Content Pronouncements. Matching a list of descriptive statements with a list of pronouncements establishing or related to generally accepted accounting principles. Accounting Organizations. Matching of a list of descriptive statements with a list of abbreviations of accounting organizations. Identify complete name of each organization. History of Establishment of GAAP. Discuss
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comes to financial reporting. When one compare the accounting standards years ago to what is seen today‚ it’s shown that investors tolerated a great deal. As the markets are becoming global‚ investors are choosing the better global accounting standards that are available to them. For this reason‚ this paper will point out the International Financial Reporting Standards (IFRS) and the US GAAP within the oil and natural gas industry. By definition “International Financial Reporting Standards (IFRS)
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world has been working toward an international set of accounting standards. Since IFRS has become the de facto international accounting language‚ it is logical that it will be accepted as that standard in the near future. IFRS: A Review of the Literature Over the past 35 years financial regulators worldwide have proposed and worked toward establishing an international standard of financial reporting. The need for such a standard has never been disputed but how to adopt has been the question. More
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