Even if the guidance is similar‚ there can be differences in the detailed application‚ which could have a material impact on the financial statements. In this publication‚ we have focused on the measurement similarities and differences most commonly found in practice. When applying the individual accounting frameworks‚ readers must consult all the relevant accounting standards and‚ where applicable‚ their national law. Listed companies must also follow relevant securities regulations and local stock
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led to the creation of standards and guidelines by which these accounting principles adhere to‚ producing financial statements which follow the four qualitative characteristics (reliable‚ relevant‚ comparable‚ and understandable). The Financial Accounting Standards Board (FASB)‚ under the guidance of the Securities Exchange Commission (SEC) established the GAAP which governs US companies with their application of accounting principles to the presentation of their financial statements. The IASB
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Accounting Standards Paper The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) were both formed in 1973. The FASB is the organization‚ in the private sector‚ for establishing standards of financial accounting that governs the preparation of financial reports by non governmental entities. The IASB is an independent private sector body that develops and approves international financial reporting standards. These two have been working toward the
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Introduction A Conceptual framework is important to financial reporting. Financial reports provide information that is useful for present and potential equity investors‚ lenders and other creditors in making decisions in their capacity as capital providers. Hutchison-Whampoa Limited (HWL) is a global business company with long history. It is important for HWL to prepare the annual report as a basis of linking the conceptual framework in order to provide most useful information to satisfy the users
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for the global harmonization of financial reporting standards raised by gray’s model? If cultural values affect the development of financial reporting rules‚ and countries differ with respect to cultural values‚ then financial reporting rules will differ across countries. If financial reporting rules are strongly influenced by culture and cultural values do not change significantly over time‚ culture acts as an impediment to reducing differences in financial reporting rules that exist across countries
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ACCG224: Intermediate Financial Accounting Case study (Myer Holdings Limited) Lecturer: Tas Nair Prepared by: ZENG FAN Student ID: 43140505 Contents 1. Contents 1 Executive Summary The purpose of this research report is to understand of two important concepts from the Conceptual Framework for Financial Reporting----the objective of general purpose financial reporting and qualitative characteristics of useful financial information. In this
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a global set of accounting standards. As companies compete globally for scarce resources‚ investors and creditors as well as multinational companies are required to bear the cost of reconciling financial statements that are prepared using national standards. It was argued that a common set of practices will provide a “level playing field” for all companies worldwide (Murphy‚ 2000). IFRS are standards and interpretations adopted by the International Accounting Standards Board (IASB). They include:
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are available for purchase by contacting: The Customer Service Officer Australian Accounting Standards Board Level 7 600 Bourke Street Melbourne Victoria AUSTRALIA Phone: Fax: E-mail: Website: Postal address: PO Box 204 Collins Street West Victoria 8007 AUSTRALIA (03) 9617 7637 (03) 9617 7608 publications@aasb.gov.au www.aasb.gov.au Other Enquiries Phone: Fax: E-mail: (03) 9617 7600 (03) 9617 7608 standard@aasb.gov.au COPYRIGHT © Commonwealth of Australia 2013 This AASB pronouncement contains IFRS
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Influences on Financial Reporting and Disclosure Practices in Mexico Culture refers to “a set of common ideas‚ beliefs and values that shared by the members of a group of individuals” (Anis 2012) 3.1.1 Harmonisation in North America In the late 1980s‚ North American Free Trade Agreement (NAFTA) emphasized the movements toward the globalization of investment and trade (Quigley 1997) Reference IFRS Adoption by Country n.d.‚ Retrieved April 10th‚ 2012‚ from http://www.pwc.com/us/en/issues/ifrs-reporting/country-adoption
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method of exchanging information 5 eXtensible Markup Language • ……is a meta markup language the World Wide Web Consortium (W3C) considers a universal standard for describing both structured data and the behavior of applications that process the language. 6 What Is XML? • “XML is a platform-independent‚ self-describing‚ expandable‚ standard data exchange format 7 XML is Platform Independent • • • • • Windows Unix Macintosh Mainframe Linux 8 XML is Self-Describing Self• Example:
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