on AllBusiness In November 2008‚ the SEC proposed a "Roadmap for Potential Use of Financial Statements Prepared in Accordance with International Financial Reporting Standards [IFRS] by U.S. Issuers." The SEC road map detailed a process and a set of milestones by which certain larger public companies (those with a public float of at least $700 million) in the United States would transition from financial reporting based on U. S Generally Accepted Accounting Principles (GAAP) to that based on 3FRS
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201213228004 SUBMITTED COURSE: INTERNATIONAL ACCOUNTING STANDARD COM-522 SEMESTER: SPRING SUBMITTED DATE: 4/05/2012 In the name of Allah‚ the Beneficent‚ the Merciful. May 4‚ 2012 To‚ Course instructor Master of Business Administration Bangladesh University Sub: Submission of the Assignment. Dear Sir‚ It is our pleasure to submit the Assignment on subject IAS (International Accounting Standards). This has arranged to one as the partial fulfillment of our
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8-1: “Basic accounting and reporting issues related to recognition and measurement of receivables‚ allowance accounts‚ recording discounts‚ the allowance method to account for bad debt and factoring are basically the same between IFRS and GAAP. However‚ the FASB (Financial Accounting Standards Board) and IASB (International Accounting Standards Board) are taking steps by working to implement fair value measurement‚ the amount they currently could be sold for‚ for financial instruments. “The FASB and
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Concern Background The FASB’s rationale for this project is to increase consistency in the already existing going concern reporting model and disclosures. This project was added to provide guidance for entities in assessing their ability to continue as a going concern‚ and the timing‚ nature and extent of associated disclosure requirements (FASB‚ 2013). Finally these standards would help management decide where disclosure is appropriate. Alternative approaches In terms of alternatives IFRS defines
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purpose financial statements for a considerable amount of information about their government. 5. Governments and not-for-profits may never engage in business-type activities. 6. Lenders use the financial statements of governments and not-for profits just as they would those of businesses‚ that is‚ to help assess the borrower’s credit-worthiness. 7. Financial statements‚ no matter how prepared‚ do not directly affect the economic worth of an entity. 8. The Financial Accounting Standards Advisory
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Accounting Analysis When a person reviews financial statements the format can be different for government and nongovernment businesses. The reason for this is the two types of businesses are regulated by different accounting standard boards‚ and choose accounting methods to meet their requirements. The Financial Accounting Standard Board (FASB) sets regulations for nongovernment entities and the Government Accounting Standard Board (GASB) is the government entities regulator. They have
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Discussion Questions 1. a) Sources of finance. Where capital markets/shareholders are the principal source of finance‚ accounting focuses on profitability‚ stewardship‚ and a fair presentation of results and financial position. There are high levels of disclosure in published financial statements. When banks are the principal source of finance‚ accounting tends to be conservative and disclosures are usually relatively low (banks have direct access to information). When governments are the principal
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the G-20. This letter follows previous submissions to the G-20 in 2009‚ 2010‚ and 2011‚ and a letter submitted earlier this year. The first letter for 2012 was addressed to G-20 Deputies and Finance Ministers and focused solely on public sector financial management‚ transparency‚ and accountability (www.ifac.org/publications-resources/ifac-makes-recommendations-g-20). This current submission is addressed to G-20 Leaders‚ and as noted earlier‚ focuses on global sustainability and growth. Priorities
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endorsed International Accounting Standards from 2005 onwards. The IASB – International Accounting Standards Board‚ (Formerly IASC)‚ issued its Framework for the Preparation and Presentation of Financial Statements in 1989. This is referred to as its conceptual framework. The framework sets out the concepts that shape the preparation and presentation of financial statements for external users. The framework does not have the status of an accounting standard‚ as also is the case with the ASB’s
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ACCOUNTANT IN THE IMPLEMENTATION OF IFRS It is often said that an organization without an accountant is not a serious organization as it has no credibility. This is because the accountant is seen as the financial “gatekeeper” whose presence within an establishment underlines a commitment to sound financial principles and good business values. It is known that almost all aspect of human activities have undergone changes globally as a result of improvements in hi-tech Information and Communication Technology
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