LATEST DEVELOPMENTS IN ACCOUNTING Accounting can be trace back some 7000 years to early civilizations of Egypt‚ Babylon‚ Greece and Rome. The first accounting record was found in Babylon‚ 3500 B.C. the records are made from stone‚ mud and leaves and introduction of the Arab-Hindu numerical system in 850 B.C had greatly enhanced accounting development. The pace of accounting development increased during the Industrial Revolution as the economics of developed countries began to mass-produce goods.
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failed to record the revenue‚ thus it is considered departure from GAAP. If this departure is material and pervasive to financial statements‚ the auditor should issue adverse opinion. If this failure to record the revenue is material but not pervasive‚ the auditor can issue qualified opinion. If this departure is immaterial‚ unqualified opinion can be expressed. c. Not capitalization of leases is considered as departure from GAAP. If the amounts of capitalization are material but not pervasive to
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organization whose primary purpose is to develop generally accepted accounting principles (GAAP) within the United States in the public ’s interest. Members of FASB are “professionals drawn from public accounting‚ industry‚ academe‚ and government‚ plus support personnel” by FAF. IFRS is principle-based accounting system while GAAP is rules-based accounting system. Although the differences between IFRS and GAAP are rapidly reducing owing to the convergence agenda of both organizations‚ there are still
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Summary Schipper (2003) demonstrated that there was a long-running debate on whether U.S. GAAP should be shifted to principles-based system instead of rules-based system. To measure its applicability‚ SEC and FASB had conducted a study and developed a proposal respectively. Schipper (2003) argued that U.S. GAAP was based on principles guided by FASB Conceptual Framework. He used examples to explain how U.S. GAAP achieved relevance‚ reliability and comparability. In addition‚ Schipper (2003) illustrated
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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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1) Explain the difference between the attorney-client privilege and the accountant-client privilege. Why is this important distinction? Why do you think that the law doesn’t provide the same level of privilege for accountants as it does for attorneys? • The different between the attorney-client privilege and the accountant-client privilege is the communication. The attorney is protected by law‚ and the accountant is protected by state statute. They both are required to have the permission of the
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first recognized as a reduction in any related revaluation surplus | | | | | * Question 5 2.5 out of 2.5 points | | | Which of the following is generally true about the differences between U.S. GAAP and IASB standards?Answer | | | | | Selected Answer: | U.S. GAAP tends to be more rule-based‚ and the IASB standards tend to be principles-based. | | | | | * Question 6 2.5 out of 2.5 points | | | The “Seventh Directive” issued by the European Commission is
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CASE ASSIGNMENT INTERNATIONAL FINANCIAL REPORTING STANDARDS MASTER OF SCIENCE IN BUSINESS EK337EPERSPECTIVES ON INTERNATIONAL ACCOUNTING SPRING 2013 CANDIDATE NUMBERS: 28 32 76 87 UniversitetetiNordland 1 CONTENT Introduction……………………………………………………..3 Theoretical Framework………………………………………….5 Advantages……………………………………………………....5 Disadvantages…………………………………………………....6 Challenges………………………………………………………..6 Analysis………………………………………………………….7 Conclusion………………………………………………………10
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Decision-Usefulness approach. Users of financial statements. Committee on Accounting Procedure. Passage of FASB standards. Financial Accounting Concepts. Creation of Accounting Principles Board. FASB Codification. Code of Professional Conduct. GAAP and political action. Public Company Accounting Oversight Board. Expectations gap. Financial reports. Fair value information. International Financial Reporting Standards. Ethical issues. MULTIPLE CHOICE—Conceptual Answer a d d a d b
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transactions between businesses or personal and business activities are kept separate (Weygandt‚ Kimmel‚ & Kieso‚ 2008). The U.S. has a recognized set of standards in accounting called generally accepted accounting principles (GAAP). The standards set forth from the GAAP include specific rules indicating how economic events should be reported in the accounting process (Weygandt‚ Kimmel‚ & Kieso‚ 2008). The principles of accounting ensure that every organization is held to the same standard on
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