practices used in accounting for them seems to fall short when it comes to representing the needs of users of the financial statements. Many significant intangible assets go unrecognized on financial statements due to the current accounting standards. Due to the importance of these intangibles to many companies‚ the identification of them would better satisfy the needs of financial statement users. However‚ a trade off between reliability and relevance exists when trying to account for certain intangible
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establishing accounting standards on a consistent basis. It will also help determining bounds for judgement in preparing financial statements by prescribing the nature functions and limits of financial accounting and reporting. It also inceses the users’ understanding of and the confidence of financial reporting. 3. U.S. companies be affected by the IFRS - International Financial Reporting Standards has been affecting US companies for some time -
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Introduction The United States is currently going through a big decision. It is deciding on whether to fully adopt International Financial Reporting Standards (IFRS)‚ or to stay with the current U.S Generally Accepted Accounting Principles (GAAP). Since this is such a major decision‚ now would be an opportune time to take a look at what the pros and cons would be of switching to this new way of financial reporting‚ and in doing so‚ show why I believe the costs (both financial and otherwise) are
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variety of users including investors‚ creditors‚ management‚ and regulators. Practitioners of accounting are known as accountants. The terms accounting and financial reporting are often used as synonyms. Accounting can be divided into several fields including financial accounting‚ management accounting‚ auditing‚ and tax accounting. Financial accounting focuses on the reporting of an organization’s financial information‚ including the preparation of financial statements‚ to external users of the information
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is “to establish and improve standards of financial accounting and reporting for the guidance and education of the public‚ including issuers‚ auditors‚ and users of financial information.” (FASB.org‚ 2009a). The FASB is a private‚ not-for-profit organization whose primary purpose is to develop generally accepted accounting principles (GAAP) within the United States. The Securities and Exchange Commission (SEC) designated the FASB as the organization responsible for setting accounting standards
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instruments‚ and providing or settling loans and other forms of credit’. This Conceptual Framework is discussed in detail within chapter 3. Therefore‚ the motivation for all accounting is to provide information‚ financial or otherwise‚ that can assist the users of financial statements in their economic decision-making. While there are many definitions of accounting worldwide‚ provided by various accounting bodies‚ all tend to have the following elements in common. That is that financial accounting is a
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Page of Contents Introduction ………………………………………………… 02 TASK 01 ………………………………………………... 03 – 22 T1.1 ………………………………………………... 03 - 11 T1.2 ………………………………………………… 12 -22 TASK 02 ………………………………………………… 23 - 36 T2.1 ………………………………………………… 23 - 27 T2.2 …………………………………………………. 28 - 31 T2.3 …………………………………………………. 32 - 36 TASK 03 ......................................................................... 37 - 47 T3.1 …………………………………………………. 37 - 43 T3.2 …………………………………………………. 44 - 47 TASK
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following GAAP Proposed ASU help entities determine how to use liquidation basis of accounting and associated disclosures Background: Health and Welfare Benefit Plans Health and welfare benefit plans part of this proposed amendment‚ as well as defined benefit and contribution pension plans New accounting treatments applied to determine measurement Assess how changes will effect affect recognition and disclosures of financial reporting Recognition: New Provision Current GAAP New ASU
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meeting‚ the International Financial Reporting Standards (IFRS) and the US Generally Accepted Accounting Principles (US GAAP) have been gravitating towards one another. In the United States of America‚ the Financial Accounting Standards Board (FASB) currently has the jurisdiction to set accounting standards. The
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Principles By | Nur Mohammad Arif | 131-0647-660 | Earning Management & Quality of Accounting Information ABSTRACT: This group report contains a simple descriptive analysis on the Earning Management and Quality of Accounting information for users. Business‚ Investments‚ Profit & Loss these words are so much related when we say Accounting. In doing business it’s important to keep the records for different purposes i.e. decision making‚ attracting investors. However‚ managers often try to
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