International convergence of accounting standards is not a new idea. The concept of convergence first arose in the late 1950s in response to post World War II economic integration and related increases in cross-border capital flows. Initial efforts focused on harmonization—reducing differences among the accounting principles used in major capital markets around the world. By the 1990s‚ the notion of harmonization was replaced by the concept of convergence—the development of a unified set of high-quality
Premium International Financial Reporting Standards Financial Accounting Standards Board
------------------------------------------------------------------------------------ Accounting Concept and Conventions In drawing up accounting statements‚ whether they are external "financial accounts" or internally-focused "management accounts"‚ a clear objective has to be that the accounts fairly reflect the true "substance" of the business and the results of its operation. The theory of accounting has‚ therefore‚ developed the concept of a "true and fair view". The true and fair view
Premium Balance sheet Bookkeeping Periodization
Accounting Convergence: Advantages and Disadvantages Winston Churchill once said that “there is nothing wrong with change‚ if it is in the right direction” (Thinkexist.com) . Today‚ the accounting profession and standards in the United States is facing one of the biggest changes it has seen in a long time: the convergence of its Generally Accepted Accounting Principles (GAAP) to the International Financial Reporting Standards (IFRS). Is this a step in the right direction for the United States
Premium International Financial Reporting Standards Financial Accounting Standards Board
Week 1 Discussion Question 1 The international accounting profession has lost its way and is no longer serving the needs of different users of accounting information in a manner which is appropriate and meaningful for the global business environment of today. I respectfully disagree with the above statement. If anything‚ the accounting profession and its importance in day to day management of businesses has increased in the past decades. The information provided by company financial snapshots
Premium Enron scandal Finance Business
Introduction to Accounting Instructor : M. Morshed (MDM) Senior Lecturer‚ School of Business. Semester : FALL Year : 2012 Submitted by Robiul Hassan Labib ID – 1220296030. | | | | Question 1: Explain using various examples‚ how the major accounting concepts
Premium Generally Accepted Accounting Principles Balance sheet Financial statements
alient Features of Computerized accounting 2.1. Fast‚ Powerful‚ Simple and Integrated Computerized accounting is designed to automate and integrate all the business operations‚ such as sales‚ finance‚ purchase‚ inventory and manufacturing. With Computerized accounting‚ accurate‚ up-to-date business information is literally at the fingertips. The Computerized accounting combine with enhanced MIS‚ Multi-lingual and Data organization capabilities to help the company simplify all the business processes
Premium Decision making Accuracy and precision UCI race classifications
3101AFE TUTORIAL 1 – Semester 1 2014 Deegan Topic 1 Introduction to financial accounting theory 1.1 What is the difference between a positive theory of accounting and a normative theory of accounting? 1.6 The IASB and the FASB are currently developing a revised conceptual framework of financial reporting. If you have been asked to review the framework—which is an example of a normative theory of accounting—why would it be important for you to pay particular attention to how the objective
Premium Financial statements International Financial Reporting Standards Economics
Since the barrage of scandals in the early 2000’s‚ regulatory bodies like the Federal Accounting Standards Board (FASB)‚ Securities and Exchange Commission (SEC)‚ and law reform like the Sarbanes-Oxley Act 2002 have worked to improve the standards and principles used in accounting and financial reporting. The FASB is “the designated organization in the private sector for establishing standards of financial accounting that govern the preparation of financial reports by nongovernmental organizations‚”
Premium Enron Accounting scandals Fraud
Introduction to Financial Accounting Introduction to Financial Accounting The question asked was what accounting and auditing standard does Abercrombie and Fitch utilize. We also need identify the accounting and auditing standard for Hennes and Mauritz. Lets discuss the difference standards and where they are enforced. In accounting there are standards and practices that each company has to adhere to when dealing with finance. There
Premium International Financial Reporting Standards Financial statements
operates. Therefore‚ in order to properly evaluate Caesars Entertainment Corporation‚ the gaming industry must be taken into consideration. Specifically‚ industry trends and strategies‚ competitors‚ business processes‚ regulation and oversight‚ special accounting and financial reporting practices‚ internal controls‚ major risks‚ as well as the implications of those risks will be addressed. Industry Trends and Strategies While the gaming industry was once considered to be “recession proof‚” it endured
Premium Revenue Balance sheet Casino