THE NEED FOR BOTH GASB AND FASB FOR AMERICA’S COLLEGES AND UNIVERSITIES The Need for Both GASB and FASB for America’s Colleges and Universities The Need for Both GASB and FASB for America’s Colleges and Universities The Financial Accounting Standards Board (FASB) was established in 1973 and has been granted the power to institute rules of financial accounting and reporting for businesses and not-for-profit organizations. The Governmental Accounting Standards Board (GASB)‚ established
Premium Financial Accounting Standards Board Higher education Generally Accepted Accounting Principles
Q3: Should Apple lobby the FASB to change the revenue recognition rules for smartphones? In our opinion‚ Apple should lobby FASB to change the revenue recognition rules for smartphones‚ given the following reasons:- 1. Under “non-GAAP measures”‚ Apple’s performance looked much better than that under GAAP measures. Please find below a table1 summarizing the differences of key financial data between GAAP and non-GAAP measures for the fourth quarter of 2008:- Q4 2008 GAAP ($ billions) Non-GAAP
Premium Revenue International Financial Reporting Standards Mobile phone
influence does the SEC have over the FASB pertaining to setting accounting standards? Do the SEC and FASB work together as believed by the authors of The Accounting Standards Setting Process in the U.S.: Examinations of the SEC-FASB Relationship ? Or is the FASB in complete control of the standard setting process? The SEC has the legal responsibility to set accounting standards‚ but gave this duty to the FASB. According to the article a lot of what the FASB does is a reaction to the immense pressure
Premium Standardization Accountant Hearing
The International Harmonisation Process of Accounting Standards Susanne Fritz Christina Lämmle II Avdelning‚ Institution Division‚ Department Datum Date 2003-01-20 Ekonomiska Institutionen 581 83 LINKÖPING Språk Language Svenska/Swedish X Engelska/English Rapporttyp Report category Licentiatavhandling Examensarbete ISBN C-uppsats X D-uppsats Serietitel och serienummer Title of series‚ numbering ISRN International Master Program Strategy and Culture 2003/3 ISSN Övrig rapport ____ URL
Premium International Financial Reporting Standards Financial statements Financial Accounting Standards Board
leading in this effort were the European Union (EU) and International Accounting Standards Board (IASB) (formerly International Accounting Standards Committee‚ IASC). This essay will look at background and harmonisation process of the two organisations and evaluate their achievements to date. It is considered that ‘harmonisation’ maybe defined as a means by which differences are reduced hence harmonisation of financial practices will be regarded as the process by which the differences in accounting
Premium European Union Financial statements International Financial Reporting Standards
“The theories we use to help us understand standard-setting in national arenas (such as Australia) don’t work so well at the international level where the . . . International Accounting Standard Board (IASB) is taking a leading role. We will have to modify them or expand our theoretical repertoire” Discuss the above statement‚ clearly indicating your agreement or otherwise about the basis for your views. Abstract: The theories that are presented in this paper all assume the importance of a
Premium International Accounting Standards Board International Financial Reporting Standards Financial Accounting Standards Board
Nonetheless‚ to some‚ the conceptual framework has contributed a lot in the development of business‚ financial‚ accounting and auditing fields. For instance‚ using the conceptual framework of financial reporting‚ the Water Accounting Standards Board (WASB) in Australia has developed a Water Accounting Conceptual Framework in order to assist in the country’s water reporting and the rights to water (Chalmers et al.‚ 2012). The WASB replicated the financial accounting concepts‚ principles and practices
Premium Management Financial statements Marketing
Bibliography: Accounting Focus (2011) Condorsement on the Horizon Available:http://accounting.eller.arizona.edu/docs/focus/AccountingFocus_Fall2011.pdf AccountingWeb. (2012). The IASB conceptual framework - an introduction. Available: http://www.accountingweb.co.uk/topic/financial-reporting/iasb-conceptual-framework-introduction. Last accessed 1 March 2013. Adela‚ D. (2011). Principles and Rules Based Accounting Debate - Implications for an Emerging Country. Available: http://anale.steconomiceuoradea
Premium International Financial Reporting Standards Financial Accounting Standards Board International Accounting Standards Board
Dye‚ R. and Sunder‚ S. (2001). ’Why not allow the FASB and IASB standards to compete in the US? ’ Accounting Horizons‚ 15:257-271. Easterbrook‚ F. and Fischel‚ D. (1984). ’Mandatory disclo- 272 sure and the protection of investors ’. Virginia Law Review‚ 70: 669-715. FASB (1998). Statement of Financial Accounting Standards No. 133‚ Accounting for Derivative Instruments and Hedging Activities. Norwalk‚ CT: Financial Accounting Standards Board. FASB (2003). Statement of Financial Accounting Standards
Premium International Financial Reporting Standards
1. 1.1 EUROPEAN UNION (EU) The European Union is an exclusive economic and political affiliation between twenty-eight countries that cover almost the whole of Europe. The European Union came into existence after the 2nd world war. Its first main aim was to implement economic cooperation between countries. This was done so that the countries can carry out business with one another and become more economically free and at the same time‚ this would also avoid any type of conflict between them. Thus
Premium European Union