be legal within its borders. As a US born company‚ GM is held to these standards. The Standards include‚ GAAP‚ disclosures such as Sarbanes Oxley‚ and monitoring by the PCOAB. GAAP (Generally Accepted Accounting Principles) were established by the FASB‚ which has been given the authority to monitor and enforce these regulations. These regulations include consistency‚ relevance‚ reliability and comparability. To be consistent‚ all information gathered must be the same throughout all periods and have
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Identify complete name of each organization. History of Establishment of GAAP. Discuss CAP‚ APB‚ FASB‚ and related pronouncements. (AICPA adapted). Accounting Principles. Define accounting principles. Discuss sources of GAAP. (CMA adapted). Standard Setting. Describe why there is political action and social involvement in the standard setting process. Organization of the FASB. Summarize the structure of the FASB‚ its documents (GAAP pronouncements)‚ and its operating procedures. GAAP and the AICPA. Summarize
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This module will look at the international developments in accounting. It will look at and compare different approaches to developing accounting rules and regulations on the international stage. It will look at current issues such as convergance/ harmonisation of International Financial Reporting Standards (IFRS) and the problems associated with implementation. This module will also look at the international practices of specific countries. We will consider the impact of specific accounting problems
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present and potential investors and creditors and other users in making rational investment‚ credit‚ and similar decisions‖ [FASB‚ SFAC 1‚ para. 34]. To achieve that objective‚ ―financial reporting should provide information to help investors‚ creditors‚ and others assess the amounts‚ timing‚ and uncertainty of prospective net cash inflows to the related enterprise‖ [FASB‚ SFAC 1‚ para. 37]. It should also ―provide information about the economic resources of an enterprise‚ the claims to those resources
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Structure This memo includes research on leases and lease structure. Through intensive research on the Financial Accounting Standards Board (FASB)‚ three sub-types of leases were found for lessors to account for the leases. The three sub-types are direct financing‚ sales-type‚ and operating leases. The international accounting standards board (IASB) and FASB are proposing a draft for lease accounting. The critics are disputing some of the concerns with operating lease financial reporting. This memo
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the difference between the United States accounting standards and International accounting standards. The United States uses the Financial Accounting Standards Board (FASB) to issue financial reporting procedures. The International Financial Reporting Standards (IFRS) are issued by the International Accounting Standards Board (IASB). There are proposals for the United States to adopt the International standards. Financial reporting procedures are debated about the United States using the Generally
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a typical FASB statement is: topics are identified and placed on the board’s agenda. The most authoritative source of GAAP among the following is FASB: Interpretations International Financial Reporting Standards (IFRS) are issued by the: IASB All of the following are true regarding iGAAP except: iGAAP includes standards referred to as International Auditing Standards (IAS). iGAAP is: iGAAP is more "principle-based than U.S. GAAP. GAAP standards are developed by the IASB. iGAAP tends
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ratio‚ profit margin‚ asset utilization‚ and financial leverage. Discussions in this paper include how the differences of each industry affect presentations as they relate to different International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB) measurement conventions‚ and on how uses of the cash basis of accounting differ from the accrual basis of accounting. Mercedes Benz (dollars are in millions) In 2009‚ Mercedes Benz had a total of $27‚964 in current
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foundation so as to strengthen the development of accounting standards. The purpose of conceptual framework is to assist the IASB in developing a consistent basis for upcoming accounting standards that are principles-based‚ internally dependable‚ globally converged and also examine the existing ones. [ifrs.org‚ 2012] International Accounting Standards Board (IASB) The IASB framework defines the ideas and principles fundamental in the preparation of financial statements for presentation to widespread
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field of accountancy. These organizations include the Financial Accounting Standards Board (FASB)‚ the Public Company Accounting Oversight Board (PCAOB)‚ the Securities and Exchange Commission (SEC)‚ and the International Accounting Standards Board (IASB). Companies which operate within the United States must compile financial reports within the guidelines set forth by the (SEC) and the (FASB); the (FASB) ensures that all companies focus on the characteristics of relevance and reliability when generating
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