already existing going concern reporting model and disclosures. This project was added to provide guidance for entities in assessing their ability to continue as a going concern‚ and the timing‚ nature and extent of associated disclosure requirements (FASB‚ 2013). Finally these standards would help management decide where disclosure is appropriate. Alternative approaches In terms of alternatives IFRS defines going concern as the period in the foreseeable future (Finance Train‚ 2013). According to IAS
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meaning of these accounting-related acronyms: GAAP‚ SEC‚ FASB‚ IASB and IFRS. (b) Briefly explain the importance of knowledge base or organization that is referred to each of the accounting-related acronyms. * (a) The meaning of accounting-related acronyms GAAP‚ SEC‚ FASB‚ IASB and IFRS: * GAAP: Generally Accepted Accounting Principle. * SEC: Securities and Exchange Commission. * FASB: Financial Accounting Standards Board. * IASB: International Accounting Standards Board. * IFRS:
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BEAM045 –Tutorial 1: T1 & T2- Financial Accounting & Reporting Please refer to Module & Assessment Handbooks for guidance and expectations on self-study and tutorial questions. Note: these are suggested solutions‚ presented in bullet point/note format. This is deliberate so that students are not misled into thinking that it is possible to do well in the final exam by memorising solutions. Please use the knowledge points to write a full coherent answer that conforms to the UoE grading on: http://admin
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will result in disciplinary action. Financial Accounting Standards Board The Financial Accounting Standards Board (FASB) is the “private sector body given the primary responsibility to work out the concepts and detailed rules that become generally accepted accounting principles (GAAP)” (Phillips‚ Libby‚ &
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01. [pic]Sarbanes–Oxley Act Sen. Paul Sarbanes (D–MD) and Rep. Michael G. Oxley (R–OH-4)‚ the co-sponsors of the Sarbanes–Oxley Act. The Sarbanes–Oxley Act of 2002 (Pub.L. 107-204‚ 116 Stat. 745‚ enacted July 30‚ 2002)‚ also known as the ’Public Company Accounting Reform and Investor Protection Act’ (in the Senate) and ’Corporate and Auditing Accountability and Responsibility Act’ (in the House) and commonly called Sarbanes–Oxley‚ Sarbox or SOX‚ is a United States federal law enacted on July 30
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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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and became an independent international standard setter‚ the International Accounting Standards Board (IASB). Since then‚ the use of international standards has progressed. As of 2013‚ the European Union and more than 100 other countries either require or permit the use of international financial reporting standards (IFRSs) issued by the IASB or a local variant of them. The FASB and the IASB have been working together since 2002 to improve and converge U.S. generally accepted accounting principles
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Samir S. Mogul < E X E C U T I V E S U M M A R Y > ◆ International community has long back recognised the need for moving towards harmonisation of the accounting standard across the globe. Obviously on individual country is always entitled to costomise the existing international accounting Standards according to its specific needs. Among other advantages of harmonisation of accounting standards‚ the two benefits which tops the list are (a) systematic review and evaluation of the performance of the
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CHAPTER 1 FINANGIAL ACCOUNTING AND ACCOUNTING STANDARDS OVERVIEW Accounting is the language of business. As such‚ accountants collect and communicate economic information about business enterprises or other entities to a wide variety of persons. To be useful‚ financial statements must be clearly understandable and comparable so that users may compare the performance of one business with the performance of the same business for a prior period or with the performance of another similar business
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Standards Board (FASB) in United States .Standards for accounting leases have been effective since 1977 (Accounting Standard Board‚ 2004). The primary standard for lease accounting is Statement of Financial Accounting Standards No. 13 (FAS 13). According to FASB (1976)‚ a lease is an agreement conveying the right to use property‚ plant‚ and equipment (PPE) usually for a stated period of time. Examples of assets that can be leased include land‚ buildings‚ and plant & equipment. FASB classified
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