ASB-3211 Advanced Accounting Theory & Practice Assignment: Discussion of IAS 17 Leases Huixuan HUANG Student ID: 500284151 Module Organizer: Colin Bradley Words Count: 1964 words Date of Submission: 17th April‚ 2012 Discussion of IAS 17 Leases Introduction Accounting for leasing is always being a hot topic. The standard setters of IAS 17 encountered much controversy when they tried to stop charging all lease payments to the income statement. In this essay‚ firstly‚ I will point out
Premium Balance sheet Lease Finance lease
Board (FASB) and the International Accounting Standards Board (IASB). The International Financial Reporting Standards (IFRS) are standards developed by the International Accounting Standards Board (IASB). The IASB is an independent accounting standard-setting body based in London‚ UK. On the 1st of March 2001‚ it took over the role of setting standards from its predecessor‚ the International Accounting Standards Committee (IASC)‚ which was founded in June 1973 in London. According to the IASB Due
Premium International Financial Reporting Standards Financial statements Balance sheet
Laux; Shiva Rajgopal; George Vrana. Summary: FASB organizes the discussion of these conditions: users of financial reports‚ primary use of financial statements- management and investment decisions‚ cash flow as the objective of financial reporting‚ limitations of external financial reporting‚ relevance and trustworthiness‚ auditing and trustworthy numbers‚ conservatism bias‚ balance-sheet and income-statement approach‚ and the function of the FASB/ IASB. For example‚ the use of financial statements
Premium International Financial Reporting Standards Financial statements Generally Accepted Accounting Principles
contain fewer standards‚ but applying the two main standards to complex transactions were difficult and needed improvement (Australian Accounting Standards Board‚ 2010). Accordingly‚ the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) initiated a joint project to clarify the revenue recognising principles and to establish a common revenue standard that would: (a) remove inconsistencies in existing standards; (b) provide a sturdier
Premium International Financial Reporting Standards Financial Accounting Standards Board Financial statements
purchased by the family members following IPO. The receivable support provided by the client doesn’t specify interest payment terms for these notes. During our preparation to test accounts receivable we reviewed the Financial Accounting Standards Board (FASB) Accounting Standards Codifications (ASC) and identified special presentation and disclosure requirements for these sorts of receivables. We also reviewed above described situation from International Financial Reporting Standards’ (IFRS) standpoint
Premium International Financial Reporting Standards Balance sheet Generally Accepted Accounting Principles
Solutions Guide: Please reword the answers to essay type parts so as to guarantee that your answer is an original. Do not submit as is Case 1-4 Generally Accepted Accounting Principles At the completion of the Darby Department Store audit‚ the president asks about the meaning of the phrase “in conformity with generally accepted accounting principles‚” which appears in your audit report on the management’s financial statements. He observes that the meaning of the phrase must include more than
Premium International Financial Reporting Standards Financial Accounting Standards Board Audit
are a set of accounting standards developed by an independent‚ not-for-profit organization called the IASB‚ which is International Accounting Standards Board. IFRS’s goal is provide a global framework for how companies can prepare and disclose their Financial Statement. The specific differences between GAAP and IFRS have been shrink that the convergence projects between IASB and the FASB. “Yet significant differences do remain‚ most any one of which can result in significantly different reported
Premium International Financial Reporting Standards Financial statements Balance sheet
Returning the Relevancy of the P&L: Proposed Model Ehud Lurie‚ CPA (Isr.) Shlomi Shuv‚ CPA (Isr.) 1* 1. Introduction Profit or Loss‚ or more commonly known as Profit and Loss (P&L)‚ has always been a significant statement for most reporting entities. The primary reason lies in the fact that the P&L is the basis for evaluating the ability of reporting entities to generate profits in the future. This issue is reflected‚ among others‚ by the various earning multipliers which are used often in appraising
Premium Generally Accepted Accounting Principles Income statement Balance sheet
Analysis‚ Third Edition Frederick Gupta. A‚ 2008‚ p. 146‚ Financial Accounting for Management: An Analytical Perspective‚ Third Edition IAS Plus‚ 2011‚ History of IAS 1‚ [online] http://www.iasplus.com/standard/ias01.htm [Date Accessed: 18/12/2011] IASB‚ 2009‚ p.85‚ International Financial Reporting Standards Kaplan‚ 2011‚ p.145‚ Paper F7: Financial Reporting‚ Complete text Hussey. R‚ Ong. A‚ 2005‚ International Financial Reporting Standards Desk Reference: Overview‚ Guide and Dictionary
Premium International Financial Reporting Standards Financial statements
CHAPTER 2 CONCEPTUAL FRAMEWORK UNDERLYING FINANCIAL ACCOUNTING IFRS questions are available at the end of this chapter. TRUe-FALSe—Conceptual Answer No. Description F 1. Nature of conceptual framework. T 2. Conceptual framework definition. F 3. Levels of conceptual framework. T 4 International conceptual framework. F 5. Statements of Financial Accounting Concepts. T 6. Decision usefulness.Objective of financial reporting. F 7. Financial statement users. T 8. Relevance and
Premium Generally Accepted Accounting Principles Income statement Balance sheet