Inc. John‚ E.‚ & Bill‚ C. B. (1997). The FASB ’s New Earnings per Share Standard. The CPA Journal. Retrieved from http://www.nysscpa.org/cpajournal/1997/0897/aug/F20897.htm Kelliher‚ J. (1996). The FASB and the IASC Redeliberate EPS. Journal of Accountancy. Retrieved from http://www.allbusiness.com/professionalscientific/accounting-tax/541912-1.html FASB ASC Paragraph 260-10-45-2 [‚ Earnings Per Share – Overall – Other Presentation Matters] FASB ASC Paragraph 260-10-45-11 [‚ Earnings Per Share
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All CFA Institute members and candidates are required to comply with the Code and Standards The CFA Institute Bylaws Basic structure for enforcing the Code and Standards primary principles Based on two Rules of Procedure Fair process to member and candidate Confidentiality of proceedings Maintains oversight and responsibility The CFA Institute Board of Governors Structure of the CFA Institute Professional Conduct Program Professional Conduct program (PCP) The CFA Designated Officer Through
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context of impact to the public accounting profession. Approximately 120 nations and reporting jurisdictions permit or require IFRS for domestic listed companies‚ although approximately 90 countries have fully conformed with IFRS as promulgated by the IASB and include a statement acknowledging such conformity in audit reports. Given all of these factors‚ measuring the overall impact of convergence with IFRS in the U.S. comes down to a trade-off between the one-time costs of transitioning to a new system
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Financial Accounting Standards Boards (FASB) o This body is responsible for setting standard for reporting information on finances to the public. The principles of the GAAP are used to establish the standards set by this governing body. The body is responsible to protect investors and the public from companies that may commit fraud. This brody serves as a source to resolve issues surrounding accounting and reporting issues. • Internal Accounting Standards Board (IASB) o The board is a successor the
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Research of Emerging Accounting Issues Abstract This paper I’ll research the most important impact that the mission of the Emerging Issues Task Force (EITF) exerts upon the Financial Accounting Standards Board (FASB); analyze the EITF’s effectiveness with finding resolutions to emerging accounting issues by research the issues from the EITF’s “Description and Status of Current Issues” such as 9/11 and analyze at least the primary manner in which a company’s
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egulatory and Political Influence on Accounting Practice Learning Objectives ! ! ! ! Critically discuss the regulatory environme concerning Australian external financ reporting. Describe the main regulatory bodies th encompass the Australian reporti environment. Review some of the arguments proposed f and against regulation of the accounti profession. Outline the relevance of potential econom political and social impacts to the account Introduction Financial
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other in an easier manner. Also‚ mergers between businesses in different countries will become more seamless (20). The Securities and Exchange Commission (SEC) along with the Financial Accounting Standards Board (FASB) have been working with the International Accounting Standards Board (IASB) to develop standards in which their differences will eventually be eliminated. One advantage of moving in the direction of IFRS is that it is not as detailed as the U.S. GAAP. There are two types of standards
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Outline Part 1 Background and Overview Part 2 US GAAP and IFRS Part 3 China GAAP and IFRS Part 4 Summary of Convergence Process Part 5 Pros & Cons of Convergence Part 6 The reasons for differences in accounting practice ww.ifrs.org + The International Accounting Standards Board + The International Accounting Standards Committee (IASC) Foundation + Objective – a single set of global financial reporting standards + Aim – convergence between national standards and international
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1. Assume there are three separate real estate companies US Realty (which uses the cost model)‚ UK Realty (which uses the revaluation model‚ and International Realty (which uses the fair value model). Assume that on December 31‚ 2003‚ each company pays £1‚000 cash to obtain investment property comprising of land with negligible value and an office building worth £1‚000. The building has a 10 year useful life‚ has no residual value‚ and is expected to provide a constant stream of economic benefits
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the change (Williams and Carcello‚ FASB Statement No. 154‚ Accounting Changes and Error Correction. 2005). The accounting for changes in estimates and accounting principle is similar between GAAP and IFRS. They both indicate that companies
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