INTRODUCTION - FINANCIAL INSTRUMENTS In today’s world of Globalization‚ we are witnessing free trade agreements between different countries‚ international exchanges are multiplying‚ and commercial barriers are falling. Hence competition is measured on global scale. In this wave of globalization‚ financial instruments have been growing at an incredible pace. We are currently witnessing a rapid expansion phenomenon of the use of the financial instruments in the international financial market. These
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financial reporting than the outdated historical cost model. FROM: SEP-OCT 2005 ISSUE | BY HAN DONKER In recent years‚ international standard setters and regulators such as the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) have begun to favour the use of fair value accounting over historical cost accounting in financial reporting. A key reason for this shift in methodology is to improve the relevancy of the information contained in financial
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Business Combination Amendments November 29‚ 2008 Introduction There have recently been a number of significant accounting changes due to FASB and the International Accounting Standards Board (IASB) making modifications for the accounting treatment of business combinations in SFAS 141(R) and IFRS 3. Business combinations have implemented the newly created accounting treatment called the “acquisition method.” It will replace of the current “purchase method” strategy effective January
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of the 58 clubs included in the study did not select immediate expensing‚ and only three clubs switched accounting methods. The aim of the paper is to investigate whether the accounting regulation (FRS 10‚ ASB‚ 1997a: IAS 38 (Revised)‚ IASB‚ 2004b: SFAS 142‚ FASB‚ 2001) that purchased intangibles must be capitalised is appropriate. In these standards the application of the asset recognition criteria‚ that the expected future benefits from the asset are probable and will flow to the entity‚ is taken
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following is an answer to some of the most frequently asked questions that come up during the debate. Answering the Big Questions IFRS 8-1: What are some steps taken by both the FASB and IASB to move to fair value measurement for financial instruments? In what ways have some of the approaches differed? Both the FASB and IASB are having a tough time making this happen and have started with a slow but reasonable approach. The first step requires a disclosure of the fair value information in the notes
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GAAP and IFRS There are differences that exist between the US GAAP and IFRS (International GAAP)‚ nonetheless right now there is a convergence project existing between the FASB and the IASB‚ which issue these GAAPs in that order to narrow down the differences between the two. This is so that there are no misinterpretations when using either GAAPs. With that mentioned‚ the following differences exist between the US GAAP and IFRS (International GAAP). Inventory Measurement GAAP clarifies that
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across the board when producing financial statements and information for users of those statements. IASB will replace the standards set by the FASB (Financial Accounting Standards Board) in which the UK accountancy industry required companies to comply with generally accepted accounting practice (GAAP). GAAP offers a certain amount of legal backing to the accounting standards produced by the FASB‚ however problems occurred when direct comparisons were made between the financial statements of companies
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Standards Board (IASB) and the Financial Accounting Standards Board (FASB) has recently issued a combined exposure draft on Leases (ED 2010/09) resulting in a converged standard‚ in an attempt to rectify the weaknesses in the current standard. Significantly impacting how lessees and lessors account for and report leasing transactions in their financial statements. Australian Accounting Standards Board (AASB) 117 Leases incorporates IAS 17 Leases as issued and amended by the IASB. Entities that
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de/uploads/media/wp21_2004.pdf Ernst & Young Ernst & Young. (2006‚ Converting to IFRS - an analysis of implementation issues. [Electronic version]. from http://www.ey.com/Global/assets.nsf/International/Converting_to_IFRS_Nov06/$file/EY_ConvertingIFRS_Nov06.pdf FASB FASB. (2001). Statement of financial accounting standard 142.http://www.fasb.org/pdf/fas142.pdf IAS PriceWaterHouseCoopers. (2007). Intangible assets including R&D and software.http://www.pwc.com/extweb/service.nsf/docid/8303B04C7A0A4EC380257142003DDD70
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CA1-3 CA1-4 CA1-5 CA1-6 CA1-7 CA1-8 CA1-9 CA1-10 CA1-11 CA1-12 CA1-13 CA1-14 CA1-15 CA1-16 CA1-17 CA1-18 CA1-19 CA1-20 Description FASB and standard-setting. GAAP and standard-setting. Financial reporting and accounting standards. Financial accounting. Objective of financial reporting. Accounting numbers and the environment. Need for GAAP. AICPA’s role in rule-making. FASB role in rule-making. Politicalization of GAAP. Models for setting GAAP. GAAP terminology. Accounting organizations and documents
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