Accounting in the USA The following report will describe and discuss the major elements of accounting in the USA. It will show that the US Generally Accepted Accounting Principles (GAAP) are set by the Financial Accounting Standards Board (FASB)‚ where as the International Accounting Standards (IAS) are set by the International Financial Reporting Standards (IFRS). This report will also state the similarities and differences between these standards. In addition‚ the following report will use
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Chapter 1 BE1-1 Briefly define accounting. What are the three main characteristics of accounting? Is accounting static or dynamic? Accounting collects‚ analyzes‚ measures and records financial information about an organization and reports that information to stakeholders and decision makers. Accounting has 3 essential characteristics. Accounting is the (1) identification‚ measurement‚ and communication of financial information about economic entities to interested persons. Like social
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CHAPTER 2 Conceptual Framework for Financial Reporting ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Topics 1. 2. 3. 4. 5. 6. Conceptual framework– general. Objectives of financial reporting. Qualitative characteristics of accounting. Elements of financial statements. Basic assumptions. Basic principles: a. Measurement. b. Revenue recognition. c. Expense recognition. d. Full disclosure. Accounting principles– comprehensive. Constraints. Assumptions‚ principles‚ and constraints. 28‚ 29‚ 30 10 11 Questions
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5BUS1002 - Analysing Financial Information Module leader - 5BUS1002 - Analysing Financial Information Module leader - Compare and Contrast the Regulatory Framework and the Conceptual Framework as used by public companies in the UK. How does each contribute to the preparation of a set of accounts? Use examples to support your answer. In this piece of coursework I am going to be comparing and contrasting the Regulatory Framework and Conceptual framework
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accounting practices. In India‚ the Institute of Chartered Accountants of India (ICAI) is instrumental in the development of the most of the accounting principles. In U.S.A.‚ Financial Accounting Standard Board (FASB) is the principle source of GAAP. The International Accounting Standard Board (IASB) is now playing a very significant role in the formulation of GAAP for application across the countries. “Indian GAAP” are the standards notified by the central government of India under the companies
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Cruz 1 Week 8 Assignment 1 IFRS and GAAP Convergence Janet Rivera Cruz Prof. Basil Jackson Accounting 304 December 2‚ 2012 Cruz 2 The purpose of this paper is to describe what accounting convergence means and assess the likelihood of the convergence being completed and implemented in the next five (5) years. IFRS is the principle based set of standards that establish standards and dictate specific treatments. IFRS has become a global standard for companies
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Craig Stroderd 9/27/11 Acct-461V GAAP vs. IFRS Over a decade ago‚ it was believed that the whole world would likely adopt the Generally Accepted Accounting Principles (GAAP). At the point in time‚ the International Financial reporting Standards (IFRS) was only about ten years old. In the last decade‚ the IFRS has been adopted in many growing countries. Currently‚ it is anticipated that the U.S. will converge its GAAP with the international IFRS‚ leaving behind only a modified IFRS. This
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Diversities in accounting standards in different countries pose significant challenges to the international investment community. While current efforts to harmonize international accounting standards by the International Accounting Standards Board (IASB) and the International Organization of Securities Commissions (IOSCO) are laudable‚ differences in accounting standards across national boundaries largely remain a fact of life. Although participants in the international investment community recognize
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Building Blocks of Accounting Indicate whether each of the following statements presented below is true or false. 4. The primary accounting standard-setting body outside the United States is the International True Accounting Standards Board (IASB). 5. The cost principle dictates that companies record assets at their cost. In later periods‚ however‚ the fair value of the asset must be used if fair value is higher than its cost. False Slide 1-20 Solution on notes page SO 5 Explain
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GAAP‚ and be discussing many ways these two get along with each other and see what they do differently as well‚ they both have their ways of doing things which are easier but sometime even harder. 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? The fair value measurements does provide the users who have the financial statements with correct picture of the value of the company’s
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