objective of this project is to provide guidance to entities on how they should measure the fair value of assets and liabilities when required by other Standards. This project will not change when fair value measurement is required by IFRSs. Discussion at the September 2005 IASB Meeting At the September 2005 meeting‚ the IASB added the Fair Value Measurements topic to its agenda. The aim of the project is to provide guidance to entities on how they should measure the fair value of assets and liabilities
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the IASB and FASB have been striving since 2002 to achieve convergence‚ there are still many differences between the two. These differences range from revenue recognition to the matter in which the organizations receive funding. Under the IASB‚ the accrual method is the only preferred way of recognizing revenue and expenses. While FASB accepts cash basis and accrual basis; cash basis is only accepted if cash sales are less than $5 million per year. When it comes to generating funds the IASB receives
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Recently in June 2010‚ the International Accounting Standards Board and the Financial Accounting Standard Board initiated a joint project and released an exposure draft named Revenue from Contracts with Customers. This exposure draft emphasizes the status of revenue in assessing financial statements and states that revenue is conclusive in assessing a company’s operating situation and developing prospects. This statement has a profound influence on accounting industry and has lead to a wide range
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the transaction price‚ allocate the transaction price to the performance obligations in the contract‚ and recognize the revenue when‚ or as‚ the entity satisfies a performance obligation . In identifying a contract with a customer‚ both the FASB and the IASB require approval and commitment of the parties‚ as well as the identification of rights and payment terms. Also required is that the contract has commercial substance. It must be probable that consideration will be received in exchange for the
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Info Conceptual Framework — IASB-FASB joint project Background At their joint meeting in October 2004‚ the IASB and the US FASB decided to add to their respective agendas a joint project to develop a common conceptual framework‚ based on and built on both the existing IASB Framework and the FASB Conceptual Framework‚ that both Boards would use as a basis for their accounting standards. The two boards reached the following tentative decisions about the approach to the project: * The project
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recognition on FASB and IASB convergence process I. CONVERGENCE OF U.S. GAAP AND IFRS Since 2002‚ Financial Accounting Standards Board (FASB) and International Accounting Standards Board’s (IASB) have been working toward “convergence” of US General Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS). They have made significant progress in efforts to converge critical accounting standards such as those dealing with revenue recognition‚ financial instruments
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standard setting process of FASB and IASB Date: February 10‚ 2011 ____________________________________________________________ ______ Dear Ms.Albright‚ The FASB (Financial Accounting Standards Board) and IASB (International Accounting Standards Board) are making progress towards convergence in setting better accounting standards. However‚ there exist some differences between their standard setting processes. After weighing the pros and cons‚ I suggest that FASB standard setting approach would
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Board (AASB) is implementing the Financial Reporting Council’s policy of adopting the Standards of the International Accounting Standards Board (IASB) for application to reporting periods beginning on or after 1 January 2005. The AASB is replacing relevant existing AASB Standards with Australian Standards equivalent to those of the IASB. Consequently‚ the parts of the existing Australian conceptual framework (SAC 3 Qualitative Characteristics of Financial Information and SAC 4 Definition and
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On September 28 2010‚ the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) had declared they had completely conducted the first stage of The Conceptual Framework joint project. The purpose of this joint project is to further improve an advanced conceptual framework for International Financial Reporting Standards (IFRSs) and US Generally Accepted Accounting Practices (GAAP) (Norwalk 2010). Basically‚ the conceptual framework is an attempt to express
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FASB STATEMENT 86 FASB Statement 86 Accounting 304 Carla LaMariana 11/28/2007 [Type the abstract of the document here. The abstract is typically a short summary of the contents of the document. Type the abstract of the document here. The abstract is typically a short summary of the contents of the document.] In 1973 a new organization was founded‚ this organization was named The Financial Ac-counting Standards Board‚ or the FASB. The FASB creates and improves the standards of the reporting
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