meaning of these accounting-related acronyms: GAAP‚ SEC‚ FASB‚ IASB and IFRS. (b) Briefly explain the importance of knowledge base or organization that is referred to each of the accounting-related acronyms. * (a) The meaning of accounting-related acronyms GAAP‚ SEC‚ FASB‚ IASB and IFRS: * GAAP: Generally Accepted Accounting Principle. * SEC: Securities and Exchange Commission. * FASB: Financial Accounting Standards Board. * IASB: International Accounting Standards Board. * IFRS:
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16.How does the author show us that Ralph is finally beginning to face the realities of their existence? The author shows us that Ralph is finally beginning to face the realities of their existence by strating a disposition within Ralph‚ toward his position as leader of the group of boys‚ that was not apparent before: ??We need an assembly. Not for fun. Not for laughing‚ and falling off the log...not for making jokes‚ or for...cleverness. Not for these things. But to put things straight?? (84).
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will result in disciplinary action. Financial Accounting Standards Board The Financial Accounting Standards Board (FASB) is the “private sector body given the primary responsibility to work out the concepts and detailed rules that become generally accepted accounting principles (GAAP)” (Phillips‚ Libby‚ &
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CA1-7 CA1-8 CA1-9 CA1-10 CA1-11 CA1-12 1-2 Description Level of Difficulty Time (minutes) IFRS and standard-setting. IFRS and standard-setting. Financial reporting and accounting standards. Financial accounting. Need for IASB. IASB role in standard-setting. Accounting numbers and the environment. Politicalization of IFRS. Models for setting IFRS. Economic consequences. Rule-making Issues. Financial reporting pressures. Simple Simple Simple Simple Simple Simple
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in 1973‚ the International Accounting Standards Committee (IASC) began issuing guidance that was largely voluntary. – Goal: To harmonize global accounting standards. – Took on a new momentum in 2000‚ when EU announced plans to adopt. – In 2001‚ the IASB replaced the IASC. • Today‚ nearly 120 countries require or permit the use of IFRS. – Notably‚ some significant economies have not yet (fully) adopted IFRS: for example‚ Japan‚ China‚ and the U.S. – Some countries have adopted IFRS but retained their
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LATEST DEVELOPMENTS IN ACCOUNTING Accounting can be trace back some 7000 years to early civilizations of Egypt‚ Babylon‚ Greece and Rome. The first accounting record was found in Babylon‚ 3500 B.C. the records are made from stone‚ mud and leaves and introduction of the Arab-Hindu numerical system in 850 B.C had greatly enhanced accounting development. The pace of accounting development increased during the Industrial Revolution as the economics of developed countries began to mass-produce goods.
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and became an independent international standard setter‚ the International Accounting Standards Board (IASB). Since then‚ the use of international standards has progressed. As of 2013‚ the European Union and more than 100 other countries either require or permit the use of international financial reporting standards (IFRSs) issued by the IASB or a local variant of them. The FASB and the IASB have been working together since 2002 to improve and converge U.S. generally accepted accounting principles
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Definition of financial accounting. Capital allocation process. Objective of financial reporting. Decision-Usefulness approach. Users of financial statements. Committee on Accounting Procedure. Passage of FASB standards. Financial Accounting Concepts. Creation of Accounting Principles Board. FASB Codification. Code of Professional Conduct. GAAP and political action. Public Company Accounting Oversight Board. Expectations gap. Financial reports. Fair value information. International Financial
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Planning and any special resources required. INTRODUCTION These conversations Paper focus on dimension going on original appreciation of assets and liabilities .It represent the opening stage of a mission to address the measurement objective for assets and liabilities that are recognized in financial statements. The project is planned to provide the International Accounting Standards Board (IASB) and national standard setters with a sound conceptual basis for: (a) Revising and expanding the measurement
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Standards Board (FASB) in United States .Standards for accounting leases have been effective since 1977 (Accounting Standard Board‚ 2004). The primary standard for lease accounting is Statement of Financial Accounting Standards No. 13 (FAS 13). According to FASB (1976)‚ a lease is an agreement conveying the right to use property‚ plant‚ and equipment (PPE) usually for a stated period of time. Examples of assets that can be leased include land‚ buildings‚ and plant & equipment. FASB classified
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