AASB Framework AASB CF 2013-1 December 2013 Amendments to the Australian Conceptual Framework Obtaining a Copy of this Pronouncement This pronouncement is available on the AASB website: www.aasb.gov.au. Alternatively‚ printed copies are available for purchase by contacting: The Customer Service Officer Australian Accounting Standards Board Level 7 600 Bourke Street Melbourne Victoria AUSTRALIA Phone: Fax: E-mail: Website: Postal address: PO Box 204 Collins Street West Victoria 8007 AUSTRALIA
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1 Financial Accounting and Accounting Standards CHAPTER STUDY OBJECTIVES 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Describe the essential characteristics of accounting. Identify the major financial statements and other means of financial reporting. Explain how accounting assists in the efficient use of scarce resources. Identify some of the challenges facing accounting. Identify the objectives of financial reporting. Explain the need for accounting standards. Identify the major policy-setting bodies and their
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used. These standards are decided by the Financial Accounting Standards Board (FASB) and are called generally accepted accounting principles (GAAP). International Financial Reporting Standards (IFRS) is a set of international accounting standards stating how particular types of transactions and other events should be reported in financial statements. IFRS are issued by the International Accounting Standards Board (IASB). The goal with IFRS is to make international comparisons as easy as possible
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discounts‚ the allowance method to account for bad debt and factoring are basically the same between IFRS and GAAP. However‚ the FASB (Financial Accounting Standards Board) and IASB (International Accounting Standards Board) are taking steps by working to implement fair value measurement‚ the amount they currently could be sold for‚ for financial instruments. “The FASB and IASB are facing opposition from various factors thus have adopted a piecemeal approach. Step one is to disclose the fair value information
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to come from a super national organization and combine principals of many different countries. 4. What is the role of each of the following supra-national organizations? a. International Accounting Standards Board (IASB) -Developed as a parent entity of the IASB‚ it is an independent standards setter that assumes accounting standards setting responsibilities from IASC. b. International Federation of Accountants (IFAC) -Organizational accounting organization that represents
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willing to provide a second set of standards. Now‚ for the first time‚ there may be an answer for small firms desiring relief from the onerous reporting requirements of GAAP. The AICPA now recognizes the International Accounting Standards Board’s (IASB) recently released International Financial Reporting Standard for Small and MediumSized Entities (IFRS for SMEs)‚ as an official set of accounting standards to be audited against. Now that separate accounting principles designed specifically for
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Foreign companies use foreign currencies for their expenditures‚ hedging strategies‚ and investing and financing activities. As a result these business activities must be reflected on the financial statements in the corporation’s reporting currency. FASB 52 and IAS 21 provide the appropriate guidance on the consideration of which functional currency should be implemented by the foreign subsidiaries. This case focuses in Sparkle a Nigerian subsidiary of a joint venture formed by U.S. – based companies
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in the case. Also many of these issues tend eventually to result in an FASB‚ AICPA‚ or SEC pronouncement. Since seldom will a beginning student be aware of these pronouncements‚ they do not preclude continuing to use a part of this case‚ and then revealing at the end of that part’s discussion whether the accounting rule-making body reached the same conclusion as the class did. Comments on Questions 1. The question is equivalent to asking‚ what is the future value of $100 invested at 10 percent compound
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contain fewer standards‚ but applying the two main standards to complex transactions were difficult and needed improvement (Australian Accounting Standards Board‚ 2010). Accordingly‚ the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) initiated a joint project to clarify the revenue recognising principles and to establish a common revenue standard that would: (a) remove inconsistencies in existing standards; (b) provide a sturdier
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GENERAL ACCOUNTING SECTION 1530 comprehensive income PURPOSE AND SCOPE .01 This Section establishes standards for reporting and display of comprehensive income. It does not address issues of recognition or measurement for comprehensive income and its components. .02 This Section does not apply to not-for-profit organizations (see FINANCIAL STATEMENT PRESENTATION BY NOT-FOR-PROFIT ORGANIZATIONS‚ Section 4400). DEFINITIONS .03 The following terms are used in this Section with the meanings
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