the Institute of Certified Public Accountants of Kenya FASB (the Financial Accounting Standards Board‚ a US body) was the first organization to develop “Concepts Statements”. All the other “Concepts Statements” have been based on those developed by FASB. A new “Conceptual Framework for Financial Reporting” was worked on jointly by FASB and IASB (the International Accounting Standards Board) and was published simultaneously by FASB and IASB in September 2010. It deals with “The Objective of General
Premium International Financial Reporting Standards Economics
financial reporting than the outdated historical cost model.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
Premium Balance sheet Generally Accepted Accounting Principles Depreciation
Using the allocation method makes it look like all items on the Income Statement based on the same method. The development of accounting pronouncements for taxation reveals the difficulty that standard-setter s had with this topic. Following are summaries of major pronouncements dealing with accounting for income taxes. APB OPINION #11 This pronouncement required the deferral method of accounting for income taxes. When the accounting net income exceeded taxable net income‚ balancing credit
Premium Balance sheet Taxation in the United States Taxation
CHAPTER 2 CONCEPTUAL FRAMEWORK UNDERLYING FINANCIAL ACCOUNTING IFRS questions are available at the end of this chapter. TRUe-FALSe—Conceptual Answer No. Description F 1. Nature of conceptual framework. T 2. Conceptual framework definition. F 3. Levels of conceptual framework. T 4 International conceptual framework. F 5. Statements of Financial Accounting Concepts. T 6. Decision usefulness.Objective of financial reporting. F 7. Financial statement users. T 8. Relevance and
Premium Generally Accepted Accounting Principles Income statement Balance sheet
Combinations Financial Statements 1.4 Business Combinations: Historical Perspective 1.10 FASB’s Conceptual Framework 1.5 Terminology and Types of Combinations 1.11 FASB Codification Project 1.6 Takeover Premiums 1.12 Appendix A: Evaluating Firm Performance 1.7 Avoiding Pitfalls before the Deal 1.13 Appendix B: Researching the FASB Codification INTRODUCTION This chapter introduces you to a fascinating topic which will occupy a considerable part of your course – Business Combinations
Premium Balance sheet Asset Generally Accepted Accounting Principles
Financial Statement Analysis Through the analysis of three companies in different sectors‚ this paper will show some basic concepts‚ techniques‚ and conventions of financial accounting. The three different areas Team B covered include a manufacturing company (3M)‚ an IT service company (Fujitsu)‚ and a retail company (Publix). Team B used the information provided by these companies to calculate its main financial ratios‚ and compare those to the ratios common for the same industry and country
Premium Generally Accepted Accounting Principles Balance sheet Financial ratios
alternative accounting practices in different countries‚ convergence refers to the process of developing a set of high quality financial reporting standards for use internationally (the process of global standard setting). Until the establishment of the IASB in 2001‚ the main objective of the IASC was to achieve international harmonization in accounting standards. Accordingly‚ the focus was to achieve consensus among different countries with regard to accounting standards. In this process different countries
Premium International Financial Reporting Standards European Union Financial statements
Comparing IFRS to GAAP Brandi A. Collins ACC/291 April 27‚ 2015 Comparing IFRS to GAAP Essay Both the FASB and the IASB together moving to the fair value capacity for the financial instruments. FASB and ISAB both want to move towards a fair value capacity. Both the FASB and IASB believe in the fair value capacity to produce a more precise explanation for the company’s financial records. There’s a difference in opinions between the two agreeing and disagreeing on the aspects like as‚ the banks
Premium International Financial Reporting Standards Generally Accepted Accounting Principles Financial statements
Chapter 1 The Canadian Financial Reporting Environment Prepared by: Dragan Stojanovic‚ CA Rotman School of Management‚ University of Toronto The Canadian Financial Reporting Environment Role of Financial Reporting • Financial statements and financial reporting • Accounting and capital allocation •Stakeholders Objective of Financial Reporting •Management bias •Users’ needs Standard Setting • Need to develop standards • Parties involved in standard setting • Standard setting in a political
Premium Financial statements International Financial Reporting Standards Financial Accounting Standards Board
increased or decreased. Recognition in the Balance Sheet 4. Recognition is the process of formally recording and reporting an element in the financial statements. To be recognized‚ an item must (a) meet the definition of an element as specified in FASB Statement of Concepts No. 6‚ (b) be measurable‚ (c) be relevant‚ and (d) be reliable. Elements of the Balance Sheet 5. The elements of the balance sheet are the broad classes of items comprising it. These items and their definitions are: a) Assets:
Premium Balance sheet Asset Generally Accepted Accounting Principles