and a conceptual framework of accounting? 3. What advantages or benefits have been advanced by standard setters to support the development of conceptual framework project? Do you agree in practice such benefits will be achieved? 4. The IASB/AASB Conceptual Framework states that the fundamental qualitative characteristics of useful information are relevance and representational faithfulness. Must both of these qualitative characteristics be satisfied before particular information is included in a final report
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to International Financial Reporting Standards (IFRSs)‚ and hence the current developments in the relationship between the United States’ Securities and Exchange Commission (SEC)‚ the Financial Accounting Standards Board (FASB)‚ the International Accounting Standards Board (IASB). This report focuses on the current situation of the convergence process and the obstacles of U.S. IFRSs. This report consists of 4 parts: Background Information‚ Current Developments in U.S.‚ Obstacles to U.S. adoption
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IFRS vs. GAAP Teddrick Smith ACC/ 291 Professor Marlo October 27‚ 2014 IFRS vs. GAAP In the world of finance recording‚ reporting‚ and responsibility for both are a few of the most important standards to uphold. These ideas or standards are recognized throughout the business world as a necessity to doing business properly. There are two groups or associations that have set up an all-inclusive list of these standards. They are Generally Accepted Accounting Principles (GAAP) and the
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Cost and Fair Value: 1. Summary of HISTORIC COST VERSUS FAIR VALUE In accounting historical cost is the original or nominal amount of money paid for asset rather than inflation adjusted price. In other words it is the resource given up or a liability incurred to acquire an asset. The historical cost principle states that the asset should be reported at it cost (cash or cash equivalent amount) at the time of exchange and should include all cost necessary to get the asset in place and ready for
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All CFA Institute members and candidates are required to comply with the Code and Standards The CFA Institute Bylaws Basic structure for enforcing the Code and Standards primary principles Based on two Rules of Procedure Fair process to member and candidate Confidentiality of proceedings Maintains oversight and responsibility The CFA Institute Board of Governors Structure of the CFA Institute Professional Conduct Program Professional Conduct program (PCP) The CFA Designated Officer Through
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Securities and Exchange Commission (SEC) relies on the FASB‚ the accounting standard-setting body of the US‚ to develop accounting standards that public companies must follow when publishing financial statements. On the other hand‚ many countries outside of the Unite States have adopted the International Financial Reporting Standard (IFRS) which is issued by the International Accounting Standard Board (IASB). In recent years‚ the FASB and IASB have worked closely to try to minimize the differences
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Synopsis of Project study on Evolution of International Financial Reporting Standards (IFRS) HARITIKA CHHATWAL Objective Accounting is the systematic measurement and recording of financial information used for decision-making‚ coordination‚ or control in an organisation. In broader perspective the financial information has to be more read as “quantitative information" rather than just merely "financial information" as the measurement and use of "non-financial
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CONTRACTS WITH CUSTOMERS By LE‚ DOAN YEN NHI 11809946 Word count: 1000 (excluding executive summary and reference) Due date: 18th May 2015‚ 5 pm Executive summary On May 2014‚ the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) had jointly issue the converged standard‚ IFRS 15‚ on the Recognition of Revenue from Contracts with Customers. The new standard create a common revenue recognition standard for both IFRS and US GAAP‚ it clarify the principle
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accounting? According to IFRS website shows‚ the definition of Conceptual Framework follows: The Conceptual Framework sets out the concepts that underlie the preparation and presentation of financial statements. It is a practical tool that assists the IASB when developing and revising IFRSs. The objective of the
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rapidly globalizing world. All this has led to the need of a single set of global accounting standards. These standards are called International Financial Reporting Standards (IFRS). IFRS are issued by the International Accounting Standards Board (IASB)‚ an independent body that was formed in 1973 by the professional accounting bodies in the United States and eight other industrialized countries. India is also on way to adopt these global standards. The Institute of Chartered Accountants of India
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