boards of accountancy. Licensing‚ renewing‚ and suspending or revoking licenses to practice are the primary functions of the State Boards of Accountancy. 2. Promulgate GAAP * Financial Accounting Standards Boards (FASB) and Governmental Accounting Standards Boards (GASB) - The FASB and GASB’s primary functions are the development of generally accepted accounting principles for business and not-for-profit entities‚ and state and local governmental entities. * American Institute of Certified
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known as GASB and their advisory council. Standards of non-government financial accounting and reporting like not-for-profit organizations are examined by FASB (Financial Accounting Standard Board). The GASB was formed to establish accepted accounting principles for state and local government. It was also established to examine the image of FASB on the state and local levels. FASAB (Federal Accounting Standards Advisory Board): The FASAB was established in 1973 with the purpose to create and improve
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"FASB Exposure Draft" Please respond to the following: From the first e-Activity‚ discuss how you would respond or comment to the Exposure Draft that you researched. Discuss whether or not you believe that Exposure Drafts add value to the accounting pronouncement development process. From the first e-Activity‚ discuss how you would respond or comment to the Exposure Draft that you researched. Discuss whether or not you believe that Exposure Drafts add value to the accounting pronouncement
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CA1-1 1. True. 2. False. Any company claiming compliance with IFRS must comply with all standards and interpretations‚ including disclosure requirements. 3. False. The SEC is the governmental body that has influence over the FASB‚ not the IASB. 4. True. 5. False. The IASB has no government mandate and does follow a due process in issuing IFRS. CA1-3 CA1-3 (Financial Reporting and Accounting Standards) Answer the following multiple-choice questions. 1. GAAP stands for: ANS: D) generally
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IFRS – One World One Accounting Introduction to IFRS Currently‚ more than 100 countries requires or adopt IFRS and it is expected that by 2012‚ more than 150 countries will adopt IFRS. India has also taken the step towards convergence of Indian Accounting Standards with IFRS. This article details the need for harmonization of local GAAP with IFRS‚ challenges for Corporate India etc. 1. Importance of Accounting Standards 2. Accounting Standards Across the world 3. Need of Harmonization
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guidance converges at www.ey.com/us/accountinglink. Fair value measurement guidance converges The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) created a uniform framework for how to measure fair value for entities around the world. By publishing IFRS 13 Fair Value Measurement‚ the IASB established a single source of guidance under IFRS for all fair value measurements. IFRS 13 does not change when an entity is required to use fair
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Between Private Companies and Public Companies Generally speaking Financial Accounting Standard Board (FASB)’s primary purpose is to develop General Accepted Accounting Principles (GAAP). GAAP might not concern the whole areas of accounting criteria‚ FASB look up and adjust accounting standard to make sure standards have been updated to follow current situation. On July 31‚ 2012‚ FASB issued an Invitation to Comment‚ which reviewed key areas of the Private Company Decision-Making Framework -
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“The theories we use to help us understand standard-setting in national arenas (such as Australia) don’t work so well at the international level where the . . . International Accounting Standard Board (IASB) is taking a leading role. We will have to modify them or expand our theoretical repertoire” Discuss the above statement‚ clearly indicating your agreement or otherwise about the basis for your views. Abstract: The theories that are presented in this paper all assume the importance of a
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International Financial Reporting Standards (IFRS) are an international set of accounting standards. Early in the 21st century‚ the Australian Accounting Standards board‚ with guidance from the Financial Reporting Council (FRC)‚ decided to implement IFRS’s throughout Australia. This decision was made so that Australia could participate and contribute to the development of a distinct set of accounting standards that could be used all around the world. This report will explore the process of setting
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The Financial Accounting Standards Board (FASB) was established in 1973 in order to create and develop standards of financial accounting and reporting for the general use of the public and‚ in particular‚ users of financial information including auditors‚ creditors and investors. This financial information is standardized for greater clarity for the guidance and education of users (FASB org‚ 2009a). The primary purpose of FASB as a private and non-profit organization is to develop Generally
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