reinvent the wheel. FASB and the IASB expect a common Conceptual Framework to promote the convergence of U.S. GAAP and International Financial Reporting Standards (IFRS)‚ ultimately leading to a single set of high-quality global accounting standards. Additional information regarding the joint conceptual framework project can be found at www.fasb.org and www.iasb.org. Auditors took the leading role in developing GAAP for business enterprises. 2008‚ the FASB issued the FASB Accounting Standards
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Structure This memo includes research on leases and lease structure. Through intensive research on the Financial Accounting Standards Board (FASB)‚ three sub-types of leases were found for lessors to account for the leases. The three sub-types are direct financing‚ sales-type‚ and operating leases. The international accounting standards board (IASB) and FASB are proposing a draft for lease accounting. The critics are disputing some of the concerns with operating lease financial reporting. This memo
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Need for a Conceptual Framework Why do we need a conceptual framework? First‚ to be useful‚ rule-making should build on and relate to an established body of concepts. A soundly developed conceptual framework thus enables the IASB to issue more useful and consistent pronouncements over time‚ and a coherent set of standards should result. Indeed‚ without the guidance provided by a soundly developed framework‚ standard-setting ends up being based on individual concepts developed by each member of the standard-setting
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Example Test Questions Chapter 1 Multiple Choice: 1. Which of the following bodies has the ultimate authority to issue accounting pronouncements in the United States? a. Securities and Exchange Commission b. Financial Accounting Standards Board c. International Accounting Standards Committee d. Internal Revenue Service Answer a 2. What historical evidence of the business operations of the private estate of Apollonius was discovered early inthe20th century? a. The Iliad b. Plato ’s Republic
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Chapter 1 Environment and Theoretical Structure of Financial Accounting AACSB assurance of learning standards in accounting and business education require documentation of outcomes assessment. Although schools‚ departments‚ and faculty may approach assessment and its documentation differently‚ one approach is to provide specific questions on exams that become the basis for assessment. To aid faculty in this endeavor‚ we have labeled each question‚ exercise and problem in Intermediate Accounting
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using national standards. It was argued that a common set of practices will provide a “level playing field” for all companies worldwide (Murphy‚ 2000). IFRS are standards and interpretations adopted by the International Accounting Standards Board (IASB). They include: International Financial Reporting Standards (IFRS)‚ International Accounting Standards (IAS) and interpretation originated by the International Reporting Standards Interpretation Committee (IFRSIC) (Oyedele‚ 2011). IFRS represent a
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on industry‚ but the criteria listed by Topic 13 are generally applied when recognizing revenue. Guidance for industry specific principles are covered under other U.S. GAAP pronouncements. Also under U.S. GAAP‚ “any costs or losses that may be expected in connection with any returns shall be accrued in accordance with FASB St. No. 5 Accounting for Contingencies. Sales revenue and costs of sales reported in the income statement shall be reduced to reflect estimated returns” (FAS 48 par. 7).
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Accounting Standards ASSIGNMENT CLASSIFICATION TABLE Topics 1. 2. 3. 4. 5. Subject matter of accounting. Environment of accounting. Role of principles‚ objectives‚ standards‚ and accounting theory. Historical development of GAAP. Authoritative pronouncements and rulemaking bodies. Role of pressure groups. Ethical issues. Questions 1 2‚ 3‚ 29 4‚ 5‚ 6‚ 7 8‚ 9‚ 10‚ 11 12‚ 13‚ 14‚ 15‚ 16‚ 17‚ 18‚ 19‚ 20‚ 21‚ 22‚ 23 23‚ 24‚ 25‚ 26‚ 27‚ 28 30 Cases 4 6‚ 7 1‚ 2‚ 3‚ 5 8 3‚ 9‚ 11‚ 12‚ 13‚ 14‚ 16‚ 17 10‚ 19
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research paper will compose of the nature of accounting issues‚ historical background of accounting rules in U.S. and IFRS‚ recognition and measurement rules‚ presentation and disclosure rules‚ and development along with the harmonization efforts of FASB and IASB. Before we start all of these‚ we would like to give a brief description how U.S. GAAP differ from IFRS and why we need both of them. The International Financial Reporting Standards are destined to be the language of the accounting world. This
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determine whether or not those actions are sufficient enough to address the problem. After only two decades of its origin in 1988‚ SIVs quickly earned it share and grew until it accounted for roughly 5% of the U.S corporate debt market which was equivalent to above than $400 billion in assets by 2009 (Ehrlich‚ 2009). That was because SIVs helps banks gain profits (from the difference between short-term cost of financing and longer-term returns from investments) and extent lending; and at the same
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