Generally Accepted Accounting Principles (GAAP) are adopting the International Financial Reporting Standards (IFRS) in the preparation and presentation of their financial statements. The IFRSs are issued by International Accounting Standards Board (IASB) and the adoption of IFRSs is having a growing influence on national accounting requirements and practices. This chapter discusses the adoption of IFRSs and other aspects of standard-setting environment in Malaysia. 2.0 Development of Financial
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Often‚ the rules and regulations created by governing bodies are reactions to societal events and pressures. This pattern certainly holds true in regards to financial reporting. The first financial reporting regulations were set in place during the Great Depression in reaction to the stock market collapse of 1929. These regulations were The Securities Act of 1933 and The Securities Exchange Act of 1934‚ which established the Securities and Exchange Commission (SEC) and became the foundation for future
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foundation so as to strengthen the development of accounting standards. The purpose of conceptual framework is to assist the IASB in developing a consistent basis for upcoming accounting standards that are principles-based‚ internally dependable‚ globally converged and also examine the existing ones. [ifrs.org‚ 2012] International Accounting Standards Board (IASB) The IASB framework defines the ideas and principles fundamental in the preparation of financial statements for presentation to widespread
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Inc. John‚ E.‚ & Bill‚ C. B. (1997). The FASB ’s New Earnings per Share Standard. The CPA Journal. Retrieved from http://www.nysscpa.org/cpajournal/1997/0897/aug/F20897.htm Kelliher‚ J. (1996). The FASB and the IASC Redeliberate EPS. Journal of Accountancy. Retrieved from http://www.allbusiness.com/professionalscientific/accounting-tax/541912-1.html FASB ASC Paragraph 260-10-45-2 [‚ Earnings Per Share – Overall – Other Presentation Matters] FASB ASC Paragraph 260-10-45-11 [‚ Earnings Per Share
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References: 1. Jay Godfrey (2010)‚ Accounting Theory‚ 7th Edition‚ viewed on 10/11/2013 2 9. Paul Pacter‚ CPA‚ PH.D.‚ (February‚ 2013)‚ What have IASB and FASB convergence efforts achieved?‚ viewed on 26/11/2013‚ Available from: http://www.journalofaccountancy.com/Issues/2013/Feb/20126984.html 12. Nation News‚ (May 27‚ 2013)‚ Long push for new accounting standards‚ viewed on 26/11/2013‚ Available at:
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Trademark Subsequent to the release of the Exposure Draft issued by the FASB and IASB in June 2010 the Boards received a number of comments and is currently reviewing and analyzing these comments. A revised draft of the Exposure Draft is expected in Q3 of 2011. We encourage users of this case study to follow this project and review the FASB’s and IASB’s Web site for updates. Case 04-9: Healthcare Depot On April 22‚ 2011‚ the FASB issued a Proposed Accounting Standards Update‚ IntangiblesGoodwill and
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Financial Statement Analysis Introduction to Management Accounting 561 August 31‚ 2010 Robert L. Hynous‚ Jr. Financial Statement Analysis The primary principle of the financial statement analysis is to examine the accounting books for the accountability of review each year-end for profit or loss in a company to be review by the stockholders. Team A will review the financial statement analysis of two American companies; United Parcel Service (UPS) a service‚ Talbots (TLB) a retailer‚
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A Converged Conceptual Framework In October 2004‚ the FASB and IASB added to their agendas a joint project to develop an improved‚ common conceptual framework that builds on their existing frameworks (that is‚ the IASB’s Framework for the Preparation and Presentation of Financial Statements and the FASB’s Statements of Financial Accounting Concepts). Rationale for the Project and Project Objective A conceptual framework is basically a foundation serving as a guide to standard setters to help them
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evaluations(confirmatory value)‚ even if it is not being used’ (FASB‚ 2005: 2; FASB 1980: 37). In the IASB framework information has the quality of relevance ’when it influences the economic decisions of users by helping them evaluate past‚ present of future events or confirming‚ or correcting‚ their past evaluations’ (IASB‚ 1989: 24). Both frameworks thus say that accounting information is relevant if it has the capacity to make a difference in a decision. The FASB requires information to be capable of making a
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International Accounting Standards Board (IASB) is an independent‚ private-sector body that develops and approves International Financial Reporting Standards (IFRS). The IASB was formed in 2001 to replace the International Accounting Standards Committee. Its mission is “to develop a single set of high quality‚ understandable‚ enforceable and globally accepted International Financial Reporting Standards”. The Financial Accounting Standards Board (FASB) is a private‚ not-for-profit organization whose
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