issue by the FASB rather than on the standards issued by the IASB. Unlike many countries‚ United States has not yet adopts the IFRS. Besides‚ the United States was very strong in its resolve not to adopt IFRS‚ believing that its ‘rule-based’ standards were superior to the more ‘principle-based’ standards of the IASB. Nevertheless‚ due to some corporate collapse such as Enron‚ FASB and IASB had entered a joint agreement to converge and improve the standards of both the IASB and FASB. Although there
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is to evaluate the project being conducted on financial accounting theory: Investment Property Entities. The FASB project serves as the mediator and as an attempt to resolve the differences being presented between U.S. GAAP and IFRS as it relates to operating leases. Historical Development The Federal Accounting Standards Board (FASB) and International Standards Board (IASB) issued a memorandum of understanding on October 29‚ 2002 confirming and formalizing their prior discussion to
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The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) are undertaking the Conceptual Framework project jointly in order to create a sound foundation for the new accounting standard by revising the existing conceptual framework. The International Accounting Standards Board (IASB) is the dependent standard-setting body of the IFRS foundation. The IASB adopted the FASB in its framework as guidelines for the preparation IFRS that it published in 1989
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Print. Bragg‚ Steven M. Wiley GAAP 2011: Interpretation and Application of Generally Accepted Accounting Principles. Hoboken‚ New Jersey. John Wiley & Sons Inc.‚ 2010. Print. "FASB: Property‚ Plant and Equipment." FASB: Financial Accounting Standards Board. N.p.‚ n.d. Web. 26 Nov. 2012. <http://www.fasb.org/jsp/FASB/Page/SectionPage>. Kieso‚ Daniel E.‚ Jerry J. Weygandt‚ and Terry D. Warfield. "Wiley: Intermediate Accounting‚ 14th Edition." Wiley: Intermediate Accounting‚ 14th Edition. N
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highly anticipated IFRS No 9 affects not only foreign accounting firms‚ but US Certified Public Accountants (CPAs) as well‚ due to globalization. The talk of convergence between the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) has been ongoing since 2002. Since 2002 there have been objections by accounting professionals opposing the convergence. At this point‚ the naysayers seem to be victorious. The total adoption of IFRS by the United States
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be legal within its borders. As a US born company‚ GM is held to these standards. The Standards include‚ GAAP‚ disclosures such as Sarbanes Oxley‚ and monitoring by the PCOAB. GAAP (Generally Accepted Accounting Principles) were established by the FASB‚ which has been given the authority to monitor and enforce these regulations. These regulations include consistency‚ relevance‚ reliability and comparability. To be consistent‚ all information gathered must be the same throughout all periods and have
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Professor ‚ University of Brasilia Abstract Fair value measurement is increasingly spreading in accounting standards. In February/2010‚ it was present in 61 FASB pronouncements. Such diffusion led to the issuance of SFAS 157 Fair Value Measurements‚ in which many prior definitions and measurement requirements‚ presented in other pronouncements‚ were replaced by a single standard on this subject. But the expansion of situations in which fair value measurement is required makes more difficult to ensure
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present and potential investors and creditors and other users in making rational investment‚ credit‚ and similar decisions‖ [FASB‚ SFAC 1‚ para. 34]. To achieve that objective‚ ―financial reporting should provide information to help investors‚ creditors‚ and others assess the amounts‚ timing‚ and uncertainty of prospective net cash inflows to the related enterprise‖ [FASB‚ SFAC 1‚ para. 37]. It should also ―provide information about the economic resources of an enterprise‚ the claims to those resources
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Introduction Schipper (2003) who is a member of FASB conducted a study on the rules-based and principles-based accounting standards. The aim of this article is to discuss the attributes and potential effects of transferring from rules-based standards to principles-based standards. To some extent this article is critical‚ but several limitations need to be discussed‚ such as implementation guidance. Summary Schipper (2003) demonstrated that there was a long-running debate on whether U.S. GAAP
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the difference between the United States accounting standards and International accounting standards. The United States uses the Financial Accounting Standards Board (FASB) to issue financial reporting procedures. The International Financial Reporting Standards (IFRS) are issued by the International Accounting Standards Board (IASB). There are proposals for the United States to adopt the International standards. Financial reporting procedures are debated about the United States using the Generally
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