ratio‚ profit margin‚ asset utilization‚ and financial leverage. Discussions in this paper include how the differences of each industry affect presentations as they relate to different International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB) measurement conventions‚ and on how uses of the cash basis of accounting differ from the accrual basis of accounting. Mercedes Benz (dollars are in millions) In 2009‚ Mercedes Benz had a total of $27‚964 in current
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field of accountancy. These organizations include the Financial Accounting Standards Board (FASB)‚ the Public Company Accounting Oversight Board (PCAOB)‚ the Securities and Exchange Commission (SEC)‚ and the International Accounting Standards Board (IASB). Companies which operate within the United States must compile financial reports within the guidelines set forth by the (SEC) and the (FASB); the (FASB) ensures that all companies focus on the characteristics of relevance and reliability when generating
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already existing going concern reporting model and disclosures. This project was added to provide guidance for entities in assessing their ability to continue as a going concern‚ and the timing‚ nature and extent of associated disclosure requirements (FASB‚ 2013). Finally these standards would help management decide where disclosure is appropriate. Alternative approaches In terms of alternatives IFRS defines going concern as the period in the foreseeable future (Finance Train‚ 2013). According to IAS
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University of Arizona Accounting 554 Case #1: Dow Chemical Company Goals: • • • Become familiar with a set of financial statements including auditor opinion and significant accounting policy footnote‚ Perform basic analysis and interpretation of the financial statements‚ including common size analysis‚ Recognize the role of estimates in the measurement of financial statement amounts. Refer to the Dow Chemical financial statements for 2008 in answering the following: 1. Who are Dow’s external auditors
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University of Wollongong Research Online Faculty of Business - Accounting & Finance Working Papers Faculty of Business 2006 Regulation: Standardising Accounting Practice M. Gaffikin University of Wollongong‚ gaffikin@uow.edu.au Publication Details This working paper was originally published as Gaffikin‚ M‚ Regulation: Standardising Accounting Practice‚ Accounting & Finance Working Paper 06/22‚ School of Accounting & Finance‚ University of Wollongong‚ 2006. Research Online is the open access
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meaning of these accounting-related acronyms: GAAP‚ SEC‚ FASB‚ IASB and IFRS. (b) Briefly explain the importance of knowledge base or organization that is referred to each of the accounting-related acronyms. * (a) The meaning of accounting-related acronyms GAAP‚ SEC‚ FASB‚ IASB and IFRS: * GAAP: Generally Accepted Accounting Principle. * SEC: Securities and Exchange Commission. * FASB: Financial Accounting Standards Board. * IASB: International Accounting Standards Board. * IFRS:
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will result in disciplinary action. Financial Accounting Standards Board The Financial Accounting Standards Board (FASB) is the “private sector body given the primary responsibility to work out the concepts and detailed rules that become generally accepted accounting principles (GAAP)” (Phillips‚ Libby‚ &
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CA1-7 CA1-8 CA1-9 CA1-10 CA1-11 CA1-12 1-2 Description Level of Difficulty Time (minutes) IFRS and standard-setting. IFRS and standard-setting. Financial reporting and accounting standards. Financial accounting. Need for IASB. IASB role in standard-setting. Accounting numbers and the environment. Politicalization of IFRS. Models for setting IFRS. Economic consequences. Rule-making Issues. Financial reporting pressures. Simple Simple Simple Simple Simple Simple
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in 1973‚ the International Accounting Standards Committee (IASC) began issuing guidance that was largely voluntary. – Goal: To harmonize global accounting standards. – Took on a new momentum in 2000‚ when EU announced plans to adopt. – In 2001‚ the IASB replaced the IASC. • Today‚ nearly 120 countries require or permit the use of IFRS. – Notably‚ some significant economies have not yet (fully) adopted IFRS: for example‚ Japan‚ China‚ and the U.S. – Some countries have adopted IFRS but retained their
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LATEST DEVELOPMENTS IN ACCOUNTING Accounting can be trace back some 7000 years to early civilizations of Egypt‚ Babylon‚ Greece and Rome. The first accounting record was found in Babylon‚ 3500 B.C. the records are made from stone‚ mud and leaves and introduction of the Arab-Hindu numerical system in 850 B.C had greatly enhanced accounting development. The pace of accounting development increased during the Industrial Revolution as the economics of developed countries began to mass-produce goods.
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