The book for this class begins talking about revenue recognition in chapter five on page 197. The section of the book that more closely relates to this article starts on pages 203 and its called IASB-FASB Revenue Recognition Project. This explains a little about the joint exposure draft from the IASB and FASB. Also‚ like the article it discusses the five steps in recognizing revenue. These steps are listed in the above paragraph. It explains each of the steps just enough to understand what it is without
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T TO C H A N of an Exposure Draft on G E Notice to Recipients of this Staff Draft of an Exposure Draft on Financial Statement Presentation This staff draft of an Exposure Draft has been prepared by the staff of the FASB and the IASB (Boards) for the Boards’ joint project to develop a standard on financial statement presentation. The draft reflects the cumulative‚ tentative decisions made by the Boards concluding with their joint meeting in April 2010. However‚ work on the
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A. The main purpose is to of the (IASB) develop and issue International Financial Reporting Standards and Exposure Drafts‚ and Approve Interpretations developed by the International Financial Reporting Interpretations Committee (IFRIC). B. How is the IASB made up IASB is originally made up of 14 members from different countries with experience covering wide areas of accounting and business. The objectives of the ISAB are: (a) to develop‚ in the public interest‚ a single set of high
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the Institute of Certified Public Accountants of Kenya FASB (the Financial Accounting Standards Board‚ a US body) was the first organization to develop “Concepts Statements”. All the other “Concepts Statements” have been based on those developed by FASB. A new “Conceptual Framework for Financial Reporting” was worked on jointly by FASB and IASB (the International Accounting Standards Board) and was published simultaneously by FASB and IASB in September 2010. It deals with “The Objective of General
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financial reporting than the outdated historical cost model. FROM: SEP-OCT 2005 ISSUE | BY HAN DONKER In recent years‚ international standard setters and regulators such as the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) have begun to favour the use of fair value accounting over historical cost accounting in financial reporting. A key reason for this shift in methodology is to improve the relevancy of the information contained in financial
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are recognized in financial statements. The project is planned to provide the International Accounting Standards Board (IASB) and national standard setters with a sound conceptual basis for: (a) Revising and expanding the measurement aspects of their conceptual frameworks‚ and (b) Improving the measurement requirements of their financial reporting standards. . Although the IASB has not yet on purpose the issues in the Discussion Paper‚ it has made tentative Decision’s in another project that addresses
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Using the allocation method makes it look like all items on the Income Statement based on the same method. The development of accounting pronouncements for taxation reveals the difficulty that standard-setter s had with this topic. Following are summaries of major pronouncements dealing with accounting for income taxes. APB OPINION #11 This pronouncement required the deferral method of accounting for income taxes. When the accounting net income exceeded taxable net income‚ balancing credit
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has a great influence on Australian economy. Introduction In 2002‚ the Financial Reporting Council (FRC) announced that Australia would adopt International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB)‚ for reporting periods commencing on or after 1 January 2005. The introduction of IFRS in Australia replaced the existing accounting standards in relation to the recognition and measurement of assets‚ liabilities‚ equity‚ revenue and expenses (Haswell&
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CHAPTER 2 CONCEPTUAL FRAMEWORK UNDERLYING FINANCIAL ACCOUNTING IFRS questions are available at the end of this chapter. TRUe-FALSe—Conceptual Answer No. Description F 1. Nature of conceptual framework. T 2. Conceptual framework definition. F 3. Levels of conceptual framework. T 4 International conceptual framework. F 5. Statements of Financial Accounting Concepts. T 6. Decision usefulness.Objective of financial reporting. F 7. Financial statement users. T 8. Relevance and
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Combinations Financial Statements 1.4 Business Combinations: Historical Perspective 1.10 FASB’s Conceptual Framework 1.5 Terminology and Types of Combinations 1.11 FASB Codification Project 1.6 Takeover Premiums 1.12 Appendix A: Evaluating Firm Performance 1.7 Avoiding Pitfalls before the Deal 1.13 Appendix B: Researching the FASB Codification INTRODUCTION This chapter introduces you to a fascinating topic which will occupy a considerable part of your course – Business Combinations
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