Chapter 1 The Canadian Financial Reporting Environment Prepared by: Dragan Stojanovic‚ CA Rotman School of Management‚ University of Toronto The Canadian Financial Reporting Environment Role of Financial Reporting • Financial statements and financial reporting • Accounting and capital allocation •Stakeholders Objective of Financial Reporting •Management bias •Users’ needs Standard Setting • Need to develop standards • Parties involved in standard setting • Standard setting in a political
Premium Financial statements International Financial Reporting Standards Financial Accounting Standards Board
Hoogervorst‚ Chairman of the IASB ______________________________________________________________ Ladies and gentlemen‚ I am grateful to the Federation of European Accountants for the opportunity to participate in today’s conference. As has often been said‚ Europe kickstarted the move towards global accounting standards when it and others adopted IFRSs from 2005. The accounting profession in Europe played a vital role in the success of this project. I and my fellow members of the IASB are extremely grateful
Premium Balance sheet Generally Accepted Accounting Principles Concept
GASB and FASB Analysis Paper While analyzing the relationship between Governmental Accounting Standards Board (GASB) and Financial Accounting Standards Board (FASB) I realized that both play an important role in the accounting field. There are different objectives for each board and I will explain the similarities and differences. I will describe the role of government regulation in the application of accounting standards and reporting requirements. Finally‚ I will present a situation in a governmental
Premium Financial Accounting Standards Board Government State
2 Contents Conceptual framework for financial reporting Objectives 2.1 Why a conceptual framework? 2.2 IASB Framework for the Preparation and Presentation of Financial Statements 2.2.1 The objective of financial statements 2.2.2 Stewardship as an objective of financial statements: the current debate 2.2.3 Underlying assumptions 2.2.4 A note on the ‘going concern’ assumption 2.2.5 Qualitative characteristics of financial reporting information 2.2.6 Constraints on financial reporting 2.3 Elements
Premium Economics International Financial Reporting Standards Generally Accepted Accounting Principles
Chapter 1 Introducing IFRS In This Chapter ▶ Seeing how standards are set‚ and amended ▶ Rolling out IFRS globally ▶ Presenting IFRS financial statements M In this chapter‚ I move beyond telling you what standards are to helping you understand what they do. To start‚ I explain how the standards are created and amended‚ and then I take a look at the scope of IFRS worldwide. Finally‚ I introduce you to the important financial statements that you must present to conform with IFRS: the statement
Premium Balance sheet Generally Accepted Accounting Principles International Financial Reporting Standards
Securities and Exchange Commission (SEC) relies on the FASB‚ the accounting standard-setting body of the US‚ to develop accounting standards that public companies must follow when publishing financial statements. On the other hand‚ many countries outside of the Unite States have adopted the International Financial Reporting Standard (IFRS) which is issued by the International Accounting Standard Board (IASB). In recent years‚ the FASB and IASB have worked closely to try to minimize the differences
Premium Generally Accepted Accounting Principles International Financial Reporting Standards Depreciation
from a lessor. Applicable Professional Pronouncements ASC 845: APB Opinion No. 29‚ Accounting for Nonmonetary Transactions (Opinion 29) ASC 840: FASB Statement No. 13‚ Accounting for Leases (Statement 13) FASB Technical Bulletin No. 88-1‚ Issues Relating to Accounting for Leases (Technical Bulletin 88-1) 09-2 Pharmagen . Answer the questions that are given below‚ not as given in the case text. Applicable Professional Pronouncements •ASC 470-10-25-1 through 25-2‚ Debt: Overall:
Premium Contract Finance
What Is the History of the Accounting Profession? By an eHow Contributor ? Accounting has been around for centuries. The Romans had a modern tax system complete with sales tax‚ land tax and a flat rate citizen tax. The Roman Empire employed tax collectors that kept track of collections through a rudimentary accounting system. Today‚ accounting is a career. Most U.S. colleges and universities offer tax or accounting degrees at the bachelor’s‚ masters and doctorate levels. Double-Entry
Premium Balance sheet Financial statements Revenue
not possible to collect huge information about the topic. Other limitation is our report is mostly text based. 1.5 What is Carbon Accounting? Carbon accounting refers generally to processes undertaken to "measure" amounts of carbon dioxide equivalents emitted by an entity. It is used by nation states‚ corporations and individuals. It is the process of measuring‚ monitoring‚ benchmarking and reporting an organization Greenhouse Gas Emissions in a defined reporting period. Carbon Accounting is
Premium Emissions trading Kyoto Protocol
capital to augment research‚ development and innovation in SMEs. Brussels: European Commission. FASB. (2010). Statement of Financial Accounting Standards No. 157: Fair Value Measurements. Norwalk‚ CT; USA: Financial Accounting Foundation. García-Ayuso‚ M. (2003). Factors explaining the inefficient valuation of intangibles. Accounting‚ Auditing & Accountability Journal‚ 16(1)‚ 57e69. Georgiou‚ G. (2010). The IASB standard-setting process: participation and perceptions of financial statement users. The British
Premium Venture capital