1. Sources of GAAP and basic framework and concepts ........................................................... 3 2. Reporting net income ................................................................................................... 14 3. Income statement: Income from continuing operations ................................................................................ 17 Discontinued operations ...............................................................................
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THE RISE OF ECONOMIC CONSEQUENCES The impact of accounting reports on decision making may be the most challenging accounting issue of the 1970s. by Stephen A. Zeff Since the 1960s‚ the American accounting profession has been aware of the increasing influence of "outside forces" in the standardsetting process. Two parallel developments have marked this trend. First‚ individuals and groups that had rarely shown any interest in the setting of accounting standards began to intervene actively and powerfully
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benefit from comparability that leads to relevant and reliable financial reports • Current example of work in progress include the FASB and IASB converging US GAAP and IFRS as well as the announcement by the US SEC that it will accept without reconciliation financial statements from foreign private issuers that are prepared in accordance with IFRS and issued by the IASB. • The key themes regarding convergence: • Preference for principles based standards rather than rules based
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Accounting Basics: Introduction Accounting is a glorious but misunderstood field. The popular view is that it’s mostly mind-numbing number-crunching; it certainly has some of that‚ but it’s also a rich intellectual pursuit with an abundance of compelling and controversial issues. Accountants are often stereotyped as soulless drones laboring listlessly in the bowels of corporate bureaucracies. But many accountants will tell you that it’s people skills‚ not technical knowledge‚ that are crucial to
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CHAPTER 1 Accounting—Present and Past CHAPTER OUTLINE: I. What Is Accounting? A. Definition B. Uses of Accounting Information C. Classifications 1. Financial Accounting 2. Managerial Accounting / Cost Accounting 3. Auditing — Public Accounting 4. Internal Auditing 5. Governmental and Not-for-Profit Accounting 6. Income Tax Accounting II. How Has Accounting Developed? A. Early History B. The Accounting Profession in the United States C. Financial Accounting Standard
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financial statements The International Financial Reporting Standards or better known as IFRS‚ are generally principal-based standards‚ interpretations‚ and framework which is taken up by the International Accounting Standard Board (IASB) (Accounting Standards‚ 1997). The IFRS financial statements include the presentation of a set of statement of financial position‚ an income statement‚ a statement of cash flows and a statement of changes in equity. Information that are presented in
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CHAPTER 1 THE CANADIAN FINANCIAL REPORTING ENVIRONMENT Multiple Choice—Conceptual Answer No. Description d 1. Accounting characteristics. a 2. Nature of financial accounting. c 3. Definition of financial accounting. a 4. Financial reporting entity. d 5. Efficient use of resources. d 6. Capital allocation process. c 7. Assessing management stewardship. c 8. Objectives of financial reporting. a 9. Role of AcSB. c 10. Body responsible for setting GAAP. b 11. Preparation of biased information
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been amended by: MFRS 9 Financial Instruments* (IFRS 9 Financial Instruments issued by IASB in November 2009) MFRS 9 Financial Instruments* (IFRS 9 Financial Instruments issued by IASB in October 2010) MFRS 10 Consolidated Financial Statements* MFRS 12 Disclosure of Interests in Other Entities* MFRS 13 Fair Value Measurement* MFRS 119 Employee Benefits* (IAS 19 Employee Benefits as amended by IASB in June 2011) Presentation of Items of Other Comprehensive Income (Amendments to MFRS 101)†
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only when an authoritative accounting rule-making body has established it in an official pronouncement. it has been accepted as appropriate because of its universal application. both a and b.** Generally accepted accounting principles include detailed practices and procedures as well as broad guidelines of general application. are influenced by pronouncements of the SEC and IRS. change over time as the nature of the business environment changes.
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organizations. 1. License individuals to practice as CPAs. State Boards of Accountancy 2. Promulgate GAAP. Securities & Exchange Commission (SEC)‚ American Institute of Certified Public Accountants (AICPA)‚ Financial Accounting Standards Board (FASB) & Government Accounting Standards Board (GASB). There is also some influence from the American Accounting Association‚ Institute of Management Accountants & the Financial Executives Institute for business and not-for-profit entities. The Government
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