Issues With Revenue Recognition within the Software Industry The Isoft Example Financial Controller-SoftWarehouse Ltd This report has been prepared for the Board of Directors of SoftWarehouse Ltd for elucidation about the contentious issues that have given rise to the publication of the article concerning Isoft’s issues with revenue recognition. Finally‚ it will also assess whether or not these issues are likely to affect SoftWarehouse Ltd. TABLE OF CONTENTS Executive Summary: 3
Premium International Financial Reporting Standards International Accounting Standards Board
Reporting Practices and Ethics Paper HCS/405 November 23‚ 2011 Reporting Practices and Ethics Paper This paper discusses the elements of financial management that is important to the healthcare organizations‚ generally accepted accounting principles‚ and a summary of the articles related to healthcare financial management. Elements of Financial Management There are four different elements used in financial management. These elements include: planning‚ controlling‚ organizing and directing
Premium Management Economics Finance
boundaries so the transecting parties need uniformity in the financial reporting for better understanding of the business conditions. The process of harmonization gets accelerated by the initiative of the two major standard setting body of the world IASB and FASB. Although the two authoritative bodies try to uniform the accounting standard but the major concern arises here is the biasness of the influencing nations. In the assignment‚ pros of the harmonization process is discussed which is essential for
Premium International Financial Reporting Standards International Accounting Standards Board
Exposure Draft 242: Leases Introduction The Exposure Draft (ED) on leases is dissected to prove its ability to provide useful information to the user. This essay will firstly describe the objectives and the three key issues‚ which are lessee accounting‚ presentation of statements and disclosure. Secondly‚ it will analyse how the changes in new ED affect users and provides useful information in terms of those three issues. Lastly‚ a conclusion will be drawn to summarise and restate the topics. Objectives
Premium Balance sheet International Financial Reporting Standards Asset
Accounting Principles Board - Emerging Issues Task Force - Statements of Position from AICPA (American Institute of Certified Public Accountants) - SEC (Securities and Exchange Commission) rules Hierarchy of pronouncements under US GAAP - FASB‚ APB & ARB - FASB Technical Bulletin‚ AICPA Statements of Position‚ Audit and Accounting Guides‚ Practice Bulletins - SEC Practice and Emerging Issues Task Force - Others Likely future developments 2. PRC Accounting Rules
Premium Generally Accepted Accounting Principles Balance sheet Financial Accounting Standards Board
are practiced in the United States. GAAP is considered more of a rule based accounting practice while IFRS are based much on the accounting principles. IFRS are developed by IASB (International Accounting Standards Board) while GAAP are developed by FASB (Financial Accounting Standards Board) (Bellandi 2012). The IASB and the FASB are working hard together attempting to establish standards leading to the "elimination of significant differences in the way certain transactions are accounted for and reported"
Premium International Financial Reporting Standards Financial Accounting Standards Board Generally Accepted Accounting Principles
setting process and must do so in the context of complex and challenging accounting issues‚ some of which are viewed as extremely important in today national and international business environment. Since 1973‚ the Financial Accounting Standards Board (FASB) has been the designated organization in the private sector in the U.S. for establishing standards of financial accounting and reporting. Those standards govern the preparation of financial reports. They are officially recognized as authoritative by
Premium International Financial Reporting Standards Public sector Certified Public Accountant
of this ongoing and complex cooperative effort‚ there is currently a joint project between the FASB and the IASB to develop a common measurement and reporting structure for fair value accounting (Metzger‚ n.d.). Fair value accounting has been around for many years and has been used for many asset and liability accounts. Due to the expanding use and misuse of financial reporting‚ the FASB and the IASB have worked to implement a common approach. The first step is disclosure of fair value information
Premium International Financial Reporting Standards Generally Accepted Accounting Principles Balance sheet
context of impact to the public accounting profession. Approximately 120 nations and reporting jurisdictions permit or require IFRS for domestic listed companies‚ although approximately 90 countries have fully conformed with IFRS as promulgated by the IASB and include a statement acknowledging such conformity in audit reports. Given all of these factors‚ measuring the overall impact of convergence with IFRS in the U.S. comes down to a trade-off between the one-time costs of transitioning to a new system
Premium International Financial Reporting Standards Financial statements Financial Accounting Standards Board
Financial Accounting Standards Boards (FASB) o This body is responsible for setting standard for reporting information on finances to the public. The principles of the GAAP are used to establish the standards set by this governing body. The body is responsible to protect investors and the public from companies that may commit fraud. This brody serves as a source to resolve issues surrounding accounting and reporting issues. • Internal Accounting Standards Board (IASB) o The board is a successor the
Premium