Research of Emerging Accounting Issues Abstract This paper I’ll research the most important impact that the mission of the Emerging Issues Task Force (EITF) exerts upon the Financial Accounting Standards Board (FASB); analyze the EITF’s effectiveness with finding resolutions to emerging accounting issues by research the issues from the EITF’s “Description and Status of Current Issues” such as 9/11 and analyze at least the primary manner in which a company’s
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egulatory and Political Influence on Accounting Practice Learning Objectives ! ! ! ! Critically discuss the regulatory environme concerning Australian external financ reporting. Describe the main regulatory bodies th encompass the Australian reporti environment. Review some of the arguments proposed f and against regulation of the accounti profession. Outline the relevance of potential econom political and social impacts to the account Introduction Financial
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AFTER RECOGNITION Cost model Revaluation model Depreciation Depreciable amount and depreciation period Depreciation method Impairment Compensation for impairment DERECOGNITION DISCLOSURE TRANSITIONAL PROVISIONS EFFECTIVE DATE WITHDRAWAL OF OTHER PRONOUNCEMENTS 1 2–5 6 7–14 11 12–14 15–28 16–22 23–28 29–66 30 31–42 43–62 50–59 60–62 63 65–66 67–72 73–79 80 81–81E 82–83 560 © IFRS Foundation MFRS 116 Malaysian Financial Reporting Standard 116 Property‚ Plant and Equipment (MFRS 116) is
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other in an easier manner. Also‚ mergers between businesses in different countries will become more seamless (20). The Securities and Exchange Commission (SEC) along with the Financial Accounting Standards Board (FASB) have been working with the International Accounting Standards Board (IASB) to develop standards in which their differences will eventually be eliminated. One advantage of moving in the direction of IFRS is that it is not as detailed as the U.S. GAAP. There are two types of standards
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necessitating several organisations to be involved in the efforts to harmonise accounting practices either regionally or internationally. Among those‚ leading in this effort were the European Union (EU) and International Accounting Standards Board (IASB) (formerly International Accounting Standards Committee‚ IASC). This essay will look at background and harmonisation process of the two organisations and evaluate their achievements to date. It is considered that ‘harmonisation’ maybe defined as a
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2007; FFSA and AFG‚ 2007; Herz‚ 2007; Soderstrom and Sun‚2007; Turner‚ 2007; Holthausen‚ 2009; Sunder‚ 2009; Kvaal and Nobes‚ 2010; Hail et al.‚ 2010‚ forthcoming). In addition‚ in 2009‚ SEC Chairman Mary Schapiro expressed reservations about the IASB and about the quality of IFRS (Forgeas‚ 2008; Cohn‚ 2009; Leone‚ 2009). More recently‚ Howell (2010) reports that plans for the U.S. to move to global standards are vulnerable to major delays and that chief executive officers have expressed concerns
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Outline Part 1 Background and Overview Part 2 US GAAP and IFRS Part 3 China GAAP and IFRS Part 4 Summary of Convergence Process Part 5 Pros & Cons of Convergence Part 6 The reasons for differences in accounting practice ww.ifrs.org + The International Accounting Standards Board + The International Accounting Standards Committee (IASC) Foundation + Objective – a single set of global financial reporting standards + Aim – convergence between national standards and international
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increased or decreased. Recognition in the Balance Sheet 4. Recognition is the process of formally recording and reporting an element in the financial statements. To be recognized‚ an item must (a) meet the definition of an element as specified in FASB Statement of Concepts No. 6‚ (b) be measurable‚ (c) be relevant‚ and (d) be reliable. Elements of the Balance Sheet 5. The elements of the balance sheet are the broad classes of items comprising it. These items and their definitions are: a) Assets:
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1. Assume there are three separate real estate companies US Realty (which uses the cost model)‚ UK Realty (which uses the revaluation model‚ and International Realty (which uses the fair value model). Assume that on December 31‚ 2003‚ each company pays £1‚000 cash to obtain investment property comprising of land with negligible value and an office building worth £1‚000. The building has a 10 year useful life‚ has no residual value‚ and is expected to provide a constant stream of economic benefits
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the change (Williams and Carcello‚ FASB Statement No. 154‚ Accounting Changes and Error Correction. 2005). The accounting for changes in estimates and accounting principle is similar between GAAP and IFRS. They both indicate that companies
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