ride ahead The energy and resources industry can expect a wild ride in coming years as the standard-setters turn their attention to this sector. Story Debbie Smith CA The energy and resources sector‚ despite its status as a globally important industry‚ has received little specific attention over the years from the standard-setters. Recent proposals from the International Accounting Standards Board (IASB)‚ its interpretations committee (IFRIC)‚ and even the Australian Government are making
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Accounting Theory * What is an accounting theory? Hendriksen’s definition: …logical reasoning in the form of a set of broad principles that * provide a general framework of reference by which accounting practice can be evaluated and * guide the development of new practices and procedures. * Whether a theory is accepted depends on how: * well it explains and predicts reality * well it is constructed both theoretically and empirically * acceptable
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A conceptual framework is a statement of theoretical principles that provides guidance for financial accounting and reporting. (Collins & Hussey‚ 2007). It therefore prescribes the nature‚ function and limits of financial accounting and financial statements. The IASB’s Framework for the preparation and presentation of financial statements sets out the concepts that underlie the preparation and presentation of financial statements that external users are likely to rely on when making economic decisions
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Comparing IFRS to GAAP Essay In the Accounting industry‚ there are various principles and guidelines by which financial accountants‚ analysts‚ and organizations need to abide by. The International Accounting Standards Board (IASB) issues standards (IFRS) that have been adopted by the United States and several countries outside of the U.S. (Kimmel‚ Weygandt & Kieso‚ 2010). The IFRS along with Generally Accepted Accounting Principles (GAAP)‚ professionals in the accounting industry use these guidelines as
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IAS 11 International Accounting Standard 11 Construction Contracts In April 2001 the International Accounting Standards Board (IASB) adopted IAS 11 Construction Contracts‚ which had originally been issued by the International Accounting Standards Committee in December 1993. IAS 11 Construction Contracts replaced parts of IAS 11 Accounting for Construction Contracts (issued in March 1979). Other IFRSs have made minor consequential amendments to IAS 11. They include IAS 23 Borrowing Costs (as
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Management Summary Discussion on IFRS versus GAAP Harris‚ P.‚ Stahlin‚ W.‚ Arnold‚ L. W.‚ & Kinkela‚ K. (2013).The Financial Accounting Standard Boards ( FASB) and International Accounting Standard Board ( IASB) are both working on financial instruments that include classification and measurement of the financial instrument and impairment of financial assets. However‚ the boards did not converge and set down different paths. The IASB issued IFRS 9 a financial instrument in July 2014‚ IFRS now introduces
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Scott‚ Financial Accounting Theory‚ 7th Edition Instructor’s Solutions Manual Chapter 1 CHAPTER 1 INTRODUCTION 1.1 The Objective of This Book 1.2 Some Historical Perspective 1.3 The 2007-2008 Market Meltdowns 1.4 Efficient Contracting 1.5 A Note on Ethical Behaviour 1.6 Rules-Based v. Principles-Based Accounting Standards 1.7 The Complexity of Information in Financial Accounting and Reporting 1.8 The Role of Accounting Research 1.9 The Importance of Information Asymmetry 1.10
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conceptual framework in setting accounting standards Ian Dennis Business School Oxford Brookes University Abstract The paper examines the nature and role of a conceptual framework for financial reporting. Although much has been written about such frameworks and their purported role and the FASB and IASB are currently revising and converging their frameworks there are still questions about the kind of thing it is and how it is used in setting accounting standards. Using insights from the
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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
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ILALA BOMA CPA REVIEW CLASS P.20 ABDULKARIM T.KISUGURU THEORETICAL FRAMEWORK OF ACCOUNTING THEORIES INTRODUCTION In this topic we consider various theories of financial accounting. Perhaps‚ therefore‚ we should start by considering what we mean by a ‘theory’. Theory.‚ which has a Greek root‚ .Theoria. meaning to .behold or view.. A popular definition given by Kerlinger defines theory as .a set of interrelated constructs (concepts)‚ definitions and propositions that present a systematic view
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