and responsibility for both are a few of the most important standards to uphold. These ideas or standards are recognized throughout the business world as a necessity to doing business properly. There are two groups or associations that have set up an all-inclusive list of these standards. They are Generally Accepted Accounting Principles (GAAP) and the International Financial Reporting Standards (IFRS). These two groups of standards are similar in many ways and also very different. These similarities
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BUSINESS CONVERGED STANDARD ON REVENUE RECOGNITION IFRS 15-REVENUE FROM CONTRACTS WITH CUSTOMERS By LE‚ DOAN YEN NHI 11809946 Word count: 1000 (excluding executive summary and reference) Due date: 18th May 2015‚ 5 pm Executive summary On May 2014‚ the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) had jointly issue the converged standard‚ IFRS 15‚ on the Recognition of Revenue from Contracts with Customers. The new standard create a common
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regards to previous and future accounting industry standards. Findings The IASB’s (International Accounting Standards Board) Conceptual Framework is a set of rules and standards that the accountancy industry‚ within the Global market‚ adheres to in order to produce clarity across the board when producing financial statements and information for users of those statements. IASB will replace the standards set by the FASB (Financial Accounting Standards Board) in which the UK accountancy industry
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Financial Accounting Standards Board (FASB) has been the organization that establishes standards that govern the preparation of financial statements‚ known as the United States Generally Accepted Accounting Principals (US GAAP). Many countries have established their own national accounting standards as well; however‚ as international business and trade increases‚ so does the need for a common set of accounting standards. In response to this need‚ the International Accounting Standards Board (IASB) was
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Cited: 1. Anandarajan‚ M. E. (2008). SIVs: Could You Survive a Financial Collapse? Journal of Corporate Accounting & Finance (Wiley) ‚ 27-35. 2. Ehrlich‚ M.‚ Anandarajan‚ A.‚ & Chou‚ a. B. (2009). Structured Investment Vehicles: The Unintended Consequence of Financial Innovation. Bank Accounting & Finance ‚ 22 (6)‚ 29-37. 3. Ernst & Young. (2011). Ernst & Young. Retrieved April 13‚ 2012‚ from www.ey.com: http://www.ey.com/Publica
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are international financial reporting standards that are accounting standards that are accepted in more than 110 countries around the world while. GAAP are generally accepted accounting principles which are standards that 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
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Analysis of Financial Reporting Between China and the UK Introduction As commonly acknowledged‚ accounting‚ as a social science‚ a language of economy‚ is affected by the environment in which it stays; In the meantime‚ it also brings impact on this environment (Černe 2009). There are numerous factors that affect the accounting system of a country‚ such as culture‚ politics and economy and other non-accounting factors (Nobes & Parker 2010). China is one of the most populous countries in the world‚
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deciding on whether to fully adopt International Financial Reporting Standards (IFRS)‚ or to stay with the current U.S Generally Accepted Accounting Principles (GAAP). Since this is such a major decision‚ now would be an opportune time to take a look at what the pros and cons would be of switching to this new way of financial reporting‚ and in doing so‚ show why I believe the costs (both financial and otherwise) are too high to adopt a new set of reporting standards. Purpose and Scope The purpose
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Chapter 1 Lecture Accounting is a service activity. Its function is to provide useful financial information about economic entities to interested parties‚ such as managers‚ investors‚ and creditors. Financial accounting provides information to those decision makers who are outside the economic entity‚ such as investors‚ creditors‚ and governmental agencies. Financial accounting information also is used by managers inside the economic entity. A. What is accounting? 1. Identification
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are principles based Standards‚ Interpretations and the Framework adopted by the International Accounting Standards Board. The article most importantly analyzes the survey results of the targeted audience to decide if IFRS will be ready by the proposed date. The SEC initially created a proposed Roadmap‚ which outlined when IFRS‚ would be put into transition by small and large public companies to be changed from financial reporting based on the U.S. Generally Accounting Principle being in
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