Accounting‚ or accountancy‚ is the measurement‚ processing and communication of financial information about economic entities. Accounting‚ which has been called the "language of business"‚ measures the results of an organization’s economic activities and conveys this information to a variety of users including investors‚ creditors‚ management‚ and regulators. Practitioners of accounting are known as accountants. The terms accounting and financial reporting are often used as synonyms. Accounting
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Question 1 – a) Putting Canada on a continuum between fully converging or partially converging with the international financial reporting standards (IFRS) with their “Made in Canada” (Canadian Institute of Chartered Accountants [CICA]‚ 2006) generally accepted accounting practice (GAAP)‚ Canada would lie very close‚ if not on the line of convergence. Over the past few years‚ before the consideration of IFRS and leading up to the full convergence of it‚ Canada’s GAAP has been a ‘no mans land’
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Relationship between the IFRS and the FASB The principle of accounting dates backs thousands of years to a time where those in positions of governance wanted to make others aware of their growth and progress. Shift forward‚ and now the principles of accounting have moved towards an interest in investments and creating wealth for all those who hold stock within the company. This has led to the creation of standards and guidelines by which these accounting principles adhere to‚ producing financial statements
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The IASB standard-setting process: Participation and perceptions of financial statement users Introduction The interests of users of financial statements are‚ in theory‚ paramount to accounting standard-setters. However‚ there is a dearth of research into users’ participation in‚ and influence on‚ the process of setting accounting standards. (George Georgiou‚ Birmingham Business School‚ Birmingham University‚ Edgbaston Park Road‚ Birmingham‚ B15 2TT‚ UK). Literature review In 2001 the International
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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 Setting
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The IASB and the US Financial Accounting Standards Board (FASB) have been working together since 2002 to achieve convergence of IFRSs and US generally accepted accounting principles (GAAP). A common set of high quality global standards remains a priority of both the IASB and the FASB. In September 2002 the IASB and the FASB agreed to work together‚ in consultation with other national and regional bodies‚ to remove the differences between international standards and US GAAP. This decision was embodied
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Final Paper ACC 305: Intermediate Accounting I October 28‚ 2013 The Financial Accounting Standards Board (FASB) was established in 1973 in order to create and develop standards of financial accounting and reporting for the general use of the public and‚ in particular‚ users of financial information including auditors‚ creditors and investors. This financial information is standardized for greater clarity for the guidance and education of users (FASB org‚ 2009a). The primary purpose
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Introduction The expansion of International Trade and the accessibility to foreign stock and debt market has given rise to an increase debate on whether or not there is need to be a global set of accounting standards. As companies compete globally for scarce resources‚ investors and creditors as well as multinational companies are required to bear the cost of reconciling financial statements that are prepared using national standards. It was argued that a common set of practices will provide a “level
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on where the company does business and who uses their financial statements‚ there are different ways of recording this debt through the use of United States Generally Accepted Accounting Principles (U.S. GAAP) and International Financial Reporting Standards (IFRS). The main differences between the two accounting standards‚ with regards to long-term debt recognition‚ deal with debt issue costs and convertible bonds. Debt issue costs are the payments associated with issuing debt‚ such as various
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CHAPTER 1 FINANGIAL ACCOUNTING AND ACCOUNTING STANDARDS OVERVIEW Accounting is the language of business. As such‚ accountants collect and communicate economic information about business enterprises or other entities to a wide variety of persons. To be useful‚ financial statements must be clearly understandable and comparable so that users may compare the performance of one business with the performance of the same business for a prior period or with the performance of another similar business
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