‘Uniform Accounting Standards Produce Uniform Financial Reporting’ Inro Why is the question important? In an increasingly interconnected world‚ the operations of international corporations are transnational. In addition‚ more and more investing takes place on a global level. Historically‚ different countries have developed their own national accounting standards. Before the introduction of the IFRS‚ the accounting principles of neighbouring countries were similar in many respects but used different
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AASB Standard AASB 101 Presentation of Financial Statements FOR NOT-FOR-PROFIT (NFP) ENTITIES ONLY This compiled Standard applies to annual reporting periods beginning on or after 1 January 2013 but before 1 July 2013. Early application is permitted. It incorporates relevant amendments made up to and including 18 December 2012. Prepared on 10 May 2013 by the staff of the Australian Accounting Standards Board. Obtaining Copies of Accounting Standards Compiled versions of Standards‚ original
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Universal Accounting Standards Issue The internationalization of business activities has increased exponentially over the past 3 decades. Because the accounting standards and practices of different countries have developed in response to diverse environments‚ accounting has developed with strong national accents . As a result‚ multinationals with branches and investments in a wide array of countries find it difficult to achieve a consolidated financial report. Further‚ investors in these multinationals
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Networking Standard Organizations Introduction Today I’m going to talk about the different organizations there are and the standards they set for networking. These organizations are ANSI‚ EIA and TIA‚ IEEE‚ ISO‚ ITU‚ ISOC‚ IANA and ICANN. They all instruct of a particular product or service. Many different organizations oversee the computer industries’ standards. These standards are essential in the networking world‚ they ensure network designs compatibility. ANSI ANSI (American National Standards
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The International Accounting Standard Committee (IASC) came into existence on June 29 1973 when sixteen accounting bodies from nine nations (designated as founder members) signed the agreement and constitution for its formation with headquarters at London. The objective of the committee is "to formulate and publish in the public interest standards to be observed in the presentation of audited financial statements and to promote their worldwide acceptance and observance". This would
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In the last decade‚ various countries around the globe have shifted towards a uniform accounting standards or the International Financial Reporting Standards (IFRS). The main motive behind this movement is to come up with a global language for accounting which will be comparable and understandable beyond the borders of a nation. As of today about 120 countries require IFRS for domestically listed companies‚ although only about 90 countries have fully conformed to IFRS . While some argue that it is
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STANDARD CHARTERED Standard Chartered is the world¶s leading emerging markets bank. SCB is one of the world’s most international banks in terms of the diversity of their people It employs 73‚800 member staff ‚nearly half of whom are women. It has over 125 nationalities represented over bank. The extraordinary growth of its business provides challenging international career opportunities. The Group is committed for upholding high standards of corporate governance
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423 Accounting Theory & Practice TOPIC 5: ACCOUNTING STANDARD SETTING Chapter 7 SHD Learning Outcomes At the At the end of this lecture‚ students should be able to explain: ✓ The three theories proposed to understand the process of regulation – public interest‚ regulatory capture and private-interest theory ✓ a comparison of the free market and regulatory approaches to standard setting ✓ International standard setting ✓ Standard setting in Malaysia Introduction • Since 1960s‚
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Accounting Standards Boards Increased globalization in the business world has brought to fore some of the issues and challenges that multinational businesses face in financial recording and reporting of foreign based operations. With operations based in different countries that operate under different accounting principles and with varying currencies‚ there has been a need for the accounting principles and standards to be converged. This has in the past nine years seen the accounting policy
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2.1 Accounting standard-setters have an expectation that the readers of general purpose financial reports have a ‘reasonable knowledge’ of accounting. Specifically‚ the IASB Framework states that ‘users are expected to have a reasonable knowledge of business and economic activities and accounting and a willingness to study the information with reasonable diligence’. Hence‚ there is an expectation that financial statements are not tailored to meet the needs of people who have not‚ in some way‚ studied
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