a single international accounting standard in order to simplify commerce in the global economy we live in today. However‚ this is more easily said than done because of some very notable differences between U.S. GAAP and IFRS standards. One of the most significant differences between GAAP and IFRS arises when accounting for income taxes. The first issue that arises when accounting for income taxes is determining the tax basis of an asset or liability. Under IFRS standards‚ tax basis is based on the
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Fraud Cases: Violations of Generally Accepted Accounting Principles (GAAP) Section 1 In July 2002 the Sarbanes-Oxley Act was passed by the U.S. Senate by a vote of 98 to 0. The bipartisan support for the legislation emanated directly from the investing public’s lack of tolerance for financial statement fraud. Not surprisingly‚ when formulating its post-Sarbanes technical audit guidance‚ the Public Company Accounting Oversight Board (PCAOB) made it clear that detecting fraud must be the focus
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This year ’s preliminary results season has been something of a landmark. Last year was to be the last reporting period where listed companies presented their results according to UK generally accepted accounting principles (GAAP). After that‚ they would be required to use international financial reporting standards (IFRS) to prepare their consolidated financial statements for accounting periods commencing on or after 1st January 2005 (http://search.ft.com‚ 2004). The requirement to adopt IFRS applies
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Accountancy 2. Promulgate GAAP. Securities & Exchange Commission (SEC)‚ American Institute of Certified Public Accountants (AICPA)‚ Financial Accounting Standards Board (FASB) & Government Accounting Standards Board (GASB). There is also some influence from the American Accounting Association‚ Institute of Management Accountants & the Financial Executives Institute for business and not-for-profit entities. The Government Finance Officers Associate exerts some influence for GAAP creation in state
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2. Promulgate GAAP * Financial Accounting Standards Boards (FASB) and Governmental Accounting Standards Boards (GASB) - The FASB and GASB’s primary functions are the development of generally accepted accounting principles for business and not-for-profit entities‚ and state and local governmental entities. * American Institute of Certified Public Accountants (AICPA) - After the statements and interpretations issued by both boards‚ the AICPA recognized them as constituting GAAP * Securities
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concept was similarly introduced in the Philippines. Unfortunately‚ by the time the practice was abandoned in the United States in favor of a better system‚ the Philippines has then become independent and hence the change was not followed here.2 COA Promulgates New Accounting System Unlike in the United States where accounting standards are formulated by the Federal Accounting Standards Advisory Board (FASAB) and subsequently enacted into law‚ such as the Federal Financial Management Act of 19963‚ the
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including issuers‚ auditors‚ and users of financial information (Financial Accounting Standards Board‚ 2008) 5. Governmental Accounting Standards Board (GASB). The Governmental Accounting Standards Board was organized in 1984 by FAF to generate GAAP for state and local governments. The mission of the GASB is to establish and improve standards of state and local government accounting and financial reporting that will result in useful information for
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Office hours: Thursday 4:30-5:30: as announced in class; and by appointment. (NOTE: I am typically in most weekdays‚ and appointments—face-to-face or telephone—are typically easy to arrange. I am also available by e-mail.) Required texts: • Chapters 10 and 11 from Advanced Accounting‚ 11th edition Fischer‚ Taylor and Cheng. You can purchase these chapters as PDFs from: http://www.cengagebrain.com Here is some specific information about the book to help you find the chapters:
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an organization. The success of an organization depends on the financial reporting practices and the ethical standards incorporated by the institution. Understanding the four elements of financial planning‚ generally accepted accounting practices (GAAP)‚ and how to practice financial ethical standards to ensure accurate and fair reporting is the responsibility of the health care organization. Holding employees and management to a standard of working within these acceptable guidelines to avoid fraudulent
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c. a professional activity that measures and communicates financial and business data. d. a regulatory function that prevents the issuance of improper financial information. 2. The authoritative body designated to promulgate standards concerning an accountant’s association with unaudited financial statements of an entity that is not required to file financial statements with an agency regulating the issuance of the entity’s securities is the a. Financial
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