Accounting Standards Boards Paper ACC/541 Date Professor Accounting Standards Boards Paper Introduction For the past 31 years‚ the major changes in accounting have taken place. Several accounting committees and boards have come and gone. The purpose of this paper will be to examine the Financial Accounting Standards Board and the International Accounting Standards Board convergence project. These papers will also explain how the MSA program prepares students on the transition into professional
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opinion‚ there are many advantages that speak for IFRS and their further development and adoption worldwide. First of all‚ accepting an international set of accounting principles will dramatically decrease the costs for reconciling one company’s financial reports with another’s. Comparing financial statements nowadays is one of the biggest issues for many firms operating on the global market‚ as accountants across countries follow different rules. With IFRS this process will be much quicker and cheaper
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13-113-2 FINANCIAL ANALYSIS: THE BIG PICTURE Accounting‚ Fourth Edition 1313-3 1. Understand the concept of sustainable income. 2. Indicate how irregular items are presented. 3. Explain the concept of comprehensive income. 4. Describe and apply horizontal analysis. 5. Describe and apply vertical analysis. 6. Identify and compute ratios used in analyzing a company’s liquidity‚ solvency‚ and profitability. 7. Understand the concept of quality of earnings. Study Objectives13-4 Sustainable
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← Abstract Faced with various issues of international accounting in cultural‚ economic‚ ethical and social level‚ after comparing US with China about the GAAP‚ analyzing the differences and difficulties in global accounting standard‚ it’s necessary to separate different accounting standards because of the diversification in different countries‚ it shows that accountancy professions play an important role in capital market‚ which can provide useful‚ relevant and reliable information to interested
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Target Company Selection Process The target company we decided on for our financial analysis is General Electric. At first we were looking at Starbucks‚ as it is a rapidly growing multinational corporation‚ but after some research we discovered that the earnings per share growth of Starbucks is 40.2%. Therefore Starbucks did not meet the requirement set at 50% EPS growth to be considered a truly “rapidly growing company”. We then continued our research and were able to find that General Electric
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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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from those readings and cases to other settings. 6. You will need to know both IFRS and U.S. GAAP‚ as discussed in the textbook and my lecture notes. However‚ you are NOT responsible for the following materials from the textbook: b) Chapter 7: The journal entries discussed on pages 333-339. c) Chapter 9: Asset revaluations (p. 434)‚ IFRS treatment of asset impairment discussed on pages 435-437; and IFRS & US GAAP treatment of goodwill impairment on pages 437-439. a) Chapter 14 (listed in the
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international standards allows more comparability between financial reports in international markets. The IASB and the FASB have joined together in 2002 for the convergence project. The project is a collaborative effort to improve GAAP and eliminate differences between U.S. GAAP and IFRS. The expected result of this project is to have one set of international standards that domestic and worldwide companies can use to prepare their financial statements. The combined effort of the FASB and IASB will be a conceptual
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emerging economy A case study of China’s IFRS convergence Songlan Peng York University‚ Toronto‚ Canada‚ and 982 Received 28 July 2008 Revised 6 January 2010 Accepted 15 March 2010 Kathryn Bewley Ryerson University‚ Toronto‚ Canada Abstract Purpose – This paper seeks to assess the feasibility and desirability of a major emerging economy adopting and implementing fair value accounting (FVA)‚ as codified in the International Financial Reporting Standards (IFRS)‚ by studying China’s recent experience
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accounting firms‚ and are prepared in accordance with generally accepted accounting principles (GAAP). GAAP is set by various standard-setting organizations such as the Financial Accounting Standards Board (FASB) in the United States[1] and the Financial Reporting Council in the United Kingdom. As of 2012‚ "all major economies" have plans to converge towards or adopt the International Financial Reporting Standards (IFRS). Etymology Both the words accounting and accountancy were in use in Great Britain
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