Addenda Summary-2011 Note: Due to the issuance of certain new accounting literature‚ changes in the status of ongoing projects during the past year‚ or evolution of practice‚ the following updates to the existing cases should be noted. Case 03-5a Part I: Trademark Subsequent to the release of the Exposure Draft issued by the FASB and IASB in June 2010 the Boards received a number of comments and is currently reviewing and analyzing these comments. A revised draft of the Exposure Draft is expected
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generally accepted accounting principles (Schroeder‚ Clark‚ & Cathey‚ 2011‚ p. 87). Both financial boards develop standards by releasing pronouncements‚ bulletins‚ and opinions. In the United States‚ companies trading on a stock exchange must oblige with GAAP under the mandate of the Securities Exchange Commission (SEC). The IASB agrees on the uses of international accounting standards. First‚ it is a national requirement companies in a country must follow. Second‚ it is a basis for the development of accounting
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statement‚ or in the notes. There are accounting standards such as IFRS (International Financial Reporting Standards) and GAAP (Generally Accepted Accounting Principles) which are practices that are accepted globally. Different types of businesses use different formats. For example; a sole trader would prepare a simple profit and loss account compared to a public limited liability company which will have to prepare based on IFRS or GAAP. When financial statements are not prepared based on standards
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benefit of Master of Science in Accounting (MSA) program and how it will guide students to future professional career in accounting vocation. History of FASB The FASB is used broadly in the United States. FASB sets General Accept Accounting Principles (GAAP). It was established by the AICPA because of the recommendation the Wheat Committee in 1973. FASB has responsibility to set accounting standards for a public company. The members of the FASB are full-time employees from various organizations such as
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entities reporting under US GAAP and those under IFRS; however the standard has received just criticism in reference to a particular requirement as well. The standard’s most notable change requires “entities to present items of net income and other comprehensive income either in one continuous statement – referred to as the statement of comprehensive income – or in two separate‚ but consecutive‚ statements of net income and other comprehensive income” (Doran 2). Previously‚ GAAP allowed entities to report
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2. Definition of Accounting 3. Activities of Accounting 4. Bookkeeping & Accounting Compared 5. Uses of Accounting Data 6. Reasons for Using Accounting Data 7. Ethics in Accounting 8. Generally Accepted Accounting Principles 9. IFRS & GAAP Compared 10. Accounting Equation 11. Assets 12. Liabilities 13. Owners Equity 1. Brief History of Accounting:- Accounting is the language of Business. The father of Accounting LUKAS PACIOLI. Who is a citizen of Italy. First
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Cases Case 1: Accounting for the iPhone at Apple Presentation date: Oct 22 (Authors: Brochet‚ Francois;Palepu‚ Krishna G.;Barley‚ Lauren) 1. In your opinion‚ are GAAP or non-GAAP numbers most reflect the economic reality in Apple? 2. Discuss the impact on financial statements for GAAP and non-GAAP numbers. 3. Should APPLE lobby for their non-GAAP numbers to be sanctioned by FASB? 4. Does it matter if the revenue recognition rule for smartphone changes? Case 2: Bausch& Lomb (Authors: Miller‚ Gregory S
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Bibliography: Agrawal‚ S. P. (‚1987). On the Conceptual Framework of Accounting. Journal of Accounting litaerature ‚ 165-177. Ball‚ R. (‚2005). International Financial Reporting Standards (IFRS): Pros and Cons for Investors. University of Chicago‚ Graduate School of Business. Barbu‚ C. R. (‚2007). Trends in research on international accounting harmonization. The International Journal of Accounting . Buchanan‚ F. R. (‚2007). International
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References: Černe‚ K. 2009‚ Influential Factors of Country Accounting System [pdf] Available at: http://hrcak.srce.hr/file/60064 [Accessed on 25 November‚ 2013]. Deloitte 2005‚ Comparison between PRC GAAP and IFRS [pdf] Available at: http://www.iasplus.com/en/binary/dttpubs/2005ifrsprc.pdf [Accessed on 28 November‚ 2013] Hofstede‚ G. 1984‚ Cultures and Organizations: Software of the Mind‚ London: McGraw-Hill JNCC 2008‚ Tracking UK Foreign Direct Investment
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cannot record revenue from the sale. Over the past two years‚ old Canadian generally accepted accounting practices (GAAP) for most organizations have been changed to either International Financial Reporting Standards (IFRS‚ primarily for public companies) or Accounting Standards for Private Enterprises (ASPE‚ primarily for private companies). The conversion of Canadian GAAP to IFRS and ASPE has simplified the previously overly complex rules related to revenue recognition‚ and restored elements of
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