The International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB). The standards made by IASB are known as International Financial Reporting Standards (IFRS) and by FASB is known as Generally Accepted Accounting Principles (GAAP). IFRS is applicable in international level and GAAP is used mainly in the United States. What is meant by a ‘conceptual framework’ for financial accounting? The conceptual framework constitutes the objective‚ the fundamentals and base
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worldwide adoption of IFRS? Foreign companies are always looking for a new country to plant a flag and expand their global market place. One of the ways that they do this in the business world is through a process called cross listing. This practice allows a company owned and operated in Country A to list their company in Country B’ s financial trading exchange. Some have argued that introduction of Sarbanes-Oxley (SOX) and the ongoing plans of convergence between US GAAP and IFRS have decreased the
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References: Deloitte. (2007). IFRSs and US GAAP: A Pocket Comparison. Retrieved from http://www.iasplus.com/dttpubs/0703ifrsusgaap.pdf Financial Accounting Standards Board (FASB). (2010). Accounting standards codification TM. Financial Accounting Standards Board (FASB). Retrieved from http://aaahq.org/ascLogin.cfm IFRS Foundation. (2011). Standards (IFRSs). Retrieved from http://www.ifrs.org/IFRSs/IFRS.htm Schroeder‚ R. G.‚ Clark
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Commission (SEC) of the U.S. has recently proposed that all U.S. firms be required to issue financial statements in accordance with IFRS by 2014. Under IFRS‚ the rules for measurement of fixed assets are presented in IAS 16‚ which allows firms to choose either the cost model or the revaluation model. In this study‚ I investigate the effect of adopting the IFRS standard for fixed asset revaluation by examining the relationship between changes in revaluation reserves and stock prices. Out of
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Standards. For Caribou Coffee‚ Financial Accounting (FASB) standards‚ Generally Accepted Accounting Standards (GAAP)‚ are used for financial reporting. Public Company Accounting Oversight Board (PCAOB) standards are employed for internal auditing measures‚ which is required by the Securities and Exchange Commission (SEC) for all publicly traded companies. Caribou Coffee uses some non-GAAP measures‚ such as Earnings Before Interest‚ Taxes‚ Depreciation‚ and Amortization (EBITDA)‚ as a management and
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and its financial practices. Please review this correspondence in accordance with your request. We look forward to meeting in person for further discussion and to make an informed recommendation about if this client’s policies are consistent with GAAP. Share-Based Payment Reporting In 2004 the Financial Accounting Standards Board (FASB) released Statement No. 123 that “established a fair-value-based method of accounting for share-based payment arrangements with employees that supplemented APB
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2. False. Any company claiming compliance with IFRS must comply with all standards and interpretations‚ including disclosure requirements. 3. False. The SEC is the governmental body that has influence over the FASB‚ not the IASB. 4. True. 5. False. The IASB has no government mandate and does follow a due process in issuing IFRS. CA1-3 CA1-3 (Financial Reporting and Accounting Standards) Answer the following multiple-choice questions. 1. GAAP stands for: ANS: D) generally accepted accounting
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CHAPTER 22 CHAPTER 22 ACCOUNTING CHANGES AND ERROR ANALYSIS TRUE-FALSE—Conceptual Answer F T F T F T T T F T F F T F T T F F T T No. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Description Change in accounting estimate. Errors in financial statements. Adoption of a new principle. Retrospective application of accounting principle. Reporting cumulative effect of change in principle. Disclosure requirements for a change in principle. Indirect effect of an
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EPS Accounting Report: Development and Problems Earnings per share is the portion of a company’s profit allocated to each outstanding share of common stock. The computation of earnings per share is income minus preferred stock dividends divided by weighted average number of shares of common stock outstanding at the end of the period. Earning per share is considered to be the single most important metric to determine a company’s profitability which is crucial to the decision making of potential
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