A conceptual framework is a statement of theoretical principles that provides guidance for financial accounting and reporting. (Collins & Hussey‚ 2007). It therefore prescribes the nature‚ function and limits of financial accounting and financial statements. The IASB’s Framework for the preparation and presentation of financial statements sets out the concepts that underlie the preparation and presentation of financial statements that external users are likely to rely on when making economic decisions
Premium International Accounting Standards Board Standardization International Financial Reporting Standards
Regulatory Framework – An International Perspective Readers will be aware that all EU companies listed on a regulated market will be required to prepare their consolidated accounts in accordance with endorsed International Accounting Standards from 2005 onwards. The IASB – International Accounting Standards Board‚ (Formerly IASC)‚ issued its Framework for the Preparation and Presentation of Financial Statements in 1989. This is referred to as its conceptual framework. The framework sets out
Premium Balance sheet Financial statements Generally Accepted Accounting Principles
Conceptual Framework and Accounting Theory Word account: 2138 Table of content Executive summary………………………………………………………1 1. Introduction……………………………………………………………2 2. Main body……………………………………………………………...3 2.1 The framework of accounting………………………………………………...3 2.1.1 Theoretical level………………………………………………………...4 2.1.2 Fundamental conceptual level…………………………………………..4 2.1.3 Operational levels……………………………………………………….5 2.2 Theory of accounting…………………………………………………………
Premium International Financial Reporting Standards Financial statements
International Accounting Standards Board (IASB) and US Financial Accounting Standards Board (FASB) have been joined and worked together on convergence project since 2002 for the purpose of combining US accounting standards and global standards into a single International financial reporting standards. This paper will discuss about the history and the relationship between International Accounting Standards Board and Financial Accounting Standards Board. It also evaluates the IASB equivalents of the FASB original
Premium International Financial Reporting Standards Financial Accounting Standards Board Financial statements
The Evolution of the IASC into the IASB‚ and the Challenges it Faces1 Stephen A. Zeff Rice University ABSTRACT: In this article‚ I undertake to review the major developments and turning-points in the evolution of the IASC‚ followed by the evolution of the IASB. At the conclusion‚ I suggest five challenges facing the IASB. Keywords: IASC; IASB; IAS; IFRS; standard setting; regulation I.INTRODUCTION In the past several years‚ most accounting academics have been paying close attention to the International
Premium International Financial Reporting Standards Financial Accounting Standards Board International Accounting Standards Board
References: 1. Jay Godfrey (2010)‚ Accounting Theory‚ 7th Edition‚ viewed on 10/11/2013 2 9. Paul Pacter‚ CPA‚ PH.D.‚ (February‚ 2013)‚ What have IASB and FASB convergence efforts achieved?‚ viewed on 26/11/2013‚ Available from: http://www.journalofaccountancy.com/Issues/2013/Feb/20126984.html 12. Nation News‚ (May 27‚ 2013)‚ Long push for new accounting standards‚ viewed on 26/11/2013‚ Available
Premium International Financial Reporting Standards Financial statements
its relationship with accounting theory. The discussions are based on the context of conceptual framework. It is widely recognized that revenue is one of the most important items in financial statements and that revenue recognition is one of the most difficult issues that standard-setters and accountants have to deal with (FASB‚ 2002). There exist a variety of reasons for the emergence of the IASB-FASB joint project on revenue recognition. The most essential reason is‚ as stated in the exposure
Premium International Financial Reporting Standards Generally Accepted Accounting Principles
Will Hunting was a twenty-year-old‚ Caucasian boy in a struggling economic state‚ without the support of a family. He was living in a run down apartment in a low economical neighborhood in the south of Boston‚ Massachusetts. Will was very much admired by people around him. Although he might have been seen as cocky‚ Will was also a very smart‚ good-looking boy. He was a math genius but was better known for hanging around bars and getting into neighborhood fights. It was until he was discovered
Premium Family Sociology Psychology
AASB Framework AASB CF 2013-1 December 2013 Amendments to the Australian Conceptual Framework Obtaining a Copy of this Pronouncement This pronouncement is available on the AASB website: www.aasb.gov.au. Alternatively‚ printed copies are available for purchase by contacting: The Customer Service Officer Australian Accounting Standards Board Level 7 600 Bourke Street Melbourne Victoria AUSTRALIA Phone: Fax: E-mail: Website: Postal address: PO Box 204 Collins Street West Victoria 8007 AUSTRALIA
Premium International Financial Reporting Standards
the IASB and FASB have been striving since 2002 to achieve convergence‚ there are still many differences between the two. These differences range from revenue recognition to the matter in which the organizations receive funding. Under the IASB‚ the accrual method is the only preferred way of recognizing revenue and expenses. While FASB accepts cash basis and accrual basis; cash basis is only accepted if cash sales are less than $5 million per year. When it comes to generating funds the IASB receives
Premium International Financial Reporting Standards Financial Accounting Standards Board Generally Accepted Accounting Principles