CORPORATE FINANCIAL REPORTING Assignment #1 On * Sukuk (in context to Pakistan) * Listing requirements by KSE * IFSB * History of Accounting Standards and Adoption of IFRS * Deloitte Pakistan/Global Deloitte (1) Sukuk (in context to Pakistan) Sukuk is the Arabic name for financial certificates‚ but commonly refers to the Islamic equivalent of bonds. Since fixed income‚ interest bearing bonds are not permissible in Islam‚ Sukuk securities are structured to comply
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Revenue recognition on FASB and IASB convergence process I. CONVERGENCE OF U.S. GAAP AND IFRS Since 2002‚ Financial Accounting Standards Board (FASB) and International Accounting Standards Board’s (IASB) have been working toward “convergence” of US General Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS). They have made significant progress in efforts to converge critical accounting standards such as those dealing with revenue recognition‚
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Auditing Accumulation and evaluation of evidence about information to determine and report on the degree of correspondence between the information and established criteria (GAAS‚ IFRS‚ ASPE). Auditing should be done by a competent‚ independent person. Audit of F/S (Triangle diagram based on the conformity of the F/S with IFRS‚ GAAS‚ ASPE) Auditor Shareholder’s Management Auditor gives their written opinion to the Shareholders Management gives a stewardship relationship (to manage and look
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standards to be compliant with IFRS will be assisted by the Framework The framework will help prepares to apply IFRS more effectively if they understand the concepts underlying the standards; additionally the Framework should help in dealing with new or emerging issues which are‚ as yet‚ not covered by IFRS The above is also true of the work of the auditor; in particular the framework can assist the auditor in determining whether the financial statements conform to IFRS Users should be assisted by
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CHAPTER 1 THE ENVIRONMENT OF FINANCIAL REPORTING CONTENT ANALYSIS OF CASES Time Range (minutes) 5-10 Number C1-1 Content Pronouncements. Matching a list of descriptive statements with a list of pronouncements establishing or related to generally accepted accounting principles. Accounting Organizations. Matching of a list of descriptive statements with a list of abbreviations of accounting organizations. Identify complete name of each organization. History of Establishment of GAAP. Discuss
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these valuations. In this case‚ fair-value measurement is compulsory by law. In the next section we will discuss the available methods of valuation and also a newly emerging quantitative method aimed at meeting IFRS 13 compliance for fair valuation. Transition from traditional valuation to IFRS 13 and wine funds versus other funds Traditional valuation of physical assets by independent appraisers is slowly rendered obsolete by increasing access to data and automation capabilities. Furthermore‚
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departure and arrival points‚ estimated time en route‚ alternate airports in case of bad weather‚ type of flight‚ the pilot’s information‚ number of people on board and information about the aircraft itself. * Flight plan is required for : All IFR flights‚ all flights crossing international borders‚ all VFR flights in controled airspace unless they are in controled zone in the daytime‚ flights flying in restricted area * Flight plan should be filled 60 min before EOBT (Estimated Off-block
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htm International Accounting Standards Board (n.d.). Development and publication of an IFRS. Retrieved January 14‚ 2009‚ from http://www.iasb.org/About+Us/How+we+develop+standards/Development+and+publication+of+an+IFRS.htm International Accounting Standards Board (n.d.). IFRS and IAS Summaries: English. Retrieved January 14‚ 2009‚ from http://www.iasb.org/IFRS+Summaries/IFRS+and+IAS+Summaries+English+2008/IFRS+and+IAS+Summaries+English.htm
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Standards or IFRS.(SEC 2010) By doing this it will allow international companies the convenience of not switching their financial reports to US Generally Accepted Accounting Principles but rather leave the reports in their current International Financial Reporting Standards form; another benefit will be improved transparency and ability to compare companies globally and this will also improve the quality of earnings of all firms. (SEC 2010) By adopting a method of accounting more in line with IFRS the US
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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 Accounting Standards Board (IASB) and its production of International Financial Reporting Standards (IFRS). In its short life‚ since 2001‚ the IASB has vastly reshaped the world map of company financial reporting. But it was
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