today ’s legislators face is accounting: hardly anyone except professional accountants understand it‚ and it would be naive to assume that government officials or members of parliament could draft‚ discuss‚ and enact accounting rules. For that reason‚ policymakers rely on private entities to establish financial accounting and reporting standards. The two most influential standard-setters are the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB).
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IFRS: ITS RELEVANCE‚ CHALLENGES AND BENEFITS. Dr. J.Bordoloi‚ Associate Professor‚ Haflong Govt. College bordoloijyotish27@gmail.com Ms. B.Bordoloi‚ Assistant Professor‚ Lakhimpur Commerce College bohnisikha.bordoloi@yahoo.com Key Words: Harmonize‚ Convergence‚ Comparability‚ Reliability‚ Credibility‚ Understandability. Abstract: The accounting standards are the ideal and standardized practice of accounting which aims to harmonize the accounting language. However the
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In areas of knowledge such as the arts and the sciences‚ do we learn more from work that follows or that breaks with accepted conventions? Question 6: In areas of knowledge such as the arts and the sciences‚ do we learn more from work that follows or that breaks with accepted conventions? Is it possible that we learn equally from seemingly contradictory situations of work that follows and work that breaks with accepted conventions? Stereotypically the sciences and mathematics are all about
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GAAP and Economic Consequences a) The “due process” procedure includes consultations from financial analysts‚ accountants‚ stock exchanges‚ FASB members and other users. Thereafter‚ the Board issues an Exposure Draft based upon the meetings and consultations held earlier. The Board calls for public recommendations and discussions on the Draft‚ after analysis of which the final standard is issued. b) The term “economic consequences” signifies the adverse impact on the economy and on businesses of
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article review is entitled “IFRS Adoption in the U.S.: Why the Postponement?”‚ written by Qun and Kenneth Hiltebeitel. The article came from the The CPA Journal‚ November 2010 Issue . In the article the writer’s main focus is on IFRS‚ which are principles based Standards‚ Interpretations and the Framework adopted by the International Accounting Standards Board. The article most importantly analyzes the survey results of the targeted audience to decide if IFRS will be ready by the proposed
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of your findings on……… The target audience Bias you notice in the advertisement Scientific studies that either support or refute the validity of the claims NOTE: these must NOT merely be based on your own opinion but based on research; at least two sources are needed _____________________________________________________________________________________ 2. Investigate and research common elements used in food additives for humans‚ livestock‚ or plant fertilizers and discuss the advantages and
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U. S. Generally Accepted Accounting Principles (U. S. GAAP) and International Financial Reporting Standards (IFRS) There are numerous companies that use different types of accounting standards or rules. International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles the most popularly used by companies. IFRS is a set of accounting standards that provides a global framework for how public companies prepare and disclose their financial statements. The U.S. Generally
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THE ROLE OF AN ACCOUNTANT IN THE IMPLEMENTATION OF IFRS It is often said that an organization without an accountant is not a serious organization as it has no credibility. This is because the accountant is seen as the financial “gatekeeper” whose presence within an establishment underlines a commitment to sound financial principles and good business values. It is known that almost all aspect of human activities have undergone changes globally as a result of improvements in hi-tech Information and
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I think that two of the most important environmental factors that helped to play a part to the development and expansion of the United States were the potato famine in Ireland and the Dust Bowl of the 1930’s. These two major events helped to shape our country into the one we know today and are more closely linked then some people believe. The Irish Potato Famine began in September of 1845 with the first death from starvation being recorded the fall of the following year and lasted another three
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Question 4.2 Global standardization of accounting requires the United States to adopt IFRS. Do you think it is likely that the United States will embrace IFRS in the near term‚ and what do you think are the some of the factors that might discourage the country from adopting IFRS? Well‚ I think United States will not embrace IFRS in the near future as United States are now reliance on the accounting standards issue by the FASB rather than on the standards issued by the IASB. Unlike many countries
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