Chapter 1 Financial Accounting and Accounting Standards Intermediate Accounting‚ 15th Edition Kieso‚ Weygandt‚ and Warfield 1 Financial Statements and Financial Reporting • Goals or purpose of (financial) accounting – Identification‚ measurement‚ and communication of financial information about – An economic entity to – Interested Parties (internal and external) • Creditors‚ managers‚ unions‚ government agencies Financial reports (statements) & notes 2 Financial Statements
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In the United States they have their own conceptual framework; they have not adopted either IFRSs or the IASB Framework. Both the IASB and the US Conceptual Frameworks are considered to have shortcomings. As a result‚ the IASB and FASB are jointly developing a revised conceptual framework. A revised conceptual framework is also necessary because of the joint efforts of the IASB and FASB to converge their accounting standards‚ with uniform accounting standards there is also a need to have a uniform
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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 at:
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Comprehensive Income: Presentation of Comprehensive Income was issued to increase the importance of items reported in other comprehensive income. The FASB‚ along with IASB‚ worked jointly to improve and converge the reporting and presentation requirements for items contained in other comprehensive income. At the same time FASB issued ASU 2011-05‚ IASB issued an amendment to IAS 1‚ Presentation of Financial Statements‚ which implemented the same reporting and presentation requirements as FASB’s new
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of a business. The four main financial governing bodies include the following: • Securities and Exchange Commission (SEC) • Financial Accounting Standards Board (FASB) • Governmental Accounting Standards Board (GASB) • International Accounting Standards Board (IASB) Securities and Exchange Commission (SEC) The Securities and Exchange Commission is a U.S. regulatory agency that has the authority to establish accounting standards for publicly
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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 in Q3 of 2011. We encourage users of this case study to follow this project and review the FASB’s and IASB’s Web site for updates. Case 04-9: Healthcare Depot On April 22‚ 2011‚ the FASB issued a Proposed Accounting Standards Update‚ IntangiblesGoodwill and
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issue by the FASB rather than on the standards issued by the IASB. Unlike many countries‚ United States has not yet adopts the IFRS. Besides‚ the United States was very strong in its resolve not to adopt IFRS‚ believing that its ‘rule-based’ standards were superior to the more ‘principle-based’ standards of the IASB. Nevertheless‚ due to some corporate collapse such as Enron‚ FASB and IASB had entered a joint agreement to converge and improve the standards of both the IASB and FASB. Although there
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is to evaluate the project being conducted on financial accounting theory: Investment Property Entities. The FASB project serves as the mediator and as an attempt to resolve the differences being presented between U.S. GAAP and IFRS as it relates to operating leases. Historical Development The Federal Accounting Standards Board (FASB) and International Standards Board (IASB) issued a memorandum of understanding on October 29‚ 2002 confirming and formalizing their prior discussion to
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10_11_12.pdf 4. FASB. (2009‚ June 12). Financial Accounting Standards Board. Retrieved March 18‚ 2012‚ from www.fasb.org: http://www.fasb.org/cs/ContentServer?c=FASBContent_C&pagename=FASB%2FFASBContent_C%2FNewsPage&cid=1176155633483 5. FASB. (2009‚ December). The Financial Accounting Standards Board. Retrieved 2012‚4-April from www.fasb.org: http://www.fasb.org/cs/ContentServer?c=FASBContent_C&pagename=FASB%2FFASBContent_C%2FNewsPage&cid=1176155633483 6. IASB. (2011‚ May). The
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700 Problems in Financial Reporting Final Exam The answers to all questions should be in your own English words. However‚ I expect you to refer to authoritative accounting and financial reporting literature (FASB - Accounting Standards Codification and IASB - Unaccompanied IFRS. For IASB pronouncements you may need to go to Murphy Library or other sources to read the accompaniments to IFRS. There are 3 copies of IFRS 2009 in on reserve at Murphy. Most of the information in this edition is still
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