foundation so as to strengthen the development of accounting standards. The purpose of conceptual framework is to assist the IASB in developing a consistent basis for upcoming accounting standards that are principles-based‚ internally dependable‚ globally converged and also examine the existing ones. [ifrs.org‚ 2012] International Accounting Standards Board (IASB) The IASB framework defines the ideas and principles fundamental in the preparation of financial statements for presentation to widespread
Premium International Financial Reporting Standards
field of accountancy. These organizations include the Financial Accounting Standards Board (FASB)‚ the Public Company Accounting Oversight Board (PCAOB)‚ the Securities and Exchange Commission (SEC)‚ and the International Accounting Standards Board (IASB). Companies which operate within the United States must compile financial reports within the guidelines set forth by the (SEC) and the (FASB); the (FASB) ensures that all companies focus on the characteristics of relevance and reliability when generating
Premium International Financial Reporting Standards Financial Accounting Standards Board Certified Public Accountant
already existing going concern reporting model and disclosures. This project was added to provide guidance for entities in assessing their ability to continue as a going concern‚ and the timing‚ nature and extent of associated disclosure requirements (FASB‚ 2013). Finally these standards would help management decide where disclosure is appropriate. Alternative approaches In terms of alternatives IFRS defines going concern as the period in the foreseeable future (Finance Train‚ 2013). According to IAS
Premium Generally Accepted Accounting Principles International Financial Reporting Standards
Dye‚ R. and Sunder‚ S. (2001). ’Why not allow the FASB and IASB standards to compete in the US? ’ Accounting Horizons‚ 15:257-271. Easterbrook‚ F. and Fischel‚ D. (1984). ’Mandatory disclo- 272 sure and the protection of investors ’. Virginia Law Review‚ 70: 669-715. FASB (1998). Statement of Financial Accounting Standards No. 133‚ Accounting for Derivative Instruments and Hedging Activities. Norwalk‚ CT: Financial Accounting Standards Board. FASB (2003). Statement of Financial Accounting Standards
Premium International Financial Reporting Standards
meaning of these accounting-related acronyms: GAAP‚ SEC‚ FASB‚ IASB and IFRS. (b) Briefly explain the importance of knowledge base or organization that is referred to each of the accounting-related acronyms. * (a) The meaning of accounting-related acronyms GAAP‚ SEC‚ FASB‚ IASB and IFRS: * GAAP: Generally Accepted Accounting Principle. * SEC: Securities and Exchange Commission. * FASB: Financial Accounting Standards Board. * IASB: International Accounting Standards Board. * IFRS:
Premium International Financial Reporting Standards Financial statements Financial Accounting Standards Board
will result in disciplinary action. Financial Accounting Standards Board The Financial Accounting Standards Board (FASB) is the “private sector body given the primary responsibility to work out the concepts and detailed rules that become generally accepted accounting principles (GAAP)” (Phillips‚ Libby‚ &
Premium Financial Accounting Standards Board
01. [pic]Sarbanes–Oxley Act Sen. Paul Sarbanes (D–MD) and Rep. Michael G. Oxley (R–OH-4)‚ the co-sponsors of the Sarbanes–Oxley Act. The Sarbanes–Oxley Act of 2002 (Pub.L. 107-204‚ 116 Stat. 745‚ enacted July 30‚ 2002)‚ also known as the ’Public Company Accounting Reform and Investor Protection Act’ (in the Senate) and ’Corporate and Auditing Accountability and Responsibility Act’ (in the House) and commonly called Sarbanes–Oxley‚ Sarbox or SOX‚ is a United States federal law enacted on July 30
Premium International Financial Reporting Standards Financial Accounting Standards Board Operational risk
LATEST DEVELOPMENTS IN ACCOUNTING Accounting can be trace back some 7000 years to early civilizations of Egypt‚ Babylon‚ Greece and Rome. The first accounting record was found in Babylon‚ 3500 B.C. the records are made from stone‚ mud and leaves and introduction of the Arab-Hindu numerical system in 850 B.C had greatly enhanced accounting development. The pace of accounting development increased during the Industrial Revolution as the economics of developed countries began to mass-produce goods.
Free Sustainable development Sustainability International Financial Reporting Standards
and became an independent international standard setter‚ the International Accounting Standards Board (IASB). Since then‚ the use of international standards has progressed. As of 2013‚ the European Union and more than 100 other countries either require or permit the use of international financial reporting standards (IFRSs) issued by the IASB or a local variant of them. The FASB and the IASB have been working together since 2002 to improve and converge U.S. generally accepted accounting principles
Premium International Financial Reporting Standards Financial Accounting Standards Board
CHAPTER 1 FINANGIAL ACCOUNTING AND ACCOUNTING STANDARDS OVERVIEW Accounting is the language of business. As such‚ accountants collect and communicate economic information about business enterprises or other entities to a wide variety of persons. To be useful‚ financial statements must be clearly understandable and comparable so that users may compare the performance of one business with the performance of the same business for a prior period or with the performance of another similar business
Premium Financial statements International Financial Reporting Standards Financial Accounting Standards Board