has a great influence on Australian economy. Introduction In 2002‚ the Financial Reporting Council (FRC) announced that Australia would adopt International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB)‚ for reporting periods commencing on or after 1 January 2005. The introduction of IFRS in Australia replaced the existing accounting standards in relation to the recognition and measurement of assets‚ liabilities‚ equity‚ revenue and expenses (Haswell&
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the FASB‚ the accounting standard-setting body of the US‚ to develop accounting standards that public companies must follow when publishing financial statements. On the other hand‚ many countries outside of the Unite States have adopted the International Financial Reporting Standard (IFRS) which is issued by the International Accounting Standard Board (IASB). In recent years‚ the FASB and IASB have worked closely to try to minimize the differences in their standards and principals and to merge the
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Combinations Financial Statements 1.4 Business Combinations: Historical Perspective 1.10 FASB’s Conceptual Framework 1.5 Terminology and Types of Combinations 1.11 FASB Codification Project 1.6 Takeover Premiums 1.12 Appendix A: Evaluating Firm Performance 1.7 Avoiding Pitfalls before the Deal 1.13 Appendix B: Researching the FASB Codification INTRODUCTION This chapter introduces you to a fascinating topic which will occupy a considerable part of your course – Business Combinations
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Financial Statement Analysis Through the analysis of three companies in different sectors‚ this paper will show some basic concepts‚ techniques‚ and conventions of financial accounting. The three different areas Team B covered include a manufacturing company (3M)‚ an IT service company (Fujitsu)‚ and a retail company (Publix). Team B used the information provided by these companies to calculate its main financial ratios‚ and compare those to the ratios common for the same industry and country
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Comparing IFRS to GAAP Brandi A. Collins ACC/291 April 27‚ 2015 Comparing IFRS to GAAP Essay Both the FASB and the IASB together moving to the fair value capacity for the financial instruments. FASB and ISAB both want to move towards a fair value capacity. Both the FASB and IASB believe in the fair value capacity to produce a more precise explanation for the company’s financial records. There’s a difference in opinions between the two agreeing and disagreeing on the aspects like as‚ the banks
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summarized and reported.1 Need for a Conceptual Framework Why do we need a conceptual framework? First‚ to be useful‚ rule-making should build on and relate to an established body of concepts. A soundly developed conceptual framework thus enables the IASB to issue more useful and consistent pronouncements over time‚ and a coherent set of standards should result. Indeed‚ without the guidance provided by a soundly developed framework‚ standard-setting ends up being based on individual concepts developed
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Print. Bragg‚ Steven M. Wiley GAAP 2011: Interpretation and Application of Generally Accepted Accounting Principles. Hoboken‚ New Jersey. John Wiley & Sons Inc.‚ 2010. Print. "FASB: Property‚ Plant and Equipment." FASB: Financial Accounting Standards Board. N.p.‚ n.d. Web. 26 Nov. 2012. <http://www.fasb.org/jsp/FASB/Page/SectionPage>. Kieso‚ Daniel E.‚ Jerry J. Weygandt‚ and Terry D. Warfield. "Wiley: Intermediate Accounting‚ 14th Edition." Wiley: Intermediate Accounting‚ 14th Edition. N
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Often‚ the rules and regulations created by governing bodies are reactions to societal events and pressures. This pattern certainly holds true in regards to financial reporting. The first financial reporting regulations were set in place during the Great Depression in reaction to the stock market collapse of 1929. These regulations were The Securities Act of 1933 and The Securities Exchange Act of 1934‚ which established the Securities and Exchange Commission (SEC) and became the foundation for future
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to International Financial Reporting Standards (IFRSs)‚ and hence the current developments in the relationship between the United States’ Securities and Exchange Commission (SEC)‚ the Financial Accounting Standards Board (FASB)‚ the International Accounting Standards Board (IASB). This report focuses on the current situation of the convergence process and the obstacles of U.S. IFRSs. This report consists of 4 parts: Background Information‚ Current Developments in U.S.‚ Obstacles to U.S. adoption
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IFRS vs. GAAP Teddrick Smith ACC/ 291 Professor Marlo October 27‚ 2014 IFRS vs. GAAP In the world of finance recording‚ reporting‚ and responsibility for both are a few of the most important standards to uphold. These ideas or standards are recognized throughout the business world as a necessity to doing business properly. There are two groups or associations that have set up an all-inclusive list of these standards. They are Generally Accepted Accounting Principles (GAAP) and the
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