Not-for-profit entities. c. State governments. D. All of these require accounting information. e. None of these requires accounting information. Difficulty: Easy 2. Which of the following is not an objective of financial reporting described in FASB Concepts Statement No. 1? a. To provide information about how management of an enterprise has discharged its stewardship responsibility to owners. B. To measure the current market value of the business enterprise. c. To provide information so potential
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References: American Institute of Certified Public Accountants Accounting Standards Executive Committee Statement of Position 97-2‚ (1997) Software revenue recognition‚ p.08. FASB. (2012‚ October 13). Revenue recognition—joint project of the fasb and iasb. Retrieved from http://www.fasb.org/project/revenue_recognition.shtml Levitt‚ A. (1998‚ September 28). The numbers game. Retrieved from http://www.sec.gov/news/speech/speecharchive/1998/spch220.txt Parizek‚ G.
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CONTRACTS WITH CUSTOMERS By LE‚ DOAN YEN NHI 11809946 Word count: 1000 (excluding executive summary and reference) Due date: 18th May 2015‚ 5 pm Executive summary On May 2014‚ the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) had jointly issue the converged standard‚ IFRS 15‚ on the Recognition of Revenue from Contracts with Customers. The new standard create a common revenue recognition standard for both IFRS and US GAAP‚ it clarify the principle
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rapidly globalizing world. All this has led to the need of a single set of global accounting standards. These standards are called International Financial Reporting Standards (IFRS). IFRS are issued by the International Accounting Standards Board (IASB)‚ an independent body that was formed in 1973 by the professional accounting bodies in the United States and eight other industrialized countries. India is also on way to adopt these global standards. The Institute of Chartered Accountants of India
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known as GASB and their advisory council. Standards of non-government financial accounting and reporting like not-for-profit organizations are examined by FASB (Financial Accounting Standard Board). The GASB was formed to establish accepted accounting principles for state and local government. It was also established to examine the image of FASB on the state and local levels. FASAB (Federal Accounting Standards Advisory Board): The FASAB was established in 1973 with the purpose to create and improve
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CA1-1 1. True. 2. False. Any company claiming compliance with IFRS must comply with all standards and interpretations‚ including disclosure requirements. 3. False. The SEC is the governmental body that has influence over the FASB‚ not the IASB. 4. True. 5. False. The IASB has no government mandate and does follow a due process in issuing IFRS. CA1-3 CA1-3 (Financial Reporting and Accounting Standards) Answer the following multiple-choice questions. 1. GAAP stands for: ANS: D) generally
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IFRS – One World One Accounting Introduction to IFRS Currently‚ more than 100 countries requires or adopt IFRS and it is expected that by 2012‚ more than 150 countries will adopt IFRS. India has also taken the step towards convergence of Indian Accounting Standards with IFRS. This article details the need for harmonization of local GAAP with IFRS‚ challenges for Corporate India etc. 1. Importance of Accounting Standards 2. Accounting Standards Across the world 3. Need of Harmonization
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reinvent the wheel. FASB and the IASB expect a common Conceptual Framework to promote the convergence of U.S. GAAP and International Financial Reporting Standards (IFRS)‚ ultimately leading to a single set of high-quality global accounting standards. Additional information regarding the joint conceptual framework project can be found at www.fasb.org and www.iasb.org. Auditors took the leading role in developing GAAP for business enterprises. 2008‚ the FASB issued the FASB Accounting Standards
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guidance converges at www.ey.com/us/accountinglink. Fair value measurement guidance converges The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) created a uniform framework for how to measure fair value for entities around the world. By publishing IFRS 13 Fair Value Measurement‚ the IASB established a single source of guidance under IFRS for all fair value measurements. IFRS 13 does not change when an entity is required to use fair
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Between Private Companies and Public Companies Generally speaking Financial Accounting Standard Board (FASB)’s primary purpose is to develop General Accepted Accounting Principles (GAAP). GAAP might not concern the whole areas of accounting criteria‚ FASB look up and adjust accounting standard to make sure standards have been updated to follow current situation. On July 31‚ 2012‚ FASB issued an Invitation to Comment‚ which reviewed key areas of the Private Company Decision-Making Framework -
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