Accounting Standards Board (FASB) states that the primary objective of financial reporting is to provide information to help investors‚ creditors‚ and others in assessing the amount and timing of prospective cash flows (FASB 1978‚ para.37-39). In addition‚ FASB asserts that the information about earnings and its components in accrual accounting basis generally predicts future cash flows better than current cash flow (FASB 1978‚ para.44). The International Accounting Standards Board (IASB) agrees by maintaining
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Introduction to Financial Accounting Introduction to Financial Accounting The question asked was what accounting and auditing standard does Abercrombie and Fitch utilize. We also need identify the accounting and auditing standard for Hennes and Mauritz. Lets discuss the difference standards and where they are enforced. In accounting there are standards and practices that each company has to adhere to when dealing with finance. There
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|[pic] |ACC 541 | | |School of Business | | |ACC/541 Version 5 | |
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University of Wollongong Research Online Faculty of Business - Accounting & Finance Working Papers Faculty of Business 2006 Regulation: Standardising Accounting Practice M. Gaffikin University of Wollongong‚ gaffikin@uow.edu.au Publication Details This working paper was originally published as Gaffikin‚ M‚ Regulation: Standardising Accounting Practice‚ Accounting & Finance Working Paper 06/22‚ School of Accounting & Finance‚ University of Wollongong‚ 2006. Research Online is the open access
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Hoogervorst‚ Chairman of the IASB ______________________________________________________________ Ladies and gentlemen‚ I am grateful to the Federation of European Accountants for the opportunity to participate in today’s conference. As has often been said‚ Europe kickstarted the move towards global accounting standards when it and others adopted IFRSs from 2005. The accounting profession in Europe played a vital role in the success of this project. I and my fellow members of the IASB are extremely grateful
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when recognizing revenue. Guidance for industry specific principles are covered under other U.S. GAAP pronouncements. Also under U.S. GAAP‚ “any costs or losses that may be expected in connection with any returns shall be accrued in accordance with FASB St. No. 5 Accounting for Contingencies. Sales revenue and costs of sales reported in the income statement shall be reduced to reflect estimated returns” (FAS 48 par. 7). Revenue Recognition under IFRS Under IFRS‚ guidance regarding revenue
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Foreign companies use foreign currencies for their expenditures‚ hedging strategies‚ and investing and financing activities. As a result these business activities must be reflected on the financial statements in the corporation’s reporting currency. FASB 52 and IAS 21 provide the appropriate guidance on the consideration of which functional currency should be implemented by the foreign subsidiaries. This case focuses in Sparkle a Nigerian subsidiary of a joint venture formed by U.S. – based companies
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benefit from comparability that leads to relevant and reliable financial reports • Current example of work in progress include the FASB and IASB converging US GAAP and IFRS as well as the announcement by the US SEC that it will accept without reconciliation financial statements from foreign private issuers that are prepared in accordance with IFRS and issued by the IASB. • The key themes regarding convergence: • Preference for principles based standards rather than rules based
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CHAPTER 1 Accounting—Present and Past CHAPTER OUTLINE: I. What Is Accounting? A. Definition B. Uses of Accounting Information C. Classifications 1. Financial Accounting 2. Managerial Accounting / Cost Accounting 3. Auditing — Public Accounting 4. Internal Auditing 5. Governmental and Not-for-Profit Accounting 6. Income Tax Accounting II. How Has Accounting Developed? A. Early History B. The Accounting Profession in the United States C. Financial Accounting Standard
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financial statements The International Financial Reporting Standards or better known as IFRS‚ are generally principal-based standards‚ interpretations‚ and framework which is taken up by the International Accounting Standard Board (IASB) (Accounting Standards‚ 1997). The IFRS financial statements include the presentation of a set of statement of financial position‚ an income statement‚ a statement of cash flows and a statement of changes in equity. Information that are presented in
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