Financial Accounting Standards Boards (FASB) o This body is responsible for setting standard for reporting information on finances to the public. The principles of the GAAP are used to establish the standards set by this governing body. The body is responsible to protect investors and the public from companies that may commit fraud. This brody serves as a source to resolve issues surrounding accounting and reporting issues. • Internal Accounting Standards Board (IASB) o The board is a successor the
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Research of Emerging Accounting Issues Abstract This paper I’ll research the most important impact that the mission of the Emerging Issues Task Force (EITF) exerts upon the Financial Accounting Standards Board (FASB); analyze the EITF’s effectiveness with finding resolutions to emerging accounting issues by research the issues from the EITF’s “Description and Status of Current Issues” such as 9/11 and analyze at least the primary manner in which a company’s
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egulatory and Political Influence on Accounting Practice Learning Objectives ! ! ! ! Critically discuss the regulatory environme concerning Australian external financ reporting. Describe the main regulatory bodies th encompass the Australian reporti environment. Review some of the arguments proposed f and against regulation of the accounti profession. Outline the relevance of potential econom political and social impacts to the account Introduction Financial
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necessitating several organisations to be involved in the efforts to harmonise accounting practices either regionally or internationally. Among those‚ leading in this effort were the European Union (EU) and International Accounting Standards Board (IASB) (formerly International Accounting Standards Committee‚ IASC). This essay will look at background and harmonisation process of the two organisations and evaluate their achievements to date. It is considered that ‘harmonisation’ maybe defined as a
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Outline Part 1 Background and Overview Part 2 US GAAP and IFRS Part 3 China GAAP and IFRS Part 4 Summary of Convergence Process Part 5 Pros & Cons of Convergence Part 6 The reasons for differences in accounting practice ww.ifrs.org + The International Accounting Standards Board + The International Accounting Standards Committee (IASC) Foundation + Objective – a single set of global financial reporting standards + Aim – convergence between national standards and international
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1. Assume there are three separate real estate companies US Realty (which uses the cost model)‚ UK Realty (which uses the revaluation model‚ and International Realty (which uses the fair value model). Assume that on December 31‚ 2003‚ each company pays £1‚000 cash to obtain investment property comprising of land with negligible value and an office building worth £1‚000. The building has a 10 year useful life‚ has no residual value‚ and is expected to provide a constant stream of economic benefits
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the change (Williams and Carcello‚ FASB Statement No. 154‚ Accounting Changes and Error Correction. 2005). The accounting for changes in estimates and accounting principle is similar between GAAP and IFRS. They both indicate that companies
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reports of companies in similar fields. This is a challenge the accounting profession has been dealing with for many years. Until there is uniformity one will not be able to really compare companies financial statements accurately. Currently the IASB and FASB are collaborating to develop international standards known as the International Financial Reporting Standards‚ IFRS. However this means there are still two sets of standards accountants much know in depth. Another challenge is deciding which
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Activity-based costing (ABC) is a costing method that assigns value to each activity resource to all products and services according to the cost of its usage. it gives indirect costs (overhead) into direct costs so that an organization can correctly estimate the cost of its individual products and services to identify and eliminate the unprofitable and lower the prices of the overpriced. Normally‚ it is used as a tool for understanding product and customer cost and profitability. But ABC has also
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quick and current liquidity ratios‚ the DuPont ratio‚ profit margin‚ asset utilization‚ and financial leverage of each of the three companies. Write a paper in no more than 1‚050 words discussing how differences in the industries and different IASB and FASB measurement conventions affect presentations. If one of the companies uses the cash basis of accounting‚ how would that differ from the accrual basis? Format your paper consistent with APA standards. WEEK 3: TUTORIAL: This tutorial includes
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