following is an answer to some of the most frequently asked questions that come up during the debate. Answering the Big Questions IFRS 8-1: What are some steps taken by both the FASB and IASB to move to fair value measurement for financial instruments? In what ways have some of the approaches differed? Both the FASB and IASB are having a tough time making this happen and have started with a slow but reasonable approach. The first step requires a disclosure of the fair value information in the notes
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GAAP and IFRS There are differences that exist between the US GAAP and IFRS (International GAAP)‚ nonetheless right now there is a convergence project existing between the FASB and the IASB‚ which issue these GAAPs in that order to narrow down the differences between the two. This is so that there are no misinterpretations when using either GAAPs. With that mentioned‚ the following differences exist between the US GAAP and IFRS (International GAAP). Inventory Measurement GAAP clarifies that
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when studying Advanced Financial Accounting topics. 7 Chapter 2 : Regulation in Financial Accounting 2.1 Advanced Financial Accounting the FunCtion oF FinanCial aCCounting and reporting The International Accounting Standards Board (IASB) in their Conceptual Framework for Financial Reporting state that ‘the objective of general purpose financial reporting is to provide financial information about the reporting entity that is useful to existing and potential investors‚ lenders and
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across the board when producing financial statements and information for users of those statements. IASB will replace the standards set by the FASB (Financial Accounting Standards Board) in which the UK accountancy industry required companies to comply with generally accepted accounting practice (GAAP). GAAP offers a certain amount of legal backing to the accounting standards produced by the FASB‚ however problems occurred when direct comparisons were made between the financial statements of companies
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Standards Board (IASB) and the Financial Accounting Standards Board (FASB) has recently issued a combined exposure draft on Leases (ED 2010/09) resulting in a converged standard‚ in an attempt to rectify the weaknesses in the current standard. Significantly impacting how lessees and lessors account for and report leasing transactions in their financial statements. Australian Accounting Standards Board (AASB) 117 Leases incorporates IAS 17 Leases as issued and amended by the IASB. Entities that
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de/uploads/media/wp21_2004.pdf Ernst & Young Ernst & Young. (2006‚ Converting to IFRS - an analysis of implementation issues. [Electronic version]. from http://www.ey.com/Global/assets.nsf/International/Converting_to_IFRS_Nov06/$file/EY_ConvertingIFRS_Nov06.pdf FASB FASB. (2001). Statement of financial accounting standard 142.http://www.fasb.org/pdf/fas142.pdf IAS PriceWaterHouseCoopers. (2007). Intangible assets including R&D and software.http://www.pwc.com/extweb/service.nsf/docid/8303B04C7A0A4EC380257142003DDD70
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CA1-3 CA1-4 CA1-5 CA1-6 CA1-7 CA1-8 CA1-9 CA1-10 CA1-11 CA1-12 CA1-13 CA1-14 CA1-15 CA1-16 CA1-17 CA1-18 CA1-19 CA1-20 Description FASB and standard-setting. GAAP and standard-setting. Financial reporting and accounting standards. Financial accounting. Objective of financial reporting. Accounting numbers and the environment. Need for GAAP. AICPA’s role in rule-making. FASB role in rule-making. Politicalization of GAAP. Models for setting GAAP. GAAP terminology. Accounting organizations and documents
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Cited: in: Berton 2000) is not just optimistic about world harmonization‚ he is sure that all countries will move to IASB or the international accounting standards. Despite what Sir Bryan Carsberg believes‚ in the current situation it is very difficult to judge the future of international accounting standards but one can say that slowly but steadily countries are moving
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Cash Flows at Amazon.com Abstract: This instructional case illustrates how Amazon.com’s strategy has evolved over time and how these characteristics are reflected in the financial statements. A particular emphasis is placed on the cash flow statement. Students evaluate the cash flow statement and examine its articulation with the other financial statements. Students create a direct method cash flow statement in the year of Amazon.com’s initial public offering using the information available
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Chapter 11 Intangibles Intangibles Contents Contents • 1. Introduction to intangibles • 2. Identifiable intangible assets • 3. Measurement of intangible assets subsequently to initial recognition • 4. Disposal/ retirement of intangible assets 2 Contents Contents • 5. Unidentifiable intangible assets － goodwill • 6. Disclosure of intangible assets • 7. Other non-current assets 3 1. 1. Introduction Introduction to to intangibles intangibles • Intangible assets‚ which generally result form legal
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