US Financial Accounting Standards Board (FASB)‚ two boards which determine these accounting standards. This paper therefore evaluates the history of the two boards and their relationship and looks at IASB equivalents to FASB original pronouncements. It also describes how a Master of Science in Accounting would prepare a student for an accounting profession. History of the Relationship between FASB and IASB US Financial Accounting Standards Board (FASB) is a board which is responsible for setting
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Accountancy‚ or accounting‚ is the process of communicating financial information about a business entity to users such as shareholders and managers. The communication is generally in the form of financial statements that show in money terms the economic resources under the control of management; the art lies in selecting the information that is relevant to the user and is reliable. The principles of accountancy are applied to business entities in three divisions of practical art‚ named accounting
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for by giving discounts on other items‚ however‚ Harvey asked for the information to be confidential and not to informed any accountant. • ASC- 330-10-35-10 states that lower-of-cost-or-market should be apply to the inventory when there is only one end product and when inventory items are balanced. Martin knew that their inventory is on an item by item basis. ASC also states that the impairment test must be applied consistently from year to year. • Edmonds asked martin to perform lower-of-cost-or
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Experts for the Progressive Codification of International Law (Guerrero Report)(1926): C.196.M.70.1927.V Bases of Discussion Drawn up by the Preparatory Committee of the Hague Codification Conference (1929): C.75.M.69.1929.V Texts Adopted in the First Reading by the Third Committee of the Codification Conference: C.351(c).M.145(c).1930.V Privately edited travaux préparatoires S. Rosenne ed.‚ League of Nations Committee of Experts for the Progressive Codification of International Law (1925-1928)
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rely on private entities to establish financial accounting and reporting standards” (Donald Kieso‚ 2003‚ Intermediate Accounting). The two most influential standard-setters are the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB). FASB & IASB are currently working jointly to establish a single set of universal accounting concepts‚ standards‚ and reporting procedures with the goal of implementing standard global accounting practices. To compile their
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domestic companies. The IFRS and U.S. GAAP are working towards convergence or compatible financial reporting standards. The current path is “… the collaborative efforts of the FASB and the IASB to both improve U.S. GAAP and IFRS and eliminate the differences between them”. (Board‚ 2012) The current status of the FASB/IFRS project for Revenue Recognition is still active and the final accounting standard updates are expected sometime in the second quarter of 2013. The joint project for Leases is
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1 Financial Accounting and Accounting Standards CHAPTER STUDY OBJECTIVES 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Describe the essential characteristics of accounting. Identify the major financial statements and other means of financial reporting. Explain how accounting assists in the efficient use of scarce resources. Identify some of the challenges facing accounting. Identify the objectives of financial reporting. Explain the need for accounting standards. Identify the major policy-setting bodies and their
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Running Head: ACCOUNTING STANDARDS BOARDS PAPER Accounting Standards Boards Paper Lila Alemar ACC 541 Shauki Smith May 24‚ 2010 History of the relationship between IASB and FASB The International Accounting Standards Board (IASB) began operations in 2001. It is an organization committed to developing‚ in the public interest‚ a single set of high quality‚ global accounting standards that require transparent and comparable information in general purpose financial
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under U.S. GAAP‚ include calculations‚ etc. + Pass off to Kathy/Chelsea to talk about Need space case. * Under US GAAP ASC 840-30 it would be treated as a capital lease * Lease term is> 75% of economic life * P.V. of MLP is > 90% of FMV of leased property * Record the asset and obligation at PV of MLP (ASC 840-30-30-1) * Depreciation- ASC 840-30-35-1 (a) and (b) gives guidance on how to depreciate when ownership transfers or not Under U.S. GAAP many things
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OVERVIEW Accounting is the language of business. As such‚ accountants collect and communicate economic information about business enterprises or other entities to a wide variety of persons. To be useful‚ financial statements must be clearly understandable and comparable so that users may compare the performance of one business with the performance of the same business for a prior period or with the performance of another similar business. Therefore‚ all general purpose financial statements should
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