Accounting Standards
7 pages (1750 words) , Essay
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...Accounting Standards Politics have a lot of influences when setting the acceptable accounting standards. People who have their economic personal interests have used politics to set accounting standards, which are beneficial to them. For example, the political difference between the Republic of China and the United States of America has seen different accounting standards in the two countries. In china they follow the Chinese Accounting Standards (CAS) while companies in the United States of America follow the Genarally...
China accounting standards
3 pages (750 words) , Essay
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...accounting standards Introduction The accounting standards are a set of principles that provides the right direction in adopting accounting practices. The accounting standards play the role of standardizing the account practices across national and international boundaries. The generally accepted accounting principles are applicable to all industries in the business in order to produce meaningful information through financial statements and reports. Due to implementation of standards accounting procedures, the accounting standards enable comparative analysis between industries of different sectors. The accounting standards determine the procedure for preparation of financial statements... ? China...
Global accounting standards
8 pages (2000 words) , Essay
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...accounting standards in international market has given rise to the debate on international accounting standards. The decision on the part of the European Union to require its all the member states to adapt their local GAAPs with respect to the IAS/IFRS, proved to be a milestone in the journey of IASB towards the FASB. However most of the European countries had already embarked on their convergence towards the international standards for financial reporting. The United States' standards setting body, FASB is consistently working towards the convergence of US GAAP to the international accounting standards in response to international... Introduction The increasing importance of a single set of global...
International Accounting Standards Essay
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...ACCOUNTING STANDARDS BOARD (IASB). INTRODUCTION International Accounting Standards (IAS) are a set of accounting standards promulgated by the International Accounting Standards committee (IASC), which are intended to be used as a basis for cross-border capital raising and listing in global financial markets. (Asbaugh, 2001). The IASC was set up in 1973 by the professional accounting bodies of nine countries with two principal objectives including: 1) the formulation and publication of accounting standards to be observed... Kum Hyceinth Njuh Academia Research Order 155968 ' 2nd March 2007 THE EFFECTS ON COMPANIES ADOPTING IAS/IFRS FOLLOWING RECENT REVISION OF IAS 2 INVENTORIES BY THE INTERNATIONAL ...
Harmonisation of Accounting Standards
6 pages (1500 words) , Download 3 , Essay
...ACCOUNTING STANDARDS al Affiliation) Efforts to harmonize accounting standards began decades ago, with the primary objective being the need to provide a professional shape and essence to accounting standards and the harmonization process in general (Organization for Economic Co-operation and Development 2007, pg.17). For a long time, accountants in various countries around the world have deemed it necessary to bridge the gap between different aspects of accounting; this can only be achieved through harmonization of the different accounting standards around the world. Despite this, there are still some variants of accounting practices that are very independent and strong... , and therefore they...
International Accounting Standards Board
4 pages (1000 words) , Download 1 , Essay
...Accounting Standards Board (IASB) The International Accounting Standards Board is responsible for creating, maintaining, updating and revising International Financial Reporting Standards (IFRS). "TheIASB (InternationalAccounting Standards Board)is an independent standard-setting board, appointed and overseen by a geographically and professionally diverse group ofTrustees of the IASC Foundation who are accountable to the public interest" (IASB, n.d.). IASB was established in 2000 following the restructure of IASC Foundation (IAS Plus, 2009). The predecessor of IASB was the International Accounting Standards Committee (IASC). International Accounting Standards Committee The IASC... International...
Unified Financial Accounting Standards
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...Accounting Standards The Importance of Unified Financial Accounting Standards Introduction It is arguably true that the modern business world experience numerous business operations and relevant assessment measures that determine the success of such operations in the competitive world. Any successful business must be financially viable, attract maximum profits, and enjoy a competitive advantage. However, in the ever-increasing competitive world, there is need for standards that govern the mode of doing business and comparing the business operations between the competing entities. Indeed, since the modern business takes place in a global market, there is absolute need to define how... ? Unified Financial...
Principles-based accounting standards
1 pages (250 words) , Download 0 , Essay
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...accounting standards. INTRODUCTION Some recent discussions of U.S. financial reporting include implicit or explicit recommendations that the U.S. abandon the current allegedly "rules-based" system in favor of a "principles-based" system, with the implication that some or all of the current difficulties facing U.S. financial reporting would be alleviated or even eliminated by such a shift. (1) In addition, Section 108 of the Sarbanes-Oxley Act of 2002 instructs the Securities and Exchange Commission (SEC) to conduct a study on the adoption of a principles-based accounting system. The study is to have four elements: * The extent to which a principles-based accounting system exists... Principles-based...
Chinese Accounting Standards
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...accounting standards PRC GAAP and its implementation have their roots in Russian macro-economy oriented accounting system of early 1950s. Over a period of time China has adapted international accounting ways and aligned its PRC GAAP accounting standards on the line of international Standards IFRSs. From 1983 China has started to adopt international accounting standards, practices and terminologies. The early adoption was implemented in its joint ventures with foreign investments [1] and [3]. In 1993, PRC MOF has outlined new accounting regulations, which were on the lines of IFRS standards. China is world's second largest economy. Over a period... Difference between PRC GAAP and IFRS Present Chinese...
Implementing international accounting standards
6 pages (1500 words) , Essay
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...accounting standards (IAS's) has been an issue of much debate since the 1960's, but has come to the fore in recent years, after the 2002 decision of the EU to make the adoption of IAS's compulsory for listed companies from the 1st of January 2005, when compiling consolidated financial statements. The Accounting standards board (ASB), has already declared its intention of replacing UK GAAP with IAS's and making them compulsory for all UK companies no matter what size, thus the benefits and costs of these standards are of high importance to the UK. The decision of the EU has been widely acclaimed as being beneficial to the UK, the ICAEW stated that: "As markets... The implementation of international...
Financial accounting standards board
3 pages (750 words) , Research Paper
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...Accounting Standard Up – Business Combinations Question 11: When should the alternative accounting method be effective? Should early application be permitted? The alternative accounting method becomes effective once the amendment is approved by the FASB and within the first two years succeeding the approval date of this amendment. Business combinations that shall have taken place during the same fiscal year as the year of approval may apply this standard. Since the amendment is at the proposal stage, private entities undergoing combinations are under no obligation to effect such in their recognition, measurement, recording, and reporting of identifiable intangible assets arising... from such...
Convergence of Accounting Standards
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...Accounting Standards Business firms publish their company's profitability and financial condition in their various financial and economic reports annually or quarterly. Investors and creditors around the world base their investment decisions in the capital markets in these reports. So, these reports need to be meaningful, transparent and comparable in their content. Since 2001-2002, several US and other countries' corporate accounting scandals have shaken the confidence of the investors on the financial reporting process and it has reflected in the market value if corporate equity securities. The world markets are increasingly converging due to globalization, and there is a constant... Convergence of...
Accounting standards board
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...Accounting The Purpose and Status of the ment of Principles Accounting Standards Board (ASB) believes that the ment of principles is a narrative of the fundamental approach underlining the financial statements of all profit oriented businesses. This approach is intended to be up-to-date, consistent internally and should also be in line with all other approaches adopted in the world. (Accounting Standards Board, 1999) The statement of principles does not have requirements on presentation or preparation of Financial statement but only describes the fundamental principles to be followed. For this case, the accounts of a firm should continue to be prepared as per the requirements... Financial...
Accounting Standards Boards
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...ACCOUNTING STANDARDS BOARD (Your teacher’s due 1 Relationship between IASB and FASB. The IASB main aim is to make international financial reporting standards while FASB focuses on a rule based approach. The two boards IASB and FASB are working together since 2002. This concept of convergences rose in 1950’s, which was a reply to the integration of World War II and due to the increase in the flaws of capital management. This convergence was done in order to improve the two main US accounting principles i.e. IFRA and GAAP. China and Japan also worked in this coverage of two boards. In accordance with the 2010 reports, the...
Accounting Standards Boards
4 pages (1000 words) , Essay
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...ACCOUNTING STANDARDS BOARD (Your teacher’s due 1 Relationship between IASB and FASB. The IASB main aim isto make international financial reporting standards while FASB focuses on a rule based approach. The two boards IASB and FASB are working together since 2002. This concept of convergences rose in 1950’s, which was a reply to the integration of World War II and due to the increase in the flaws of capital management. This convergence was done in order to improve the two main US accounting principles i.e. IFRA and GAAP. China and Japan also worked in this coverage of two boards. In accordance with the 2010 reports, the Securities and Exchange Commission’s have issued a statement of global... ...
New Zealand accounting standards
6 pages (1500 words) , Download 1 , Assignment
...ACCOUNTING STANDARDS PART A ANSWER International Accounting Standards Board (IASB) conducts public meetings or webcasts to ensure transparency in order to produce new or updated financial reporting standards. This procedure has been adopted to ensure transparency and to involve the opinion of the public. The procedure ensures constant engagement with the stakeholders like investors, analysts, regulators, business leaders, accounting standard-setters and the professional accountants and auditors at national and international levels (Smart, Bourke, & Awan, 2008). ANSWER 2a: External Reporting Board (XRB) is an independent crown entity developed under section 22 of the Financial Reporting... ?NEW ZEALAND...
Financial Accounting Standards
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...Accounts) which helps determine the funds and balance available to this state of America. Governmental Accounting Standards Board (GASB) and Financial Accounting Standards Board (FASB) Analysis paper The GASB is the model applied... by the General Accepted Accounting Principles used at the federal and state level in the United States. The FASB is also similar to this model because it too has been created to establish General Accounting Principles for the public interest of the country. However, the difference is that while GASB sets standards for financial accounting and reporting at the state and local government level,...
Australian accounting standards
11 pages (2750 words) , Essay
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...Accounting Standards Table of Contents Table of Contents 2 Answer to Question No a 3 Answer to Question No b 4 Answer to Question No 1 c 5 Answer to Question No 1 d 6 Answer to Question No 1 e 7 Answer to Question No 2 9 References 12 Answer to Question No 1 a The Financial Reporting Council (FRC) had decided to support the fact that Australian Accounting Standards would be consistent with the International Accounting Standards from the adoption onwards due to certain specific reasons. The first reason is the challenge that has been put upon the US GAAP standards due to financial meltdown of Enron. As a consequence to the failure of the US GAAP, various nations all over the world grew... ?Australian...
International accounting standards
6 pages (1500 words) , Research Paper
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...accounting standards and/or a change in the power structures within the standard setting process as a result of the current financial crisis Introduction: The purpose of this paper is to try and understand the implications the prevalent global financial crisis will have on the organizations that are placed in order to determine the accounting standards for firms to follow. Now, in the U.S., the applicable regulations are Generally Accepted Accounting Principles, while in Europe they are the International Financial Reporting Standards. However, we will be focusing more on the International Financial Reporting Standards in Europe... which are surveyed and controlled by the International...
International Accounting Standards
16 pages (4000 words) , Essay
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...ACCOUNTING STANDARDS PART PROBLEMS The financial ments are generally composed of a) ment of financial position or some countries call them balance sheet and the b) statement of operations or some countries call it income statement. These two financial statements are used by many sectors which includes the customers, creditors, suppliers, managers, board of directors, employees and labor unions, banks, government regulatory agencies and government tax agencies. The company's management would like to use the balance sheet and income statement in order to determine if the company has been doing well and in accordance with benchmarks and budgets that was approved... the statement of...
International Accounting Standards
16 pages (4000 words) , Download 1 , Essay
...Accounting and Finance FINANCIAL ACCOUNITNG 2 INTERNATIONAL ACCOUNTING STANDARDS BOARD by and Number An assignment submitted in partial fulfilment of the assessment for the Financial Accounting 2 Date of submission Table of Contents Chapter 1: Introduction 3 Chapter 2: IFRS and IASB 6 Chapter 3: IFRS and Fair Value System 11 Chapter 4: Practical implementation of International Financial Reporting Standards 15 Chapter 5: Conclusions, Implication and Recommendation 16 Reference List 18 Chapter 1: Introduction The main aim of the report is to elaborate the facts and objectives of IFRS and IASB. The achievements are also elaborated along with the framework which has made them successful... ? Department of...
International Accounting Standards Board Deliberations
3 pages (750 words) , Research Paper
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...Accounting Standards By The conceptual framework helps in the quality preparation of accounting reports. The research focuses on the understanding the conceptual framework of accounting reports. The accounting reports are grounded on U.S. GAAP, U.K. GAAP, or International Accounting Standards. Starting in 2005, all companies, especially those listed in the London Stock Exchange are required to incorporate the International Accounting Standards in the preparation of the financial statements. The FASB and IASB study, research, and approve the conceptual framework of accounting. A conceptual framework can be easily developed for accounting. In terms of the history of accounting... International...
Accounting standards: rules vs principles
9 pages (2250 words) , Essay
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...Accounting Standards: Rules VS Principles Introduction In recent times accounting and financial scandals have brought to fore the issue of accounting standards. Currently rule-based accounting standards are longer and more complex filled with specific details in an attempt to address as many potential contingencies as possible. Also the role of professional judgment became unimportant and rules took over the professionalism. So, the debate started whether the current financial reporting system in the U.S. is undesirable or inappropriate because it is rule based. In...
International Accounting Standards Master Essay
6 pages (1500 words) , Essay
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...accounting standards is now well established. 500 words A) What are the roles of the International Accounting Standard Committee (IASC) in relation to International Accounting Standards The International Accounting Standards Committee, founded 1973, had been responsible for the development and implementation of the International Accounting Standards(Hopwood,2004). After setting the standards, a draft of the standard will be submitted to all its 114 member countries for comments. After this, the board members will include all recommendations when they sign it. After signing the international accounting standards, all member nations must... implemented to the letter...
Harmonisation of International Accounting Standards
4 pages (1000 words) , Download 1 , Essay
...accounting community has been struggling to achieve the goal of harmonizing the accounting standards around the worldand the period of last five years particularly depicts a picture of their continued efforts in convincing the world towards the unification of accounting standards and principles. However, most countries are reluctant to adapt this change because it does not only encompass the transition from a country's national accounting principles to the International Accounting Standards, but it also compels the country into a cultural and political dilemma as these have a profound impact on the accounting techniques and principles embedded into a country's... financial system. This, in...
The Importance of Accounting Standards
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...Accounting Standards to Financial Accounting First of The Importance of Accounting Standards to Financial Accounting Introduction Successful business operation depends on the effective implementation of company policies. These are formulated to serve as a guideline to all members of an organization. It helps to sustain the smooth flow of business activities as well as a lasting good relationship among the employees, the management, the investors, and the government. Much attention is given to those who are handling the monetary transactions in an organization. They are the ones responsible for listing and analyzing every figure that comes in and out of the company's pocket... ? The Importance of...
Financial Reporting - International Accounting Standards
12 pages (3000 words) , Download 1 , Essay
...Accounting Standards [School] Number] May 26, The essay discusses the challenges faced by International Accounting Standards Board in accomplishing its mission of introducing international financial reporting standards for general purpose financial statements. It further discusses about the key characteristics of International Accounting Standards Board’s framework. The essay finally discusses about development of International Financial Reporting Standard for small and medium sized entities and the modifications thereof. Financial Reporting – International Accounting Standards The essay analyses the challenges faced in establishing International Financial... ? Financial Reporting – International...
Country Differences in Accounting Standards
4 pages (1000 words) , Essay
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...Accounting Standards board was founded on April of 2001 (Iasb, 2008). The organization serves as the successor to the InternationalAccounting Standards which existed between 1973- 2000. The IASB uses an accounting framework instead of standards to solve accounting issues. The presentation of accounting financial statements under the international accounting standards changed board with the creation of international financial reporting standards (IFRS). The companies doing business in Europe as well as the firms trading in the European stock market must abide by IFRS in its preparation of financial statements to the public. The United States of America perform its accounting... The International...
International Accounting Standards
7 pages (1750 words) , Download 3 , Essay
...Accounting Standard – 17 Accounting for Leases IAS 17 - Leases The objective of IAS 17 is to suggest, for lessees and lessors, an appropriate accounting treatment and disclosures to apply when accounting for leases. The objective of the standard seems to be quite clear on the matter. Before the standard was introduced; different treatments where in practice to deal with the matter of leases. The difference caused the Financial Statements to be un-comparable and increased chances of window dressing the accounts. Many instances were reported by the relevant stakeholders, where the management had concealed liabilities by classifying a lease as an operating lease where it should have been... ? International...
Accounting Standards in the next five years
1 pages (250 words) , Essay
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...accounting standards in use throughout the world in the next five years?" Over the last several years, there have been a growing number of calls for a single accounting standard to be put in place worldwide. As a result, the first step towards a universal system took place with the introduction of International Financial Reporting Standards (IFRS). A new standard was created, IRFS 13, and was implemented in over 100 countries. The positive to this standard is that it gives companies an exact definition of fair value. However, this will affect GAAP users, as this standard simplifies the existing fair value measurement rule under Topic 820. Financial boards have concurred... Will there be one set of...
Accounting Standards in the next five years
1 pages (250 words) , Download 1 , Essay
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...accounting standards in use throughout the world in the next five years?" Over the last several years, there have been a growing number of calls for a single accounting standard to be put in place worldwide. As a result, the first step towards a universal system took place with the introduction of International Financial Reporting Standards (IFRS). A new standard was created, IRFS 13, and was implemented in over 100 countries. The positive to this standard is that it gives companies an exact definition of fair value. However, this will affect GAAP users, as this standard simplifies the existing fair value measurement rule under Topic 820. Financial boards have concurred... ?"Will there be one set of...
Provision Accounting and International Accounting Standards
5 pages (1250 words) , Essay
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...Accounting and International Accounting Standards - IAS 37 The conventional accounting practices with respect to the treatment of the company's liabilities and creation of provisions have had abounding contribution to the manipulation of financial information. This activity on the part of the company and its management disregarded the elements of maximum disclosure and fair representation of the company's financial position and performance as contrary to the International Accounting Standards (this has not been taken from any textbook, neither previously nor now, however I've split the sentence). IASB 2003a (37-11) describes provision as a kind of liability or accrual that cannot... actual...
Current Accounting Standards In The USA.
1 pages (250 words) , Download 0 , Essay
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...accounting standards in the United s of America are ethically based. Ethics and integrity are two of the values that all accountants uphold at all times when working the profession. The generally accepted accounting principles (GAAP) represent the bible for accountants. Ethics is taken into consideration in accounting in many circumstances. For instance the principle of conservatism states that when in doubt an accountant should always underestimate revenues. Sales forecasting techniques such as the Delphi method should be implemented taking into consideration the principle of conservatism. During the past nine years the accounting profession has increased its credibility... with the...
The Political Nature of Setting Accounting Standards
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...Accounting Standards @2015 Abstract After the Great Financial Crises (GFC), an analysis focused on the role financial accounting played in contributing to this phenomenon. Interested parties suggest that financial accounting was key when it came to understanding of what caused GFC. Immediately after the signs of GFC, The European Parliament made official its concerns in Feb, 2008. A report was presented about the International Account Standard Board (IASB) in which it was urged... ……………………………………………………………………………….xxxxxxxxx ………………………………………………………………………………….xxxxxxxxx …………………………………………………………………………….xxxxxxxxx Course.……………………………………………………………………………….xxxxxxxxx Title……………………………………………Political Nature of Setting Acco...
The adoption of International accounting standards
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...Accounting Standards (IAS) Implementation of IAS is strategicin nature providing long-term security to firms despite short term expenses. The law requires firms to take concrete steps to ensure employee capacity building, asset and liability management, evaluation of financial instrument and more visibility of financial statements. Although it costs firms initially, it saves firms from surprises and protects investors who may also be employees as stakeholders. More specifically IAS 19 deals with employee benefits and IAS 39 deals with financial instruments. It requires companies to treat employee share options as wages expense .In simple terms it means save as you earn... ? The adoption of International...
Governmental Accounting Standards Board (GASB) and Financial Accounting Standards Board (FASB) Analysis
2 pages (500 words) , Download 1 , Research Paper
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...Accounting Standards Board or GASB for short standsfor the group which is authorized by the accounting profession and its professionals to actually establish a generally accepted set of accounting principles (GAAP) which are applicable to state as well as local governmental entities. On the other hand, Financial Accounting Standards Board, called FASB in short is the independent, private and non-governmental group, which has to its authority the role of accounting profession and professionals to undergo the establishment of a generally accepted set of accounting principles in the United States. GASB has the duty to establish financial reporting standards... ? GASB and FASB ID Lecturer Governmental...
Governmental Accounting Standards Board & Financial Accounting Standards Board Analysis Paper
3 pages (750 words) , Essay
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...Accounting Introduction This write up brings forth the objectives of GASB and FASB accounting framework explaining the similarities andtheir differences. Further in the write up the modified accrual accounting system has been explained in detail in comparison with full accrual accounting in order to highlight the objectivities of each board governing financial accounting and its reporting. Similarities and differences The focus of accounting and reporting should be to cater the needs of the users of the financial statements. Standards are made by different agencies keeping this objective in view. The basic objective of GASB is to establish standards for government accounting... and financial...
Financial Accounting Standards Board (FASB). Accounting Standards In The USA. Ethics And Accounting Profession.
5 pages (1250 words) , Essay
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...accountant if I had a chance of working for one of these three boards I would choose the Financial Accounting Standards Board (FASB). My entire accounting training has been based on GAAP and the regulations and principles that were developed by the FASB during the last four decades. I like the field of international accounting, but unfortunately I do not possess the knowledge necessary to become a valuable asset for the IASB. During the past course I took, accounting theory, I learned a lot about the importance of the FASB and how much the principles created by the FASB affect the operations of companies in the domestic U.S. marketplace. I believe that the Sarbanes Oxley Act of 2002... ?DQ1 As an...
Should financial accounting and reporting be regulated through accounting standards?
10 pages (2500 words) , Essay
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...accounting regulation systems; the rules based system and the principles based system. The rule-based system follows a compliance standard that is clearly defined in the laws of the land. A director needs to adhere to them or get punished for it. The principles-based system is influenced on the need to follow some conventions and if a director cannot do so, he must disclose footnotes. The principles based system is known as a comply-or-explain system which refers to the need to either comply or explain departures from standards of practice. This paper examines the need for regulation of financial statements. To this end, the writer would examine... the dominant debates and arguments for and...
Pros and cons of the implementation of accounting standards
4 pages (1000 words) , Download 1 , Essay
...accounting standards and the need for standardisation offinancial reporting in Europe. The debate on the advantages and disadvantages of accounting standards and their effectuation is not new. The consequences arising out of the accounting issues due to the lack of transparency, lack of integrity, lack of disclosure, lack of fair representation and lack of comparability, in the form of incidences such as Enron and WorldCom etc seem to have ignited the concerns on the part of the international community proposing the implementation of accounting standards. However, the question also arises as to whether... Introduction This essay provides an insight into the pros and cons of the implementation of...
The Principles-based Accounting Standards Debate and Politicisation of Accounting
24 pages (6000 words) , Essay
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...Accounting Theory and Policy The Principles-based Accounting Standards Debate Review and critically evaluate the recent debate in the US on principles-based accounting standards, in the context of the standards of the ASB and the IASB when appropriate. The debate on principles-based accounting standards marks a shift in the U.S. accounting landscape. The issue concerns the possible transition of FASB accounting standards from one that is rules-based to another that would be principles-based, which is the...
Executive summaries of Should Small Businesses Adopt New Accounting Standards?
2 pages (500 words) , Essay
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...ACCOUNTING STANDARDS Introduction The American Institute of Certified Public Accountants (AICPA) Director Bob Durak defines small and medium sized businesses (SMEs) as those businesses that are usually managed by their owners. This means that they operate as sole proprietorship businesses. Such businesses do not necessarily require financial reporting based on the GAAP method. The users of their financial statements have easy access to the business management; either by phone or e-mail. With this definition in mind, one is in a better position to understand the changed financial reporting framework for SMEs and determine whether... guides the SMEs on preparation of full financial statements....
Analysis of Accounting Standards at Bank of China
12 pages (3000 words) , Essay
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...Accounting Standards at Bank of China Introduction This paper is based on the 2005 annual report of the Bank of China (BOC), the oldest and second biggest bank in the People's Republic of China (PROC). The first part is a critical discussion of the institutional, external, and cultural influences on the bank's financial reporting systems using the framework of Hofstede (1980/2003; 1991) and Gray (1988). The second part discusses how BOC's accounting system may be classified in comparison with prevailing reporting systems using Gray's Values Framework. The third part briefly and critically discusses in relation to the BOC the following statement from Barker of the IASB: "By 2005... Analysis of...
Comparison between Saudi Accounting Standards (SOCPA) and IFRS.
8 pages (2000 words) , Dissertation
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...Accounting and Finance Economics Human Resource Management Tourism Project Management Strategy Information Systems OR/Mgt Science The key aims and objectives of the research are to: To establish the key areas of divergence and convergence linking the Saudi Organization for Certified Public Accountants (SOCPA) and the International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) standards To discern the impact of the Islamic financial model vis-a-vis the IFRS standards Find out how far has SOCPA adopted the IFRS... ? Overview of the PG Dissertation/Integrated Project area Family Given SRN: Programme: Academic area for research is as highlighted (in black): Marketing...
International Accounting Standards: Revenue Recognition in construction Industry
6 pages (1500 words) , Essay
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...Accounting Standards: Revenue Recognition in construction Industry Introduction The IASB and FASB have been working on producing a new standard on revenue recognition for several years now. One of the industries which have been particularly affected by the uncertainty surrounding the development of the new standard is construction industry and the International Accounting Standard 11 (IAS 11) relating to construction industry is expected to be replaced by the new standard in due course. Bradley Richards is a leading firm of accountants with many clients in the construction industry. The accounting practices adopted by these companies need to be reoriented in the light... of these...
Tax Avoidance OR International Accounting Standards
15 pages (3750 words) , Dissertation
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...accounts to incur less taxes than it would have been. Hence, tax... ? A Critical Analysis of the Concept of Tax Avoidance and an Assessment of the Popular Trends in Tax Avoidance in the UK Corporate Sector & the Role of Stakeholders. Chapter 1: Introduction There are two main categories of taxes (Blankson, 2004). These are the personal taxes and corporate taxes. Personal income taxes are paid by individuals whilst corporate taxes are paid by companies (Fuest and Riedel, 2009). The taxes are paid as a percentage of the income or the profits of entities. The UK Governments risk losing UK businesses to other jurisdictions if they impose extremely high taxes (Blankson, 2004). Thus, they maintain a liberal...
The International Accounting Standards Board and it role in harmonization of accountign standards
4 pages (1000 words) , Essay
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...ACCOUNTING STANDARDS BOARD AND ITS ROLE IN HARMONZATION Accounting practices differ considerably from country to country and are basedon 'generally accepted accounting practices' as in vogue in those countries. Differences between countries arise due to differing laws of the land governing such aspects as taxation or depreciation norms or even due to socio-economic and cultural factors. Such differences between accounting systems make it difficult to compare the relative worth of companies operating in different countries. The very credibility of financial statements becomes suspect as a result of similar transactions being accounted for differently in various parts of the world. One... INTERNATIONAL...
Comparing (FASB) Financial Accounting Standands Board vs. GASB (Governmental Accounting Standards Board)
8 pages (2000 words) , Research Paper
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...accounting principles for Cost accounting GASB and the principles that govern cost accounting 1/2001 Grade Contents Contents 2 Generally accepted accounting principles for 3 Cost accounting 3 Governmental Accounting Standards Board 3 Generally Accepted Accounting Principles pertaining to 5 Managerial and cost accounting 5 Changes in cost accounting 10 Conclusion 10 Works Cited 11 Generally accepted accounting principles for Cost accounting The paper explains the generally accepted accounting principles that are related to the cost accounting and on what rules are these principles based. Some light is shed on the working of Governmental Accounting Standards Board (GASB... ) and the Federal...
Regulatory, Cultural and Ethical Dimensions to the Introduction of International Accounting Standards
9 pages (2250 words) , Essay
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...Accounting Standards Regulatory, Cultural and EthicalDimensions to the Introduction of International Accounting Standards Insert Name Insert Grade Course Insert Tutor’s Name 9 March 2012 Regulatory, Cultural, and Ethical Dimensions to the Introduction of International Accounting Standards Introduction Accounting practices have from time to time been compiled by the desire and directive from corporate influences to harmonize rules and regulations of financial reporting to international standards. Publicly listed companies all over the world have the obligation of complying with International Accounting... ?Running head: Regulatory, Cultural and Ethical Dimensions to the Introduction of International...
Contemporary Study of the Impact of Standardization and Harmonization of Accounting Standards
32 pages (8000 words) , Download 4 , Dissertation
...Standardization and Harmonization of Accounting Standards The significant aspect of harmonisation and standardisation of different accounting standards impose considerable impact upon several business companies. Most of the officials of the companies that follow various accounting standards embrace the aforementioned procedure with the anticipation that their financial statements can be recorded or measured in an efficient manner. One of the major advantages that can be identified in relation to harmonisation and standardisation of the accounting standards is that the process facilitates to develop the world economy by increasing international business... transactions by a considerable level....
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