Briefing in report format for the members of the International Accounting Standards Board on AASB13: Fair Value Measurement - Essay Example

Extract of sample
Briefing in report format for the members of the International Accounting Standards Board on AASB13: Fair Value Measurement

The executive summary section will give a summary of the benefits and costs of the standard which will determine whether there is a balance between the two. The report will also discuss the relevant theories in relation to the standard and the entities which are more likely to be affected by the standard. It is evident that fair value is affected by the type of industry and thus may concern will be the most affected entities. Part F of the report evaluates the standard by highlighting the advantages and disadvantages of the standard. Conclusions and recommendations reached are also based on these criterions which are required in making economic decisions. ). The conclusion is based on the discussions of technical matters such as comparability, relevance, reliability and understandability. These are the four main criterions which have been designed for application in determining whether the standard meets the expectations of IASB and the users generally. Executive summary IFRS 13 defines fair value and provides a framework on how to determine fair value for financial reporting purposes. The definition of fair value is not different from the one contained in previous IFRS. ...Show more

Summary

Introduction The aim of this report is to evaluate and issue an opinion to the International Accounting Standards Board (IASB) on whether IFRS 13 on Fair value measurement which was drafted in May 2011. The standard sets out a single framework for fair value measurement and guidance on how to measure assets and liabilities, whether financial or non-financial…
Author : amospouros
Save Your Time for More Important Things
Let us write or edit the essay on your topic
"Briefing in report format for the members of the International Accounting Standards Board on AASB13: Fair Value Measurement"
with a personal 20% discount.
Grab the best paper

Related Essays

The International Accounting Standards Board (IASB) - The International Corporate Reporting Issues.
The International Accounting Standards Board (IASB) develops and issues the International Accounting Standards (IAS), which are also known as International Financial Reporting Standards (IFRS). The International Accounting Standards Committee (IASC) was replaced by the IASB in 2000 (IAS Plus, n.d.).
12 pages (3000 words) Assignment
Tax Avoidance OR International Accounting Standards
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).
15 pages (3750 words) Dissertation
Finance: Fair value accounting during the financial crisis
Investigators have claimed that more than half of the global capital which was being pooled in from one end of the corner to another by the implication of financial products, have wiped out. There were a couple of factors that backed up the crisis including the low credit history borrowers who applied for subprime loans etc (Broadley).
22 pages (5500 words) Research Paper
Fair Value Accounting and Subprime Crisis
The loans had collateral placed for them. The money was used to purchase subprime instruments like commercial papers. These instruments were trading fairly in the active market prior to the crisis. The observable market prices were used to measure fair value.
3 pages (750 words) Essay
International Accounting Standards
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.
7 pages (1750 words) Essay
The cons and pros of fair value versus historical cost accounting and deprival value
Standard setters have also increased their emphasis on measurement through established standard frameworks like the United States Financial Accounting Standards Board or FASB, the International Accounting Standards Board or IASB and or the UK Accounting Standards Board or ASB (Van Zijl & Whittington 2006).
6 pages (1500 words) Essay
International Accounting Standards
The achievements are also elaborated along with the framework which has made them successful. The report elaborates the concept of fair value accounting system and the arguments for or against the decision of inclusion of the fair value concept in the financial reporting.
16 pages (4000 words) Essay
Ethical considerations
During the investigation the information will be taken in web and the participants will not be involved in this process, thus the first principle will be followed. The second important rule is obtaining consent of participants. As the information used for
1 pages (250 words) Essay
Find out how much would it cost
to get a custom paper written by a pro under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email
YOUR PRIZE:
Apply my DISCOUNT