International Accounting Standards Board

Question 1 Accounting standards The accounting standards used by the organization in Australia, to prepare financial report under Corporations Act 2001 s296, are set by the Australian Accounting Standards Board(AASB). The accounting standard contains the matters to be disclosed in the financial statement. All the public and private sectors should apply these accounting standards to prepare the general purpose financial reports. Whenever the general purpose financial report is prepared,…

comparison guide can be found at this link: http://www.ey.com/Publication/vwLUAssets/EY-US-GAAP-vs-IFRS-the-basics-2013/$FILE/EY-US-GAAP-vs-IFRS-the-basics-2013.pdf) Case Study 13.1 Project: A current project on the Financial Accounting Standards Board (FASB) agenda is “Subsequent Accounting for Goodwill for Public Business Entities and Not-for-Profit Entities”. This project deals with the discussion as to whether any other changes should be considered in the subsequent measurement of goodwill…

ACCOUNTING FOR AIRLINE FREQUENT FLYER PROGRAMS: MANAGEMENT INCENTIVES AND FINANCIAL REPORTING IMPACTS May 2012 Brian J. Franklin, BBA Accounting ‘12, College of Business and Public Policy, University of Alaska Anchorage, 3211 Providence Drive, Anchorage, AK 99508, 907-268-4233 Ext. 401, bfranklin@frontiertutoring.com ABSTRACT The obligation to provide free or reduced-fare travel to passengers who redeem their accrued frequent flyer program (FFP) benefits represents a significant liability on…

Chapter-3 Diffie-Hellman, Seo and Tseng Protocol 3.1 Introduction Whitefield Diffie and Martin Hellman in 1976 had proposed key exchange or agreement algorithm. In this algorithm, the participants i.e. the sender and receiver have to agree on a symmetric key i.e. the same key or single key can be used for encryption as well as decryption. The key is only used for key agreement purpose, not for enciphering and deciphering the message. Once the agreement of key has been taken place between…

GASB VS. FASB The Government Accounting Standards Board (GASB) established in 1984, is an independent organization that determines and improves generally accepted accounting principles (GAAP) for U.S. state and local government entities. However, GASB is not a government entity, it is an operating component of the Financial Accounting Foundation (FAF), a private sector not-for-profit entity (GASB, "Facts About GASB "). The accounting and financial reporting standards established by GASB are…

Q1. What are Main differences between Financial statements prepared under Indian GAAP, IFRS and U.S. GAAP ? • US GAAP utilizes LIFO. Under US GAAP, current segment of long haul was delegated current Liability , though Under Indian GAAP there was no such Compulsion. As Result, not Interest Accrued on Long Term Debt ,or current segment of long haul obligation was a current Liability under the Indian GAAP. • US GAAP Provided Detailed Rules for Valuation of budgetary instruments, including…

FASB issued an update to the guidance for reporting on discontinued operations that requires the disclosure of disposals of components of an entity. In April 2014, FASB published ASU 2014-08 that revised the definition of a discontinued operation found in FASB ASC 205-20. The ASU 2014-08 also highlighted the need for additional disclosures about disposal transactions that do not fall under the criteria for discontinued operations. Therefore, any entity that follows U.S. GAAP is affected by the…

especially on the issue of income tax liability is ASC740-10. According to an article taken from Brewer, both types of companies whether they be profit or non profit entities are all susceptible to this particular guideline and must adhere to the standards which are set forth regarding tax liabilities and how these companies should report them in a proper manner. In order for a company to be fully accurate regarding its tax status, it needs to take into consideration all forms of financial…

Under FASB accounting framework, private organizations are allowed to amortize goodwill only for book purpose. Previously, FASB enacted the policy to amortize goodwill over 40 years, then it was changed and goodwill cannot be amortized at all by companies. However, under this no-amortizing policy, it was specified that the goodwill has to be examined annually for impairment by companies. Under GAAP, private companies can report goodwill in their financial statement till the time they are not…

Accrual Accounting Guide This is a comprehensive guide to accrual accounting. Let’s start with understanding what accrual accounting is. What is Accrual Accounting? Accrual accounting is the art and science of recording, summarizing, classifying the revenues and expenses of the company whenever they happen even if the cash in yet to be received or yet to be paid. Most of the companies follow accrual accounting because it takes care of the complexities of the accounting system. For sole…