International Financial Reporting Standards

to fair value. The 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…

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 being presented for issuance. However, private entities should carefully identify the decision regarding the acquisition or merger of the business in the future. In this situation, private organizations…

ethical standards. In America, these guidelines are established by the ethics committee of the American Institute of Certified Public at domestic level, with contribution of state level establishments. Execution of these ethical guidelines is performed by these bodies and by other legal bodies including SEC. Many accountants and firms have been punished by these bodies for their unethical practices. Some of the time, in accounting sphere, organizations issue their own set of ethical standards. …

What has caused the failure to converge IFRS and GAAP? Culture, gender, and demographics play a big role in the failure of convergence according to the articles I found. Gender has always had an impact on industries around the world but one industry we cannot afford to have bias or favoritism in is accounting. Businesses, investors, and citizens of the community rely heavily on the honesty and unbiased opinion of companies they give their money to. With the controversy over these two practices…

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,…

We used the new revenue recognition standards to identify the performance obligation. In this case, CoAx’s performance obligations to CableCo are the production of 1,500 feet of fiber-optical cable for $3 a foot and delivery of the cable to the carrier. According to Deloitte’s Heads Up: Revenue Standard Finally Recognized: Boards Issue Guidance on Revenue from Contracts with Customers, “Under the ASU, a performance obligation…

1. Introduction The financial statements prepared by a firm must be based on certain concept. Accounting concept is a guideline or regulation standards have been generally accepted and recognized in the processing and presentation of accounting data. The aim of concept is to ensure that financial reports were made honestly and fairly and to avoid distortion in the practice of accounting. Thus, the concept must be known to understand the accounting process. We want to discuss about meaning,…

the accounting textbook publishers have recognized that the shift from a rules-based approach to a principles-based approach will require the preparers and auditors of financial statements to utilize more critical thinking skills and to be used to working with ambiguity in the absence of detailed and highlighted accounting standards as in GAAP The AICPA Board of Examiners have decided to test candidates for the national CPA examination on IFRS topics in three of the four sections of the exam…

A common problem in the world of accounting is the differing set of standards, the U.S. GAAP and the IFRS. It causes both confusion and turmoil when the United States does business with foreign countries. That is why the IASB and FASB have been working towards converging in an attempt to have universal accounting standards. In the year 2002, the IFRS and the U.S. GAAP came to an agreement to officially begin the convergence process. This agreement was officially established in a Memorandum of…

at length in Accounting, Evaluation and Economic Behavior in 1966. It is consistent with a large body of economics literature on money, prices, price levels and price structures, the principal of measurement theory and the common sense rules of financial calculation. Thus, a business entity's wealth is measured as the amount of unencumbered current general purchasing power…