International Financial Reporting Standards

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  • The AICPA Relationship In Auditing The Auditing Standards For Public Accounting

    FASB by providing technical support, standard setting, and guidelines to CPAs nationwide. Because accounting is complex in nature this governing body works in collaboration with other institutes to ensure that organizations are adhering to the accounting standards established under the General Accepted Accounting Principles (GAAP). This paper will focus primarily on the AICPAs relationship in advising the FASB, their function in setting the auditing standards for public accounting firms and…

    Words: 924 - Pages: 4
  • Ifrs Vs Gaap Analysis

    is required by law. Specifically, the Generally Accepted Accounting Principles (GAAP) and the International Financial Reporting Standards (IFRS) which are the standing guidelines for accounting, differ enough to make the processes redundant. GAAP is the U.S. standard for accounting while IFRS which is governed by the International Accounting Standards Board (IASB) is commonly adopted as the standard around the world. Recently there has been a push to remove differences in the accounting…

    Words: 757 - Pages: 4
  • Air Force Flyer

    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, 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…

    Words: 8707 - Pages: 35
  • Runway Discount Case Study

    separate from the purchase of the vendor’s products, and b. The fair market value of the benefit can be reasonably estimated. This is further clarified in the converged revenue recognition standard issued by FASB and IASB in May 2014. (deBell, Stegall, Young, & Coffey, 2014) The converged revenue recognition standard is known as FASB ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) and IFRS No. 15, Revenue from Contracts with Customers, respectively. FASB ASU No. 2014-09…

    Words: 784 - Pages: 4
  • The Importance Of The International Accounting Standards

    Next, the process of setting IFRS as the international accounting standard is restricted by the environment, regulation and culture of the country. Depending on its region, every country practices its own culture which eventually build the society’s behaviour. Nobes and Parker (2012, page 29) note that: “Culture in any country contains the most basic values that an individual may hold. It affects the way that individuals would like their society to be structured and how they interact with its…

    Words: 758 - Pages: 4

    carefully from many different angles. When dealing with organizational issues at an international level, one must consider the language and culture differences, currency, and legalities regarding the alien country. Different countries follow different accounting principles, GAAP is only used in the U.S., which led to the formation of IFRS that works as a common set of accounting principles used at an international level, between many different countries. One of the main challenges faced when…

    Words: 724 - Pages: 3
  • Pre-IFRS Development Factors

    1. PRE-IFRS development factors, cultural dimensions and accounting values of Japan and China The following four main PRE-IFRS development factors have the biggest impact on international business accounting practices: source of finance, legal system, taxation system and political and economic ties (Meek & Saudagaran, 1990). Once you know a nation’s PRE-IFRS developmental factors, particularly Source of Finance, then you are able to predict the cultural dimensions that will be in place as they…

    Words: 1750 - Pages: 7
  • The Role Of The International Accounting Standards Board

    a) IASB stands for International Accounting Standards Board. The IASB is a standard-setting board whose main role is to ‘develop and approves ‘International Financial Reporting Standards’ so that all financial reports and financial statements globally are detailed and can be easily read by all users. With constant regulation and development, it ensures all business’ financial records are formatted the same and easy to transfer information to and from them. To become an IASB member isn’t an easy…

    Words: 809 - Pages: 4
  • Gaap Vs Ifrs

    the International Reporting Standards (IFRS) and Generally Accepted Accounting Principles also known as GAAP. According to AICPA International Reporting Standards can be defined as “a set of accounting standards developed by the International Accounting Standards Board (IASB) that is becoming the global standard for the preparation of public company financial statements.” International Financial Reporting Standards is used in over 120 countries worldwide. (International Financial Reporting…

    Words: 1664 - Pages: 7
  • Compare IFRS To GAAP

    Comparing IFRS to GAAP Tony Smith ACC/290 10 June 2015 VICTOR HO The International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP) are rules and guidelines established to attempt to standardize accounting and recording practices across the United States and Internationally. While United States has traditionally used GAAP, the ever changing world market makes it necessary for the US to begin to use IFRS in conjunction with or sometimes in place of…

    Words: 870 - Pages: 4
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