International Financial Reporting Standards

an organization may be, the more accounts it may have, which is why it is important that chart of accounts be numbered in a logical way and follow any standards for its specific industry (NetMBA, n.d.). Accounts will vary according to the organization. Many organizations may now use accounting software to aggregate information into their financial statement (Accounting Tools, n.d.). The chart of accounts is important because an organized list of accounts data lays the foundation for keeping…

There is a common myth that consumers tend to believe. They believe that credit cards could help them build up their credit. Is this really true? According to Steve Repak, it is not true. Having a credit card does not actually boost someone’s credit. In his article, “The A to Z of Credit and Credit Cards”, Mr. Repak brings up some solid facts that support the claim that having a credit card does not necessarily mean that a consumer will have good credit. In the article, he describes the literal…

of the city’s financial statement in the MD&A appear to meet GASB standards. • The Government-wide Financial Statement presented meets the requirement of listing both the statement of net position and statement of net activities. • The MD&A represents the use of the economic resource measurement focus as well as the accrual basis of accounting. • The two types of activities, governmental and business are reported in separate columns as they should be in order to meet GASB standards. In the Fund…

of data. Accountancy boards standardize the methods these companies use to record financial information. To facilitate the business flow, the boards have cooperatively created a new revenue reporting standard. The boards have also outlined the basic steps all firms should take when making the transition. Depending on the entity, the boards expect firm’s to adopt these new practice by a given date. Managing Financial Data United States businesses revenues reach staggering heights. These…

In accounting terms, the process to harmonize the prevailing accounting standards that are issued by different regulatory bodies is called convergence. Although it is a known fact that the variety of accounting rules and practices around the world is due to the differences in culture, language, religion, education, and ideology and politics. However, the need of a single set of standards for the reporting of financial statements is becoming inevitable. With the significant growth of the…

Financial reporting communicates what a company’s financial and operational condition is at any specific time. To make the reporting clear and concise, the Financial Accounting Standards Board (FASB) created the Generally Accepted Accounting Principles (GAAP) which is a set of standards that includes a set of codes that provide structure and organization. (Spiceland, Sepe, & Nelson, 2013, pg. 10) Similarly, international countries have created their own set of accounting standards. However, in…

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…

The Notion That Uniform Standards Alone Will Produce Uniform Financial Reporting Seems Naïve Ali Raza Roll No. MB2M-16-05 Institute of Management Sciences, Multan • Introduction In this assignment, I have studied the reasons which encourage the countries to maintain national differences in IFRS. Then identified the ways by which national differences are inculcated in the IFRS. National differences in the IFRS eventually creates the un-uniform IFRS financial reporting quality. But, there are…

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…

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…