International labour standards

The IFRS is a set of international accounting standards that state how specific types of transactions should be reported in a financial statement (Gasper et al., 2014). IFRS are intended to deliver a single set of GAAP that can be used throughout globe by businesses. The main objectives to…

Accounting Principles (GAAP) which all publicly traded companies must adapt to their financial systems. GAAP are high quality accounting standards that demand that financial statement users are provided relevant, clear, and useful information that is sufficient for their needs and also cost effective to the organization itself. While developing the standards, the FASB focuses on ensuring that they are integrative so as to reduce the accounting differences related to comparability.…

the financial information in the accounting principle, therefore, updating clear and new accounting regulations and formulas is imperative in the fickle market. IFRS is used in around 100 nations (K and J, 2009), which is set by The International Accounting Standards Board (IASB) engages a close relationship with the stakeholder all over the world. In 2011, IASB issued IFRS 13 fair value measurement aim to remedy the guidance contradictions in the past and improve the consistency and…

negligence exist. Duty of Care “Duty of care is the duty of all persons, as established by tort law, to exercise a reasonable amount of care in their dealings with others. Failure to exercise due care, which is normally determined by ‘reasonable person standard,’ constitutes the tort of negligence.” (Roger, Clarkson, Cross 2012 p. G-12)…

Australian airspace is currently following the airspace act of 2007 and the airspace regulations 2007. The office of Airspace Regulation exercise powers under the airspace regulations (2007) are to regulate and administer Australian airspace, including danger, prohibited and restricted areas where certain types of actions take place that may present a risk to aviation activities. Australian airspace administration is generally aligned with ICAO airspace classes and associated air traffic…

AASB 15 in place of the existing revenue standards (118, and 111); and
 Importance of Revenue recognition Revenue information remains paramount in accordance with the financial functioning of an entity. Thus, information centred on the “nature, timing, amount” and “ambiguity of revenue and cash flows” from “customer contracts” provides users of financial statements comparability on the performance/position of entities within the period. Need For Standards Conversely, limitations and…

ACCOUNTING FOR INTANGIBLES—U.S. GAAP I. GENERAL PRINCIPLES The broad principles governing the accounting for Intangible assets are laid out in APB 17. According to APB 17, Paragraph 9, a company should record costs of intangible assets acquired from others, including goodwill, as an asset. All costs incurred to develop intangible assets that are not specifically identifiable should be recorded as expenses. Where an intangible asset has been recorded, its cost should be amortized by systematic…

According to FASB’s The Structure of Establishing Accounting Standards, “The process of setting accounting standards can be described as democratic because like all rule-making bodies the board’s right to make rules depends ultimately on the consent of the ruled”. One of the advantages of the process is that external parties are invited to comment on exposure drafts or present testimony during roundtable discussions. The history behind SFAS No. 123 provides us with a prime example of external…

Although the International Financial Standard Reporting (IFRS) of the International Accounting Standard Board has gained strong support worldwide, IFRS should not be adopted as a global reporting standard. First, the IFRS adoption does not cause rising of globalization, as it supporters may have claimed. Second, IFRS is not superior to other national general accepted accounting principles (GAAP), in particularly to the U.S. rules-based GAAP. Third, IFRS fails to deliver uniformity as a…

Intangible assets play a critical role in the valuation of an entity as they may bring significant value to the table. An intangible asset is an identifiable nonfinancial asset which lacks physical properties according to both the international community as well as the standards set by the United States. Intangible assets include items such as such as trademarks, patents, brand recognition, methodologies, copyrights, import quotas, and goodwill among many others, in today 's business…