International standard

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,…

organization may vary in some of the details of the accounts listed. The larger and more complex 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…

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…

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 Financial Statement the…

of the two 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…

GAAP is the abbreviation for generally accepted accounting principles. Which is the values and guidelines pointed out by the Financial Accounting Standards Board (FASB). IFRS stands for International Financial Reporting Standards which intel’s the accounting standards developed by the International Accounting Standards Board (IASB). Which is the global standard for the planning of shared company financial statements. The start of the U.S. GAAP and IFRS was the concept in the late 1950’s during…

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…

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 beginning as early as 2011 (AICPA, 2010). The Board wants candidates to be as proficient in IFRS topics as U.S. GAAP and GAAS (Generally Accepted Auditing…

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…

Public Accountants, Professors, tax experts and auditors. The article is about the proposal made in the conceptual framework by the International Accounting Standard Board (IASB) in the field of financial reporting. Financial reporting in Accounting has its own standard procedure. There are mainly two: Generally Accepted Accounting Principles (GAAP) and International Financial Reporting System (IFRS).Therefore, this article’s main purpose is to identify the changes that was brought down by the…