International standard

Beyond the different software companies used for Big Data Analytics, there are other ways that Big Data affect the accountancy profession. A major effect on the field of accounting is the law that takes place while the processes are amended to adapt to the current technology age. Overseers such as: FASB and the SEC have certain laws and regulations that alter the way accountants perform the assigned tasks required by their profession. In addition to adding unprecedented rules, FASB and the SEC…

In the present years, there has been raised the debate on the conversion of GAAP (Generally Accepted Accounting Principles) to IFRS (International Financial Reporting Standards). Companies, especially in the United States of America, are using a system of inconsistent accounting standards for their financial reporting. That is why FASB encourages most organizations moving to a universal system of reporting. However, the transition affects the financial data, financial compliance controls,…

allowances even if the sales result in short positions. The intangible asset method does not recognize third party buyers of emission allowances. The cash flow classifies the inflow and outflow as investment. The Statement of Financial Accounting Standards defines emission allowances as Goodwill and Intangible Assets. This is because they do not meet the definition of financial asset, although, they lack in physical substance. Emission allowances are considered an asset because they are…

Christmas Carnival will bring all the excitement and atmosphere of a traditional and enjoyable, with interesting games booths, kid zone, and outdoor ice-skating rink, international food and beverages,…

865 October 14th, 2014 IFRS Impact on AIS As more companies are going global, the need for an internationally comparable and understandable financial reporting system increased exponentially. IFRS becomes the most acceptable financial reporting standards worldwide. The trend of converging with IFRS has been driven by the demand of global investors, because a single set of financial reporting system will facilitate their decision-making process in the global context. In 2002, all European…

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…

1. The Role of the Chief Executive Officer (CEO) and Chairman a) Compare and contrast the position of the US and UK rules/codes of Corporate Governance relating to the roles of CEO and Chairman. (10%) In the U.S., corporate governance is determined predominantly by legislation in the form of the Sarbanes-Oxley Act of 2002 ("SOX") and detailed regulations which SOX required the Securities and Exchange Commission ("SEC"), New York Stock Exchange ("NYSE") and NASDAQ to draw up. In UK there is the…

zinc placed on these nails has to comply with industry standards. A high standard of zinc coating on…

2.2 The findings within the report are that a clocking in card system is implemented across the organisation. This would cost the organisation approximately £22,440 (Appendix 5). The staff will require minimal training on how to use the clocking in machines. The machines come with user manuals. 2.3 Another key finding of the report is to bring in Sage computerised payroll package. This will help make calculating wages, holiday pay and taxable benefit calculations simple, from the information…

location is identified. These two organizations do not use the same reporting principles to create their financial reports. Apple uses generally accepted accounting principles (GAAP) according to its annual report while Samsung uses international financial reporting standards (IFRS). Using information provided in the respective income statements a quick comparison of annual income can be made. The following table provides a comparison of some of the items found on the income…