Public Company Accounting Oversight Board

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    Business and Organisation Structures TASK 1 There are different types of businesses. Some of them are Sole Traders, Partnership businesses and Limited companies. Sole Traders are the types of organization which is run by a sole owner. There is one person in charge. The sole trader takes the decision of expanding the business, how to operate and what kind of service to provide. The benefits of sole traders is that the owner gets all the profit and have total control on how to run the business.…

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    Gaap Vs Ifrs

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    differences and similarities 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.…

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    IFRS status according to the SEC The International Financial Reporting Standards, also known as IFRS, are a set of accounting principles that are used globally. They were created by IASB, the Independent Accounting Standard-Setting Body. Over the past several years, the U.S. Security and Exchange Commission, also known as the SEC, has provided information and commented on whether or not investors and issuers of financial statements should use International Financial Reporting Standards to…

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    financial statements prepared by a firm must be based on certain concept. Accounting concept is a guideline or regulation standards have been generally accepted and recognized in the processing and presentation of accounting data. The aim of concept is to ensure that financial reports were made honestly and fairly and to avoid distortion in the practice of accounting. Thus, the concept must be known to understand the accounting process. We want to discuss about meaning, practical instance,…

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    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…

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    enciphering & deciphering the messages. So the steps are as:- In first step, A (sender) & B (receiver) have to agree on the two large prime numbers i.e. n & g. It is not necessary that these two prime numbers have to be secret. These prime numbers are public. They can be used on insecure medium. • Another random number i.e. select by A (sender), and calculate A such that C=gx…

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    Ifrs Vs Gaap Analysis

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    When a company owns a majority stake in a foreign subsidiary, the accounting processes and procedures can be complicated and require the use of many resources to prepare accounting documentation that 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…

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    TRIGA Case

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    TRIRIGA addresses impact of 2019 lease accounting change Have you been preparing to deal with the impact of the brand new lease accounting upgrades with TRIRIGA? Even though FASB’s ASC 842 and IASB’s IFRS 16 is going to take effect in 2019, several businesses are just now starting to understand the effort and time necessary to satisfy the new requirements. As per a newly released article in the National Real Estate Investor, establishments will probably have to deal with considerable ‘heavy…

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    IFRS Discussion Paper

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    The accounting educators, the major accounting firms, the American Institute for CPAs (AICPA), and the accounting textbook publishers have recognized that the shift from a rules-based approach to a principles-based approach will require the preparers and auditors of financial statements to utilize more critical thinking skills and to be used to working with ambiguity in the absence of detailed and highlighted accounting standards as in GAAP The AICPA Board of Examiners have decided to test…

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    Gaap Convergence

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    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…

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