Accounting standards and IFRS adoption in Cambodia and Thailand The significance of accounting standards Accounting may be considered as a business language through which the statistical results can be acquired which help in analyzing how well the Continue Reading...
IFRS and GAAP While there is a global movement towards convergence of accounting standards with more countries adopting IFRS, and many companies in areas where IFRS is not mandatory choosing to adopt the standards (Hillman, Heaston, & Dodd, 201 Continue Reading...
Accounting includes recording, summarizing, and reporting of the economic activities and events of an organization. It is pertinent in business decision-making and the management and control of operations. The financial statements reported by a compa Continue Reading...
" (Camfferman & Zeff, 2) Indeed, the purpose which seems to stand above many others as specific Standards are examined is the improvement of financial reports as informative documents inbuilt with the capacity to educate users as to the financial Continue Reading...
IFRS and GAAP Convergence Briefly describe Walmart The company establishment was in 1962 by Sam Walton. The company has grown through mergers and acquisitions to become the largest retail outlet in the globe. The main business of the company is cor Continue Reading...
accounting standards in use throughout the world in the next 5 years? The need for a universal set of accounting standards was recognized years ago, the origins of which can traced back to early twentieth century where practitioners in the U.S. And Continue Reading...
This is important, because it shows how there is the potential for both harmonization and division. Yet, once you look at what is taking place around the world, it is obvious that a common set of ideas are being readily accepted in different countri Continue Reading...
International Regulation, Accounting Standards and Australia Background and Need for Regulation International regulation is a necessity in the finance arena as the world bears a high rate of interconnection, particularly via banking and accounting Continue Reading...
Apart from this FASB has decided that capitalization of IPR&D will only apply to business combinations. When assets are purchased, and they are not viewed as businesses under GAAP in U.S., would continue to have IPR&D as expenses. One of the Continue Reading...
IASB The International Accounting Standards Board (IASB) currently has three types of active projects on their agenda. These include an agenda consultation project, financial crisis related projects, and memorandum of understanding projects. The fol Continue Reading...
FASB Impacts The Financial Accounting Standards Board (FASB) was established with the Sarbanes-Oxley Act of 1933 (SOX) to establish accounting standards for protection of investors and other users of financial statements. Standards implemented by FA Continue Reading...
IAS 17 Leases Explain the key features of the current accounting standard. You should use at least one illustrative example for lessee accounting from a published set of financial statements to illustrate the effect of the standard IAS 17 accountin Continue Reading...
Accounting Several terms and definitions are valuable to understand financial statements. In the United States, financial statements of public corporations are produced in accordance with the U.S. Generally Accepted Accounting Principles. These prin Continue Reading...
IFRS Human Resource Accounting The United States has a radically different accounting system than virtually every other the countries considered. The United States has their own system known as the general accepted accounting principles (GAAP). Oth Continue Reading...
Accounting forms the overall backbone of the financial world. Financial markets are predicated on consumer and user confidence. Without confidence, consumers attempting to make financial decisions will be doing so using inaccurate and incomplete info Continue Reading...
IFRS 8 Operating Segments was to a certain degree a ground-breaking law since it represented the first foray of the International Accounting Standards Board into the area of requiring companies and business to disclose information through their manag Continue Reading...
However, financial reporting as a system has its limits. It cannot stabilize the world economy, save the environment and help investors understand the financial condition of a company all at once. On a theoretical level, the people guiding the devel Continue Reading...
Purpose/Perceived Value The findings of this report will be valuable to two different audiences. The first consists of accounting regulatory bodies. These bodies are working towards convergence and are presently struggling with the resistance from Continue Reading...
IFRS Transition The SEC Proposal for Transition to IFRS This essay examines the SEC's proposed Work Plan for transitioning IFRS into the U.S. Financial Reporting System. This paper presents arguments in favor of convergence because of the benefits Continue Reading...
Herz (2013) notes that the end of convergence will essentially bring about an era where IFRS is, for the most part, the de facto standard around the world. However, the process has also compelled the IASB to be more responsive to its constituents. Continue Reading...
The impact of these changes will be far-reaching. Those engaged in the financial sector will feel that greatest impact. However, the impact of these changes will be felt by everyone, including the American public. They will feel the changes by great Continue Reading...
The management accounting leads candidates into finance, risk management and even production management. While CMA certification is not necessary to pursue a career in management accounting, it is recommended. The IMA claims that certified managemen Continue Reading...
For example, there are many SEC registered companies, and they are not all American companies. Many of them are actually headquartered in foreign countries. In the past they had to change their accounting and financial information over to GAAP requi Continue Reading...
.....mission of the Emerging Issues Task Force (EITF) exerts upon the Financial Accounting Standards Board (FASB) The Emerging Issues Task Force (EITF) was established with the main purpose of addressing and coming up with resolve for current issues Continue Reading...
As, the Delphi methodology will help us to determine the various opinions of the experts. While qualitative research will organize these views and allow us to study different aspects of the problem. This is the point that we will be taking a more ba Continue Reading...
Accounting Concepts Revenue Recognition: Its Relevance and Significance In the words of Kimmel, Weygandt and Kieso (2008), "the revenue recognition principle requires that companies recognize revenue in the accounting period in which it is earned. Continue Reading...
accounting questions while the rest centers on the characteristics of two certain companies, those being Apple and Philips. Accounting Questions & Answers The first accounting question is why revenue recognition is a significant issue. Recogni Continue Reading...
1. How should the $25 Referral Credit be recorded in Runway's income statement? In accordance to ASC 605-50-45 Revenue Recognition, a cash consideration handed to a consumer by a vendor or retailer is deemed a decrease in the selling prices of t Continue Reading...
How should the $25 Referral Credit be recorded in Runway's income statement? In accordance to ASC 605-50-45 Revenue Recognition, a cash consideration handed to a consumer by a vendor or retailer is deemed a decrease in the selling prices of the Continue Reading...
OlympusThe Olympus case highlights a number of behavioral, ethical and accounting issues. First, the ethics of the case are crystal clear. The two executives of Olympus went to extensive lengths to commit the fraud. It was carefully planned, with mu Continue Reading...
Balance Sheet Activities Off-sheet balance activities are of particular interest to investors as well as the Financial Accounting Standards Board (FASB) because these accounts can be difficult to identify and track and, in some cases, can even repr Continue Reading...
Autonomy Corporation Accounting Scandal What fraud or other financial malfeasance took place? Hewlett Packard on November 20, 2012 delivered a statement against Autonomy's unmentioned members of the previous management team accusing them of final i Continue Reading...
Accounting International Accounting and Auditing Standards International public sector accounting standards (IPSAS) are developed and put forth by the International Public Sector Accounting Standards Board of the International Federation of Account Continue Reading...
Accounting Qualitative Characteristics of Financial Statements There are four principal qualitative characteristics that make the information provided in financial statements useful to users. These are understandability, relevance, reliability and Continue Reading...
Loyalty to the client was clearly placed above loyalty to the overall public good and the standards of the profession. "Enron paid Andersen $25 million for its audit…and $27 million for 'consulting' and other services" which meant that Anderso Continue Reading...
Accounting The role of financial statements in investing is that they provide a consistent format that can be used by potential investors and other stakeholders to evaluate a company. There are several components that facilitate this happening. For Continue Reading...
This process has been ongoing since then. One of the major differences between the two standards is going to be that whereas GAAP emphasizes rules, the IFRS is a principle-based approach. Implementing a principles-based approach has significant imp Continue Reading...
Then again, even the sites that allow for such commentary often don't receive any. PwC IFRS hasn't received any comments in the past month on any of its articles, for instance, though it does provide accurate and fairly up-to-date information. Part Continue Reading...
