Bangladesh Accounting Standards

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• Comparison Of IFRS to GAAP Essay

  ... Comparing IFRS to GAAP Albert Payne ACC/290 11/14/2014 Daniela Trudel Comparing IFRS to GAAP This paper looks at relevant comparisons of IFRS, “International Financial Reporting Standards” and GAAP, “Generally Accepted Accounting Principles”. These two frameworks of accounting principles and practices share a lot of standards and procedures, but also differ on accepted policies. This paper will answer those standards and differences but also show the comparison of the two. Let’s look at what ways does the format of a statement of financial or position under IFRS often differ from a balance sheet presented under GAAP. IFRS “International Financial Reporting Standards” doesn’t command a precise order of classification of accounts on the statement of financial position. Companies report assets in reverse order of liquidity. Looking at the order of accounts on the statement of financial position is illustrated with the following: Long Term Assets; Current Assets; Shareholder Equity; Long Term Liabilities; Current Liabilities. GAAP “Generally Accepted Accounting Principles” definitely requires all accounts to be in order based on degree of liquidity. Hence cash is frequently reported first and non-current assets get reported last. Here is the order of what’s characteristically found with GAAP balance sheets: Current Assets; Long Term...

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• Differences Between GAAP and IFRS Research Paper

  ...Running Head: DIFFERENCES BETWEEN GAAP AND IFRS 1 Differences Between GAAP and IFRS Accounting Practices Sharon Woodards Liberty University Intermediate Accounting II 302 Professor Ashley Harper November 7, 2014 DIFFERENCES BETWEEN GAAP AND IFRS 2 Both the IFRS ( International Financial Reporting Standards ) and the GAAP ( Generally Accepted Accounting Principles ) are a set of accounting rules that companies either can or must follow when preparing their financial statements. Set by policy boards, the United States enforces the use of GAAP as the set of rules of processes and standards that its companies must use for reporting and recording of their financial statements. At the same, other parts of the words use the IFRS as their set of rules for companies to follow. This IFRS set of rules were developed by the International Accounting Standards Board (IASB). Due to this, the world has been talking about combining the two standards into one globalized set of accounting standards that will comprise of both standards. The object of this would be to have the world recognize one set of globalized set of accounting practices. There are some differences that the US should be aware of before the convergence between the two ever...

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• Accounting Standards Essay

  ...going public without affecting the parent's shareholders; or (7) that the organization desires to reward certain employees with increasing compensation, etc. Accounting Standards Board Paper Financial accounting is a broad term and is used in all nations. There are different cultures, values, political and economic systems and the goal for these systems is to build economic development. Many businesses do most of there business globally and there became a need for a unified system to improve multinational commerce. In 2002 the international accounting standards and the FASB joined together to develop accounting standards that could work for domestic and cross boarder financial reporting (). The IASB and the FASB also worked to make financial reporting practicable and compatible. In 2002 the FASB and IASB advertised a memo that states the significant step would be made toward formalizing the merge of the FASB and the IASB ( Financial Accounting Standard Board, 2010). Several factors promoted the two boards to come together. The FASB and IASB engaged in the convergence project to remove a variety individual differences between US GAAP and International Financial reporting Standards(). The IASB and FASB adopted a understanding known as the Norwalk agreement which both boards agreed to make their existing...

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• Research Accounting Standards Essay

  ...RESEARCH: Accounting Standard Codification (ASC) 1. FASB had four primary goals in developing the codification. List these four goals: 1. Simplify user access to all authoritative U.S. GAAP by putting them all in one place with codification 2. Assist FASB with the research and international convergence efforts required during the standard-setting process 3. Become the authoritative source of literature for the completed extensible business reporting language (XBRL) taxonomy 4. Clarify that only guidance contained in the Codification is authoritative and other sources are not authoritative 2. List three SEC authoritative guidance, standard and interpretations included in the codification: 1. Regulation S-X (SX) 2. Financial Reporting Releases (FRR)/Accounting Series Releases (ASR) 3. Interpretive Releases (IR) 3. The accounting literature replaced by the FASB Codification includes (list five): 1. Accounting Research Bulletins (ARB) 2. Accounting Principles Board Opinions (APB) 3. AICPA Accounting Interpretations (AIN) 4. Statements of Financial Accounting Standards (SFAS) 5. FASB Interpretations (FIN) 4. For the following five FASB standards (FAS), provide the corresponding ASC Topic#: FAS 141(R): ASC 805 FAS 52: ASC 830 FAS 13:...

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• accounting standards board Essay

  ...Accounting Standards Boards Increased globalization in the business world has brought to fore some of the issues and challenges that multinational businesses face in financial recording and reporting of foreign based operations. With operations based in different countries that operate under different accounting principles and with varying currencies, there has been a need for the accounting principles and standards to be converged. This has in the past nine years seen the accounting policy making suggesting a complete overhaul in the way financial statements are reported and a convergence between the US's generally accepted accounting principles (US GAAP) and the International Financial Reporting Standards (IFRS). This has been through various meetings between the International Accounting Standards Board (IASB) and US Financial Accounting Standards Board (FASB), two boards which determine these accounting standards. This paper therefore evaluates the history of the two boards and their relationship and looks at IASB equivalents to FASB original pronouncements. It also describes how a Master of Science in Accounting would prepare a student for an accounting profession. History of the Relationship between FASB and IASB US Financial...

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• The International Convergence of Accounting Standards Essay

  ...ACC 525: International Accounting 22 January 2014 The International Convergence of Accounting Standards This paper will analyze the joint efforts of FASB and IASB to converge the IFRS and U.S. GAAP accounting protocol. With the continued expansion of multinational corporations and the success of smaller national firms making the leap into international waters, the differences between GAAP and IFRS are more profound than ever. We will begin with a brief history of the convergence efforts, and some of the accomplishments along the way. Then, a comparative analysis of the two governing bodies and their similarities and differences will be discussed. Although we have gone into great depth, the differences between the two sides are plentiful, as many issues have yet to be discussed on any level by professionals. We have touched on the thoughts of the SEC and certain players in the financial industry, as well as the next steps FASB and IASB plan to take regarding the convergence project. The paper then analyzes what we feel to be numerous benefits for a number of stakeholders after the convergence has taken place. There are also a few drawbacks and negatives holding back the convergence, but we feel these are miniscule compared to the advantageous impact it will have on so many worldwide. We conclude the paper with our thoughts on what steps companies should take moving forward, as well as our opinions on the...

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• Accounting Standards in the United States of America Essay

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• Accounting for leases Essay

  ... Accounting for leases Kevin Tran DeVry University Author Note Kevin Tran, Keller Graduate School of Management, DeVry University Course Note ACCT 525 Current Issues In Accounting, Professor Achilles Dated August 24, 2013   Abstract This paper will provide an overview of lease accounting. It will present the history, current status, and future implications of the latest proposed standard, as jointly issued by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB). Furthermore, the paper will take into account relevant observations made by various proponents who are concerned about the standard, and conclude with a personal opinion on the standard and why it’s better than the current standard.   Existing accounting standards between the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have allowed corporations to avoid reporting assets and liabilities via “operating leases.” Thus, it has become common practice for corporations to utilize these operating leases as a source of deceptive financing—by being able to materially mislead creditors and investors due to off balance sheet accounting. Lease...

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