Preview

Financial Statement Discussion and Analysis

Powerful Essays
Open Document
Open Document
16460 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Financial Statement Discussion and Analysis
IPSASB

Exposure Draft (ED) 47
March 2012 Comments due: July 31, 2012

Proposed International Public Sector Accounting Standard

Financial Statement Discussion and Analysis

The International Public Sector Accounting Standards Board (IPSASB) sets International Public Sector Accounting Standards (IPSASs) for use by public sector entities, including national, regional, and local governments, and related governmental agencies. A key part of the IPSASB’s strategy is to converge the IPSASs, to the extent appropriate, with the IFRSs issued by the IASB. The objective of the IPSASB is to serve the public interest by setting high-quality public sector accounting standards and by facilitating the adoption and implementation of these, thereby enhancing the quality and consistency of practice throughout the world and strengthening transparency and accountability of public sector finances.

--------------------

The structures and processes that support the operations of the IPSASB are facilitated by the International Federation of Accountants (IFAC). The mission of the International Federation of Accountants (IFAC) is to serve the public interest by: contributing to the development, adoption and implementation of high-quality international standards and guidance; contributing to the development of strong professional accountancy organizations and accounting firms, and to high-quality practices by professional accountants; promoting the value of professional accountants worldwide; speaking out on public interest issues where the accountancy profession’s expertise is most relevant.

International Public Sector Accounting Standards, Exposure Drafts, Consultation Papers, and other IPSASB publications are published by, and copyright of, IFAC.

The IPSASB and IFAC do not accept responsibility for loss caused to any person who acts or refrains from acting in reliance on the material in this publication, whether such loss is caused by negligence or otherwise. The
Continue Reading
View Writing Issues

You May Also Find These Documents Helpful

  • Powerful Essays

    Ifrs in Canada
    • 1244 Words
    • 5 Pages

    Ifrs in Canada

    In January 2006, The Accounting Standards Board of Canada (AcSB) made the decision to adopt the IFRS, after 2 years of research and consideration amongst the board and publicly. In January 2008 date for transition to the new system was announced. Convergence has been in full, with no areas in particular having significant differences to that implied in the IFRS. However Canada left, what was considered “ample time” (Martin, 2009) for the adoption of the IFRS in comparison to Australia and Europe, this left time for the converging to be well planned, monitored and learned but also left a lot of time for the International Board of Accounting Standards (IBAS) to…

    • 1244 Words
    • 5 Pages
    Powerful Essays
    Read More
  • Powerful Essays

    Where Does the Us Stand on the Adoption of Ifrs?
    • 1356 Words
    • 6 Pages

    Where Does the Us Stand on the Adoption of Ifrs?

    The globalization of markets over the past 50 years has led to the demand for increasingly comparable financial statements across countries. In response to this demand, the International Accounting Standards Board (IASB) was formed with the purpose of developing a set of high quality global accounting standards. Although a majority of developed markets have adopted the international standards, the United States has not. One reason for the delay in adoption is that many of the standards are very similar. However, there are also several key differences between the two. Presently, the United States Financial Accounting Standards Board (FASB) and the IASB have committed to work together to develop future standards jointly (FASB, 2011). Nonetheless, the key differences will have to be resolved and many believe the FASB will ultimately adopt international standards completely. This report seeks to discuss the US situation on the adoption of IFRS (International Financial Reporting Standards, as prescribed by IASB) and the possible effect of adoption on non-public businesses and the public?…

    • 1356 Words
    • 6 Pages
    Powerful Essays
    Read More
  • Best Essays

    Cas 610 - Using the Work of Internal Auditors
    • 3203 Words
    • 13 Pages

    Cas 610 - Using the Work of Internal Auditors

    International Auditing and Standards Board. (n.d.). ISA Handbook. Retrieved September 2010, from International Federation of Accountants: http://web.ifac.org/download/a034-2010-iaasb-handbook-isa-610.pdf…

    • 3203 Words
    • 13 Pages
    Best Essays
    Read More
  • Better Essays

    Acc 541 Accounting Standards Board Paper
    • 1115 Words
    • 5 Pages

    Acc 541 Accounting Standards Board Paper

    The field of accounting is constantly evolving. This is true not only for the theory of accounting itself but also the entities that govern its theory and practice. Presently, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) are faced with some of the biggest challenges to date. To understand the significance of these two boards, it is necessary to understand their histories, relations between the boards, and the standards that they set. Also how the knowledge of these boards and the field they lead, gained through the masters of science in accountancy (MSA) program, prepare students for a career in accounting.…

    • 1115 Words
    • 5 Pages
    Better Essays
    Read More
  • Good Essays

    Relationship Between Iasb and Fasb
    • 1160 Words
    • 5 Pages

    Relationship Between Iasb and Fasb

    In 1973, the private sector International Accounting Standards Board (IASB) was formed. The IASB is a natural extension of a global market that has been evolving over the last three decades. The IASB formulates and publishes accounting standards to be observed when presenting financial statements and promote their global acceptance. As an overarching mission, the IASB works to improve and harmonize accounting standards, regulations, and procedures as it relates to financial statements. IASB standards provide a reference model and set of examples for financial reporting in developing countries. The IASB has no authority with the Financial Accounting Standards Board (FASB) or the Securities and Exchange Commission (SEC) in the United States at this time. Even though the FASB and SEC are not members of the ISAB, the SEC has ruled formally that public companies that have adopted the IASB standards can list their securities on the United States stock exchanges (Schroeder, Clark, & Cathey, Chapter 1, 2011).…

    • 1160 Words
    • 5 Pages
    Good Essays
    Read More
  • Good Essays

    Fasb Convergence
    • 1091 Words
    • 5 Pages

    Fasb Convergence

    In 2001, the IASC was replaced by the IASB “(Schroeder, Clark, & Cathey, 2011, p. 82). The IASB wants to formulate and publish accounting standards and to promote them globally. The IASB currently consists of 15 individuals appointed by the trustees. The membership is based on the technical expertise. “On December 17, 2003, the IASB published 13 revised International Accounting Standards (IASs), reissued two others, and gave notice of the withdrawal of its standard on price level accounting. The revised and reissued standards mark the near completion of the IASB’s Improvements Project “(Schroeder, Clark, & Cathey, 2011, p.…

    • 1091 Words
    • 5 Pages
    Good Essays
    Read More
  • Powerful Essays

    The Relationship Between Fasb and Iasb
    • 1475 Words
    • 6 Pages

    The Relationship Between Fasb and Iasb

    The International Accounting Standards Board (IASB) was created after the Financial Accounting Standards Board (FASB) to establish a single set of accounting procedures and standards for both boards. The process has not always been an easy one, but the goal of merging the accounting standards globally overrides the disagreements. Overcoming impediments, such as language, culture, economic and political environments has made the process problematical. The IASB and FASB continue to labor on the short term goals agreed upon at the Norwalk Summit, held in Norwalk, Connecticut, on September 18, 2002 [ (Business Wire, 2002) ].…

    • 1475 Words
    • 6 Pages
    Powerful Essays
    Read More
  • Good Essays

    APES 110 Code of Ethics for Professional Accountants
    • 48655 Words
    • 1391 Pages

    APES 110 Code of Ethics for Professional Accountants

    Copyright © 2010 Accounting Professional & Ethical Standards Board Limited (“APESB”). All rights reserved. Apart from fair dealing for the purpose of study, research, criticism and review as permitted by the Copyright Act 1968, no part of these materials may be reproduced, modified, or reused or redistributed for any commercial purpose, or distributed to a third party for any such purpose, without the prior written permission of APESB. Any permitted reproduction including fair dealing must acknowledge APESB as the source of any such material reproduced and any reproduction made of the material must include a copy of this original notice.…

    • 48655 Words
    • 1391 Pages
    Good Essays
    Read More
  • Satisfactory Essays

    Iqci Quidelines
    • 11955 Words
    • 48 Pages

    Iqci Quidelines

    International Auditing and Assurance Standards Board International Federation of Accountants 545 Fifth Avenue, 14th Floor New York, New York 10017 USA This International Standard on Quality Control (ISQC) 1, “Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements” was prepared by the International Auditing and Assurance Standards Board (IAASB), an independent standard-setting body within the International Federation of Accountants (IFAC). The objective of the IAASB is to serve the public interest by setting high quality auditing and assurance standards and by facilitating the convergence of international and national standards, thereby enhancing the quality and uniformity of practice throughout the world and strengthening public confidence in the global auditing and assurance profession. This publication may be downloaded free of charge from the IFAC website: http://www.ifac.org. The approved text is published in the English language. The mission of IFAC is to serve the public interest, strengthen the worldwide accountancy profession and contribute to the development of strong international economies by establishing and promoting adherence to high quality professional standards, furthering the international convergence of such standards and speaking out on public interest issues where the profession’s expertise is most relevant.…

    • 11955 Words
    • 48 Pages
    Satisfactory Essays
    Read More
  • Powerful Essays

    Accounting Theories
    • 2543 Words
    • 11 Pages

    Accounting Theories

    “The theories we use to help us understand standard-setting in national arenas (such as Australia) don't work so well at the international level where the . . . International Accounting Standard Board (IASB) is taking a leading role. We will have to modify them or expand our theoretical repertoire”…

    • 2543 Words
    • 11 Pages
    Powerful Essays
    Read More
  • Powerful Essays

    Sddsd
    • 6109 Words
    • 25 Pages

    Sddsd

    This paper outlines the rationale for the regulatory arrangements put in place for setting international standards for auditing and assurance, ethics and accounting education; arrangements in which responsibility is shared between the public sector and the private sector. While the previous IFAC policy position paper on regulation of the accounting profession1 addressed regulatory issues at the national level, the focus of this paper is on standard setting arrangements at the international level. The paper describes the manner in which the current arrangements, a combination of public and private sector roles ,2 provide a standard setting structure and process that operate and are seen to operate in the public interest, in a context in which there are needs for legitimacy, independence, transparency, performance (encompassing technical competence, responsiveness and efficiency) and accountability. It seeks to recognize and address the need for balance in these areas, given that there may be trade-offs that need to be made. It also recognizes the need for the standard setting structures and processes, and the resultant standards, to create the right incentives for effective implementation of the spirit as well as the letter of the standards.…

    • 6109 Words
    • 25 Pages
    Powerful Essays
    Read More
  • Best Essays

    Usefulness of Financial Reports
    • 2172 Words
    • 9 Pages

    Usefulness of Financial Reports

    Financial accounting is the process of summarising the transactions that occur within an entity and presenting them in the form of financial reports. In preparing the reports, organisations are subject to various regulators, in particular the Australian Accounting Standards Board (AASB). The AASB has developed a set of accounting standards that are consistent with those developed by the international regulator - International Accounting Standards Board (IASB), with minor differences for use in the Australian context (Leo 2011). It has also developed Statements of Accounting Concepts (SAC) that defines a reporting entity and outlines the objective of general…

    • 2172 Words
    • 9 Pages
    Best Essays
    Read More
  • Best Essays

    Conceptual Framework
    • 1379 Words
    • 6 Pages

    Conceptual Framework

    The IASB framework defines the ideas and principles fundamental in the preparation of financial statements for presentation to widespread users. This framework operates as a principle, a parameter and sets out the reach of International Accounting Standards. It denotes the very establishment of international financial reporting and denotes the basis from which all IASs emanate [articlesbase.com, 2012] .The IASB framework is the most commonly appropriate conceptual framework which was submitted in 1989. The IASB’s conceptual framework sets International…

    • 1379 Words
    • 6 Pages
    Best Essays
    Read More
  • Powerful Essays

    IPSAS 17
    • 12789 Words
    • 52 Pages

    IPSAS 17

    IPSAS 17—PROPERTY, PLANT AND EQUIPMENT Acknowledgment This International Public Sector Accounting Standard (IPSAS) is drawn primarily from International Accounting Standard (IAS) 16 (revised 2003), “Property, Plant and Equipment” published by the International Accounting Standards Board (IASB). Extracts from IAS 16 are reproduced in this publication of the International Public Sector Accounting Standards Board (IPSASB) of the International Federation of Accountants (IFAC) with the permission of the International Accounting Standards Committee Foundation (IASCF). The approved text of International Financial Reporting Standards (IFRSs) is that published by IASB in the English language, and copies may be obtained directly from IASB Publications Department, 30 Cannon Street, London EC4M 6XH, United Kingdom. E-mail: publications@iasb.org Internet: http://www.iasb.org IFRSs, IASs, Exposure Drafts and other publications of IASC and IASB are copyright of IASCF.…

    • 12789 Words
    • 52 Pages
    Powerful Essays
    Read More
  • Good Essays

    Philippine Standards on Auditing
    • 273953 Words
    • 1096 Pages

    Philippine Standards on Auditing

    This publication was prepared by the International Federation of Accountants (IFAC). Its mission is to serve the public interest, strengthen the worldwide accountancy profession and contribute to the development of strong international economies by establishing and promoting adherence to high quality professional standards, furthering the international convergence of such standards and speaking out on public interest issues where the profession’s expertise is most relevant. This publication may be downloaded free-of-charge from the IFAC website http://www.ifac.org. The approved text is published in the English language. IFAC welcomes any comments you may have regarding this handbook. Comments may be sent to the address above or emailed to IAASBpubs@ifac.org.…

    • 273953 Words
    • 1096 Pages
    Good Essays
    Read More

Related Topics