Exposure Draft Accounting Standard (AS) 10 (revised) Tangible Fixed Assets (Last date for Comments: February 28‚ 2006) The Institute of Chartered Accountants of India Issued by Accounting Standards Board Exposure Draft Revised AS 10‚ Tangible Fixed Assets Contents INVITATION TO COMMENT [Exposure Draft] Accounting Standard AS 10 (revised) Pages 4-5 Tangible Fixed Assets OBJECTIVE SCOPE DEFINITIONS RECOGNITION Initial Costs Subsequent Costs MEASUREMENT AT RECOGNITION Elements
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IFRS – One World One Accounting Introduction to IFRS Currently‚ more than 100 countries requires or adopt IFRS and it is expected that by 2012‚ more than 150 countries will adopt IFRS. India has also taken the step towards convergence of Indian Accounting Standards with IFRS. This article details the need for harmonization of local GAAP with IFRS‚ challenges for Corporate India etc. 1. Importance of Accounting Standards 2. Accounting Standards Across the world 3. Need of Harmonization
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The FASB should consider economic consequences in the standard setting process; “The Board cannot cease to be concerned about the cost-effectiveness of its standards. To do so would be a dereliction of its duty and a disservice to its constituents”. (SFAC No.2 P. 144) FASB member Victor H. Brown identified the economic costs to consider: “The costs of introducing a new standard‚ of course‚ include the out of pocket costs of converting to the new standard‚ the costs of processing and reporting the
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2.1 Accounting standard-setters have an expectation that the readers of general purpose financial reports have a ‘reasonable knowledge’ of accounting. Specifically‚ the IASB Framework states that ‘users are expected to have a reasonable knowledge of business and economic activities and accounting and a willingness to study the information with reasonable diligence’. Hence‚ there is an expectation that financial statements are not tailored to meet the needs of people who have not‚ in some way‚ studied
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International Accounting Standards Contents A. Introduction & Objective.……………………………………………………………….3 B. Why Harmonization of international accounting standards required……………..4 C. Factors influencing any Country’s Accounting Standards…………………………..6 D. Role of International Accounting Standard Board (IASB)……………….…………..8 E. Moving towards Harmonized International Accounting Standard………………….9 F. Obstacles and Benefits of the harmonization of International Accounting………..10
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The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) are undertaking the Conceptual Framework project jointly in order to create a sound foundation for the new accounting standard by revising the existing conceptual framework. The International Accounting Standards Board (IASB) is the dependent standard-setting body of the IFRS foundation. The IASB adopted the FASB in its framework as guidelines for the preparation IFRS that it published in 1989
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Accounting Standards Boards Paper In recent years there has been significant changes made in our understanding of the relationship between the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB). At present both the IASB and FASB are working on a joint venture referred to as the convergence project in hopes of eliminating a variety of differences between International Financial Reporting Standards and U.S. GAAP. Another area covered in this paper besides
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Abstract The study focused on the adoption process of International Financial Reporting Standards (IFRS) on a developing economy‚ with particular reference to Nigeria. The paper is based on the data obtained from literature survey and archival sources in the context of the globalization of International Financial Reporting and the adoption of International Financial Reporting Standards (IFRS).Nigeria has embraced IFRS in order to participate in the benefits it offers‚ including attracting foreign
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detailed the rules and regulations of the Generally Accepted Accounting Principles (GAAP) varied in structure‚ format‚ and completeness. These variations led to confusion among users and it became more difficult to determine if they were using GAAP correctly. In response to this problem‚ the FASB developed the Accounting Standards Codification (ASC) whose main purpose is to provide users access to all of the generally accepted accounting principles in one place. The Codification eliminates obsolete
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International Financial Reporting Standards and Exposure Drafts‚ and Approve Interpretations developed by the International Financial Reporting Interpretations Committee (IFRIC). B. How is the IASB made up IASB is originally made up of 14 members from different countries with experience covering wide areas of accounting and business. The objectives of the ISAB are: (a) to develop‚ in the public interest‚ a single set of high quality‚ understandable and enforceable global accounting standards
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