Harmonization of International Accounting Standards Need for Harmonization of International Accounting Standards Introduction As there has been a tremendous growth in the market place with the existing accounting practices‚ this leads us to question why do we need harmonization of International accounting standards‚ what are its advantages and what are the barriers that hinder harmonization? Although accounting may be the "language of business‚" a common language has never been necessary
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Accounting Standards and Their Importance AS-1: DISCLOSURE OF ACCOUNTING POLICIES The following is the text of the Accounting Standard (AS) 1 issued by the Accounting Standards Board‚ the Institute of Chartered Accountants of India on ’Disclosure of Accounting Policies’. The Standard deals with the disclosure of significant accounting policies followed in preparing and presenting financial statements. AS-2: VALUATION OF INVENTORIES A primary issue in accounting for inventories is the determination
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A. Background Very briefly describe yourself (age‚ birthplace‚ social class and status when you were growing up‚ current cultural orientation‚ etc.). I was born in San Francisco in 1985 to two young Israeli immigrants. I am the oldest of three and the only daughter. My family was Jewish but very secular‚ and our stance on religion and politics was liberal. I grew up in a middle to upper middle class suburb in the Bay Area where most of my friends were Catholic or Protestant. My current ideals have
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AASB Standard AASB 101 Presentation of Financial Statements FOR NOT-FOR-PROFIT (NFP) ENTITIES ONLY This compiled Standard applies to annual reporting periods beginning on or after 1 January 2013 but before 1 July 2013. Early application is permitted. It incorporates relevant amendments made up to and including 18 December 2012. Prepared on 10 May 2013 by the staff of the Australian Accounting Standards Board. Obtaining Copies of Accounting Standards Compiled versions of Standards‚ original
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• Case 1-3 Politicalization of Accounting Standards Some accountants have said that politicalization in the development and acceptance of generally accepted accounting principles (i.e.‚ standard setting) is taking place. Some use the term politicalization in a narrow sense to mean the infl uence by governmental agencies‚ particularly the SEC‚ on the development of generally accepted accounting principles. Others use it more broadly to mean the compromising that takes place in bodies responsible
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A REPORT ON APPLICATION OF BANGLADESH ACCOUNTING STANDARDS IN BUSINESS [pic] DEPARTMENT OF FINANCE UNIVERSITY OF DHAKA REPORT ON APPLICATION OF BANGLADESH ACCOUNTING STANDARDS IN BUSINESS FINANCIAL ACCOUNTING –I F-103 Submitted To Dr. H. M. Mosarof Hossain Associate Professor Department of Finance Faculty of Business Administration University of Dhaka Submitted By Members of Group-3 Section-B 14th Batch Department of Finance |Names
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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
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Harmonisation of accounting standards International accounting harmonisation can be defined as "the process of bringing international Accounting Standards into some sort of agreement so that the financial statements from different countries are prepared according to a common set of principles of measurement and disclosure". Harmonisation means that deviating rules‚ which do not exclude themselves‚ can continue to exist next to each other. That means harmonisation does not focus on the elimination
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309 Accounting Standard (AS) 17 (issued 2000) Segment Reporting Contents OBJECTIVE SCOPE DEFINITIONS IDENTIFYING REPORTABLE SEGMENTS Primary and Secondary Segment Reporting Formats Business and Geographical Segments Reportable Segments SEGMENT ACCOUNTING POLICIES DISCLOSURE Primary Reporting Format Secondary Segment Information Illustrative Segment Disclosures Other Disclosures APPENDICES The following Accounting Standards Interpretations (ASIs) relate to AS 17: Revised ASI 20 - Disclosure
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Case 1-3 Politicalization of Accounting Standards A. These groups are put in place to help regulate the economy and to help form accounting principles that should be followed to promote and ensure accuracy and efficiency in companies across America. There was much policitalization which led to the abolishment of the APB and the formation of FASB. This was due to reasons such as the investment of tax credit in 1961 which made the APB responsible for deciding how it was to be reported. Due to the
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