International Financial Reporting Standards (IFRS) are principles-based and is a conceptual framework that establishes broad rules‚ outlines standards‚ and dictates specific treatments (IFRS 2011). It is adopted by the International Accounting Standards Board (IASB). This paper aims to provide an in-depth understanding of the accounting conceptual framework and the reasons for its existence. This paper will also explore accounting methods and standards that are adopted differently across the globe by focusing
Premium International Financial Reporting Standards Financial Accounting Standards Board Financial statements
boundaries so the transecting parties need uniformity in the financial reporting for better understanding of the business conditions. The process of harmonization gets accelerated by the initiative of the two major standard setting body of the world IASB and FASB. Although the two authoritative bodies try to uniform the accounting standard but the major concern arises here is the biasness of the influencing nations. In the assignment‚ pros of the harmonization process is discussed which is essential for
Premium International Financial Reporting Standards International Accounting Standards Board
Board (FASB) and the International Accounting Standards Board (IASB) are the most influential standard-setters in accounting report systems. This paper will provide a brief history of each organizations and their interrelationship‚ in which IASB is equivalent to the original pronouncement of FASB. Furthermore‚ this paper will explain the benefit of Master of Science in Accounting (MSA) program and how it guides students to future professional career in accounting vocation. History of FASB The FASB
Free International Financial Reporting Standards Financial Accounting Standards Board Financial statements
accounting. History of FASB and IASB The FASB has been establishing accounting standards for the private sector ever since 1973‚ when it was formally formed. The FASB is documented as the commanding team by the American Institute of Certified Public Accountants and the Securities and Exchange Commission. The FASB is a private organization. The FASB is predominantly responsible for the establishment of accounting rules and reporting standards. The main assignment of the FASB is to improve accounting
Premium Financial Accounting Standards Board Finance International Financial Reporting Standards
A Converged Conceptual Framework In October 2004‚ the FASB and IASB added to their agendas a joint project to develop an improved‚ common conceptual framework that builds on their existing frameworks (that is‚ the IASB’s Framework for the Preparation and Presentation of Financial Statements and the FASB’s Statements of Financial Accounting Concepts). Rationale for the Project and Project Objective A conceptual framework is basically a foundation serving as a guide to standard setters to help them
Premium International Financial Reporting Standards International Accounting Standards Board
evaluations(confirmatory value)‚ even if it is not being used’ (FASB‚ 2005: 2; FASB 1980: 37). In the IASB framework information has the quality of relevance ’when it influences the economic decisions of users by helping them evaluate past‚ present of future events or confirming‚ or correcting‚ their past evaluations’ (IASB‚ 1989: 24). Both frameworks thus say that accounting information is relevant if it has the capacity to make a difference in a decision. The FASB requires information to be capable of making a
Premium International Financial Reporting Standards Financial statements
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 Accounting Standards Board (FASB) is a board which
Premium International Financial Reporting Standards Financial statements
established to comply with the accounting principles. However‚ the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) are the most influential standard-setters in accounting report systems. This paper will provide a brief history and the relationship between the two accounting standard boards‚ in which IASB is equivalent to the original pronouncement of FASB. Furthermore‚ this paper will explain the benefit of Master of Science in Accounting (MSA) program
Premium International Financial Reporting Standards Financial Accounting Standards Board Financial statements
541 Shauki Smith May 24‚ 2010 History of the relationship between IASB and FASB The International Accounting Standards Board (IASB) began operations in 2001. It is an organization committed to developing‚ in the public interest‚ a single set of high quality‚ global accounting standards that require transparent and comparable information in general purpose financial statements. The IASB has developed procedures that bring transparency‚ predictability‚ and consistency
Premium International Financial Reporting Standards Financial Accounting Standards Board International Accounting Standards Board
Financial Statement Analyses (Intro) The financial statement is a company’s document reporting the outcome of the business. Managers‚ investors‚ and the public can look to the company’s financial statements to assess a company’s current position‚ past performance‚ and predictions of future performance (Horngren‚ Sundem‚ Stratton‚ Burgstahler‚ & Schatzberg‚ 2008). The individual financial statement assists investors in coming to a conclusion concerning the company. It is imperative
Premium International Financial Reporting Standards Financial Accounting Standards Board Income statement