4.1 Was the IASC successful? Explain your reasoning. Ans. IASC had two declared aims: • Issuing standards • Promotion and observation of standard If evaluate the IASC success in issuing of standard then we can see that they published forty one standards and other publications including a conceptual frame work. In this area they have noticeable achievement. If we look into the IASC’s another objective of promoting and observing of standard then success varies from country
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Accounting * Standards Board * Changing role of the AICPA GENERALLY ACCEPTED ACCOUNTING PRINCIPLES * FASB Codification ISSUES IN FINANCIAL REPORTING * Political environment * Expectations gap * Financial reporting * challenges * International accounting * standards * Ethics The essential characteristics of accounting are (1) The identification‚ measurement‚ and communication of financial information about (2) Economic entities to (3) Interested parties.
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Board (FASB) and the International Accounting Standards Board (IASB) were both formed in 1973. The FASB is the organization‚ in the private sector‚ for establishing standards of financial accounting that governs the preparation of financial reports by non governmental entities. The IASB is an independent private sector body that develops and approves international financial reporting standards. These two have been working toward the same goal since they were formed. Today the IASB and the FASB are working
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HOW DRUGS AFFECT FAMILIES If someone feels really bad‚ they might try to make it better by abusing drugs. Unfortunately‚ that doesn’t usually work for very long. Instead they may become addicted to drugs‚ and then feel even worse than before. Drug abuse not only affects the abusers and their life‚ but also the lives of family members.Fathers‚ mothers‚ single parents‚ couples straight or gay‚ regardless of ethnicity or social group‚ rich or poor….drug abuse can destroy relationships. When a person
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On September 28 2010‚ the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) had declared they had completely conducted the first stage of The Conceptual Framework joint project. The purpose of this joint project is to further improve an advanced conceptual framework for International Financial Reporting Standards (IFRSs) and US Generally Accepted Accounting Practices (GAAP) (Norwalk 2010). Basically‚ the conceptual framework is an attempt to express
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To: FASB / IASB From: Billy Leigh Re: Proposed Changes to Financial Statement Presentation Dear Members of IASB / FASB‚ As I understand it‚ the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) are proposing a joint venture to change the presentation of financial statements. I appreciate the opportunity to comment on the proposed changes. It is in my humble opinion that the current requirements for financial statement presentation
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Write approximately 1300 - 1‚500 words (excluding references) on the following: Required: Write a letter to the IASB setting out your argument for making changes to the current system of accounting and financial regulation relating to corporate reporting. In this letter you are free to address any subject matter which leads to controversy‚ including changing‚ if necessary the conceptual framework. In writing this essay you should make full use of the reading materials provided on this module
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Accounting Standards The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) are working on a joint venture known as the convergence project. With more business’s doing business globally financial reporting is an issue among the differing countries. Some countries report their financial differently‚ while the United States uses Generally Accepted Accounting Principles (GAAP) the convergence project aims at making a uniform set of international accounting
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Accounting Standards Boards “The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) are currently working on a joint venture referred to as the convergence project” (University of Phoenix‚ 2013‚ p. 1). As a result‚ both Boards have agreed to meet a deadline of June 2011 for the convergence of the accounting guidelines to be complete. Understanding their history and their relationship can help students in the MSA program to get ready for the working
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becoming increasingly contentious and providing a hurdle to convergence between GASB and IASB is accounting for Financial Instruments. The financial crisis of 2008 had devastating consequences for the financial markets everywhere. Blame was widely spread and both IASB and GASB considered making changes in the accounting of financial instruments‚ particularly the delayed recognition of credit losses on loans. FASB and IASB began working together‚ but found irreconcilable differences in their solutions to
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