the boards agreed on a Memorandum of Understanding (MoU) which detailed the short and long-term convergence projects “that would bring the most significant improvements to International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles (US GAAP).” (IASB-FASB‚ 2012). While many of the short-term and long-term convergence projects have been completed‚ currently‚ the boards have yet to finalize all of the technical pronouncements regarding Financial Instruments
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Accounting 3rd edition‚ Doupnik and Perrera‚ McGraw Hill/Irwin Publishing. (See in-class handout) • Electronic (or other) access to IFRS One option is: http://www.ifrs.org/IFRSs/IFRS.htm. The drawback to this site is that you do not get access to implementation guidance or the basis for conclusions. (The advantage is that the site provides the IFRS for free.) • Harvard Business School Press Case: Land Securities Group (A)‚ Product number 9-105-014‚ Author Ed Riedl; available at:
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A340/ACG3085 Section 03‚ Advanced Auditing Concepts & Standards. Financial Statements Financial Statements Prepared using Chinese and GAAP Standards Kobyashi Maru prepares two sets of financial statements; one set using Chinese standards and GAAP (as meager as those standards may be) and the other for use in the US attempting to conform to U.S. GAAP. The Chinese financials contain a single footnote describing the accounting principles used in the original books of entry. In the United States
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Background Smooth Sailing is a private company that operates one cruise ship. Recently‚ pirate activity in the area where the cruise ship operates has increased‚ thus affecting the cruise ship’s potential future cash flows. The cash flow decline has directly contributed to a decline in the overall fair value of the cruise ship. Smooth Sailing has determined three possible options for its future‚ along with the probabilities of occurrence and estimated cash flows (ECF): 1. Continue operating
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for secondary format. The US GAAP use the management approach whereby segments are determine based on how information is presented to the decision maker for allocation of resources. The product revenue‚ assets‚ and location are required‚ regardless by the decision of management. IFRS 8 converges international accounting with US GAAP by utilizing the management approach to determine reportable segments. The two major differences will remain under IFRS 8. Firstly‚ US GAAP requires companies with a matrix
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to its U.S.-based lender in accordance with U.S. GAAP. IFRS and GAAP follow three steps in order to determine if a provision should be recognized. They are: a) the entity has an obligation at the reporting date as a result of a past event; b) it is probable (ie more likely than not) that the entity will be required to transfer economic benefits in settlement; However‚ in case of U.S. GAAP ‘probable’ is interpreted as a higher threshold than
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lot of significant events and become to be more and more mature. Culture and institutional factors have majorly influenced the development of accounting in Japan‚ and also led the problems in implementing International Financial Reporting Standards (IFRS). In 1927‚ the enactment of the Accountants Law marked the beginning of professional accountants working in Japan. Following its defeat in the Second World War‚ Japan was put under US occupation and in 1948‚ the country and was asked to enact The
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is unlikely to become the primary valuation method for illiquid non-financial assets on a voluntary basis. Keywords: Fair value‚ IFRS‚ non-financial assets‚ illiquid assets. JEL Classification: M4‚ M41 This version: 4 November 2012 This paper previously circulated under the title: "Who uses fair -value accounting for non-financial assets after IFRS adoption?" This research was funded in part by the Initiative on Global Markets at the University of Chicago Booth School of Business
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accounting-related acronyms: GAAP‚ SEC‚ FASB‚ IASB and IFRS. (b) Briefly explain the importance of knowledge base or organization that is referred to each of the accounting-related acronyms. * (a) The meaning of accounting-related acronyms GAAP‚ SEC‚ FASB‚ IASB and IFRS: * GAAP: Generally Accepted Accounting Principle. * SEC: Securities and Exchange Commission. * FASB: Financial Accounting Standards Board. * IASB: International Accounting Standards Board. * IFRS: International Financial
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and a debt investor and understand the difference * Discuss the role of the Securities and Exchange Commission * Name the Big Four accounting firms and define the term “independent auditor” * Define corporate governance * Discuss GAAP and IFRS and the concept of rules-based versus principles-based * Discuss the roles of the board of directors and the audit committee * Discuss the basics of Sarbanes-Oxley * ------------------------------------------------- Discuss how legal
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