"Regulatory Framework Of Accounting" Essays and Research Papers

  • Regulatory Framework Of Accounting

     Regulatory framework for financial reporting Introduction In the next couple of pages the author will firstly discuss the main advantages of the crossroad growing adoption of IFRS, and how does it particularly benefit investors and managers. The author will also be discussing the most significant challenges of the adoption and expansion of the IFRS in the future. Further more the author will, suggest how the IASB and its key constituents should face these challenges and overcome them. ...

    Balance sheet, European Union, Fair value 1485  Words | 8  Pages

  • Accounting Regulatory Bodies 13

    Accounting Regulatory Bodies The success of an organization relies heavily on accounting. Investors are extremely important to publicly traded companies, and they rely on accurate accounting documents when choosing whether or not they want to invest in a company. Several accounting regulatory bodies exist, and each of them plays an important role in accounting and the effects that accounting has on an organization. The primary goal of these regulatory bodies is to establish a set of rules and...

    Accounting organizations, Enron, Finance 720  Words | 3  Pages

  • Conceptual Framework for Financial Accounting

    Introduction Financial accounting is branch of accountancy that deals with the financial statements which helps in informing public as well other concerned people who are not involved in day to day working of a company, about its current financial performance. Different stages involved in financial accounting are governed by certain standards set by organisations such as The International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB). The standards made by IASB...

    Financial Accounting Standards Board, Financial statements, Generally Accepted Accounting Principles 1193  Words | 4  Pages

  • Accounting Regulatory Agencies

    ACCOUNTING REGULATORY AGENCIES Introduction Accounting standards are needed so that financial statements will fairly and consistently describe financial performance. Without standards, users of financial statements would need to learn the accounting rules of each company, and comparisons between companies would be difficult. Numerous accounting bodies govern the accounting environment and accommodate the success of a business. The four main financial governing bodies include...

    Accounting organizations, Financial Accounting Standards Board, Financial statements 1294  Words | 5  Pages

  • South Africa Accounting Framework

    REPORTING FRAMEWORKS AT A GLANCE – FINANCIAL YEARS ENDED 31 MARCH OR 30 JUNE 2012 Entity Reporting framework Appendix in Directive 5 Standards of GRAP IPSASs Directive 5 IFRSs Formulating an accounting policy using Standards approved, not yet effective Transitional arrangements Transitional provisions National and provincial departments Modified cash basis of accounting Statements of GAAP Standards of GRAP E Paragraph A1 – A42 Paragraph A5 Paragraph A6 Must formulate an accounting policy in...

    A3, Business, Entity 526  Words | 4  Pages

  • The New Accounting Conceptual Accounting Framework

    The New Conceptual Framework: The Objective of General Purpose Financial Reports By Jim McFie, a Fellow of the Institute of Certified Public Accountants of Kenya FASB (the Financial Accounting Standards Board, a US body) was the first organization to develop “Concepts Statements”. All the other “Concepts Statements” have been based on those developed by FASB. A new “Conceptual Framework for Financial Reporting” was worked on jointly by FASB and IASB (the International Accounting Standards Board)...

    Certified Public Accountant, Debt, Economics 1911  Words | 6  Pages

  • Regulatory Framework and Money Laundering in Zambia

    NAME: Wanga Maiwanga SIN: 10279819 TASK: Assignment 2 COURSE: Regulatory Framework COURSE CODE: BF 330 LECTURER: Dr. Habbazoka DUE DATE: 1st September 2011 1 CONTENTS 1 CONTENTS 1 2 INTRODUCTION 2 3 RULES RELATING TO MONEY LAUNDERING 3 3.1 Bank of Zambia Anti-money Laundering directives, 2004 part III to...

    Administrative law, Bank, Federal Bureau of Investigation 1328  Words | 6  Pages

  • Regulatory framework

    Introduction Regulatory framework is a system of regulations and the means used to enforce them. They are usually established by the government to regulate the specific activities. These rules have a structured way of being supported and enclosed in a safe place. Most of them are recognized by the law. A conceptual framework is important to the understanding of the many principles and concepts that underpin International Financial Reporting Standards (IFRS) and is an often-neglected part of candidates’...

    Balance sheet, Business, Financial statements 2640  Words | 12  Pages

  • Legal and Regulatory Framework

    Legal and Regulatory Framework I. The basis of the contract From the coupon attached, we can see the specialist terms as follows: 1. Each person should use only one ticket and not use the ticket in conjunction with other coupons 2. The Minimum consumption should be controlled over 100 yuan. 3. The coupon can’t be used in the holidays. 4. The final interpretation is owned by our company. The standard form contract is a standard document prepared by many large organizations...

    Contract, Contract law, Contractual term 1637  Words | 5  Pages

  • regulatory framework

    The Regulatory Framework – An International Perspective Readers will be aware that all EU companies listed on a regulated market will be required to prepare their consolidated accounts in accordance with endorsed International Accounting Standards from 2005 onwards. The IASB – International Accounting Standards Board, (Formerly IASC), issued its Framework for the Preparation and Presentation of Financial Statements in 1989. This is referred to as its conceptual framework. The framework sets...

    Asset, Balance sheet, Depreciation 1466  Words | 9  Pages

  • Regulatory Framework

    chapter 1 Conceptual and regulatory framework Contents Introduction Examination context Topic List 1 Financial statements 2 Purpose and use of financial statements 3 Bases of accounting 4 The IASB Framework 5 International Accounting Standards Committee Foundation (IASCF) 6 International Financial Reporting Standards (IFRS) 7 Inherent limitations of financial statements 8 Not-for-profit entities Summary and Self-test Technical reference ...

    Asset, Balance sheet, Cash flow 14833  Words | 78  Pages

  • Uniformity of Accounting Standard and Conceptual Framework

     Uniformity of Accounting Standard and Conceptual Framework Executive summery Harmonization of the accounting standard and conceptual framework is emerging as a requirement for of the international community. As business cross national 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...

    Border, Business, Financial Accounting Standards Board 1873  Words | 6  Pages

  • Accounting Theories

    Australia) don't work so well at the international level where the . . . International Accounting Standard Board (IASB) is taking a leading role. We will have to modify them or expand our theoretical repertoire” Discuss the above statement, clearly indicating your agreement or otherwise about the basis for your views. Abstract: The theories that are presented in this paper all assume the importance of a national framework/regulation. Thus this suggests that maybe the theories are not suitable at the...

    Australia, Financial Accounting Standards Board, International Accounting Standards Board 2543  Words | 7  Pages

  • A Sound Financial Reporting System, Supported by High Quality Accounting Standards and Backed by a Solid Regulatory, Governance and Ethical Framework, Is a Pre-Requisite for Economic Development.

    “A sound financial reporting system, supported by high quality accounting standards and backed by a solid regulatory, governance and ethical framework, is a pre-requisite for economic development”. Accounting has been around since the beginning of civilization and played an important role in the development of cities, trade and the concepts of wealth. Nowadays, business is very complex and therefore there is an increased need for providing accurate and reliable financial information. Moreover...

    Business ethics, Corporate governance, Economics 2055  Words | 7  Pages

  • Strengths and Weaknesses of Accounting Concepts and Conventions

    Accounting for Managers Discuss the strengths and weaknesses of the accounting concepts and conventions and of the regulatory framework (SSAPs and FRSs) that govern published financial statements. Do the criticisms of the concept and the regulatory framework mean that published financial statement do not provide investors with useful information? Introduction Strengths Weaknesses Information needs of investors Conclusion Discuss the strengths and weaknesses of the accounting...

    Annual report, Balance sheet, Cash flow 2065  Words | 7  Pages

  • Accounting Exam Qual. Framework

    Accounting Exam Qualitative Analysis Role and Scope and Date - Who are you and what is your role in the organization? - What does our role imply as to what we have the authority to make a decision on? - Will we need higher level management support? Can we do this on our own? - Make sure to pay close attention to the date and remember what is happening during that time - Implications Issues and Decisions - What issues need to be addressed and what decisions need to be made? - What are the...

    Critical thinking, Decision making, Qualitative research 934  Words | 3  Pages

  • Framework for the Preparation and Presentation of Financial Statements

    the Framework The Australian Accounting Standards Board (AASB) is implementing the Financial Reporting Council’s policy of adopting the Standards of the International Accounting Standards Board (IASB) for application to reporting periods beginning on or after 1 January 2005. The AASB is replacing relevant existing AASB Standards with Australian Standards equivalent to those of the IASB. Consequently, the parts of the existing Australian conceptual framework (SAC 3 Qualitative Characteristics...

    Annual report, Financial statements, Income statement 735  Words | 3  Pages

  • Regulatory and Conceptual Framework

    Regulatory and Conceptual Framework I am going to analyse and evaluate the conceptual and regulatory framework of financial reporting. In order to do this I will look at the objective of financial statements, identify the users of financial statements, explain the conceptual framework for financial reporting, look at the regulatory framework for financial accounting and finally look at the three ways of achieving accounting comparability. According to IAS Plus website, 2011, the objective of financial...

    Balance sheet, Capital, Financial Accounting Standards Board 2908  Words | 9  Pages

  • Regulatory Capture Theory

    REGULATORY CAPTURE THEORY Capture theory assumes, firstly, that all members of society are economically rational. Therefore, each individual will pursue his or her self-interest to the point where the private marginal benefit from lobbying regulators just equals the private marginal cost. Regulation has the potential to redistribute the wealth. Therefore, people lobby for regulations that increase their wealth. Second, the capture view assumes, as with public-interest theory, that the government...

    Administrative law, Development approvals, Economics of regulation 1036  Words | 4  Pages

  • Accounting

    CHAPTER 2 21. Generally accepted accounting principles a. are fundamental truths or axioms that can be derived from laws of nature. b. derive their authority from legal court proceedings. c. derive their credibility and authority from general recognition and acceptance by the accounting profession. d. have been specified in detail in the FASB conceptual framework. 22. A soundly developed conceptual framework of concepts and objectives should a. increase financial statement users'...

    Balance sheet, Critical thinking, Decision making 749  Words | 4  Pages

  • accounting

    Accounting, or accountancy, is the measurement, processing and communication of financial information about economic entities. Accounting, which has been called the "language of business", measures the results of an organization's economic activities and conveys this information to a variety of users including investors, creditors, management, and regulators. Practitioners of accounting are known as accountants. Accounting can be divided into several fields including financial accounting, management...

    Accountancy, Accountant, Big Four auditors 1677  Words | 6  Pages

  • Ethics and Conceptual Framework Paper

    Ethics and Conceptual Framework Paper Conceptual Framework There are two major philosophies in accounting consisting of a principles-based system for accounting and a rules-based system for accounting. The following discussion will speak about these two philosophies and will define one as being a best fit for encompassing the role of ethics and the conceptual framework. The conceptual framework was established by the Financial Accounting Standards Board (FASB) and is used to help define the boundaries...

    Accountancy, Accountant, Concept 1333  Words | 4  Pages

  • Accounting

    What is a theory? In this book we consider various theories of financial accounting. Perhaps, there¬fore, we should start by considering what we mean by a 'theory'. There are various perspectives of what constitutes a theory. The Oxford English Dictionary provides various definitions, including: A scheme or system of ideas or statements held as an explanation or account (description) of a group of facts or phenomena. Explanation or Account (description) of a group...

    Accountancy, Accountant, Accounting organizations 2333  Words | 7  Pages

  • Accounting

    Conceptual Framework of Accounting The Usefulness of a Conceptual Framework 1. To develop a coherent set of standards and rules 2. To solve new and emerging practical problems The FASB has issued seven Statements of Financial Accounting Concepts (SFAC) for business enterprises: SFAC No. 1 - Objectives of Financial Reporting SFAC No. 2 - Qualitative Characteristics of Accounting Information SFAC No. 3 - Elements of Financial Statements (superceded by SFAC No. 6) ...

    Balance sheet, Business, Depreciation 1394  Words | 5  Pages

  • Accounting

    the International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) to harmonise accounting amongst all countries across the globe. The objective of harmonisation is to ensure that financial reporting around the globe is prepared using the same accounting standards or accounting rules. Preparing accounts using the same accounting standards ensures that there is comparability of accounts prepared in different countries. Common accounting standards eliminate...

    Accountancy, Accounting software, Accounts receivable 1211  Words | 4  Pages

  • Regulatory Environment of Financial Reporting

     Regulatory Environment of Financial Reporting Nicholas Vujnich Accounting 561 September 25th, 2014 Chelsea Bjorkman Regulatory Environment of Financial Reporting Over the last 100 years, there have been significant changes to the regulatory environment that shaped financial reporting requirements. The Securities Act of 1933, The Securities Exchange Act of 1934, and the Sarbanes-Oxley Act of 2002 are the most notable laws enacted to ensure transparency and accuracy in reporting. Each new law...

    Balance sheet, Enron, Form 10-K 1665  Words | 9  Pages

  • Accounting

    Difference between accounting and auditing The main difference is that accounting is preparing the books and auditing is checking if the book are prepared according to the applying framework. Back to a fundamental question, what is the difference between accounting and auditing from a financial perspective? A quick answer is: Accounting is a process of preparing the works, Auditing is a process of evaluating & scrutinizing of the work prepared. In other words, accountants are in charged...

    Audit, Auditing, Auditor's report 1472  Words | 7  Pages

  • Accounting Criteria

    Accounting Reporting Criteria Paper Accounting reporting criteria includes many factors and covers many elements. From Fundamental Financial Accounting Concepts, “accounting is so important that it is often called the language of business. In fact, accounting affects not only individual businesses but also society as a whole” (Edmonds, Edmonds, McNair, Olds, & Schneider, 2006, p. 4). Global business requires added consideration in the way of accounting reporting criteria. With heightened consumer...

    Annual report, Balance sheet, Financial Accounting Standards Board 1083  Words | 4  Pages

  • Accounting

    ← Abstract Faced with various issues of international accounting in cultural, economic, ethical and social level, after comparing US with China about the GAAP, analyzing the differences and difficulties in global accounting standard, it’s necessary to separate different accounting standards because of the diversification in different countries, it shows that accountancy professions play an important role in capital market, which can provide useful, relevant and reliable information to interested...

    Balance sheet, Economics, Financial crisis of 2007–2010 1874  Words | 7  Pages

  • Accounting

    Accounting Homework Individual Chapter 7 Question 1&2 1. (a) What are generally accepted accounting principles (GAAP)? In the U.S., generally accepted accounting principles, commonly abbreviated as US GAAP or simply GAAP, are accounting rules used to prepare, present, and report financial statements for a wide variety of entities, including publicly-traded and privately-held companies, non-profit organizations. (b)What bodies provide authoritative support for GAAP...

    Accounting equation, Asset, Balance sheet 557  Words | 3  Pages

  • THE ACCOUNTING FRAMEWORK

    Student Number: __________________________ Pages: 12 Questions- Section A: 6 Section B: 15 UNIVERSITY OF TASMANIA EXAMINATIONS FOR DEGREES AND DIPLOMAS October- November 2008 BFA707 THE ACCOUNTING FRAMEWORK Examiner: Mrs Debbie Wills Time Allowed: THREE (3) hours Instructions: This examination paper is to be marked out of 100. It has two sections. Write your student number clearly at the top of this examination paper. Hand in the examination paper. Do not remove any part...

    Accounts receivable, Asset, Balance sheet 3097  Words | 12  Pages

  • Accounting

    Adrian Cadbury (1992), cited by Yener (2002), the author of ‘The Financial Aspects of Corporate Governance’ defined the term as “... holding the balance between economic and social goals and between individual and communal goals. The governance framework is there to encourage the efficient use of resources and equally to require accountability for the stewardship of these resources. The aim is to align as nearly as possible the interests of individuals, corporations, and society. The incentive to...

    Audit, Auditing, Auditor's report 2041  Words | 7  Pages

  • accounting

    of the times, people find it difficult to understand the various accounting Concepts. In this coursework, I shall analyze these concepts and explain them. First of all I shall discuss the materiality concept. WHAT IS MATERIALITY? Authoritative accounting bodies in the USA such as Financial Accounting Standard Board (FASB), Securities and Exchange Commission (SEC), General Accounting Office (GAO), American Institute of Certified Public Accountants...

    Asset, Balance sheet, Decision making 2202  Words | 6  Pages

  • Conceptual Framework

    C38FA-Financial Accounting | November 26 2012 | Topic- Conceptual Framework Name: Kashish Jashnani HW ID: H00114889 Conceptual Framework Introduction Conceptual framework is defined as the “a coherent system of interrelated objectives and fundamentals that can lead to consistent standards and that prescribes the nature, function, and limits of financial accounting and financial statements.” [wiley.com, 2002]. The conceptual framework is needed in the accounting body due...

    Balance sheet, Finance lease, Financial Accounting Standards Board 1379  Words | 5  Pages

  • Accounting Theory

    accountant is able to measure and chooses to measure…” (p. 480). Required: Discuss the extent to which the “scientific” world-view of mainstream accounting researchers, is grounded on a belief that “reality” exists independently of thee human subject and the possible implications this has for accounting theory development. Introduction Accounting is a subject that is guided with principles and regulations. Thus, it is often regarded as a rigid, rigorous, and highly analytical discipline with...

    Epistemology, Humanities, Methodology 1573  Words | 8  Pages

  • Conceptual framework

    A conceptual framework is a statement of theoretical principles that provides guidance for financial accounting and reporting. (Collins & Hussey, 2007). It therefore prescribes the nature, function and limits of financial accounting and financial statements. The IASB's Framework for the preparation and presentation of financial statements sets out the concepts that underlie the preparation and presentation of financial statements that external users are likely to rely on when making economic decisions...

    Abstraction, Concept, Financial statements 791  Words | 3  Pages

  • Management Accounting

    progress against plans, which may need modification based on feedback. Management accounting is concerned with the provisions and use of accounting information to managers within organizations, to provide them with the basis to make informed business decisions that will allow them to be better equipped in their management and control functions. In contrast to financial accountancy information, management accounting information is: usually confidential and used by management, instead of publicly...

    Accountant, Activity-based costing, Association of Chartered Certified Accountants 1939  Words | 7  Pages

  • Positive Accounting Theory

    and contrast normative and positive accounting approaches: Definition of PAT: Watts and Zimmerman (1986) defined Pat as a theory that seeks to explain and predicts particular phenomenon. It is concerned with explaining accounting practice. The three basic hypotheses as outlined by Watts and Zimmerman (1978) underlying PAT are: 1. Bonus plan hypothesis: The bonus plan hypothesis is that managers of firms with bonus plans are more likely to use accounting methods that increase current period...

    Explanation, Hypothesis, International Financial Reporting Standards 2419  Words | 7  Pages

  • What Is a Conceptual Framework and Why Is It Needed

    What is a conceptual framework for financial accounting and why is it needed? The purpose of this essay is to address the definition of a conceptual framework (CF) for financial accounting and why it is needed. The CF can be described as a “coherent system of inter-related objectives and fundamentals that should lead to consistent standards that prescribe the nature, function and limits of financial accounting and financial statements” (FASB, 1976). This suggests that the CF has a very important...

    Accountancy, Concept, Enron 1123  Words | 3  Pages

  • BTEC Business Level 3 Legal and Regulatory Framework

    Legal and Regulatory Framework There are many acts that exist to prevent discrimination, laws that protect age, sex, race, and religion. These acts are there to stop direct discrimination; when someone is treated less favourably than another. The company John Lewis is mostly affected by the Sex Discrimination Act 1975/97; to help stop judgement because of sex. They are affected by this act because of stereotypes; such as technological jobs that are expected to be done by a male, so when the...

    Disability Discrimination Act 1995, Discrimination, Employment 844  Words | 3  Pages

  • framework

    Theoretical Framework Bronfenbrenner’s Ecological Model and Bioecological Model suggest that the developing child (e.g., students, teachers) can be influenced by the environment. These environments included but not limited to the developing child’s home, school, and family (Bronfenbrenner, 1994; Bronfenbrenner, 1995). The Ecological Model and Bioecological Model can help explain differences between students’ and teachers’ perceptions. In the microsystem, for example, Bronfenbrenner states that...

    Bullying, Education, Motivation 720  Words | 3  Pages

  • Conceptual Framework

    Abstract This essay protrudes the objective of general purpose financial reporting (GPFR) as edged in the conceptual framework. The essay instigated with a brief history and development of conceptual framework which comprises Statement of Accounting Concepts. Apart from that, the essay also clarifies on how the financial information is essential for the users as stated in the SAC 2, for decision making purposes. Additionally, an illustration of the relationship between the SACs and how they are...

    Balance sheet, Business, Concept 1224  Words | 4  Pages

  • Conceptual Framework

    RELEVANT TO ACCA QUALIFICATION PAPER F7 AND PERFORMANCE OBJECTIVES 10 AND 11 The need for and an understanding of a conceptual framework This topic forms most of Section A (and has an influence on Section B) of the syllabus for Paper F7, Financial Reporting. A conceptual framework is important to the understanding of the many principles and concepts that underpin International Financial Reporting Standards (IFRS) and is an often-neglected part of candidates’ studies. Questions from these areas...

    Balance sheet, Concept, Financial Accounting Standards Board 1923  Words | 7  Pages

  • Ethics in Accounting

    Ethics in Accounting John Doe FIN 324 Ohio State University John Doe July 10, 2004 Ethics in Accounting Ethics are not merely something, which is comprised of a person's belief or thoughts, but that of what is best for an organization or company. Ethical decisions in business are handled everyday, and most organizations have some sort of established code of conduct to help guide management to make the correct decision. Ethical decisions are not always easy and may require some thought...

    Applied ethics, Business ethics, Education 734  Words | 3  Pages

  • Accounting Regulatory Bodies 14

    Accounting is extremely important when it comes to the success of organizations. Organizations can only be successful if there are investors willing to invest into that organization and accurate accounting allows investors to get a good financial picture of the organization that is being looked at. There are several different accounting regulatory bodies and each one of them is very important when it comes to accounting and the effects that accounting has on organizations. The overall goal of these...

    Finance, Financial Accounting Standards Board, Financial statements 503  Words | 2  Pages

  • Accounting Conceptual Frameworks

    Accounting conceptual framework QUESTION 1 (A) There are a lot of purposes of an accounting conceptual framework. The main purpose of financial reporting under this accounting conceptual framework is not to help management to make decisions, or calculate taxable income and etc. (Alexander & Nobes, 2007) However, the purpose of accounting conceptual framework is act as a framework for setting accounting standards. It act as a guideline to the Board in developing accounting standards , yet is...

    Balance sheet, Financial Accounting Standards Board, Financial statements 16776  Words | 44  Pages

  • A. Regulatory Competition Among Accounting Standards Within and Across International Boundaries (Sunder, 2002) Journal of Accounting and Public Policy 21, 219-234

    changing corporate world makes it harder to ascertain for the prefect standard. However, experimentation with alternatives in a competitive regulatory environment generates data to help identify with the most wanted accounting standards. No single set of standards has been shown to be the best suited for all firms. The argument for regulatory monopoly in accounting is often based on the assumption that in the absence of such regulation, there will be no standards. Financial reporting standards act...

    Balance sheet, Financial statements, Generally Accepted Accounting Principles 1016  Words | 4  Pages

  • Conceptual Framework

    Before conceptual framework is formed, companies prepared their financial report by their own methods. As to increase the utility of the financial report to the users for making economic decisions, conceptual framework is begun to develop by various professional bodies and organizations. 2. DEVELOPMENT OF CONCEPTUAL FRAMEWORK In 1970s, Financial Accounting Standards Board (‘FASB’) of United States began to develop a conceptual framework. The FASB defined the conceptual framework as a “…constitution...

    Annual report, Balance sheet, Financial Accounting Standards Board 1875  Words | 7  Pages

  • Regulatory Bodies with Roles in Accounting

    What are the major regulatory bodies and their functions? IRS (Internal Revenue Service): It is the oldest in the United States regulatory body also called the internal revenue service or IRS. The main goal of IRS is to manage and implement the internal revenue law. Their responsibility is to help individuals to understand their tax obligations as well as to tax collection. SEC (Security and Exchange Commission): SEC also called the Securities and Exchange Commission. Their main objective is...

    Accounting in the United States, Accounting organizations, Finance 368  Words | 2  Pages

  • Standard or Social Norms in Accounting

    written standard plays a significant role in finance report. Accounting Standard is a regulation that requires publicly traded companies to follow certain accounting rules when presenting financial statements so that the readers can easily compare different companies. Standards require more formal enforcement mechanisms, often supported by implicit or explicit power of the state to impose punishment (Sunder, 2005). The most authoritative accounting standard IAS/IFRS are widespread acceptance and adoption...

    Convention, Finance, Financial statements 1073  Words | 3  Pages

  • Accounting Conceptual Framework

    Exposure Draft Conceptual Framework for Financial Reporting by Islamic Financial Institutions This exposure draft (ED) is published by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) for comment only. The ED may be modified in the light of the comments received before being issued as a final accounting standard. AAOIFI, its committees, the authors and the publishers do not accept responsibility for loss caused to any person who acts or refrains from acting...

    Annual report, Asset, Balance sheet 12998  Words | 39  Pages

  • Why Conceptual Framework Is Considered

    Conceptual Framework is considered to be a Normative theory? Do we need conceptual framework? Discuss. A conceptual framework of accounting can be considered to be a normative theory of accounting. A conceptual framework makes prescriptions in regards to what the objectives of accounting are, what qualitative characteristics general-purpose financial information should possess, how the elements of accounting should be defined and when they should be recognised and how the elements of accounting should...

    Accountancy, Consistency, Financial Accounting Standards Board 921  Words | 3  Pages

  • Accounting

    directors. (2) Chair of the audit committee is a fellow of the ICAA (3) All members of the AC will be financially literate. (4) The responsibilities of the audit committee include: integrity of financial reporting; risk management & internal control framework; &oversight of independence of external & internal auditors. (5) Qantas rotates the lead audit partner every five years and imposes restrictions on the ex-employees of the external auditor Additional Question 1. Related party transactions (a)...

    Audit, Auditing, Auditor's report 632  Words | 3  Pages

  • Accounting

    The basic principles of an accounting information system include all of the following except | |   | Student Answer: | |  cost effectiveness. (Cost effectiveness is one of the basic principles of accounting information systems.) |   | | |  flexibility. (Flexibility is one of the basic principles of accounting information systems.) |   | | |  useful output. (Useful output is one of the basic principles of accounting information systems.) |   | | |  periodicity. (Correct! Periodicity...

    Accounting software, Accounts payable, Accounts receivable 1007  Words | 5  Pages

  • accounting

    Introduction to Accounting Accounting is a profession used to make financial and business decisions. Billions of dollars exchange hands every day, in millions of separate business transactions. These are recorded and reported on using a comprehensive set of guidelines, referred to as Generally Accepted Accounting Principles (GAAP). Brief History of Accounting Accounting was born before writing or numbers existed, some 10,000 years ago, in the area known as Mesopotamia, later Persia, and today the...

    Accountancy, Accountant, Chartered Accountant 2329  Words | 10  Pages

  • accounting

    The formation of the debit and credit concept In this simplified form we can begin to see what the mathematician and Father of Accounting (Luca Pacioli) saw in 1494 when he codified the double-entry bookkeeping system. It is his codified system that outlined the rules for applying debits and credits when recording the financial transactions of a business in the double-entry bookkeeping system. Now remember that Luca’s book in 1494 was written and published in Latin and at a time when the concept...

    Accounting equation, Accounting systems, Balance sheet 1595  Words | 4  Pages

  • accounting

    enterprise’s social or environmental impact. 2. Explain how accounting assists in the efficient use of scarce resources. Accounting provides reliable, relevant, and timely information to managers, investors, and creditors so that resources are allocated to the most efficient enterprises. Accounting also provides measurements of efficiency (profitability) and financial soundness. 3. Identify some of the challenges facing accounting. Financial reports fail to provide (1) some key performance...

    Accountant, Accounting organizations, Accounting Principles Board 624  Words | 3  Pages

  • Accounting

    Week 2 Discussed and Assessed Discussed Questions Martina Thomas University of Phoenix Accounting ACC/561 Tony Guice March 22, 2011 Week 2 Discussed and Assessed Discussed Questions Prepare to discuss any of the following questions from p. 715 of Introduction to Management Accounting: 15-3, 15-9, 15-4, & 15-15. 15-3. How are the income statement and balance sheet related? Income statement is one of financial statement that a company uses to outline the activities and occurrences...

    Asset, Balance sheet, Depreciation 760  Words | 3  Pages

  • Speech on accounting

    ANYTHING IN (Brackets) OUT LOUD 2. ONLY CLICK ONCE TO CHANGE PAGE EVERY THING ELSE IS AUTOMATIC. SLIDE 1 (Merely Cover page say nothing and smile and everyone, click after 3 sec) Slide 2 It is an accounting standard-setter's conceptual framework which describes the fundamental approach that the Accounting Standards Board (the ASB) believes should, in principle, underpin the financial statements of profit-oriented entities. This Statement is intended to be comprehensive and reasonably detailed description...

    Balance sheet, Financial statements, International Accounting Standards Board 662  Words | 3  Pages

  • Accounting

    employees is fair. In most cases when a union is involved, there is a percentage of compensation that has been agreed upon. 1.7) Financial accounting (i) Management accounting (h) Financial reporting (g) Financial statements (f) General-purpose assumption (b) Integrity (c ) Internal control (e) Public accounting (d) Bookkeeping (a) 2.3) Amber Company’s assets total $150,000 and its liabilities total $85,000. What is the amount of Amber’s...

    Asset, Balance sheet, Bond 661  Words | 3  Pages

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