Although the IASB and FASB have been striving since 2002 to achieve convergence‚ there are still many differences between the two. These differences range from revenue recognition to the matter in which the organizations receive funding. Under the IASB‚ the accrual method is the only preferred way of recognizing revenue and expenses. While FASB accepts cash basis and accrual basis; cash basis is only accepted if cash sales are less than $5 million per year. When it comes to generating funds the IASB
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languages and currencies when recording and preparing the financial reports. Imaging that if the investors and creditors are not able to read and understand the financial information‚ they will not invest or loan money. For these reasons‚ International Accounting Standards Board (IASB) and US Financial Accounting Standards Board (FASB) have been joined and worked together on convergence project since 2002 for the purpose of combining US accounting standards and global standards into a single International
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Organizational Issues in the Introduction of New Technologies Ralph Katz and Thomas J. Allen June 1984 1582-84 Organizational Issues in the Introduction of New Technologies by Professor(s) Ralph Katz and Thomas J. Allen More than ever before‚ organizations competing in today ’s world of high technology are faced with the challenges of "dualism"‚ that is‚ functioning efficiently today while planning and innovating effectively for tomorrow. Not only must these organizations
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Both sets of standards have a five step guide that is used to achieve their sole purpose. They are to identify the contract with the customer‚ identify performance obligations in the contract‚ determine the transaction price‚ allocate the transaction price to the performance obligations in the contract‚ and recognize the revenue when‚ or as‚ the entity satisfies a performance obligation . In identifying a contract with a customer‚ both the FASB and the IASB require approval and commitment of the
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Controversial Issue- Race and Crime One of the controversial we have is race and crime. The opposing side thinks that pulling over people because of their race is not the reason why there being pulled over. They deny the charges because they don’t think they stop them because of their race. However‚ I believe that all the criminals being arrested and being stopped is because of their race. This issue became controversial in 1999. In 1968 the Supreme Court rules Terry v. Ohio that
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Neighborhood News In reading the articles‚ I chose the articles regarding smoking and flu deaths to focus on and believe that both of these articles were addressing public health issues. According to “Healthy People 2020" (2012‚ November 20)‚ “Tobacco use is the single most preventable cause of death and disease in the United States” (Tobacco Use). With regard to a possible flu pandemic in the article regarding a possible rise in flu deaths‚ according to the “Center for Disease Control and Prevention”
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of assets and liabilities when required by other Standards. This project will not change when fair value measurement is required by IFRSs. Discussion at the September 2005 IASB Meeting At the September 2005 meeting‚ the IASB added the Fair Value Measurements topic to its agenda. The aim of the project is to provide guidance to entities on how they should measure the fair value of assets and liabilities when required by other Standards. This project will not change when fair value measurement is
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explore the exciting world of the GASB and the FASB. Two of the most exciting boards in the accounting world today. We will compare and contrast each of the boards to get a more in-depth look into how each of the boards operate. We will go thru their mission statements in order to get a sense of how they operate and what are their overall goals. Let’s get started! The FASB mission statement states‚ “that it is to establish and improve standards of financial accounting and reporting that foster
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Ryan Murphy is known for his ability to keep things interesting‚ and in his new sitcom The New Normal he has not fallen short on that expectations. In this series Bryan and David‚ a happy gay couple living in L.A. with respectable jobs‚ seem to have everything except for the one thing they want most‚ a child. The couple hires Goldie‚ a young mother who had just left her adulterous husband in Ohio and ran away to L.A. with daughter‚ Shania‚ to start over and forget her old life‚ to be a surrogate
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Contemporary Issues In Management Bharat Stage Emission Standards Guided By : Prof. Vishal B. Javiya Assistant Professor Prepared By : Roll No : 63 MBA Sem-I Smt. R.D.Gardi Department Of Business Management‚ Saurashtra University‚ Rajkot : 360005 * INTRODUCTION : Now a day‚ in this world‚ there is big problem of increasing the Vehicles. It is not a problem for single country‚ it is a major problem for the whole
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