Semester 1, Academic Session 2013/14
ACW 367: Accounting Theory & Issues
THE CONVERGENCE TO A GLOBAL ACCOUNTING STANDARD
LECTURER: PROFESSOR DR. FAUZIAH MD. TAIB
MUHAMAD FAZLULLAH B MUHAMAD NAZRI
SITI NUR AMIRAH BT SAIKH MD NOR
Through this opportunity, we would like to thank Professor Dr. Fauziah Md. Taib, our ACW367’s lecturer because she gave us a lot of valuable information and guidance throughout this assignment. We gratefully devote our thanks her since she is always give us aspirations in order to complete this challenging assignment. We cannot repay her kindness unless we do the best in this assignment. Besides that, we would like to appreciate people that guide us to complete our tasks especially our course mates who have helped us and taught us in regarding how to do this assignment. Without their contributions and sharing ideas, we will not able to complete our assignment on time.
Moreover, we have to admit that we learnt a lot from this assignment especially regarding the accounting issues such as the problems that has been faced by standard setters until their achieve a great success today. We are able to appreciate what we practically learn from more than 3 years in this excellence university. Finally, this assignment is very useful for us because it increases our understanding and able to exposes us to the current issues relating theories of accounting standards.
Table of Contents
On 29 April, 2012 Sleigh-Johnson, head of ICAEW 's Financial Reporting Faculty said that “A US decision is really a critical part of the future success of IFRS. This is an once-in-a-lifetime change in global regulation and you just have to recognise there will be obstacles and delays”. Sleigh’s statement above mentions the important of role possess by US toward convergence to global accounting standard.
References: 1. Jay Godfrey (2010), Accounting Theory, 7th Edition, viewed on 10/11/2013 2 9. Paul Pacter, CPA, PH.D., (February, 2013), What have IASB and FASB convergence efforts achieved?, viewed on 26/11/2013, Available from: http://www.journalofaccountancy.com/Issues/2013/Feb/20126984.html 12. Nation News, (May 27, 2013), Long push for new accounting standards, viewed on 26/11/2013, Available at: http://www.thestar.com.my/News/Nation/2012/04/29/Long-push-for-new-accounting-standards.aspx 13. Chodor Larry, Erickson Craig, (February 08, 2013), Latest News on Convergence Between IFRS and US GAAP, viewed on 27/11/2013, Available from: http://www.wiss.com/articles/content.php?id=1302_convergence