International Accounting Standards What is the International Accounting Standards Board? This paper will give a brief overview on the history of the International Accounting Standards‚ starting with the role of the IASC Foundation‚ the structure of the IASB and the number of accounting standards currently published. Next‚ it will explain the steps in creating an international accounting standard in accordance with due process and it will show the mailing address and phone number. Lastly‚ there will
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Abstract Discussion on harmonization is started quite long time ago. Its impact on the countries economy is good or bad is the central idea of this essay. This essay is written specifically on the accounting standard used in Australia. This essay starts with introduction on various topics such as conceptual framework‚ IASB‚ Sacs then it discussed the issue of harmonization. Harmonization will have positive impact on the economy because it attracts overseas investors to invest in Australia. This
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Accounting in the USA The following report will describe and discuss the major elements of accounting in the USA. It will show that the US Generally Accepted Accounting Principles (GAAP) are set by the Financial Accounting Standards Board (FASB)‚ where as the International Accounting Standards (IAS) are set by the International Financial Reporting Standards (IFRS). This report will also state the similarities and differences between these standards. In addition‚ the following report will use
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United States Accounting Standards vs International Accounting Standards June 21‚ 2009 Introduction This research project will inform the reader of the difference between the United States accounting standards and International accounting standards. The United States uses the Financial Accounting Standards Board (FASB) to issue financial reporting procedures. The International Financial Reporting Standards (IFRS) are issued by the International Accounting Standards Board (IASB).
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309 Accounting Standard (AS) 17 (issued 2000) Segment Reporting Contents OBJECTIVE SCOPE DEFINITIONS IDENTIFYING REPORTABLE SEGMENTS Primary and Secondary Segment Reporting Formats Business and Geographical Segments Reportable Segments SEGMENT ACCOUNTING POLICIES DISCLOSURE Primary Reporting Format Secondary Segment Information Illustrative Segment Disclosures Other Disclosures APPENDICES The following Accounting Standards Interpretations (ASIs) relate to AS 17: Revised ASI 20 - Disclosure
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Current Value Accounting and Its Influences on Accounting Environment Wei Cui Abstract Current Value Accounting is one of the hot spots of accounting researches. Three prevailing current value accounting methods are present value method‚ current entry price method and current exit price method. All these methods aim at adjusting the book value of assets and liabilities so that the information will not be distorted by the changing prices
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Introduction There are two based types of accounting measurement to determine the profit. They are cash basis and accrual basis. Business can use either a cash basis or accrual basis to work there profit. However‚ most of the company prefers to use accrual basis instead of others. In this essay‚ I will compare the difference between cash basis and accrual basis on expense and revenue. In addition‚ how can company choose their measurement of profit will also be discussed. Cash basis & accrual
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AASB Standard AASB 101 Presentation of Financial Statements FOR NOT-FOR-PROFIT (NFP) ENTITIES ONLY This compiled Standard applies to annual reporting periods beginning on or after 1 January 2013 but before 1 July 2013. Early application is permitted. It incorporates relevant amendments made up to and including 18 December 2012. Prepared on 10 May 2013 by the staff of the Australian Accounting Standards Board. Obtaining Copies of Accounting Standards Compiled versions of Standards‚ original
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Exposure Draft Accounting Standard (AS) 10 (revised) Tangible Fixed Assets (Last date for Comments: February 28‚ 2006) The Institute of Chartered Accountants of India Issued by Accounting Standards Board Exposure Draft Revised AS 10‚ Tangible Fixed Assets Contents INVITATION TO COMMENT [Exposure Draft] Accounting Standard AS 10 (revised) Pages 4-5 Tangible Fixed Assets OBJECTIVE SCOPE DEFINITIONS RECOGNITION Initial Costs Subsequent Costs MEASUREMENT AT RECOGNITION Elements
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shifted towards a uniform accounting standards or the International Financial Reporting Standards (IFRS). The main motive behind this movement is to come up with a global language for accounting which will be comparable and understandable beyond the borders of a nation. As of today about 120 countries require IFRS for domestically listed companies‚ although only about 90 countries have fully conformed to IFRS . While some argue that it is necessary to have a system of accounting that is clear and transparent
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