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 parties‚ as well as the identification of rights and payment terms. Also required is that the contract has commercial substance. It must be probable that consideration will be received in exchange for the
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In 1973‚ the Financial Accounting Foundation (FAF)‚ an independent‚ private sector organization‚ established the Financial Accounting Standards Board (FASB) to establish and improve standards of financial accounting and reporting for nongovernmental entities. FASB has been the designated organization in the private sector for establishing standards of financial accounting that governs the preparation of financial reports by nongovernmental entities. The standards officially recognized as authoritative
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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
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Joseph Cornell Artist This internationally renowned modern artist never had professional training. He was first and foremost a collector. He loved to scour old book shops and secondhand stores of new York looking for souvenirs‚ theatrical memorabilia‚ old prints and photographs‚ music scores‚ and French literature. Joseph Cornell was born on Christmas Eve 1903. He was the oldest of four children born to Helen and Joseph Cornell. He had two sisters‚ Betty and Helen‚ and a brother‚ Robert. Cornell
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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 required by IFRSs. Discussion at the November 2005 IASB Meeting The staff conducted an education session on the FASB’s
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as The International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB). The standards made by IASB are known as International Financial Reporting Standards (IFRS) and by FASB is known as Generally Accepted Accounting Principles (GAAP). IFRS is applicable in international level and GAAP is used mainly in the United States. What is meant by a ‘conceptual framework’ for financial accounting? The conceptual framework constitutes the objective‚ the fundamentals and base
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September 2010 Changes in Conceptual Framework Framework (1989): Framework for the Preparation and Presentation of Financial Statements (the Framework) was published by IASC in July 1989 and adopted by the IASB in April 2001. Conceptual Framework 2010: Conceptual Framework for Financial Reporting 2010 (the IFRS Framework) approved by the IASB in September 2010 and thus‚ the Framework (1989) withdrawn to the extent of coverage similar to the IFRS Framework (2010). |Framework (1989)
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Why 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
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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
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Chapter 2 Conceptual Frameworks for Supply Chain Management No great discovery was ever made without a bold guess. Isaac Newton 2.1 Agile‚ Flexible and Responsive Supply Chains To ensure long-term competitiveness and survival‚ companies implement new strategies‚ based on collaboration with business partners and an advanced utilization of IT and Web services (Geunes et al. 2002). Various competitive strategies of agile‚ responsive and flexible SCs have been developed over the last decade
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