Summary Discussion on IFRS versus GAAP Jayne Egharevba ACC/291 January 26‚2015 Business Management Summary Discussion on IFRS versus GAAP Harris‚ P.‚ Stahlin‚ W.‚ Arnold‚ L. W.‚ & Kinkela‚ K. (2013).The Financial Accounting Standard Boards ( FASB) and International Accounting Standard Board ( IASB) are both working on financial instruments that include classification and measurement of the financial instrument and impairment of financial assets. However‚ the boards did not converge and set down
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IASB‚ | 4 | Convergence of FASB and IASB | 5 | Issues | 6 | The needs of harmonization of internal accounting standards | 7 | Obstacles of harmonization of accounting standards‚ discussion and evaluation on whether it will be accepted by all users | 8 | Conclusion | 9 | Reference List | 10-11 | FASB Financial Accounting Standards Board (FASB) is an organization in the private sector which is responsible to establish standards which govern the preparation of financial statements of
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Accountants follow professional guidelines for measurement and disclosure of financial information. These are called generally accepted accounting principles (GAAP). In the United States‚ the Financial Accounting Standards Board (FASB) formulates GAAP. The International Accounting Standards Board (IASB) sets global or International Financial Reporting Standards (IFRS)‚ the two basic types of external providers of capital include investors (who exchange cash for stock) and creditors (who loan cash)
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Corporate governance is the set of principles and practices that a corporation uses to regulate the relationship between the shareholders and the professional managers hired by the board of directors. Because the financial statements are an important channel of communication between the managers and the shareholders‚ the financial statements are crucial to the process of corporate governance (Stice & Stice‚ 2006). http://www2.accaglobal.com/pdfs/international/pakistan/pm_cg.pdf
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au/admin/file/content105/c9/AASB101_09-07_COMPsep11_07-12.pdf Deloitte (2013). IAS 1 – Presentation of Financial Statements. Retrieved from: http://www.iasplus.com/en/standards/standard5 FASB Staff Document (2012). Revenue Recognition – Potential Changes to U.S GAAP. Retrieved from: http://www.fasb.org/cs/BlobServer?blobkey=id&blobwhere=1175823816301&blobheader=application%2Fpdf&blobcol=urldata&blobtable=MungoBlobs FASB (2013). Going Concern. Retrieved from: http://www.fasb.org/cs/ContentServer
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reasonable care‚ knowledge‚ skill‚ and judgment when providing auditing and other accounting services to a client. In other words‚ an accountant’s actions are measured against those of a “reasonable accountant” in similar circumstances. The development of GAAPs‚ GAASs‚ and other uniform accounting standards has generally made this a national standard. An accountant who does not comply with GAASs when conducting an audit and thereby fails to uncover a fraud or embezzlement by an employee of the company
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537 November 10th 2012 Professor Joh David Basic Accounting Concepts and Business Structures Generally Accepted Accounting Principles (GAAP) and Related Hierarchy The common set of standards and procedures is called generally accepted accounting principles (GAAP). Four organizations are instrumental in the development of financial accounting standards (GAAP) in the United States: 1- Securities and Exchange Commission (SEC) 2- American Institutes of Certified Public Accountants (AICPA) 3- Financial
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reports are important to users of financial statements because they inform users of the auditor’s opinion as to whether or not the financial statements are fairly stated or whether no conclusion can be made with regard to the fairness of their presentation. Users especially look for any deviation from the wording of the standard unqualified report and the reasons and implications of such deviations. Having standard wording improves communications for the benefit of users of the auditor’s report.
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of collaboration and communication. More than a billion individuals around the world are connected and networked together to create‚ collaborate‚ and contribute their knowledge and wisdom. Facebook is an online social network for freewhich enables users to share ideas‚ opinions‚ pictures and activities. From 2004 to present‚ Facebook has been undergoing an evolution from an exclusive social network for college students to a social network open for all‚ including businesses. With the opening of Facebook
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implementation of IFRS will require substantial amendment in existing laws. The basic objective of this research paper is to trace the real problems regarding IFRS implementation in India and to suggest remedial measures. Keywords : IAS‚ Indian GAAP‚ US GAAP‚ IASB‚ Fair Values‚ MCA. 1. INTRODUCTION : CONCEPTUALIZING THE TERM IFRS The full abbreviation of the term “IFRS” is international financial reporting standard (IFRS). IFRS has been developed by International accounting standard board (IASB).
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