financially bilingual as there will be one set of financial reports. Literature review Both IFRS and USGAAP financial reporting standards are developed from the conceptual framework, hereafter IFRS conceptual framework referred to as CFW and the USGAAP conceptual framework referred to as FW. Both regimes recognise the importance of frameworks as a basis for developing or making refinements to existing or creating new standards. IFRS main objective is “the objective of general purpose financial reporting
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Conceptual Framework A conceptual framework establishes the concepts that underlie financial reporting. Conceptual framework includes objectives, qualitative characteristics, elements, measurement, and recognition concepts. The FASB Concepts Statements guide the board in developing accounting principles and provide understanding. These concept statements are non-authoritative and do not establish generally accepted accounting principles. Entities do not use the FASB Concept Statements in routine
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Proposed Statement of Financial Accounting Concepts Issued: March 11, 2010 Comments Due: July 16, 2010 Conceptual Framework for Financial Reporting: The Reporting Entity This Exposure Draft of a proposed Statement of Financial Accounting Concepts is issued by the Board for public comment. Written comments should be addressed to: Technical Director File Reference No. 1770-100 Responses from interested parties wishing to comment on the Exposure Draft must be received in writing by July 16, 2010
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are established and propagated on the basis of two key conceptual structures, namely, Financial Accounting Standards Board (FASB) and International Accounting Standards Boards (IASB) (Cong 2013). This essay will discuss and justify that accounting theory played a role in setting of accounting practices but it played no significant role in setting of accounting standards. Rather, several accounting standards were set by the conceptual frameworks formulated by the accounting standards-setting groups
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a) Phil N. Tropic should recognize this as the asset. In the Conceptual Framework (CF) of IASB, it states that an item can be recognized as the asset if it meets the definition of the asset and meets the recognition criteria at the same time (IASB, 2014). And the definition of the asset in CF is “a resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity” (IASB, 2014). In other words, if the item is an asset, it must have
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American Accounting Association DOI: 10.2308/acch-50087 COMMENTARY Some Conceptual Tensions in Financial Reporting American Accounting Association’s Financial Accounting Standards Committee (FASC) Yuri Biondi, Jonathan Glover, Karim Jamal (Chair and principal co-author), James A. Ohlson, Stephen H. Penman, Shyam Sunder (invited principal co-author), and Eiko Tsujiyama SYNOPSIS: We examine four key conceptual tensions that are at the heart of many financial reporting dilemmas: stocks versus
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("US Financial Accounting Standards Board FASB; IASB and US FASB Complete First Stage of Conceptual Framework," 2010). This committee recommended that a full time board be developed to create set accounting standards. This led to the development of the Financial Accounting Standards Board (FASB) in 1973 within the Financial Accounting Foundation ("US Financial Accounting Standards Board FASB; IASB and US FASB Complete First Stage of Conceptual Framework," 2010). The function of the FASB is
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BAC 3684: ACCOUNTING THEORY LECTURER’S NAME: PROF PREM LAL JOSHI GROUP MEMBER’S STUDENT | STUDENT ID | DARREN TEH WE LOON | 1102702654 | CHEE YEN MUN | 1102700429 | CHANDRAPRIYA D/O GOPALACHANDRAN | 1101110492 | GAYATHIRY ULAKANATHAN | 1101110649 | a) In your opinion, why do standard setters require measurement methods other than traditional historical cost accounting? Accounting should be the most straightforward of topics
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SISTEM AKUNTANSI PEMERINTAH Magistern Akuntansi UNS Chapter 2-1 KERANGKA KONSEPTUAL AKUNTANSI PEMERINTAHAN BANDI Chapter 2-2 CHAPTER 2 CONCEPTUAL FRAMEWORK FOR FINANCIAL REPORTING Intermediate Accounting IFRS Edition Kieso, Weygandt, and Warfield Chapter 2-3 Tujuan pembelajaran (Learning Objectives =LO) 1. Menggambarkan kegunaan kerangka konseptual. 2. Menggambarkan upaya untuk membangun kerangka konseptual. 3. Memahami tujuan pelaporan keuangan
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unused tax losses create deferred tax assets, discuss whether these deferred tax assets satisfy definition and recognition criteria for assets according to the AASB Framework for the Preparation and Presentation of Financial Statements and would the answer change if the asset definition in the IASB / FASB proposed Conceptual Framework was applied. As the author is more focus on tax loss, therefore future tax consequences is only focus deferred tax asset. Future tax consequences incurred because
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