the nation’s economy. The primary means of conveying financial information to investors, creditors, and other external users is through financial statements and related notes. In this chapter you explore important topics such as the FASB’s conceptual framework that serve as a foundation for a more detailed study of financial statements, the way the elements of these statements are measured, and the concepts underlying these measurements and related disclosures. Learning Objectives LO1–1 Describe
Words: 7130 - Pages: 29
The Relationship between IASB and FASB Doris Edwards ACC/541 – Accounting Theory and Research Instructor - Leslie Crews, JD, MBT March 28, 2011 Financial Accounting Standards Board History The Financial Accounting Standards Board (FASB) is a private sector organization that was established in 1973. The FASB is governed by the Financial Accounting
Words: 1173 - Pages: 5
Análisis de Estados Financieros e Indicadores de Gestión Revisión analítica de Corporación Interamericana de Entretenimiento, S.A.B. de C.V. Alumno: Sergio Iván Sánchez Pérez Matricula: 278450 Maestro: Dr. Enrique Flores Pérez 1. Review the meaning of the terms and concepts listed in Key Terms and Concepts. Balance sheet: Statement of financial position that shows Total Assets 5 Total Liabilities 1 Owners’ Equity. The balance sheet usually classifies Total Assets as (1) current assets
Words: 2869 - Pages: 12
Recognition (IAS 18) 6 Property, Plant and Equipment (IAS 16) 8 Xerox Revenue Recognition Scandal 9 Recognition in the Annual Statements 10 Conclusion 13 Bibliography 14 Appendices 17 Appendix 1 – Standards from IASB 17 Appendix 2 – Proposed plan for FASB and IASB 18 Appendix 3 – TUI Travel Plc Annual Statement 21 Appendix 4 – Thomas Cook Annual Statement 27 Appendix 5 – PSA Peugeot Citroen Annual Statement 31 Appendix 6 – Daimler AG Annual Statement 37 Appendix 7 – Xerox Annual
Words: 4198 - Pages: 17
qualitative characteristics (i.e. relevance and faithful representation) and the enhancing qualitative characteristics (i.e. understandability, comparability, verifiability and timeliness) as defined in ‘An improved Conceptual Framework for Financial Reporting’ of the FASB and the IASB (2008). The operationalization of these qualitative characteristics results in a 21-item index. Using 231 annual reports from companies listed at US, UK, and Dutch stock markets in 2005 and 2007, we test our compound
Words: 13269 - Pages: 54
IFRS Versus GAAP TEAM A Anna Brandon ACC/290 Octuber 8th, 2014 Pat Maccon IFRS Versus GAAP If aiming to invest in emergent markets or to get involved in any kind of business, it is relevant to acknowledge the world’s two main accounting systems: Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS). GAAP standards provide direction for almost every accounting setting, including inventory accounting methods and procedures. GAAP is used principally
Words: 933 - Pages: 4
of employees and their families as well as for the society they operate their business and future generation. REQUIREMNT OF THE CURRENT CONCEPTUAL FRAMEWORK Conceptual framework is a guideline issued by international accounting standard board (IASB) for the development of international accounting standards (IAS). It is a practical tool that assist IASB to develop standards and assist preparers to develop consistent accounting policies when there is no standards and assist others stakeholders
Words: 2594 - Pages: 11
In the 1980s the usefulness of the FASB’s Conceptual Framework was soon questioned. Indeed, many researchers have pointed out the incompleteness, the inconsistency, the circular reasoning and non-operationality of the American Framework (Dopuch and Sundern, 1980; Solomons, 1986; Gerboth, 1987; Hines, 1989). Moreover, the decision-useful objective didn’t gather real support when the FASB carried out a survey to determine if constituencies did agree with the Trueblood report objectives of financial
Words: 430 - Pages: 2
website, the role of the ASIC is to enforce and regulate company and financial services laws to protect consumers, investors and creditors. (ii) Australian Accounting Standards Board (AASB) The role of the AASB is to develop a conceptual framework. It is also responsible for ‘making’ accounting standards that have the force of law under the corporations legislation, as well as formulating accounting standards that are to be used by reporting entities that are not governed by corporations
Words: 1832 - Pages: 8
1.a) Achievements and Failure – Harmonization Process – EU & IASB International business are no longer confronted only with Accounting problems, which ends at domestic borders. When companies, equity, or capitials cross borders they are confronted with new cultures, challenging new laws and differences in political systems. Besides that there are the differences in Accounting Standards abroad. For example there are the US gaap and IAS. The lack of similar Accounting Standard led to problems
Words: 989 - Pages: 4
