International Accounting Standards Board

Introduction For many years, the U.S. Financial Accounting Standards Board, FASB, and the International Accounting Standards Board, IASB, have simultaneously worked to find a common standard for lease accounting. The FASB and IASB are committed to bringing all leases onto the balance sheet, much to the dismay of many businesses. After years of deliberation, because of the complexity of the issue, the FASB and IASB have finally broken ground in altering the way leases are accounted for in company

Generally Accepted Accounting Principles are set by the Financial Accounting Standards Board (FASB) and is generally used in the United States. GAAP specifics include concepts and principles and industry specific rules. A company’s financials would need to follow a certain framework and GAAP allows for uniformity among companies. However, there are differences in GAAP concepts throughout the various geographic regions of the United States. “International Financial Reporting Standards (IFRS) is a set

accuracy and reliability of corporate disclosures. This is also known as the 'Public Company Accounting Reform and Investor Protection Act' and 'Corporate and Auditing Accountability and Responsibility Act'. The law was enacted on July 30, 2002. The act is commonly known as SOX. SOX is a united states federal law. It sets improved standards for all US public company boards, management and public accounting firms. The law emphasises that it’s the duty of the top management to ensure and certify the

paper will explore the differences and similarities between the financial statements that are required by the International Financial Reporting Standards (IFRS) and the United States Generally Accepted Accounting Principles (U.S. GAAP). Secondly, it will provide the needed information to transition the financial statements of Amazon.com Incorporated to the IFRS from its current reporting standards as outlined by the U.S. GAAP. Thirdly, it will provide an in depth analysis of the changes that will be made

Convergence The Financial Accounting Standards Board (FASB, 2012) believes that convergence of US generally accepted accounting principles (GAAP) with international financial reporting standards (IFRS) is necessary because business worldwide would benefit from having a single set of high quality international accounting standards. This would make it easier for cross-border financial reporting. The FASB makes the claim that it would help with domestic reporting but that seems counterintuitive and

leases: operating and capital leases, and there are various rules implemented by the International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB), for evaluating leases to determine if they are capitalized or not. A capital lease is associated with the purchasing of a capital asset, while an operating lease is associated with the use of an item that requires a fee. The new accounting rules may have adverse effects on company’s balance sheets, the income statements

Memorandum to file Date: From: Re: Determining the Accounting for Receivables from Officers and Directors. Facts Philadelphia Communications Inc. (“Philly”) is a public company that completed an initial public offering (IPO) a few months ago. John Sigar is the current CEO and member of the board of directors. He is the only family member involved in the business and owns significant amount of the company’s stock. While, we were doing audit testing for accounts receivable we came across

Fair Value Accounting and Intangible Assets The considerable debate on the advantages and disadvantages of moving towards a full mark to market accounting system for financial institutions has been triggered by the move of the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) to make changes in this direction as part of an attempt to globalize accounting standards. Both fair value accounting and historical cost accounting have their advantages

Framework can be defined as a system of concepts and purposes that guide to the creation of a constant set of regulations and standards. Especially in accounting, the rule and standards set by the nature, function and limit of financial accounting and financial statements. The purpose of the Conceptual framework is to enhance financial reporting and objective of accounting by offering a more accomplish, clear and updated set of concepts or guidelines. In Conceptual Framework, it will form a basis

apply and understand? International Accounting Standards 12 continues to receive numerous criticisms on applicability and usefulness of numbers in accounting for corporate income taxes. The argument presented is that the standards set by IAS 12 are too hard to apply or even understand. In the plight of these criticisms, two accounting standards boards, UK’s (ASB) and Germany’s (GASB) opted to conduct a proactive project plan aimed at fundamentally reviewing the standards set by IAS 12 prove hard