Sign Up Now
Get instant access to over 1 million+ study documents
OR
Already registered? click here to login
By creating your account, you agree to our terms of service, privacy policy and student honor code.
This is important, because it shows specific issues that are being dealt with, surrounding how a reporting entity will account for these issues. (Conceptual Framework 2011)
The measurement phase is when you were creating standards that can be used to accurately calculate the financial information that is being provided. Where, both entities have identified a number of issues that can help to create a universal standard to include: valuation strategies, confidence in the standards that are being presented and how to calculate interest rates along with other charges. In this case, a tremendous amount of progress has been made in: determining the various standards and which ones will be used. This helps to support the objectives and qualitative characteristics, by ensuring that a standard of measurement is used that takes into account these different viewpoints. (Conceptual Framework 2011)
The reporting phase is when there is a discussion about: what is considered to be a financial entity and the standards that they must...
Currently, this part of the process is open for public comments until July 16th. This is significant, because there are a wide variety of techniques that are used to determine what kind of entities must follow these different standards. As, some businesses are established as financial holding companies, while others are created as S corporations or limited liability companies. Understanding how to apply these standards to: a variety of organizations; will ensure that there is some kind of uniformity is created in various accounting procedures. Once this occurs, it means that this can help to: improve transparency and provide clarity about the organization. (Conceptual Framework 2011)
Bibliography
Conceptual Framework, 2011, FASB. Available from: [7 May 2011].
McCarthy, I, 2003, cooperation Between FASB and IASB, Entrepreneur. Available from: [7 May 2011].
Harvard Format. http://lgdata.s3-website-us-east-1.amazonaws.com/docs/380/49275/Harvard%20LibGuide%20-%20All%20Examples%20PDF.pdf
Bibliography
Conceptual Framework, 2011, FASB. Available from: <http://www.fasb.org/cs/ContentServer?c=FASBContent_C&pagename=FASB%2FFASBContent_C%2FProjectUpdatePage&cid=900000011090> [7 May 2011].
McCarthy, I, 2003, cooperation Between FASB and IASB, Entrepreneur. Available from: <http://www.entrepreneur.com/tradejournals/article/102270935_2.html> [7 May 2011].
Harvard Format. http://lgdata.s3-website-us-east-1.amazonaws.com/docs/380/49275/Harvard%20LibGuide%20-%20All%20Examples%20PDF.pdf
" To explain its thinking, the exposure draft provides an insurance contract as means of example on its proposed thinking of the relation between unconditional and conditional rights. According to the example, an entity purchasing an insurance contract has two inherit rights: both an unconditional right to the insurance coverage and a conditional right to reimbursement if an insured loss occurs sometime in the future. The unconditional right is a
reporting of capital and operating leases and their impact on fair value measurements. The essay surveys lease accounting standards from 1976 thru the present. The basic principle of lease accounting is that some leases are merely rentals, while others are in effect purchases. U.S. regulations that specify lease accounting rules are issued by the Financial Accounting Standards Board (FASB). The primary FASB statement on leases was Number 13, issued in
S. GAAP," 2012). In other circumstances, IFRS requires the combination of two or more transactions when they are linked in a manner that the commercial impact can only be understood through referring to the transactions as a whole. Customer Loyalty Programs: Under IFRS accounting standards, loyalty or award programs in which a customer earns credit depending on their purchase of goods and/or services should be accounted for as multiple-element arrangements. Therefore, these
Preparers, auditors, and users of financial statements must encourage and support compliance with the substance and form of the international standards; (3) the adoption and implementation of the international standards require action at both the national and international levels. At the national level, it is important that governments, regulators, and national standard setters place international convergence as a priority on their agendas. At the international level, it is important
Accounting includes recording, summarizing, and reporting of the economic activities and events of an organization. It is pertinent in business decision-making and the management and control of operations. The financial statements reported by a company include the income statement, balance sheet, statement of retained earnings and statement of cash flows. Globally, there are two sets of accounting standards, the Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS).
Balance Sheet Activities Off-sheet balance activities are of particular interest to investors as well as the Financial Accounting Standards Board (FASB) because these accounts can be difficult to identify and track and, in some cases, can even represent hidden liabilities. The definition of an off-balance sheet item is simply one that is an asset or debt that does not appear directly on a company's financial statements (Investopedia, N.d.). One of