Human developmentThink back to your middle childhood years an.docx

Human development:
Think back to your middle childhood years and your peer
relationships. Were you in a clique and/or a crowd? If so, what
were the features of your fellow clique/crowd members? Did
you co-ruminate with friends; if so, do you think this was
healthy or harmful for your development? Where did you fall in
the dominance hierarchy? What category of peer status do you
think you were in (popular, rejected, average, controversial,
neglected)? How did this categorization affect you at the time
and, if at all, since that time? ( 150 words, 3 credible source,
APA format , APA citation )
Human civilization:
What, in your view, were Rome’s most important contributions
to the humanistic tradition? How did they differ from those of
the Greeks?
( 150 words, 3 credible source, APA format , APA citation )
1/23/2020 SafeAssign Originality Report
https://vle.phoenix.edu/webapps/mdb-sa-
BB300502SF160441/originalityReportPrint?course_id=_141280
_1&paperId=2492627167&&attemptId=de06fe11-a8a9-47…
1/16
ACC_421_53475055 - ACC/421: INTERMEDIATE
FINANCIAL ACCOUNTING I
Wk 1: Week 1 Paper: US GAAP Versus IFRS [due
Mon]

Victoria Swedin
on Tue, Jan 21 2020, 2:03 PM
99% highest match
Submission ID: de06fe11-a8a9-47d9-92c1-0f1d5fd9cb01
Attachments (1)
FASB.docx
1 US GAAP VERSUS IFRS
US GAAP VERSUS IFRS VICTORIA SWEDIN
ACC 421
January 21, 2020
Irina Petrova
FASB AND IASB DEFINITION OF ‘MATERIALITY’ Financial
accounting involves the
reporting of financial performance of a business entity to
outside users of the reported
financial information. This places huge significance on the
information presented by these
financial statements. 2 FOR THIS REASON, ACCOUNTING IS
A REGULATED
PRACTICE, WITH BOTH THE FINANCIAL ACCOUNTING
STANDARDS BOARD
(FASB) AND THE INTERNATIONAL ACCOUNTING
STANDARDS BOARD (IASB)
IMPLEMENTING A SET OF PRINCIPLES, CONCEPTS,
GUIDELINES AND
ASSUMPTIONS TO MAKE FINANCIAL ACCOUNTING AS
UNIVERSAL AROUND

(http://safeassign.blackboard.com/)
FASB.docx
Word Count: 1,223
Attachment ID: 2492627167
99%
http://safeassign.blackboard.com/
2/16
THE GLOBE AS IF POSSIBLY ATTAINABLE. 3 THE
CONCEPT OF
INFORMATION MATERIALITY IS A KEY CONCEPT IN THE
FINANCIAL
REPORTING FRAMEWORK SO ISSUED BY THE IASB AS
PART OF THE
INTERNATIONAL FINANCIAL REPORTING STANDARDS
(IFRS) TO BE USED
AROUND THE WORLD.
1 THE MATERIALITY CONCEPT DEMANDS THAT IN THE
COURSE OF
PREPARING FINANCIAL STATEMENTS FOR EXTERNAL
REPORTING, THE
COMPANY MUST EMPHASIZE ON SUBSTANCE OVER
FORM. THIS MEANS
THAT IN THE COURSE OF PREPARING FINANCIAL
REPORTS, WHETHER OR

NOT THEY ARE AUDITED, THE COMPANY ACCOUNTANT
MUST DISREGARD
ANY AND ALL TRIVIAL MATTERS AND PRESENT ONLY
SUCH DETAILS THAT
WOULD HAVE SIGNIFICANT IMPACTS ON THE
DECISION-MAKING ABILITY
OF THE EXTERNAL USERS FOR WHICH SUCH FINANCIAL
STATEMENTS ARE
PREPARED. THE FASB DESCRIBES A MATERIAL ITEM AS
ONE WHOSE
OMISSION OR RELATED ERROR WOULD NOT RESULT
INTO A SIGNIFICANT
MISLEADING OF THE FINANCIAL STATEMENTS TO
COMPROMISE THE
DECISIONS MADE BY OUTSIDE USERS WHO RELY ON
THE INFORMATION SO
PUBLISHED IN THESE FINANCIAL STATEMENTS
(MORIARITY & BARRON,
1979).
WHILE BOTH THE FASB AND THE IASB PLAY HUGELY
IMPORTANT
OVERSIGHT ROLE IN BOTH FINANCIAL AND
MANAGEMENT ACCOUNT, THEY
HAVE STOICALLY RESISTED ASSUMING THE ROLE OF A
SUPERVISOR. TO
THIS END, THE LATEST UPDATE BY THE FASB TO ITS
CONCEPT STATEMENT
DESISTED FROM DEFINING THE MATERIALITY
PRINCIPLE, INSTEAD
OPTING FOR ISSUING GUIDELINES ON WHAT
CONSTITUTES A MATERIAL
EFFECT ON THE COMPANY’S FINANCIAL RECORDS AND
WHAT DOES NOT. IN
THE REFERENCED NEWS RELEASE, THE FASB (2015) SET
OUT TO DECLARE

THAT IT WOULD NO LONGER IMPOSE UNTO
ORGANIZATIONS A SET
DEFINITION OF THE MATERIALITY CONCEPT, AND THAT
THE
AMENDMENTS SO INCLUDED IN THE MAJOR PRINCIPLE
WOULD NOT
RESULT INTO ANY CHANGE TO THE ALREADY
ESTABLISHED SPECIFIC
DISCLOSURE REQUIREMENTS HELD BY THE BUSINESS
ORGANIZATIONS.
3/16
In addition, the reputable organization would delete the present
discussion on the issue and
replace it with the broad observation of materiality of
accounting information as put forth by
the U.S. 1 SUPREME COURT’S DEFINITION (MARTIN &
QUINN, 2002). THE
FASB INSTEAD PROMISED TO SUPPORT ORGANIZATIONS
BY ENSURING
MAXIMUM EXPOSURE TO ITS DRAFTS IS ATTAINED SO
AS TO ALLOW
BUSINESS FIRMS THE SPACE TO EMPLOY INDIVIDUAL
COMPANY
DISCRETIONARY MEASURES IN THE DETERMINATION
OF WHAT TO REVEAL
IN THEIR DISCLOSURE NOTES TO FINANCIAL
STATEMENTS. THIS WAS SO

AGREED TO ALLOW FOR A DIVERSE APPROACH
WITHOUT COMPROMISING
THE QUALITY OF THE INFORMATION CONTAINED IN
PUBLISHED
FINANCIAL STATEMENTS AT THE END OF THE
COMPANY’S FISCAL PERIOD.
HOW SPECIFIC QUANTITATIVE MATERIALITY
GUIDELINES ARE PROVIDED
TO FIRMS.
With the FASB opting against the definition of materiality, it
becomes a complicated
responsibility to seek to explain what constitutes a quantified
application of the materiality
principle. 1 AS A RESULT, ANY EFFORTS TO DETERMINE
THE
QUANTIFICATION OF MATERIALITY GUIDELINES MUST
RELY HEAVILY ON
THE CONTINUOUS GUIDELINES ISSUED BY THE TWO
MAJOR
INTERNATIONAL ACCOUNTING REGULATORY
AUTHORITIES IN THE IASB
AND FASB, AS WELL AS OTHER EQUALLY REPUTABLE
NATIONAL
AUTHORITIES RELATED TO THE ACCOUNTING
PROFESSION.
TRADITIONALLY, ACCOUNTING INFORMATION COULD
BE QUALITATIVE,
QUANTITATIVE AND PARTLY QUANTITATIVE. THE
GUIDELINES FOR THE
QUANTITATIVE ELEMENTS OF MATERIALITY INCLUDE
THE FOLLOWING;
THE MOST IMPORTANT GUIDELINE AS TO THE
QUANTITATIVE NATURE OF

A COMPANY’S YEAR-END IS DETERMINED DURING THE
ASSESSMENT OF
SAID FINANCIAL STATEMENTS. AS THE STATEMENTS
ARE PREPARED, THE
COMPANY ACCOUNTANT OR INDEPENDENT AUDITOR
MUST BE KEEN TO
SPOT ANY SIGNIFICANT MISSTATEMENTS IN THE
FIGURES AND OR
ASSUMPTIONS USED TO PREPARE THE FINANCIAL
STATEMENTS, OR IN THE
VERY LEAST, KEEP THE COMPANY ACCOUNTING
RECORDS. THIS
SAFEGUARDS AGAINST SUCH ERRORS AS
TRANSPOSITION AND OMISSION
4/16
AND COULD BE THE DIFFERENCE BETWEEN VASTLY
MISREPRESENTED
FINANCIAL STATEMENTS AND AN OTHERWISE ERROR-
FREE FINANCIAL
BOOKS (NELSON, SMITH, & PALMROSE, 2005). IT IS ALSO
REQUIRED THAT
WHERE PROFESSIONAL INSIGHT HAS BEEN CALLED
INTO USE FOR SUCH
ISSUES AS WHAT DOES OR DOES NOT CONSTITUTE A
MATERIAL DEVIATION
FROM CUSTOM INDUSTRY APPLICATION OF
ACCOUNTING RULES

REGARDING DISCLOSURES TO FINANCIAL
STATEMENTS. IN THIS CASE, THE
REASONING BEHIND SUCH AN ELECTION MUST
ACCOMPANY THE RELATED
FINANCIAL DISCLOSURE.
IN LINE WITH THE FASB DECLINING TO DEFINE THE
MATERIALITY
CONCEPT AND HOW TO IMPLEMENT IT IN THE
PREPARATION OF A
COMPANY’S YEAR-END FINANCIAL REPORTS, THE IASB
REFRAIN FROM
PROVIDING TANGIBLE GUIDANCE ON HOW TO PERFORM
MATHEMATICAL
CALCULATIONS OF QUANTIFIABLE MATERIALITY.
GOING FURTHER BACK
HOWEVER, COMPANY ACCOUNTANTS MAY STILL
APPLY THE GUIDELINES
SET FORTH BY THE PARAGRAPH A3 OF ISA 320, WHICH
PROVIDES HIGHLY
SPECIFIC BENCHMARKS FOR USE IN THE CALCULATION
OF THE
COMPANY’S QUANTIFIABLE MATERIALITY WITHIN ITS
FINANCIAL
STATEMENTS. WHILE THIS OFFERS NO SET FORMULA,
IT DOES MOVE THE
COMPANY CLOSER TO A PREDETERMINED WAY OF
CALCULATING THE
MATERIALITY OF COMPANY FINANCIAL RECORDS
THAN ANY OTHER
GUIDELINES PRESENTLY AVAILABLE TO COMPANIES
(ABBASABADI &
SAADAT, 2014).
IN TRUTH, THE MATERIALITY STATUS OF ANY SET OF
FINANCIAL RECORDS

IS A HUGELY ABSTRACT QUALITY. As a result, all the
attempts at quantifying an
otherwise abstract quality are bound to be inconclusive at best.
1 THIS IS WHY THE
RECENT MOVES BY BOTH THE IASB AND THE FASB TO
REFRAIN FROM
ISSUING A BOXED-IN DEFINITION AND CALCULATION
METHOD FOR THE
MATERIALITY OF A GIVEN SET FINANCIAL
STATEMENTS IN BOTH
FUTURISTIC AS IT IS WHOLLY WARRANTED.
ARTICULATION BETWEEN FINANCIAL ELEMENTS
5/16
BUSINESS ORGANIZATIONS PREPARE A NUMBER OF
FINANCIAL
STATEMENTS, ALL OF WHICH ARE RELATED IN ONE
WAY OR ANOTHER.
SPECIFICALLY, THE PREPARATION OF ANY GIVEN
FINANCIAL STATEMENT
REQUIRES THE USE OF DATA FROM ANOTHER, AND IN
SOME CASES, EVEN
BORROW A FULL UNCHANGED ENTRY FROM ANOTHER
STATEMENT. THIS
AMOUNTS TO THE ARTICULATION AMONG THE
FINANCIAL STATEMENTS.

IN ESSENCE, THE BALANCE SHEET ENJOYS A DIRECT
RELATION TO THE
STATEMENT OF COMPREHENSIVE CASH FLOWS, WHICH
IS ALSO RELATED
TO THE INCOME STATEMENT. TOGETHER, THESE OFFER
SUPPORT TO THE
ACCOUNTANT’S EFFORT AT PREPARING THE
STATEMENT OF RETAINED
EARNINGS THAT WOULD BE USED TO DETERMINE JUST
HOW MUCH
DIVIDENDS THE COMPANY IS TO DISTRIBUTE AMONG
ITS SHAREHOLDERS
AT THE END OF THE FINANCIAL REPORTING PERIOD. All
of these statements are
also related to the statement of changes to shareholders’ equity.
1 THIS
INTERRELATIONSHIPS BETWEEN AND AMONG THE
SEPARATE FINANCIAL
STATEMENTS OF THE COMPANY IS WHAT IS
COMMONLY REFERRED TO AS
ARTICULATION BETWEEN THE VARIOUS ELEMENTS OF
A COMPANY’S
PUBLISHED END OF YEAR FINANCIAL STATEMENTS.
REFERENCES
1 ABBASABADI, Y., & SAADAT, F. (2014). 1
DETERMINATION OF
MATERIALITY LEVEL OF AUDITING USING MULTIPLE
LINEAR REGRESSION.
ADVANCES IN ENVIRONMENTAL BIOLOGY, 1292-7.
FASB. (2015). 1 FASB PROPOSES IMPROVEMENTS TO
MATERIALITY TO MAKE
FINANCIAL STATEMENT DISCLOSURES MORE
EFFECTIVE. RETRIEVED

FROM
HTTP://WWW.FASB.ORG/JSP/FASB/FASBCONTENT_C/NEW
SPAGE&CID=117
6166401832
Martin, A. 1 D., & QUINN, K. M. (2002). 1 DYNAMIC
IDEAL POINT ESTIMATION
VIA MARKOV CHAIN MONTE CARLO FOR THE US
SUPREME COURT, 1953–
1999. POLITICAL ANALYSIS, 134-53.
6/16
MORIARITY, S., & BARRON, F. H. (1979). 1 A JUDGMENT-
BASED DEFINITION
OF MATERIALITY. JOURNAL OF ACCOUNTING
RESEARCH, 114-35.
Nelson, M. 1 W., SMITH, S. D., & PALMROSE, V. (2005). 1
THE EFFECT OF
QUANTITATIVE MATERIALITY APPROACH ON
AUDITORS' adjustment decisions.
1 THE ACCOUNTING REVIEW, 80(3), 897-920.
Citations (3/3)
Matched Text
1 Another student's paper

Suspected Entry: 100% match
Uploaded - FASB.docx
US GAAP VERSUS IFRS
Source - Another student's paper
US GAAP Versus IFRS
US GAAP VERSUS IFRS VICTORIA SWEDIN
US GAAP Versus IFRS
THE MATERIALITY CONCEPT DEMANDS THAT IN
THE COURSE OF PREPARING FINANCIAL
STATEMENTS FOR EXTERNAL REPORTING, THE
COMPANY MUST EMPHASIZE ON SUBSTANCE
OVER FORM
The materiality notion needs that in the path of
making ready financial statements for exterior

reporting, the agency must emphasize substance
over form
7/16
THIS MEANS THAT IN THE COURSE OF
PREPARING FINANCIAL REPORTS, WHETHER OR
NOT THEY ARE AUDITED, THE COMPANY
ACCOUNTANT MUST DISREGARD ANY AND ALL
TRIVIAL MATTERS AND PRESENT ONLY SUCH
DETAILS THAT WOULD HAVE SIGNIFICANT
IMPACTS ON THE DECISION-MAKING ABILITY
OF THE EXTERNAL USERS FOR WHICH SUCH
FINANCIAL STATEMENTS ARE PREPARED
This skill that in the course of making ready monetary
reports, whether or not or now not they are audited,
the agency accountant ought to brush aside any
trivial things and existing solely such small print that
would have sizeable effects on the decision-making
ability of the external customers for which such
financial statements are prepared

THE FASB DESCRIBES A MATERIAL ITEM AS
ONE WHOSE OMISSION OR RELATED ERROR
WOULD NOT RESULT INTO A SIGNIFICANT
MISLEADING OF THE FINANCIAL STATEMENTS
TO COMPROMISE THE DECISIONS MADE BY
OUTSIDE USERS WHO RELY ON THE
INFORMATION SO PUBLISHED IN THESE
FINANCIAL STATEMENTS (MORIARITY &
BARRON, 1979)
The FASB describes a fabric object as one whose
omission or related error would not result in a vast
misleading of the economic statements to
compromise the selections made via outside users
who count number on the facts so posted in these
monetary statements (Moriarity & Barron, 1979)
WHILE BOTH THE FASB AND THE IASB PLAY
HUGELY IMPORTANT OVERSIGHT ROLE IN BOTH
FINANCIAL AND MANAGEMENT ACCOUNT, THEY
HAVE STOICALLY RESISTED ASSUMING THE
ROLE OF A SUPERVISOR
While each the FASB and the IASB play a vastly
important oversight position in both monetary and
administration accounts, they have stoically resisted
assuming the role of a supervisor

TO THIS END, THE LATEST UPDATE BY THE FASB
TO ITS CONCEPT STATEMENT DESISTED FROM
DEFINING THE MATERIALITY PRINCIPLE,
INSTEAD OPTING FOR ISSUING GUIDELINES ON
WHAT CONSTITUTES A MATERIAL EFFECT ON
To this end, the brand new replaces using the FASB
to its thought declaration desisted from defining the
materiality principle, as a substitute opting for issuing
tips on what constitutes a material effect on the
company's monetary archives and what does not
8/16
THE COMPANY’S FINANCIAL RECORDS AND
WHAT DOES NOT
IN THE REFERENCED NEWS RELEASE, THE FASB
(2015) SET OUT TO DECLARE THAT IT WOULD

NO LONGER IMPOSE UNTO ORGANIZATIONS A
SET DEFINITION OF THE MATERIALITY
CONCEPT, AND THAT THE AMENDMENTS SO
INCLUDED IN THE MAJOR PRINCIPLE WOULD
NOT RESULT INTO ANY CHANGE TO THE
ALREADY ESTABLISHED SPECIFIC DISCLOSURE
REQUIREMENTS HELD BY THE BUSINESS
ORGANIZATIONS
In the referenced information release, the FASB
(2015) set out to declare that it would no longer
impose unto groups a set definition of the materiality
notion and that the amendments so blanketed in the
foremost precept would no longer result into any
trade to the already mounted specific disclosure
necessities held with the aid of the enterprise
organizations
SUPREME COURT’S DEFINITION (MARTIN &
QUINN, 2002)
Supreme Court's definition (Martin & Quinn, 2002)
THE FASB INSTEAD PROMISED TO SUPPORT
ORGANIZATIONS BY ENSURING MAXIMUM
EXPOSURE TO ITS DRAFTS IS ATTAINED SO AS

TO ALLOW BUSINESS FIRMS THE SPACE TO
EMPLOY INDIVIDUAL COMPANY
DISCRETIONARY MEASURES IN THE
DETERMINATION OF WHAT TO REVEAL IN THEIR
DISCLOSURE NOTES TO FINANCIAL
STATEMENTS
The FASB alternatively promised to assist companies
employing making sure maximum exposure to its
drafts is attained to allow commercial enterprise
companies the house to appoint man or woman
enterprise discretionary measures in the dedication of
what to reveal in their disclosure notes to economic
statements
THIS WAS SO AGREED TO ALLOW FOR A
DIVERSE APPROACH WITHOUT COMPROMISING
This was so agreed to enable a diverse strategy
barring compromising the high-quality of the
9/16

THE QUALITY OF THE INFORMATION
CONTAINED IN PUBLISHED FINANCIAL
STATEMENTS AT THE END OF THE COMPANY’S
FISCAL PERIOD
information contained in posted economic
statements at the cease of the company's fiscal
period
GUIDELINES ARE PROVIDED TO FIRMS
GUIDELINES ARE PROVIDED TO FIRMS
AS A RESULT, ANY EFFORTS TO DETERMINE
THE QUANTIFICATION OF MATERIALITY
GUIDELINES MUST RELY HEAVILY ON THE
CONTINUOUS GUIDELINES ISSUED BY THE TWO
MAJOR INTERNATIONAL ACCOUNTING
REGULATORY AUTHORITIES IN THE IASB AND
FASB, AS WELL AS OTHER EQUALLY REPUTABLE
NATIONAL AUTHORITIES RELATED TO THE
ACCOUNTING PROFESSION
As a result, any efforts to figure out the quantification

of materiality tips ought to rely heavily on the non-
stop pointers issued by way of the two essential
international accounting regulatory authorities in the
IASB and FASB, as true as distinctive equally
reputable countrywide authorities related to the
accounting profession
TRADITIONALLY, ACCOUNTING INFORMATION
COULD BE QUALITATIVE, QUANTITATIVE AND
PARTLY QUANTITATIVE
Traditionally, accounting information could be
qualitative, quantitative and partly quantitative
THE GUIDELINES FOR THE QUANTITATIVE
ELEMENTS OF MATERIALITY INCLUDE THE
FOLLOWING
The suggestions for the quantitative elements of
materiality consist of the following

10/16
THE MOST IMPORTANT GUIDELINE AS TO THE
QUANTITATIVE NATURE OF A COMPANY’S YEAR-
END IS DETERMINED DURING THE ASSESSMENT
OF SAID FINANCIAL STATEMENTS
The most crucial guideline as to the quantitative
nature of a company's year-end is decided in the
direction of the evaluation of stated financial
statements
AS THE STATEMENTS ARE PREPARED, THE
COMPANY ACCOUNTANT OR INDEPENDENT
AUDITOR MUST BE KEEN TO SPOT ANY
SIGNIFICANT MISSTATEMENTS IN THE FIGURES
AND OR ASSUMPTIONS USED TO PREPARE THE
FINANCIAL STATEMENTS, OR IN THE VERY
LEAST, KEEP THE COMPANY ACCOUNTING
RECORDS
As the statements are prepared, the business
enterprise accountant or independent auditor ought
to be keen to spot any vast misstatements in the

figures and or assumptions used to prepare the
economic statements, or in the very least, preserve
the business enterprise accounting records
THIS SAFEGUARDS AGAINST SUCH ERRORS AS
TRANSPOSITION AND OMISSION AND COULD BE
THE DIFFERENCE BETWEEN VASTLY
MISREPRESENTED FINANCIAL STATEMENTS
AND AN OTHERWISE ERROR-FREE FINANCIAL
BOOKS (NELSON, SMITH, & PALMROSE, 2005)
This safeguards closer to such mistakes as
transposition and omission and ought to be the big
difference between vastly misrepresented financial
statements and in any other case error-free economic
books (Nelson, Smith, & Palmrose, 2005)
IT IS ALSO REQUIRED THAT WHERE
PROFESSIONAL INSIGHT HAS BEEN CALLED
INTO USE FOR SUCH ISSUES AS WHAT DOES OR
DOES NOT CONSTITUTE A MATERIAL DEVIATION
FROM CUSTOM INDUSTRY APPLICATION OF
ACCOUNTING RULES REGARDING
DISCLOSURES TO FINANCIAL STATEMENTS
It is additionally required that the vicinity specialist

appreciation has been referred to as in to use for
such issues as what does or does no longer
characterize a material deviation from personalized
agency software of accounting tips concerning
disclosures to financial statements
11/16
IN THIS CASE, THE REASONING BEHIND SUCH
AN ELECTION MUST ACCOMPANY THE RELATED
FINANCIAL DISCLOSURE
In this case, the reasoning in the back of such an
election has to accompany the associated economic
disclosure
IN LINE WITH THE FASB DECLINING TO DEFINE
THE MATERIALITY CONCEPT AND HOW TO
IMPLEMENT IT IN THE PREPARATION OF A
COMPANY’S YEAR-END FINANCIAL REPORTS,

THE IASB REFRAIN FROM PROVIDING TANGIBLE
GUIDANCE ON HOW TO PERFORM
MATHEMATICAL CALCULATIONS OF
QUANTIFIABLE MATERIALITY
In line with the FASB declining to outline the
materiality notion and how to put into effect it in the
exercise of a company's year-end financial reports,
the IASB chorus from imparting tangible coaching on
how to function mathematical calculations of
quantifiable materiality
GOING FURTHER BACK HOWEVER, COMPANY
ACCOUNTANTS MAY STILL APPLY THE
GUIDELINES SET FORTH BY THE PARAGRAPH A3
OF ISA 320, WHICH PROVIDES HIGHLY SPECIFIC
BENCHMARKS FOR USE IN THE CALCULATION
OF THE COMPANY’S QUANTIFIABLE
MATERIALITY WITHIN ITS FINANCIAL
STATEMENTS
Going similarly back, however, business enterprise
accountants can also moreover then again take a
look at the tips set forth with the aid of the paragraph
A3 of ISA 320, which presents rather unique
benchmarks for use in the calculation of the
company's quantifiable materiality within its monetary
statements

WHILE THIS OFFERS NO SET FORMULA, IT DOES
MOVE THE COMPANY CLOSER TO A
PREDETERMINED WAY OF CALCULATING THE
MATERIALITY OF COMPANY FINANCIAL
RECORDS THAN ANY OTHER GUIDELINES
PRESENTLY AVAILABLE TO COMPANIES
(ABBASABADI & SAADAT, 2014)
While this offers no set formula, it does go the
enterprise nearer to a predetermined way of
calculating the materiality of enterprise financial
statistics than any other suggestions in contemporary
times on hand to companies (Abbasabadi & Saadat,
2014)
12/16
IN TRUTH, THE MATERIALITY STATUS OF ANY
SET OF FINANCIAL RECORDS IS A HUGELY
ABSTRACT QUALITY

In truth, the materiality repute of any set of financial
documents is a hugely abstract quality
THIS IS WHY THE RECENT MOVES BY BOTH THE
IASB AND THE FASB TO REFRAIN FROM ISSUING
A BOXED-IN DEFINITION AND CALCULATION
METHOD FOR THE MATERIALITY OF A GIVEN
SET FINANCIAL STATEMENTS IN BOTH
FUTURISTIC AS IT IS WHOLLY WARRANTED
Therefore, the contemporary strikes via using each
the IASB and the FASB to refrain from issuing a
boxed-in definition and calculation technique for the
materiality of given set economic statements in both
futuristic as it is entirely warranted
BUSINESS ORGANIZATIONS PREPARE A

NUMBER OF FINANCIAL STATEMENTS, ALL OF
WHICH ARE RELATED IN ONE WAY OR ANOTHER
Business organizations put together quite a few
economic statements, all of which are related in one
way or another
SPECIFICALLY, THE PREPARATION OF ANY
GIVEN FINANCIAL STATEMENT REQUIRES THE
USE OF DATA FROM ANOTHER, AND IN SOME
CASES, EVEN BORROW A FULL UNCHANGED
ENTRY FROM ANOTHER STATEMENT
Specifically, the repetition of any given financial
announcement requires the use of statistics from
another, and in some cases, even borrow a full
unchanged entry from any other statement
13/16

THIS AMOUNTS TO THE ARTICULATION AMONG
THE FINANCIAL STATEMENTS
These quantities to the articulation among the
financial statements
IN ESSENCE, THE BALANCE SHEET ENJOYS A
DIRECT RELATION TO THE STATEMENT OF
COMPREHENSIVE CASH FLOWS, WHICH IS ALSO
RELATED TO THE INCOME STATEMENT
The stability sheet enjoys a direct relation to the
announcement of comprehensive cash flows, which
is additionally associated to the income statement
TOGETHER, THESE OFFER SUPPORT TO THE
ACCOUNTANT’S EFFORT AT PREPARING THE
STATEMENT OF RETAINED EARNINGS THAT
WOULD BE USED TO DETERMINE JUST HOW
MUCH DIVIDENDS THE COMPANY IS TO
DISTRIBUTE AMONG ITS SHAREHOLDERS AT
THE END OF THE FINANCIAL REPORTING
PERIOD

Together, these provide resource to the accountant's
effort at getting equipped the statement of retained
earnings that would be used to decide certainly how
masses dividends the enterprise is to distribute
amongst its shareholders at the supply up of the
economic reporting period
THIS INTERRELATIONSHIPS BETWEEN AND
AMONG THE SEPARATE FINANCIAL
STATEMENTS OF THE COMPANY IS WHAT IS
COMMONLY REFERRED TO AS ARTICULATION
BETWEEN THE VARIOUS ELEMENTS OF A
COMPANY’S PUBLISHED END OF YEAR
FINANCIAL STATEMENTS
These interrelationships between and amongst the
separate monetary statements of the business
enterprise are what is regularly referred to as
articulation between numerous factors of a
company's published provide up of 12 months
financial statements
Uploaded - FASB.docx Source - Another student's paper

14/16
ABBASABADI, Y., & SAADAT, F Abbasabadi, Y., & Saadat, F
DETERMINATION OF MATERIALITY LEVEL OF
AUDITING USING MULTIPLE LINEAR
REGRESSION
Determination of materiality level of auditing using
multiple Linear Regression
ADVANCES IN ENVIRONMENTAL BIOLOGY, 1292-
7
Advances in Environmental Biology, 1292-7
FASB PROPOSES IMPROVEMENTS TO
MATERIALITY TO MAKE FINANCIAL STATEMENT
DISCLOSURES MORE EFFECTIVE

FASB proposes improvements to materiality to make
financial statement disclosures more effective
RETRIEVED FROM
HTTP://WWW.FASB.ORG/JSP/FASB/FASBCONTE
NT_C/NEWSPAGE&CID=1176166401832
Retrieved from
http://www.fasb.org/jsp/FASB/FASBContent_C/News
Page&cid=1176166401832
D., & QUINN, K
D., & Quinn, K
15/16

DYNAMIC IDEAL POINT ESTIMATION VIA
MARKOV CHAIN MONTE CARLO FOR THE US
SUPREME COURT, 1953–1999
Dynamic ideal point estimation via Markov chain
Monte Carlo for the US Supreme Court, 1953–1999
POLITICAL ANALYSIS, 134-53
Political Analysis, 134-53
MORIARITY, S., & BARRON, F
Moriarity, S., & Barron, F
A JUDGMENT-BASED DEFINITION OF
MATERIALITY

A judgment-based definition of materiality
JOURNAL OF ACCOUNTING RESEARCH, 114-35
Journal of Accounting Research, 114-35
W., SMITH, S
W., Smith, S
Uploaded - FASB.docx Source - Another student's paper
16/16
D., & PALMROSE, V D., & Palmrose, V

THE EFFECT OF QUANTITATIVE MATERIALITY
APPROACH ON AUDITORS&APOS
The effect of quantitative materiality approach on
auditors&apos
THE ACCOUNTING REVIEW, 80(3), 897-920
The Accounting Review, 80(3), 897-920
FOR THIS REASON, ACCOUNTING IS A
REGULATED PRACTICE, WITH BOTH THE
FINANCIAL ACCOUNTING STANDARDS BOARD
(FASB) AND THE INTERNATIONAL ACCOUNTING
STANDARDS BOARD (IASB) IMPLEMENTING A
SET OF PRINCIPLES, CONCEPTS, GUIDELINES
AND ASSUMPTIONS TO MAKE FINANCIAL
ACCOUNTING AS UNIVERSAL AROUND THE
GLOBE AS IF POSSIBLY ATTAINABLE
Also, the (FASB) which stands for Financial

Accounting Standards Board and the (IASB) which
stands for International Accounting Standards Board
also implementing a set of principles, concepts,
guidelines and assumptions to make financial
accounting as universal around the globe as if
possibly attainable
THE CONCEPT OF INFORMATION MATERIALITY
IS A KEY CONCEPT IN THE FINANCIAL
REPORTING FRAMEWORK SO ISSUED BY THE
IASB AS PART OF THE INTERNATIONAL
FINANCIAL REPORTING STANDARDS (IFRS) TO
BE USED AROUND THE WORLD
The concept of information materiality is a key
concept in the financial reporting framework so
issued by the IASB as part of the International
Financial Reporting Standards (IFRS) to be used
around the world

Human developmentThink back to your middle childhood years an.docx

Recommended

Recommended

More Related Content

Similar to Human developmentThink back to your middle childhood years an.docx

Similar to Human developmentThink back to your middle childhood years an.docx (19)

More from sheronlewthwaite

More from sheronlewthwaite (20)

Recently uploaded

Recently uploaded (20)

Human developmentThink back to your middle childhood years an.docx