1) The document discusses financial reporting and accounting standards. It identifies the major standard-setting bodies like the IASB and FASB and their role in establishing international accounting standards through a due process.
2) The objective of financial reporting is to provide useful information to capital providers like investors and creditors. The major financial statements are identified as the statement of financial position, income statement, statement of cash flows, and statement of changes in equity.
3) Challenges to financial reporting are also discussed, such as the expectations gap between what information users want and accountants provide, and issues around convergence of IFRS and US GAAP standards.
Solution Manual Advanced Accounting by Baker 9e Chapter 16Saskia Ahmad
ย
Solution Manual, Advanced Accounting, Thomas E. King, Cynthia Jeffrey, Richard E. Baker, Valdean C. Lembke, Theodore Christensen, David Cottrell, Richard Baker, Advanced Financial Accounting, Advanced Financial Accounting by Baker Chapter 18, Advanced Financial Accounting by Baker Chapter 18 9th Edition, 9th Edition,
Solution Manual Advanced Accounting by Baker 9e Chapter 16Saskia Ahmad
ย
Solution Manual, Advanced Accounting, Thomas E. King, Cynthia Jeffrey, Richard E. Baker, Valdean C. Lembke, Theodore Christensen, David Cottrell, Richard Baker, Advanced Financial Accounting, Advanced Financial Accounting by Baker Chapter 18, Advanced Financial Accounting by Baker Chapter 18 9th Edition, 9th Edition,
Solution Manual Advanced Financial Accounting by Baker 9th Edition Chapter 16Saskia Ahmad
ย
Solution Manual, Advanced Accounting, Thomas E. King, Cynthia Jeffrey, Richard E. Baker, Valdean C. Lembke, Theodore Christensen, David Cottrell, Richard Baker, Advanced Financial Accounting, Advanced Financial Accounting by Baker Chapter 18, Advanced Financial Accounting by Baker Chapter 18 9th Edition, 9th Edition,
Laporan keuangan merupakan produk yang paling penting dari lingkungan pelaporan keuangan. Informasi dalam laporan keuangan di nilai relatif terhadap kebutuhan informasi pengguna laporan keuangan dan sumber informasi alternatif seperti data ekonomi dan industri, laporan analisis dan pengungkapan sukarela oleh manajer. Penting untuk memahami faktor-faktor yang mempengaruhi sifat dan isi laporan keuangan agar dapat menilai informasi akuntansi keuangan yang di laporkan dalam laporan keuangan. Faktor- faktor utama tersebut adalah aturan akuntansi (GAAP), motivasi manajer, mekanisme pengawasan dan pelaksanaan, regulator/pembuat peraturan, praktik industri. Dan sumber informasi lain.
Solution Manual Advanced Financial Accounting by Baker 9th Edition Chapter 16Saskia Ahmad
ย
Solution Manual, Advanced Accounting, Thomas E. King, Cynthia Jeffrey, Richard E. Baker, Valdean C. Lembke, Theodore Christensen, David Cottrell, Richard Baker, Advanced Financial Accounting, Advanced Financial Accounting by Baker Chapter 18, Advanced Financial Accounting by Baker Chapter 18 9th Edition, 9th Edition,
Laporan keuangan merupakan produk yang paling penting dari lingkungan pelaporan keuangan. Informasi dalam laporan keuangan di nilai relatif terhadap kebutuhan informasi pengguna laporan keuangan dan sumber informasi alternatif seperti data ekonomi dan industri, laporan analisis dan pengungkapan sukarela oleh manajer. Penting untuk memahami faktor-faktor yang mempengaruhi sifat dan isi laporan keuangan agar dapat menilai informasi akuntansi keuangan yang di laporkan dalam laporan keuangan. Faktor- faktor utama tersebut adalah aturan akuntansi (GAAP), motivasi manajer, mekanisme pengawasan dan pelaksanaan, regulator/pembuat peraturan, praktik industri. Dan sumber informasi lain.
Intermediate Accounting Chapter 1 about Financial Reporting
and Accounting Standards
After studying this chapter, you should be able to:
Describe the growing importance of global financial markets and its relation to financial reporting.
Explain the objective of financial reporting.
Identify the major policy-setting bodies and their role in the standard-setting process.
Discuss the challenges facing financial reporting.
"๐ฉ๐ฌ๐ฎ๐ผ๐ต ๐พ๐ฐ๐ป๐ฏ ๐ป๐ฑ ๐ฐ๐บ ๐ฏ๐จ๐ณ๐ญ ๐ซ๐ถ๐ต๐ฌ"
๐๐ ๐๐จ๐ฆ๐ฌ (๐๐ ๐๐จ๐ฆ๐ฆ๐ฎ๐ง๐ข๐๐๐ญ๐ข๐จ๐ง๐ฌ) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
๐๐ ๐๐จ๐ฆ๐ฌ provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
โญ ๐ ๐๐๐ญ๐ฎ๐ซ๐๐ ๐ฉ๐ซ๐จ๐ฃ๐๐๐ญ๐ฌ:
โข 2024 BAEKHYUN [Lonsdaleite] IN HO CHI MINH
โข SUPER JUNIOR-L.S.S. THE SHOW : Th3ee Guys in HO CHI MINH
โขFreenBecky 1st Fan Meeting in Vietnam
โขCHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
โข WOW K-Music Festival 2023
โข Winner [CROSS] Tour in HCM
โข Super Show 9 in HCM with Super Junior
โข HCMC - Gyeongsangbuk-do Culture and Tourism Festival
โข Korean Vietnam Partnership - Fair with LG
โข Korean President visits Samsung Electronics R&D Center
โข Vietnam Food Expo with Lotte Wellfood
"๐๐ฏ๐๐ซ๐ฒ ๐๐ฏ๐๐ง๐ญ ๐ข๐ฌ ๐ ๐ฌ๐ญ๐จ๐ซ๐ฒ, ๐ ๐ฌ๐ฉ๐๐๐ข๐๐ฅ ๐ฃ๐จ๐ฎ๐ซ๐ง๐๐ฒ. ๐๐ ๐๐ฅ๐ฐ๐๐ฒ๐ฌ ๐๐๐ฅ๐ข๐๐ฏ๐ ๐ญ๐ก๐๐ญ ๐ฌ๐ก๐จ๐ซ๐ญ๐ฅ๐ฒ ๐ฒ๐จ๐ฎ ๐ฐ๐ข๐ฅ๐ฅ ๐๐ ๐ ๐ฉ๐๐ซ๐ญ ๐จ๐ ๐จ๐ฎ๐ซ ๐ฌ๐ญ๐จ๐ซ๐ข๐๐ฌ."
Skye Residences | Extended Stay Residences Near Toronto Airportmarketingjdass
ย
Experience unparalleled EXTENDED STAY and comfort at Skye Residences located just minutes from Toronto Airport. Discover sophisticated accommodations tailored for discerning travelers.
Website Link :
https://skyeresidences.com/
https://skyeresidences.com/about-us/
https://skyeresidences.com/gallery/
https://skyeresidences.com/rooms/
https://skyeresidences.com/near-by-attractions/
https://skyeresidences.com/commute/
https://skyeresidences.com/contact/
https://skyeresidences.com/queen-suite-with-sofa-bed/
https://skyeresidences.com/queen-suite-with-sofa-bed-and-balcony/
https://skyeresidences.com/queen-suite-with-sofa-bed-accessible/
https://skyeresidences.com/2-bedroom-deluxe-queen-suite-with-sofa-bed/
https://skyeresidences.com/2-bedroom-deluxe-king-queen-suite-with-sofa-bed/
https://skyeresidences.com/2-bedroom-deluxe-queen-suite-with-sofa-bed-accessible/
#Skye Residences Etobicoke, #Skye Residences Near Toronto Airport, #Skye Residences Toronto, #Skye Hotel Toronto, #Skye Hotel Near Toronto Airport, #Hotel Near Toronto Airport, #Near Toronto Airport Accommodation, #Suites Near Toronto Airport, #Etobicoke Suites Near Airport, #Hotel Near Toronto Pearson International Airport, #Toronto Airport Suite Rentals, #Pearson Airport Hotel Suites
Personal Brand Statement:
As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
ย
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
ย
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
Taurus Zodiac Sign_ Personality Traits and Sign Dates.pptxmy Pandit
ย
Explore the world of the Taurus zodiac sign. Learn about their stability, determination, and appreciation for beauty. Discover how Taureans' grounded nature and hardworking mindset define their unique personality.
RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
ย
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
Accpac to QuickBooks Conversion Navigating the Transition with Online Account...PaulBryant58
ย
This article provides a comprehensive guide on how to
effectively manage the convert Accpac to QuickBooks , with a particular focus on utilizing online accounting services to streamline the process.
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
As a business owner in Delaware, staying on top of your tax obligations is paramount, especially with the annual deadline for Delaware Franchise Tax looming on March 1. One such obligation is the annual Delaware Franchise Tax, which serves as a crucial requirement for maintaining your companyโs legal standing within the state. While the prospect of handling tax matters may seem daunting, rest assured that the process can be straightforward with the right guidance. In this comprehensive guide, weโll walk you through the steps of filing your Delaware Franchise Tax and provide insights to help you navigate the process effectively.
Memorandum Of Association Constitution of Company.pptseri bangash
ย
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
Putting the SPARK into Virtual Training.pptxCynthia Clay
ย
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
3. Learning Objectives
Learning Objectives
1.
2.
Explain how accounting assists in the efficient use of scarce
resources.
3.
Explain the need for high-quality standards.
4.
Identify the objective of financial reporting.
5.
Identify the major policy-setting bodies and their role in the
standard-setting process.
6.
Explain the meaning of IFRS.
7.
Slide
1-3
Identify the major financial statements and other means of
financial reporting.
Describe the challenges facing financial reporting.
4. Financial Reporting and Accounting Standards
Financial Reporting and Accounting Standards
Global Markets
Objective of
Financial
Reporting
Financial
statements and
financial reporting
General-purpose
financial
statements
Accounting and
capital allocation
High-quality
standards
Slide
1-4
Capital providers
Entity perspective
Decisionusefulness
Standard-Setting
Organizations
IOSCO
IASB
Hierarchy of IFRS
Financial
Reporting
Challenges
Political
environment
Expectations gap
Significant financial
reporting issues
Ethics
International
convergence
7. Global Markets
Global Markets
Financial Statements and Financial Reporting
Characteristics of accounting are:
(1)
(2)
economic entities to
(3)
Slide
1-7
the identification, measurement, and communication
of financial information about
interested parties.
LO 1 Identify the major financial statements and other means of financial reporting.
8. Global Markets
Global Markets
Economic Entity
Financial Statements
Additional Information
Financial
Information
Statement of
Financial Position
Presidentโs letter
Accounting?
Income Statement
or Statement of
Comprehensive
Income
Identify
and
Measure
and
Communicate
Statement of Cash
Flows
Statement of
Changes in Equity
Prospectuses
Reports filed with
governmental
agencies
News releases
Forecasts
Environmental
impact statements
Note Disclosures
Slide
1-8
Etc.
LO 1 Identify the major financial statements and other means of financial reporting.
9. Global Markets
Global Markets
Accounting and Capital Allocation
Resources are limited. Efficient use of resources often
determines whether a business thrives.
Illustration 1-3
Capital Allocation Process
Slide
1-9
LO 2 Explain how accounting assists in the efficient use of scare resources.
10. Global Markets
Global Markets
High Quality Standards
Globalization demands a single set of high-quality
international accounting standards. Some elements:
1. Single set of high-quality accounting standards established by
a single standard-setting body.
2. Consistency in application and interpretation.
3. Common disclosures.
4. Common high-quality auditing standards and practices.
5. Common approach to regulatory review and enforcement.
6. Education and training of market participants.
(Continued)
Slide
1-10
LO 3 Explain the need for high-quality standards.
11. Global Markets
Global Markets
High Quality Standards
Globalization demands a single set of high-quality
international accounting standards. Some elements:
7. Common delivery systems (e.g., eXtensible Business
Reporting LanguageโXBRL).
8. Common approach to corporate governance and legal
frameworks around the world
Slide
1-11
LO 3 Explain the need for high-quality standards.
13. Objective of Financial Accounting
Objective of Financial Accounting
Objective: Provide financial information about the reporting
entity that is useful to
present and potential equity investors,
lenders, and
other creditors
in making decisions in their capacity as capital providers.
Slide
1-13
LO 4 Identify the objectives of financial reporting.
14. Objective of Financial Accounting
Objective of Financial Accounting
General-Purpose Financial Statements
Provide financial reporting information to a wide variety
of users.
Provide the most useful information possible at the
least cost.
Capital Providers (Investors)
Investors are the primary user group.
Slide
1-14
LO 4 Identify the objectives of financial reporting.
15. Objective of Financial Accounting
Objective of Financial Accounting
Entity Perspective
Companies viewed as separate and distinct from their owners.
Decision-Usefulness
Investors are interested in assessing the companyโs
1. ability to generate net cash inflows and
2. managementโs ability to protect and enhance the
capital providersโ investments.
Slide
1-15
LO 4 Identify the objectives of financial reporting.
16. Objective of Financial Accounting
Objective of Financial Accounting
Review Question
The objective of financial reporting places most
emphasis on:
a. reporting to capital providers.
b. reporting on stewardship.
c. providing specific guidance related to specific
needs.
d. providing information to individuals who are
experts in the field.
Slide
1-16
LO 4 Identify the objectives of financial reporting.
17. Objective of Financial Accounting
Objective of Financial Accounting
Review Question
General-purpose financial statements are prepared
primarily for:
a. internal users.
b. external users.
c. auditors.
d. government regulators.
Slide
1-17
LO 4 Identify the objectives of financial reporting.
18. Standard-Setting Organizations
Standard-Setting Organizations
Two Major Organizations:
International Accounting Standards Board (IASB)
๏ Issues International Financial Reporting Standards
(IFRS).
๏ Standards used on most foreign exchanges.
๏ Standards used by foreign companies listing on U.S.
securities exchanges.
๏ IFRS used in over 115 countries.
Slide
1-18
LO 5 Identify the major policy-setting bodies and
their role in the standard-setting process.
19. Standard-Setting Organizations
Standard-Setting Organizations
Two Major Organizations:
Financial Accounting Standards Board (FASB)
๏ Issues Statements of Financial Accounting
Standards (SFAS).
๏ Required for all U.S.-based companies.
Slide
1-19
LO 5 Identify the major policy-setting bodies and
their role in the standard-setting process.
20. Standard-Setting Organizations
Standard-Setting Organizations
International Organization of Securities
Commissions (IOSCO)
๏ Does not set accounting standards.
๏ Dedicated to ensuring that global
markets can operate in an efficient
and effective basis.
http://www.iosco.org/
Slide
1-20
LO 5 Identify the major policy-setting bodies and
their role in the standard-setting process.
21. Standard-Setting Organizations
Standard-Setting Organizations
International Accounting Standards Board (IASB)
Composed of four organizationsโ
๏ International Accounting Standards
Committee Foundation (IASCF)
๏ International Accounting Standards
Board (IASB)
http://www.iasb.org
๏ Standards Advisory Council
๏ International Financial Reporting
Interpretations Committee (IFRIC)
Slide
1-21
LO 5 Identify the major policy-setting bodies and
their role in the standard-setting process.
23. Standard-Setting Organizations
Standard-Setting Organizations
Review Question
IFRS stands for:
a. International Federation of Reporting Services.
b. Independent Financial Reporting Standards.
c. International Financial Reporting Standards.
d. Integrated Financial Reporting Services.
Slide
1-23
LO 5 Identify the major policy-setting bodies and
their role in the standard-setting process.
24. Standard-Setting Organizations
Standard-Setting Organizations
Review Question
The major key players on the international side are
the:
a. IASB and FASB.
b. SEC and FASB.
c. IOSCO and the SEC.
d. IASB and IOSCO.
Slide
1-24
LO 5 Identify the major policy-setting bodies and
their role in the standard-setting process.
26. Due Process
Due Process
The IASB due process has the following elements:
1. Independent standard-setting board;
2. Thorough and systematic process for developing
standards;
3. Engagement with investors, regulators, business leaders,
and the global accountancy profession at every stage of
the process; and
4. Collaborative efforts with the worldwide standard-setting
community.
Slide
1-26
LO 5 Identify the major policy-setting bodies and
their role in the standard-setting process.
27. Due Process
Due Process
Illustration 1-4
International
Standard-Setting
Structure
Slide
1-27
LO 5 Identify the major policy-setting bodies and
their role in the standard-setting process.
28. Due Process
Due Process
Review Question
Accounting standard-setters use the following process in
establishing international standards:
a. Research, exposure draft, discussion paper, standard.
b. Discussion paper, research, exposure draft, standard.
c. Research, preliminary views, discussion paper,
standard.
d. Research, discussion paper, exposure draft, standard.
Slide
1-28
LO 5 Identify the major policy-setting bodies and
their role in the standard-setting process.
29. Types of Pronouncements
Types of Pronouncements
Issued by the IASB:
International Financial Reporting Standards.
Framework for financial reporting.
International financial reporting interpretations.
Slide
1-29
LO 5 Identify the major policy-setting bodies and
their role in the standard-setting process.
30. Types of Pronouncements
Types of Pronouncements
Hierarchy of IFRS
Companies first look to:
1. International Financial Reporting Standards;
2. International Accounting Standards; and
3. Interpretations originated by the International Financial
Reporting Interpretations Committee (IFRIC) or the
former Standing Interpretations Committee (SIC).
Slide
1-30
LO 6 Explain the meaning of IFRS.
31. Types of Pronouncements
Types of Pronouncements
Review Question
IFRS is comprised of:
a. International Financial Reporting Standards and FASB
financial reporting standards.
b. International Financial Reporting Standards, International
Accounting Standards, and international accounting
interpretations.
c. International Accounting Standards and international
accounting interpretations.
d. FASB financial reporting standards and International
Accounting Standards.
Slide
1-31
LO 6 Explain the meaning of IFRS.
32. Financial Reporting Challenges
Financial Reporting Challenges
IFRS in a Political Environment
Slide
1-32
Illustration 1-6
User Groups that Influence the
Formulation of Accounting Standards
LO 7 Describe the challenges facing financial reporting.
33. Financial Reporting Challenges
Financial Reporting Challenges
The Expectations Gap
What the public thinks accountants should do vs. what
accountants think they can do.
Significant Financial Reporting Issues
๏ Non-financial measurements
๏ Forward-looking information
๏ Sort assets
๏ Timeliness
Slide
1-33
LO 7 Describe the challenges facing financial reporting.
34. Financial Reporting Challenges
Financial Reporting Challenges
Ethics in the Environment of Financial Accounting
Companies that concentrate on โmaximizing the bottom
line,โ โfacing the challenges of competition,โ and
โstressing short-term resultsโ place accountants in an
environment of conflict and pressure.
IFRS does not always provide an answer.
Doing the right thing is not always easy or obvious.
Slide
1-34
LO 7 Describe the challenges facing financial reporting.
35. Financial Reporting Challenges
Financial Reporting Challenges
International Convergence
In 2002 the IASB and the FASB formalized their commitment
to the convergence of U.S. GAAP and international
standards. The Boards agreed to:
1. Make their existing financial reporting standards fully
converged as soon as practicable, and
2. Coordinate their future work programs to ensure that
once achieved, convergence is maintained.
Slide
1-35
LO 7 Describe the challenges facing financial reporting.
36. Financial Reporting Challenges
Financial Reporting Challenges
Review Question
The expectations gap is:
a. what financial information management provides and
what users want.
b. what the public thinks accountants should do and what
accountants think they can do.
c. what the governmental agencies want from standardsetting and what the standard-setters provide.
d. what the users of financial statements want from the
government and what is provided.
Slide
1-36
LO 7 Describe the challenges facing financial reporting.
37. ๏
๏
IFRS tends to be simpler and more flexible in its accounting and
disclosure requirements.
๏
Slide
1-37
The fact that there are differences between IFRS and U.S. GAAP
should not be surprising because standard-setters have developed
standards in response to different user needs.
The U.S. SEC recently eliminated the need for foreign companies
that trade shares in U.S. markets to reconcile their accounting with
U.S. GAAP.
38. Appendix
1A
THE U.S. STANDARD-SETTING ENVIRONMENT
Organizations responsible for developing financial
accounting standards (GAAP) in the United States:
1. Securities and Exchange
Commission (SEC).
2. Financial Accounting
Standards Board (FASB).
Slide
1-38
http://www.sec.gov/
http://www.fasb.org/
39. Securities and Exchange Commission
Securities and Exchange Commission
Established by federal government
Accounting and reporting for public companies
Securities Act
Securities Act
of 1933
of 1933
Securities Act
Securities Act
of 1934
of 1934
Encouraged private standard-setting body
SEC requires public companies to adhere to GAAP
SEC Oversight
Enforcement Authority
Slide
1-39
LO 8 Identify the major policy-setting bodies and their
role in the standard-setting process.
40. Financial Accounting Standards Board
Financial Accounting Standards Board
Wheat Committeeโs recommendations resulted in the creation of a the
Financial Accounting Standards Board (FASB) in 1973.
Financial
Accounting
Foundation
Financial
Accounting
Standards Board
Financial Accounting
Financial Accounting
Standards Advisory
Standards Advisory
Council
Council
Slide
1-40
Selects members of the FASB
Funds their activities
Exercises general oversight.
Mission to establish and improve
standards of financial accounting
and reporting.
Consult on major policy issues.
LO 8 Identify the major policy-setting bodies and their
role in the standard-setting process.
41. Financial Accounting Standards Board
Financial Accounting Standards Board
Missions is to establish and improve standards of financial
accounting and reporting. Differences between FASB and
APB include:
Smaller Membership
Full-time, Remunerated Membership
Greater Autonomy
Increased Independence
Broader Representation
Slide
1-41
LO 6 Identify the major policy-setting bodies and their
role in the standard-setting process.
42. Financial Accounting Standards Board
Financial Accounting Standards Board
Due Process
FASB relies on two basic premises:
Responsive to entire economic community
(2) Operate in full view of the public
(1)
Step 1 = Topic placed on agenda
Step 2 = Research conducted and Discussion Memorandum issued.
Step 3 = Public hearing
Step 4 = Board evaluates research, public response and issues
Exposure Draft
Step 5 = Board evaluates responses and issues final Statement of
Financial Accounting Standard
Slide
1-42
LO 8 Identify the major policy-setting bodies and their
role in the standard-setting process.
43. Financial Accounting Standards Board
Financial Accounting Standards Board
Types of Pronouncements
Standards, Interpretations, and Staff Positions.
Financial Accounting Concepts
Emerging Issues Task Force Statements
Slide
1-43
LO 8 Identify the major policy-setting bodies and their
role in the standard-setting process.
44. Financial Accounting Standards Board
Financial Accounting Standards Board
U.S. Generally Accepted Accounting Principles
Principles that have substantial authoritative support.
Major sources of GAAP:
FASB Standards, Interpretations, and Staff Positions
APB Opinions
AICPA Accounting Research Bulletins
When the Board approves a new standard, staff position, etc., the results are
included in the Codification through an Accounting Standards Update.
Slide
1-44
LO 8 Identify the major policy-setting bodies and their
role in the standard-setting process.
45. Financial Accounting Standards Board
Financial Accounting Standards Board
Illustration 1A-2
The
Codification
Framework
Slide
1-45
LO 8 Identify the major policy-setting bodies and their
role in the standard-setting process.
46. International Accounting Convergence
International Accounting Convergence
Improvements in Accounting Standards
IASB and FASB have set up an extensive work plan to achieve
one set of international standards.
Illustration 1A-3
IFRS Adoption Timeline
Slide
1-46
LO 8 Identify the major policy-setting bodies and their
role in the standard-setting process.
47. International Accounting Convergence
International Accounting Convergence
SEC Work Plan
Sufficient development and application of IFRS.
Independent standard-setting for the benefit of investors.
Investor understanding and education.
Regulatory environment.
Impact on large and small financial statement preparers.
Human capital readiness.
Slide
1-47
LO 8 Identify the major policy-setting bodies and their
role in the standard-setting process.
48. Copyright
Copyright
Copyright ยฉ 2011 John Wiley & Sons, Inc. All rights reserved.
Reproduction or translation of this work beyond that permitted in
Section 117 of the 1976 United States Copyright Act without the
express written permission of the copyright owner is unlawful.
Request for further information should be addressed to the
Permissions Department, John Wiley & Sons, Inc. The purchaser
may make back-up copies for his/her own use only and not for
distribution or resale. The Publisher assumes no responsibility for
errors, omissions, or damages, caused by the use of these
programs or from the use of the information contained herein.
Slide
1-48