The document discusses accounting standards and principles from the IASB framework. It addresses:
1) The possible advantages of principle-based vs prescriptive accounting standards, such as principle-based standards allowing more professional judgement.
2) The objective of financial statements according to the IASB framework is to provide financial information about the reporting entity that is useful to users in making economic decisions. The underlying assumptions include accrual basis, going concern concept, and materiality.
3) Factors that may influence a country's accounting regulations include the legal system, tax system, type of economy, and levels of inflation or capital markets.
Janet Miller and Patrick Waggoner, of the Economic Development Administration, provided the presentation "Keys to EDA RLF Compliance at the conference Create, Challenge, Change: Economic Development Conference for the Denver Region in August 2016.
Janet Miller and Patrick Waggoner, of the Economic Development Administration, provided the presentation "Keys to EDA RLF Compliance at the conference Create, Challenge, Change: Economic Development Conference for the Denver Region in August 2016.
Rodel S. Navarro Business and Management Consultant and Director RODEL SY NAVARRO BUSINESS CONSULTANCY SERVICES (RSNBCS) Tel / Mobile: +63-0917-7333563 Email: rsnbcs@gmail.com http://www.slideshare.net/RSNBCS (About Business Laws compilation): http://www.slideshare.net/BUSINESSLAWSPH Email: businesslawsph@gmail.com
When you need help for your online homework, you need professional experts and a dedicated organization to provide you with the best online assignment solutions which you can get at http://www.helpwithassignment.com/
Implementation of IFRS in Indian banking Sector : Effects & Challenges Ranjan Bellarpady
Abstract -
Accounting is the language of business, through which an organization can communicate to its stakeholders. From a petty shop to a Multinational Company needs accounting. Even though India is a country which is rapidly moving towards globalization, is still in the process of adopting global reporting standards (i.e. IFRS). Indian banking sector considered as one of the strongest industry, where everything is standardized, but even today it practicing the traditional accounting system i.e. Indian GAAP. This paper concentrates on effects and challenges in implementation of IFRS in Indian banking sector.
Adoption of global accounting standards in Indian banking system will bring more positive drastic changes, where as it has plenty of challenges also. This study elaborates how the challenges can be overcome to avail the benefits of global accounting standards. The Ministry of Corporate Affairs of India (MCA) is likely to notify all sections and rules of the new companies Act and start convergence of Indian Accounting Standards with International Financial Reporting Standards (IFRS) process immediately, which have to be implemented from April 2015 and it has developed a roadmap for the implementation of IFRS in India and this paper examine the effects of IFRS-9 “Financial Instruments” on Indian banking after the implementation of IFRS. This research study also contains the findings and suggestions based on the survey.
Happy Reading :)
Rodel S. Navarro Business and Management Consultant and Director RODEL SY NAVARRO BUSINESS CONSULTANCY SERVICES (RSNBCS) Tel / Mobile: +63-0917-7333563 Email: rsnbcs@gmail.com http://www.slideshare.net/RSNBCS (About Business Laws compilation): http://www.slideshare.net/BUSINESSLAWSPH Email: businesslawsph@gmail.com
What are the basic components of the conceptual framework What are .pdfanaxeetech
What are the basic components of the conceptual framework? What are your opinion about the
success of the conceptual framework
Solution
Conceptual Framework Underlying Financial Accounting
The development of accounting standards or any other accounting guidelines need a foundation
of underlying principles. In July 1989, The International Accounting Standards Committee
(IASC) issued a \"Conceptual Framework\" to serve as a basis for accounting standards. The
Accounting Standards Board of the ICAI has issued a similar framework for same purpose in
July 2000. This framework serves as a constitution and provides the fundamental basis for
development of new accounting standards as also for review of existing standards. The principle
areas covered by the framework are as follows:
Components of financial statements
>Balance sheet
>Profit & Loss A/c
>Cash Flow Statement
>Notes & Schedules to Accounts
Objectives of Financial Statements:
Objectives require financial statements to show the results of business operations and
stewardship or accountability of the management in respect of resources entrusted to it, to the
diversified stakeholders of the business.
Assumptions Underlying Financial statements:
Three fundamental accounting assumptions are as follows:
>Going Concern
>Consistency
>Accrual
Qualitative Characteristics of Financial Statements:
>Understandability
>Relevance
>Reliability
>Comparability
>True & Fair View
Elements of Financial Statements:
The five financial elements are assets, Liabilities, Equity, Income/Gains, and Expenses/losses.
Principles of Measurement of Financial Statements:
Measurement is the process of determining money value at which an element can be recognised
in the balance Sheet or statement of profit or loss. The framework recognises four alternative
bases for the purpose. These bases relate explicitly to the valuation of assets and liabilities. In
preparation of financial statements, all or any of the below can be used in varying combinations
to assign money values to financial items:
(a) Historical Values
(b) Current Cost
(c) Realisable(Settlement) Value and
(d) Present Value
PURPOSE OF THE FRAMEWORK
The framework sets out the concepts underlying the preparation and presentation of general
purpose financial statements prepared by enterprises for external users.
The main purpose of the framework is:
(a). To assists enterprises in preparation of their financial statements in compliance with the
accounting standard and in dealing with the topics not yet covered by any accounting standard.
(b). To assists ASB in its task of development and review of accounting standards.
(c). To assists ASB in promoting harmonisation of regulations, accounting standards and
procedures relating to the preparation and presentation of financial statement by providing a
basis for reducing the number of alternative accounting treatments permitted by accounting
standards.
(d). To assists auditors in forming an opinion as to whether financial sta.
The Conceptual Framework was issued by the IASB in September 2010. It superseded the Framework for the Preparation and Presentation of Financial Statements. For details visit http://www.helpwithassignment.com/
Rodel S. Navarro Business and Management Consultant and Director RODEL SY NAVARRO BUSINESS CONSULTANCY SERVICES (RSNBCS) Tel / Mobile: +63-0917-7333563 Email: rsnbcs@gmail.com http://www.slideshare.net/RSNBCS (About Business Laws compilation): http://www.slideshare.net/BUSINESSLAWSPH Email: businesslawsph@gmail.com
When you need help for your online homework, you need professional experts and a dedicated organization to provide you with the best online assignment solutions which you can get at http://www.helpwithassignment.com/
Implementation of IFRS in Indian banking Sector : Effects & Challenges Ranjan Bellarpady
Abstract -
Accounting is the language of business, through which an organization can communicate to its stakeholders. From a petty shop to a Multinational Company needs accounting. Even though India is a country which is rapidly moving towards globalization, is still in the process of adopting global reporting standards (i.e. IFRS). Indian banking sector considered as one of the strongest industry, where everything is standardized, but even today it practicing the traditional accounting system i.e. Indian GAAP. This paper concentrates on effects and challenges in implementation of IFRS in Indian banking sector.
Adoption of global accounting standards in Indian banking system will bring more positive drastic changes, where as it has plenty of challenges also. This study elaborates how the challenges can be overcome to avail the benefits of global accounting standards. The Ministry of Corporate Affairs of India (MCA) is likely to notify all sections and rules of the new companies Act and start convergence of Indian Accounting Standards with International Financial Reporting Standards (IFRS) process immediately, which have to be implemented from April 2015 and it has developed a roadmap for the implementation of IFRS in India and this paper examine the effects of IFRS-9 “Financial Instruments” on Indian banking after the implementation of IFRS. This research study also contains the findings and suggestions based on the survey.
Happy Reading :)
Rodel S. Navarro Business and Management Consultant and Director RODEL SY NAVARRO BUSINESS CONSULTANCY SERVICES (RSNBCS) Tel / Mobile: +63-0917-7333563 Email: rsnbcs@gmail.com http://www.slideshare.net/RSNBCS (About Business Laws compilation): http://www.slideshare.net/BUSINESSLAWSPH Email: businesslawsph@gmail.com
What are the basic components of the conceptual framework What are .pdfanaxeetech
What are the basic components of the conceptual framework? What are your opinion about the
success of the conceptual framework
Solution
Conceptual Framework Underlying Financial Accounting
The development of accounting standards or any other accounting guidelines need a foundation
of underlying principles. In July 1989, The International Accounting Standards Committee
(IASC) issued a \"Conceptual Framework\" to serve as a basis for accounting standards. The
Accounting Standards Board of the ICAI has issued a similar framework for same purpose in
July 2000. This framework serves as a constitution and provides the fundamental basis for
development of new accounting standards as also for review of existing standards. The principle
areas covered by the framework are as follows:
Components of financial statements
>Balance sheet
>Profit & Loss A/c
>Cash Flow Statement
>Notes & Schedules to Accounts
Objectives of Financial Statements:
Objectives require financial statements to show the results of business operations and
stewardship or accountability of the management in respect of resources entrusted to it, to the
diversified stakeholders of the business.
Assumptions Underlying Financial statements:
Three fundamental accounting assumptions are as follows:
>Going Concern
>Consistency
>Accrual
Qualitative Characteristics of Financial Statements:
>Understandability
>Relevance
>Reliability
>Comparability
>True & Fair View
Elements of Financial Statements:
The five financial elements are assets, Liabilities, Equity, Income/Gains, and Expenses/losses.
Principles of Measurement of Financial Statements:
Measurement is the process of determining money value at which an element can be recognised
in the balance Sheet or statement of profit or loss. The framework recognises four alternative
bases for the purpose. These bases relate explicitly to the valuation of assets and liabilities. In
preparation of financial statements, all or any of the below can be used in varying combinations
to assign money values to financial items:
(a) Historical Values
(b) Current Cost
(c) Realisable(Settlement) Value and
(d) Present Value
PURPOSE OF THE FRAMEWORK
The framework sets out the concepts underlying the preparation and presentation of general
purpose financial statements prepared by enterprises for external users.
The main purpose of the framework is:
(a). To assists enterprises in preparation of their financial statements in compliance with the
accounting standard and in dealing with the topics not yet covered by any accounting standard.
(b). To assists ASB in its task of development and review of accounting standards.
(c). To assists ASB in promoting harmonisation of regulations, accounting standards and
procedures relating to the preparation and presentation of financial statement by providing a
basis for reducing the number of alternative accounting treatments permitted by accounting
standards.
(d). To assists auditors in forming an opinion as to whether financial sta.
The Conceptual Framework was issued by the IASB in September 2010. It superseded the Framework for the Preparation and Presentation of Financial Statements. For details visit http://www.helpwithassignment.com/
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This assignment is prepared by Dr Kazi Islam, Lecturer in Acco.docxmichelle1011
This assignment is prepared by Dr Kazi Islam, Lecturer in Accounting, UC- ACCT20074, T1-2019, CQU
ACCT20074 Contemporary Accounting Theory
Term 1 Assessment 3: Practical report (Major assignment)
Basic information:
Nature of task Individual
Total marks 50 (50% of the unit)
Due date Week 12 Friday (7 Jun. 2019) 11:45 pm AEST1
Return date Results will be published with other units university-wide (not before certification date)
Word limit 3,000 – 3,500 words including the executive summary, introduction, responses to the
requirements in 2 parts & conclusion but excluding the list of references and appendixes.
Format Report format as per the marking criteria and guidelines. Prepare MS Word document.
Main tasks:
This assessment requires to undertake research and report on several aspects of corporate external reporting
practices. The assessment has two main parts, Part A and Part B.
Part A: Conceptual framework
(a) Undertake a review of literature regarding the history and development of the Conceptual Framework
for Financial Reporting in the USA, UK, Australia, and globally under the umbrella of the International
Accounting Standards Board (IASB). (4 marks)
(b) Discuss the Australian accounting profession’s concerns regarding the application of the (IASB/IFRS)
Conceptual Framework for Financial Reporting. (3 marks)
(c) Based upon a review of journal articles, critically discuss academics’ concerns about the quality (potential
benefits and limitations) of the Conceptual Framework for Financial Reporting. (3 marks)
(d) Download the annual report of 2018 (or 2017, if not available 2018 annual report) of the selected
company listed on the Australian Securities Exchange. Carefully read this report and explain how the
conceptual framework has been applied by this company while it prepared its financial statements and
notes to the accounts. Present your answer considering the (i) how many statements/reports have been
prepared as per the Conceptual Framework and what are their major components, (ii) which recognition
principles and measurement bases have been applied for revenue, assets and liabilities, and (iii) what
qualitative characteristics of information exhibit in company’s various financial reports. (10 marks)
Part B: Integrated/sustainability reporting
(a) Compare and contrast the Sustainability Reporting Guidelines of the Global Reporting Initiative (GRI)
and the International Integrated Reporting Framework of the International Integrated Reporting
Council (IIRC) for explaining a holistic view (broader view) of corporate social responsibility reporting
in addition to reporting of corporate financial performance. (4 marks)
(b) Explain the rigour (strengths and limitations) of the conventional accounting, based upon the
Conceptual Framework for Financial Reporting, to explain the contents of sustainability as well as
integrat.
OMM 622Question 1 – 250 words The Quality of Financial Informa.docxvannagoforth
OMM 622
Question 1 – 250 words
The Quality of Financial Information
Referencing this week’s readings and lecture, describe the quality issues related to reporting revenue. What is the importance of understanding various inventory valuation methods in determining the quality of reported profits?
Respond to at least two of your classmates’ posts
Question 2 – 250 words
Conflicts with GAAP
Even though firms follow the accounting rules (GAAP) when presenting their financial statements, it is still possible for conflicts of interest to exist between what management wants investors and creditors to see and the economic reality of transactions. Explain how this can occur.
PAPER
Auditing
Auditors have come into a department as part of a company-wide audit prior to issuing an audit opinion for the company’s financial reports. In a one- to two-page paper (not including the title and reference pages), explain what the staff should expect the auditors to do. Be sure to include the requirements of the Sarbanes Oxley Act in your explanation.
Required Resources
Text
Epstein, L. (2014). Financial decision making: An introduction to financial reports [Electronic version]. Retrieved from https://content.ashford.edu/
· Chapter 5: Evaluating the Quality of Financial Reports
Recommended Resources
Articles
Miller, P. B. W. (2002, April). Quality financial reporting: Finding customer focus through the power of competition (Links to an external site.). Journal of Accountancy. Retrieved from http://www.journalofaccountancy.com/Issues/2002/Apr/QualityFinancialReporting.htm
Turner, L. E. (2000, March 23). Speech by SEC staff: Charting a course for high quality financial reporting (Links to an external site.). U.S. Securities and Exchange Commission. Retrieved from http://www.sec.gov/news/speech/spch356.htm
Lecture
Evaluating the Quality of Financial Reports
The collapse of Enron in the early 2000s, which was a result of massive financial manipulation, gave rise to a new era of financial reporting supervision with the establishment of the Sarbanes-Oxley Act in 2002. The Act required all executives to give certified and accurate financial information. Various mechanisms were put in place to reduce financial accounting irregularities (Cunningham, 2005). Managers are therefore required to have a clear understanding of the regulations put in place and the bodies which enforce them in order to conform with them accordingly.
Issuance of financial reports and sale of securities to the public is monitored by such organizations as:
The Financial Accounting Standards Board (FASB)
The Securities and Exchange Commission (SEC), and
The Financial Industry Regulatory Authority (FIRA)
The Financial Accounting Standards Board (FASB) has developed the financial accounting standards to be used in the U.S. since 1973. Its function is to oversee the preparation of financial reports by non-governmental entities. FASB ensures that financial statements contain information relevant fo ...
OMM 622Question 1 – 250 words The Quality of Financial Informa.docx
Chapter 1 exercise
1. Chapter 1 Exercise (5/11)
1. Generally accepted accounting practice (GAAP) in a country can be based on legislation and accounting
standards that are either
• very prescriptive in nature; or
• principle-based
Required:
Explain the possible advantages of having principle-based accounting standards as opposed to prescriptive
standards. (5 Marks).
2. Required:
(i) Explain the objective of financial statements according to the IASB’s Framework for the Preparation and
Presentation of Financial Statements (Framework). (2 marks)
(ii) Explain the underlying assumptions outlined in the Framework. (3 marks)
09/11
1.
Accounting and disclosure practices are subject to a number of influences that vary from country to
country. This leads to a variety of different accounting regulations around the world.
Required:
Explain the factors that may influence accounting regulations in a country. (5 marks)
4. The International Accounting Standards Board’s (IASB) Framework for the Preparation and Presentation of
Financial Statements (Framework) identifies assets and liabilities as two key elements.
Required:
(i) Define assets and liabilities in accordance with the Framework (2 marks)
(ii) Explain the criteria that must be met for assets and liabilities to be recognised in an entity’s financial
statements. (3 marks)
11/10
5.
3/13
6.
Explain the FOUR qualitative characteristics of financial information specified in the IASB’s Framework. (5
marks)
Identify the four main entities that are involved in developing and implementing International Accounting
Standards. Briefly describe the role of each entity. (5 marks)
7.
Identify TWO advantages of having an ethical code for accountants. (2 marks)
8.
Identify any TWO responsibilities of the IFRS Foundation. (2 marks)
9. Identify TWO actions required under IAS 1 (Revised) Presentation of Financial Statements to ensure that
“Financial statements shall present fairly the financial position, financial performance and cash flows of an entity.”
(2 marks)
