The Accounting And Reporting Standards - 1494 Words

‘US GAAP’ is the term used to indicate the body of authoritative literature that comprises accounting and reporting standards in the US. Rules and interpretative releases of the SEC under authority of federal securities laws are also sources of authoritative GAAP for SEC registrants. Authoritative US GAAP is primarily developed and maintained by the FASB and the Emerging Issues Task Force. Unlike IFRS, US GAAP is designed for use by both profit-oriented and not-for-profit entities, with additional Codification topics that apply specifically to not-for-profit entities. Like IFRS, any entity claiming compliance with US GAAP complies with all applicable sections of the Codification, including disclosure requirements. However, unlike IFRS, a statement of explicit and unreserved compliance with US GAAP is not required. Unlike IFRS, the objective of financial statements is fair presentation in accordance with US GAAP.Similarities and Differences of GAAP and IFRS Haotian Guo In 2014, a study from PricewaterhouseCoopers pointed that American investors are looking over-seas’ capital market for investment opportunities, and foreign investors are also looking for investing opportunities in America. According to the research from PricewaterhouseCoopers in 2014, an estimates shows that there are around seven trillion US dollars are invested in foreign stock markets, and American markets are open to non-US firms too. Many of the foreign companies use IFRS rule withoutShow MoreRelatedAccounting Standards And Financial Reporting Standards1955 Words   |  8 Pagesparts of accounting that help make corporations flow smoothly and efficiently. Accounting can be used by anyone in his or her everyday life whether balancing your checkbook or checking on your income statement. In accounting there are several rules, standards, and procedures one must follow in order to maintain fairness and legitimacy. This being said there are two main frameworks that make tha t possible which are referred to as GAAP and IFRS. GAAP stands for Generally Accepted Accounting PrinciplesRead MoreAccounting Standards And Financial Reporting Essay1508 Words   |  7 PagesSepe, and Tomassini (2007), â€Å"accrual accounting is the financial reporting model used by† most corporations; which in turn, enables â€Å"investors and creditors †¦ to make their resource allocation decision† (Financial Reporting Case, para. 1). In other words, due to organizations using the same standards for financial reporting, external parties are able to compare the financial condition between businesses (Spiceland, et al., 2007). Although accounting standards have evolved over the decades, thereRead MoreFinancial Accounting And Reporting Standards1426 Words   |  6 Pages Financial Accounting and Reporting Standards Jeremy J Boston Saint Leo University â€Æ' Abstract Financial accounting has become more complex as our country grows. The United States has established a core financial body to ensure all financial statements are published within the prescribed guidelines so that any creditor or investor is able to read and understand the information. The FASB was created to ensure that these guidelines are followed and they are well-paid individuals so there isRead MoreFinancial Reporting And International Accounting Standards Essay1556 Words   |  7 PagesFinancial reporting is a branch of accounting which involves presenting the financial information of a company to the stakeholders so that they can be in a position to evaluate its financial performance and make an informed decision based on the information. There are two general sets of standards governing financial reporting in the major economies across the world. They include the International Financial Reporting Standards (IFRS) regulated by the International Accounting Standards Board (I ASB)Read MoreStandard For Better Quality Accounting And Reporting3767 Words   |  16 Pagescompanies are looking to adopt this standard for better quality accounting and reporting and so I will be looking into the issues with IFRS such as measurement and reporting of profit, implications of adopting IFRS, the reintroduction of the concept of prudence and other proposed changes to the conceptual framework. Conceptual Frame work: According to ACCA[2014], a conceptual frame work must â€Å"consider the theoretical and conceptual issues surrounding financial reporting and form a coherent and consistentRead MoreFinancial Reporting And The International Accounting Standards Essay1993 Words   |  8 PagesIntroduction Purpose Complexity in financial reporting is apparent especially when applying it to relevant accounting theories. Complexity is the state of being difficult to understand and apply (SEC 2008, cited in Petersen, 2012). When we apply complexity to accounting we think of it in terms of applying it to accounting transactions which flow onto financial statements and how these were developed from the Accounting Standards. (Peterson, 2012, p.73). The purpose of this reportRead MoreInternational Accounting And Financial Reporting Standards2215 Words   |  9 PagesBoth speakers have made credible arguments towards the contradictory nature of the International Accounting and Financial Reporting Standards. Accounting standards are a method of regulating the reporting of everyday transactions within the profession, alongside laws, regulations and codes of professional bodies (Guest Lecturer, 2014). Regulatory regimes are necessary as they aim to achieve a uniform objective that published accounts in the market are to show a true and fair view of the entity theyRead MoreInternational Financial Reporting Standards : International Accounting Standards1761 Words   |  8 PagesInternational Financial Reporting Standards After reviewing some of most notorious challenges facing the IFRS abroad, we focus our attention on presenting information about some of the IFRS successes in pursuing their goal to a single set of financial reporting standards. Since 1973, the International Accounting Standard Committee, now known as the IASB, has been focused on developing a single set of high-quality international accounting standards as an effort to make financial information andRead MoreInternational Financial Reporting Standards And The International Accounting Standards Board1236 Words   |  5 PagesREVENUE ACCOUNTING ASSIGNMENT 2 – BUSINESS REPORT Name : Jea Sun Lee Student Number : N9558195 Word Count : 1000 words  Table of Contents EXECUTIVE SUMMARY 5 1.0 Introduction 6 2.0. Research and Evaluation 7-8 3.0 Future Implications of adopting AASB 15 for Australian companies 9 4.0 Conclusion 10 Reference List 11-12  EXECUTIVE SUMMARY The International Financial Reporting Standards (IFRS) Foundation and the International Accounting Standards Board (IASB) are a global languageRead MoreAccounting Principles And The International Financial Reporting Standards Essay839 Words   |  4 PagesGenerally Accepted Accounting Principles and the International Financial Reporting Standards are the two major accounting standards used by accountants today. The GAAP is currently used only by firms in the United States, while the IFRS is used by firms in 110 countries, including those in the European Union. The U.S Securities and Exchange Commission is in charge of GAAP for public companies, while the Financial Accounting and Standard Board overlooks private companies. The standards for IFRS are set