Accounting Standard From The Financial Information Reporting Perspective

The Codification’s goal is to clarify the company of thousands of U.S. authoritative accounting announcements published by diverse standard-setters. Therefore, to accomplish this objective, the FASB sponsored a project to incorporate and typically adapt all related accounting publication announced by the standard-setters of the U.S. in conjunction with those of the FASB, the Emerging Issues Task Force (EITF) and the American Institute of Certified Public Accountants

The Financial Accounting Standards Board goes through an elaborate information gathering process before issuing their standards. Firstly, an issue is identified and placed on the Board 's agenda by the Emerging Issues Task Force. Secondly, a task force of knowledgeable persons is appointed to advise the Board on the issue. Thirdly, the Board 's technical staff investigates the issue. Fourthly, a discussion memorandum on the issue is then written and distributed to interested parties. Fifthly, the

In 1973 the Financial Accounting Standards Board (FASB) was established to set the financial accounting standards in the United States of America for nongovernmental entities. These standards are collectively called U.S. Generally accepted Accounting Principles, or U.S. GAAP. The Securities and Exchange Commission (SEC) and the American Institute of Certified Public Accountants acknowledge the authority of these standards (FASB, n.d). A “proven, independent due process” is used to collect the viewpoints of the financial statements prepares and users for the constant improvement of these standards. An Accounting Status Update(ASU) is not an authoritative source however documents the amendments to communicate the changes in the FASB Codification for a user to understand the reason and future of those changes (FASB, n.d).

As stated earlier, the IASB arose from specific needs of the accounting industry and the public. As international trade has increased, the need for transnational accounting information has increased as well. This sparked the demand for development of international accounting standards to make financial data between countries more comparable. In 1973, the International Accounting Standards Committee (IASC) was formed to develop these international standards. The standards issued by the IASC, prior to 2001, were called International Accounting Standards (IASs). In 2001, the IASC made the International Accounting Standards Board (IASB) the official international standard-setting body. The standards issued by the IASB are called International Financial Reporting Standards (IFRSs) (Schroeder, Clark, & Cathey, 2011, p. 82-87).

The information in this report regarding the accounting standards for private companies is as stated in the proposal stage. The three options discussed are options being considered and the Accounting Standards Board (AcSB) has issued an

This paper will analyze these views as they apply to the discloser of segment information for public entities as required by topic 280 of the FASB accounting standards codification, and discussed in Statement of Financial Standards No. 131 (“SFAS 131). The paper is structured as follows: Section II provides an overview of the objective and general purpose of financial reporting and the qualitative characteristics off useful financial information as determined by the Financial Accounting Standards Board (“FASB”), section III introduces the concept of segment reporting and outlines the requirements for disclosures of segment information for public companies, section IV evaluates the relevance of

ASC 280-10-50-10 describe the criteria for reportable segments, if the criteria is met, separate information about operating segment shall be reported separately. ASC 280-10-50-6 refers business activities reports could be presented in different ways.

AASB 8 applies to annual reporting period beginning on/after 1 Jan 2009 and supersedes AASB 114 Segment Reporting when adopted.

These tests will define the different reportable operating segments that need to be reported by the organization in their financial report. The standards under AASB 8, even provides an approach, where segments that were not reportable and did not qualify the above tests to be reportable separately. This approach is referred to as the management approach, even any such information analyzed by the chief operating officer

The IFRS 8 is an international accounting standard, which requires entity, adopt management method when report operating segments’ financial performance to made the segmental information closer to the internal report of the entity. The IASB has substituted IFRS 8 for IAS 14 and combined the segment report request with the SFAS 131 Disclosure about Segments of an Enterprise and Related information.

IFRS 8 (‘the standard’) aligns the identification and reporting of operating segments with internal management reporting. Segment reporting under IFRS 8 should highlight the information and measures that management believes are important and are used to make key decisions. It should also provide a better link between the financial statements and the information reported in management commentaries such as the Operating and Financial Review or Management Discussion and Analysis. The standard converges IFRS with US Accounting Standard SFAS 131 ‘Disclosure about Segments of an Enterprise and Related Information’. This publication explains the key requirements of the standard and some practical issues for entities to consider when it is applied for the first time.

This report aims to provide the executive directors and senior level management, of Fujitsu with a condensed insight into the potential use of the International Financial Reporting Standards (IFRS), as a substitute method of “corporate disclosure to its’ current reporting standards (GAAP)”, (American Institute of Certified Public Accountants, 2014). This report will analyse the primary benefits and limitations of adopting the IFRS as one of many accounting standards, thus ultimately aiming to provide a convincing recommendation as to its’ adoption and future application in Fujitsus’ operations and methods of financial reporting, (American Institute of Certified Public Accountants, 2014).

Financial Accounting Standard Boards was just born in 1973, and the rules for revenue recognition was just focusing on how income was earned. In 2003 the Securities of Exchange Commission (SEC) released SAB no. 104 it created four elements of recognizing revenue (SEC 2007, 2007).

There have been plenty of debates surrounding the two type standards; on one side we have the United States General Accepted Accounting Principle (GAAP) which has always been used until now with International Financial Reporting Standards (IFRS). A committee of accountants from the American Institute of Accountants (AIA) created the first set of US GAAP standards in the 1930s. US GAAP is a set of guidelines made to help publicly traded companies create their financial statements. The International Financial Reporting Standards (IFRS) serves a similar purpose, but has been globally accepted. European companies first adopted IFRS in 2005, and by 2012 countries such as Japan, Canada, and India had done the same. Since early 2010, FASB and IASB have been working together to converge both of these accounting standards. The SEC has been on board, and although they have not been successful yet, a Work Plan has been developed which lays out factors, which need to be considered before transitioning into a new reporting system. The main topic for this paper is pension and how both differ from GAAP and IFRS. In the research, it will mainly geared towards pension plan and the benefits that differ between the U.S GAAP and IFRS. Through the research the main information comes from the income statement of the company to identify the difference.

The (IASB) International Accounting Standards Board published International Financial Reporting Standard 8 (IFRS 8) Operating Segments on 30 November 2006. The standard superseded IAS 14 Segment Reporting, which was applicable pursuant to Regulation 1606/2002/EC (IAS Regulation).