Ica Gh Syslabus

As the responsibilities of the global harmonization of accounting standards IFRS and GAAP transfer to IASB, FASB’s influence is waning. Advantages of the convergence include high quality financial reporting, which lowers cost of capital for investors and the cost of borrowing for companies. However, there are disadvantages to be noted, such as the costs of introducing IFRS to current and potential accountants and the risk of reducing the uniformity of financial reports due to the lax rulings of IFRS, which promotes earnings management amongst companies. Although arguments regarding the convergence remain prevalent, the completion of IFRS and GAAP is inevitable. Come year 2015, accountants, investors, and companies alike will discover whether or not the pros outweighed the cons; or vice versa.

Financial Management Accounting has been developing since the evolution of International Financial Reporting Standards. The significance of highly qualified management accountants is crucial for public and private enterprises, developing countries, startups, and others. Personally, I have chosen Oulu University and Financial Management Accounting due to several reasons that are based on my experience and motivation. I am a competent candidate for applying to study in Financial Management Accounting Master's Degree program at Oulu University.

As the business environment grows and companies find new ways to expand into their respective - or even new – markets, it is important that reporting standards stay up to date with changes and continue to assist companies in providing their users with useful accounting information. Information is labelled as being useful when it meets the

For as long as businesses have existed, so has accounting. With time, it has become more complicated and detailed, but it is still a process of keeping financial accounts in order. Through accounting, or financial reporting, a system is set up to keep track of, maintain and audit the financial proceedings. Because accounting and financial reporting of a business is so important for its accuracy and in general, a lot of ethical, technological and legal concerns are involved. In this paper, we will look identify and explore the concerns of each of these.

ACCOUNTING, BANKING AND FINANCE AT THE HARARE AND CHITUNGWIZA REGION OF THE ZIMBABWE OPEN UNIVERSITY.

Abstract: On October 11, 2011, the Public Company Accounting Oversight Board (PCAOB) proposed a new rule. The rule is meant to name the engagement partner and other key participants who play a role in preparing audit reports. PCAOB believes that new rule would help to get more information and would be useful to investors, creditors and other financial statements users. After six years of debate over the intended and unintended consequences the PCAOB concluded and issued the rule on December 15, 2015.The objective of my research was to reflect my expectations for the consequences, both intended and unintended of the Public Company Accounting Oversight Board of the new rule. The PCAOB’s final article “Improving the transparency of audits: Rules to require disclosure of certain audit participates on a new PCAOB form and related amendments to auditing standards” release No. 2015-008 issued on December 15, 2015 was very crucial for my research because it gives first hand perspective of the new rule.

According to the research, Accounting standards exist to facilitate the preparation of high-quality and consistent general purpose financial statements to convey the useful information about the general financial condition and results related to reporting entities, such as companies, non-profit corporations and governments. And Australia adopted International Financial Reporting Standards (IFRS) in 2005, as directed by the Financial Reporting Council in its 2002 directive to the AASB. The Australian Accounting Standards Board has published AASB 15 Revenue from Contracts and Customers, the Australian equivalent of its international namesake, IFRS 15. And the purpose of the new Standards is to provide (except in relation to some specific exceptions, such as lease contracts and insurance contracts) a single source of accounting requirements for all contracts with customers, thereby replacing all current accounting pronouncements on revenue.

For this report, both group work for a presentation, as well as significant individual research went into finding the relevant content for a comprehensive report. Concluding this report it is evident that the new regulations do cover a wide range of ground, however there are many critics of these new regulations, who feel they will add cost and complexity, whilst possibly harming the quality of services accounting firms can overall offer to their clients.

In this report I will be describing how legislation and accounting concepts, could affect a business company’s accounting policies. I will also be talking what Acts contain, concepts and their importance, and also accounting policies. I will be supporting my work with examples.

Main Features of this Pronouncement Application Date This pronouncement makes amendments to the Framework for periods ending on or after 20 December 2013, with allowance for earlier application. AASB CF 2013-1 4 PREFACE  Main Amendments This pronouncement replaces the guidance in the Framework on the objective of general purpose financial reporting and the qualitative characteristics of useful financial information with, as an integral part of the Framework, the Appendix: Objective and Qualitative Characteristics.

Accounting Information is the pearl of any organization. It is how a business provides its investors as well as other stakeholder parties’ direction towards a healthy economic decision in favor of the business. Regulation of these information and standardizing the process would lead to that organization solving the problem of ‘information asymmetry’. (Watts & Zimmerman, 1978)

After more than 10 years updates on FASB statements, finally in February 1992, FASB Statement that establishes financial accounting and reporting standards for the effects of income taxes that result from an enterprise 's activities during the current and preceding years. It requires an asset and liability approach for financial accounting and reporting for income taxes was issued which was thought to illustrate the whole area of Deferred Taxes.

Within the accounting profession, there have been challenges to develop a set of standards that are generally accepted and universally practiced. Thus far, the main debate in setting accounting standards is “Whose rules should we play by, and what should they be?” While the answer is unclear, users of financial statements and reporting must find methods that has an universal objective, that allows “Grapes for Grapes” comparisons that clearly, fairly, and completely prepares a company financial statements. For years GAAP has been the common set of standards and procedures for the U.S, the core for establishing a principle of reporting but now IFRS an international friendly financial reporting system has become popular for its use globally.

During the last 'few decades there has been a dramatic change in the business and technological environment, specially due to the increased use of new manufacturing practices and technologies such as Just-in-Time (JIT), Total Quality Management (TQM) and Computer Integrated Manufacturing (CM). Consequently, it is argued that management accounting systems have to change in response to the needs of this new environment (Bruggeman and Slagmulder, 1995). However, in the recentpast accountants in Western countries, particularly

For as long as human interactions have allowed the exchange of value between goods or services, accountancy has been the language of which business transactions are speaking (Salem, 2013). Accounting keeps track of and explains how money is used by non-profit organizations, for-profit businesses, governments and other individuals. Sounds simple enough right? Well, in all reality it is not that simple. Nowadays, there are many different forms of accounting let alone different set of standards that certain, and sometimes all, organizations must follow. Today there are two main standard setters in the United States that is responsible for providing up to date standards for its corresponding organizations. Although these two standards are very similar in nature, they are also very different when it comes to their own individual reporting requirements. Throughout the rest of this paper I will not only compare and contrast the differences between the Governmental Accounting Standard Board (GASB) and the Financial Accounting Standard Board (FASB), but also how they differ when it comes to their reporting requirements.