International Accounting Standards And Public Companies

The IOSCO plan does not cover accounting standards.(66) These standards are important for providing financial statements in a scheme that are prepared in the similar manner as those by issuers from other countries. The development of international accounting standards is the subject of a distinct project by IOSCO, and many accounting professionals who are concomitant with that undertaking are hopeful that a satisfactory solution is within reach.(67) Supposing, however, that an agreement is possible on a core set of financial standards and that they too are embraced by securities regulators as compulsory for foreign issuers, the road to commonality has at least two other impediments.

This research project will inform the reader of the difference between the United States accounting standards and International accounting standards. The United States uses the Financial Accounting Standards Board (FASB) to issue financial reporting procedures. The International Financial Reporting Standards (IFRS) are issued by the International Accounting Standards Board (IASB). There are proposals for the United States to adopt the International standards. Financial reporting procedures are debated about the United States using the Generally Accepted Accounting Procedures (GAAP) or following the global procedures. This

Kvaal & Nobes, International Differences in IFRS Policy Choice (September 2, 2009). Accounting and Business

The IFRS were introduced in 2001 when the International Accounting Standards Board (IASB) took over from the old International Accounting Standards Committee (IASC). The move to these standards have been part of a movement for accounting which has seen a lot of countries change the way they go about their domestic accounting and instead use the international standards for more consistency across the globe (Brochet, Jagolinzer & Riedl, 2013).

While the United States was not the only and probably not even the first country where an interest in international accounting issues arose, it was probably ahead of others in developing a research infrastructure in the area. The AICPA, following the 1962 international congress, took a first step. The Institute's executive director, John L. Carey, later wrote, 'Through a reactivated Institute committee on international relations, a vigorous program was undertaken to encourage inter- national co-operation among professional accountants, to improve exchange of information, and eventually to agree on common standards: z3 All of the Big Eight accountancy firms were represented on the committee. In 1964, the committee published a thick volume, Professional Accounting in 25 Countries (Lev, 2003).

are the differences between nations. These alteration in Accounting Practices are results of specific environmental factors, which have shaped them. Therefore, one of the first problems with standardisation I conclude is that the result of the harmonisation process could neither be a copy of the Anglo-American Model nor one of the Continental-European Model. The Anglo-

Countries, including the US, that decide to converge with IFRS yet function under different economic and political environments will inherently implement the universal standard to fit their institutional infrastructures diminishing comparability between nations (Hail). There are significant differences in the foundation of US GAAP and IFRS, specifically IFRS’s principles-based accounting and US GAAP’s

This paper follows the previous papers showing that there are needs for harmonization across the globe in order for accounting standards to not be affected in a negative way. The best way to make this happen is by adopting the same set of standards across the globe and stick by them. This paper will show how the adoption of these standards will benefit countries globally by using the United States alone as an example. As a matter of fact, the effects on U.S. reporting practices are likely to be limited. Nonetheless, there could be a significant impact accounting reporting processes and systems. Therefore our focus will be on the costs to implement the solution. The major out-of-pocket costs will probably occur during the transition phase,

The IFRS are the standards, interpretations and the framework adopted and developed by the International Accounting Standards Board (IASB) (Freeman, 2014). These set of ac-counting standards would improve comparability of financial information as well as the flow and pricing of capital (Epstein at al 2009). IFRS is becoming the global standard for the prep-aration of company financial statements (Freeman, 2014). International compatible financial statements assist in lending decisions, loan monitoring, and establish international vendor credit and development of other international business relationship (Evans, et al.., 2005).

Along with the responsibility of stablishing financial accounting and reporting standards for private and public companies that follow U.S Generally Accepted Accounting Principles (GAAP), the Financial Accounting Standard Board (FASB) is the organization in charge of issuing Accounting Standards Update (ASU) in order to communicate changes to the FASB Codification. Accounting Standards Updates explain how and why FASB has changed U.S GAAP and include background information related to the change. One example of these updates is the Accounting Standards Update issued on July 2015, ASU 2015-11- Inventory (Topic 330): Simplifying the Measurement of Inventory, which communicates a change in the way inventory is measured in order to simplify the process. This ASU states the main provisions of the update and the reasons why the FASB issued this update. It also illustrates how the update is different from previous standards and the expected benefits of this update for financial statements preparers. Moreover, the update explains why the LIFO and retail inventory methods are excluded from the update, and it makes people think about how this update could affect earnings quality of income from continuing operations and bottom line net income.

With the number of countries that have switched to the International Financial Reporting Standards (IFRS) for their financial reporting, as well as the continued efforts made between the IFRS and US Generally Accepted Accounting Principles (US GAAP), it is evident that international convergence is an overall appealing idea for global reporting. With that said, US GAAP has worked with IFRS to create a universal standard; and while progress has been made to diminish variances between the standards, there are still large, if not unattainable, efforts ahead of us. The hype over a proposed uniform set of global accounting standards appears to be stunted by the lost efforts in the convergence project between the US GAAP and IFRS. As the Financial Accounting Standards Board (FASB) moves forward with its standards setting, there must be a reevaluation of the goal for reporting standards and efforts with the International Accounting Standards Board (IASB).

This report is mainly focussed on the topic related to Accounting theory concept in general. There are two articles to elucidate, first article is on Accounting Standards & conceptual framework, which is further discussed in detail about the qualitative characteristics of Conceptual framework. Second article is about Positive Accounting Theory, where we discuss about Accounting theories.

In order to overcome the differences between national accounting practices, a lot of national standards bodies have jointly agreed and adopted a series of International Financial Reporting Standards

What is the International Accounting Standards Board? This paper will give a brief overview on the history of the International Accounting Standards, starting with the role of the IASC Foundation, the structure of the IASB and the number of accounting standards currently published. Next, it will explain the steps in creating an international accounting standard in accordance with due process and it will show the mailing address and phone number. Lastly, there will be a summary of two most recent accounting standards issued by the IASB.

Accounting Standards are used as one of the main compulsory regulatory mechanisms for preparation of general-purpose financial reports and subsequent audit of the same, in almost all countries of the world. Accounting standards are concerned with the system of measurement and disclosure rules for preparation and presentation of financials statements. They appear with a set of authoritative statements of how particular types of transactions, events and other costs should be recognized and reported in the financial statements. Accounting standards are devised to furnish useful information to different users of the financial statements, to such as shareholders,