the fair value of financial instruments for reporting purposes. This paper discusses the Financial Accounting Standards Board (FASB) Exposure Draft issued on December 3, 2015 which proposed amendments to Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements. The paper analyzes some of the key points of the exposure draft, among other things, the history and development the concept of fair value management, the necessity of the amendments to the topic, the
(superseded) The FASB Accounting Standards Codification® and the Hierarchy of Generally Accepted Accounting Principles is FASB Statement No.162’s replacement that was created in Jun, 2009 The Hierarchy of Generally Accepted Accounting Principles. Statement 168 that replaced Statement No. 162 is now the base of the U.S. GAAP authoritative that been accepted by the FASB to be controlled by non-governmental entities. The recent reporting standards and non-SEC accounting are replaced by this
Investors and other financial statement users receive information regarding an auditor’s work, concerning a company’s financial statements, through an audit report. In the United States, the audit report has changed little since the 1940s (PCAOB 2013b). Currently it, “identifies the financial statements that were audited, the scope and nature of the audit, the general responsibilities of the auditor and management, and presents the auditor 's opinion as to whether the financial statements present
account, preparation and presentation of financial statements and audit of annual accounts, the main thrust under the Companies Act is upon the presentation of a ‘true and fair view’ of the state of affairs and operating results of the reporting companies. As the preparation of financial statements contained in annual reports presupposes the existence of a recording procedure of transactions (as provided under the Companies act and the adherence to accounting standards) of the reporting entities, the requirements
October 3, 2012 The Accounting Standards Update (ASU) 2011-05, Comprehensive Income: Presentation of Comprehensive Income was issued to increase the importance of items reported in other comprehensive income. The FASB, along with IASB, worked jointly to improve and converge the reporting and presentation requirements for items contained in other comprehensive income. At the same time FASB issued ASU 2011-05, IASB issued an amendment to IAS 1, Presentation of Financial Statements, which implemented
generally quite wide acceptance that convergence in accounting and auditing standards is desirable. In this essay, I am going to evaluate the challenge of convergence, why it is necessary and the benefit it brings back for an economy. 1. Background International Standard on Auditing (ISAs) is defined as “professional standards that deal with the independent auditor’s responsibilities when conducting an audit of financial statements”. All these standards are issued by International Federation of Accountants
Pensions are financial arrangements that allow individuals to receive an income stream during their retirement years (Tatum, 2011). They are found in government institutions, private businesses, professional groups and various other settings. Pensions funds can be found as a part of an institutions or as an independent plan. Pension plans are a major participant in the capital markets. For example, consider the fact that Ontario Teachers’ Pension Plan has a net asset value of $96.4 billion at the
FASB and IFRS Standards Up to Date Michael Walker ACC 498 April 13, 2016 FASB and IFRS Standards Up to Date Indubitably, the Financial Accounting Standards Board (FASB) and the International Financial Reporting Standards (IFRS) create and are sets of, respectively, governing bodies in today’s business world. FASB and IFRS both are constantly updating to meet and accommodate the ever changing world presently. Changes are not easy, but necessary to keep up with reform and accommodate
information. Outline the different sources of regulation of financial statements in Ireland. When accountants are preparing a set of financial statements accountants must comply with the relevant accounting rules. The regulatory framework provides a set of rules and regulations to ensure fair play.’ The principal aim of the regulatory frame work is to ensure that the financial statements present a true and fair view of the financial performance and position of the organization’. The three sources
information. Outline the different sources of regulation of financial statements in Ireland. When accountants are preparing a set of financial statements accountants must comply with the relevant accounting rules. The regulatory framework provides a set of rules and regulations to ensure fair play.’ The principal aim of the regulatory frame work is to ensure that the financial statements present a true and fair view of the financial performance and position of the organization’. The three sources