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
2.1.1 Disclosure of Financial statements Section 128 of the Companies Act, 2013 deals with the books of account and mandated that every company shall prepare and keep at its registered office books of accounts and other relevant documents and financial statements for every financial year which give the true and fair view of the state of the affairs of the company. The section also makes it mandatory
and improve the accounting standards and the financial reports by the nongovernmental organizations, offering useful information that allows investors and other users to make decisions. The implementation and improvement of the standards is made taking into consideration the opinion of all the parties interested and it is supervised by the Financial Accounting Foundation’s Board of Trustees. This process open to the public participation warranty the transparency into the standards-setting process
(superseded) The FASB Accounting Standards Codification® and the Hierarchy of Generally Accepted Accounting Principles is FASB Statement No.162’s replacement that was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
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 a
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
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
Addenda Summary-2011 Note: Due to the issuance of certain new accounting literature, changes in the status of ongoing projects during the past year, or evolution of practice, the following updates to the existing cases should be noted. Case 03-5a Part I: Trademark Subsequent to the release of the Exposure Draft issued by the FASB and IASB in June 2010 the Boards received a number of comments and is currently reviewing and analyzing these comments. A revised draft of the Exposure Draft is expected