Sfas 142

Q1: Of what importance in a conceptual framework or metatheory are definitions of such basic terms as assets, liabilities, revenues, and expenses?

information is posted on the SF 702. The vault/safe combinations will be stored with the 62nd MED BDE G2. The SF 700 will be maintained for two years.

To enhance a user’s ability to understand and compare an entity’s operating results, reporting entities are required to describe all significant accounting policies in their financial statements. As such to decide if an accounting principal is significant, is the management’s decision.

SFAS 116 is concerned with the manner in which contributions made and received are recorded and reported, with significant changes primarily for non profits but also affecting for-profit concerns including:

IASB. 2010, "The Conceptual Framework for Financial Reporting" IFRS, pp. A21- A38, viewed 23 April 2014,

Similarly as showed in the FAS 141R and FAS 160, the Financial Accounting Standards Board (FASB) gave out the gauges that were intended to enhance the equivalence, unwavering quality, and additionally importance of the money related proclamations (Mary et al, 2006). Also, the FAS 141R and FAS 160 and the reassessment to IFRS 3 were segments of the FASB and IASB joint tasks intended to quicken conjunction in this field of

(2) iGAAP and U.S. GAAP are similar for intangibles acquired in a business combination. That is, an intangible asset is recognized separately from goodwill if it represents contractual or legal rights or is capable of being separated or divided and sold, transferred, licensed, rented or exchanged;

Accounting for intangibles has gained prominence in the past few decades due to changes in the way the business world operates. The technological revolution and in particular, the information age, has brought intangible resources to the fore of the business environment. Businesses ( even the most traditional production manufacturers ( are moving towards an information age where a competitive edge is increasingly linked to resources other than the fixed and liquid assets as understood by Generally Accepted Accounting Principles (GAAP). Some research has shown that accounting for

There have recently been a number of significant accounting changes due to FASB and the International Accounting Standards Board (IASB) making modifications for the accounting treatment of business combinations in SFAS 141(R) and IFRS 3. Business combinations have implemented the newly created accounting treatment called the “acquisition method.” It will replace of the current “purchase method” strategy effective January 1, 2011. The major changes in the acquisition method involve variations to fair value measurement, goodwill recognition, and non-controlling interests.

Under Australian Accounting Standards Board (AASB) 138, intangible asset is defined as ‘an identifiable non-monetary asset without physical substance’ (Australian Accounting Standards Board, 2010). In recent years many companies in different countries have used several methods to record intangible assets. However, Tudor and Dragu (2010) firmly believe that different companies from Europe use the same financial reporting method to record intangible assets. In order to

The Financial Accounting Standards Board has issued for public comment two Exposure Drafts related to its disclosure framework project. The first exposure draft proposes amendments to Statement of Financial Accounting Concepts - Conceptual Framework for Financial Reporting, Chapter 3 – Qualitative Characteristics of Useful Financial Information. The purpose of this proposed amendment is to clarify the concept of “materiality”. FASB defines materiality as, information is material if omitting it or misstating it could influence decisions that users make on the basis of the financial information of a specific reporting entity. In other words, materiality is an entity-specific aspect of relevance based on the nature or magnitude or both of the items to which the information relates in the context of an individual entity’s financial report. Consequently, the Board cannot specify a uniform quantitative threshold for materiality or predetermine what could be material in a particular situation.

The FASB follows a due process in establishing a typical FASB Statement of Financial Accounting Standards. The following steps are usually taken: (1) A topic or project is identified and placed on the Board’s agenda. (2) A task force of experts from various sectors is assembled to define problems, issues, and alternatives related to the topic. (3) Research and analysis are conducted by the FASB technical staff. (4) A preliminary views document is drafted and released. (5) A public hearing is often held, usually 60 days after the release of the preliminary views. (6) The Board analyzes and evaluates the public response. (7) The Board deliberates on the issues and prepares an exposure draft for release. (8) After a 30-day (minimum) exposure period for public comment, the Board evaluates all of the responses received. (9) A committee studies the exposure draft in relation to the public

To discuss the accounting standards for intangible assets that are not dealt with in another IFRS.

The IAS 38, provides international standards that should be used in accounting for assets and, in particular, intangible assets that are assumed to be non-monetary and with no physical identification (Lev, 2008). The primary objectives of the IAS 38 standards, are to provide clear guidelines on how intangible assets should be treated during accounting processes. Further, IAS 38 provide specifications on how an individual business should reorganize and measure their intangible assets using certain disclosures as started in IAS 38.1. Such recognition process should meet certain minimum criteria as the same standard outlines. Additionally, this standard provide specific rules on the use of particular financial instruments and presentation of such assets (Stark, 2008).Intangible assets include but not limited to the following; expenditure on development, expenditure on mineral extraction, assets arising from insurance contracts, intangible assets held for sale, incomes, Taxes, goodwill and employees benefits. This paper will outline how the requirements of IAS 38 on research and development expenditure are theoretically dubious and practically unnecessary. All such expenditure should be treated as an expense in the Income Statement and its amount disclosed in notes to the accounts.

This research project is undertaken on the basis of input from, and planning with, members of the IASB and participate national standard Setters. However, its satisfied has not been deliberate by the IASB or national standard setters. The purpose of the project is to identify, regard as, and make recommendation with value to, Issues related to the selection of an suitable basis, or set of bases, for measuring assets and liabilities known in financial statements. The project is intended to provide the IASB and National standard setters with a basis for initiate active projects to: