The Financial Reporting Act 1997 (FRF)

Before deciding to fully adopt IFRSS, in 1996, the AASB issued Policy Statement 6 International Harmonization Policy with objective to ‘pursue the

The Board adheres to the applicable laws, rules, codes and standards to ensure the interests of the Mr Price. A risk-based compliance framework has been adopted to ensure that the company complies with all applicable laws.

The Financial Accounting Standards Board goes through an elaborate information gathering process before issuing their standards. Firstly, an issue is identified and placed on the Board 's agenda by the Emerging Issues Task Force. Secondly, a task force of knowledgeable persons is appointed to advise the Board on the issue. Thirdly, the Board 's technical staff investigates the issue. Fourthly, a discussion memorandum on the issue is then written and distributed to interested parties. Fifthly, the

The Financial Accounting Standards Board (FASB) sets the Generally Accepted Accounting Principles in the United States. The FASB Accounting Standards codification implements a system for organizing non-governmental generally accepted

The impact that FASB has on the investment community and the level of satisfaction of the investment community as it pertains to these imposed requirements.

The Development of Financial Accounting and Reporting Standards. (2016). Retrieved on October 2, 2016, from http://highered.mheducation.com/sites/0072994029/student_view0/ebook/chapter1/chbody1/the_development_of_financial_accounting_and_reporting_standards.html.

Fast forward to 1970, where the APB’s main contribution “Basic Concepts and Accounting Principles Underlying Financial Statement of Business Enterprises was highly critized for achieving too little too late. Ultimately, resulting in the AICPA suggesting that the standard setting role be turned over to an autonomous body known as the Financial Accounting Standards Board

The objective of the GASB is to set and improve standards of local and state government financial accounting. GASB objectives are also to improve the government’s ability to show its performance to the public, to improve the information available to the public so that they can hold the government responsible, to guide all users of government financial reports and provide useful information to the users of the financial reports of government entities. The objective of the FASB is to set accounting standards for public companies in the US. Its objectives include improving the relevance and reliability, comparability and consistency, and convergence and quality of financial reporting. It also strives to keep standards current, rectify areas of deficiency in financial reporting and improving the understanding of the information in financial reports.

As accountants and auditors we are held to, and must comply with, two standards of professional conduct. Those standards are generally accepted accounting principles (GAAP) and generally accepted auditing standards (GAAS). GAAP enforces the uniform standards for preparing and presenting financial statements. GAAS governs the ways and means are used by public accountants when conducting an audit. GAAS establishes the standards for field work and mandates that sufficient evidence be found to provide reasonable assurance for issuing an audit opinion.

The FASB-IASB convergence project sought to merge U.S. GAAP with IFRS in a way that would combine the best of both standards to make financial reporting easier in a world that grows smaller each day. To say that the project was challenging would be a gross understatement; convergence faced many setbacks that arose out of disagreements about the best way to represent information for a vast set of users. One reason why disagreements arose is because the process for accounting standard-setting is considerably political. When a diverse group of people argues for the interests of massive groups of other very different people, each with their own competing interests, complications are bound to occur. Everyone brings their own issues to the table,

Be that as it may, expanding the similarity of principles is difficult. It can't be refined by the FASB alone; it requires collaboration and assentation among standard setters around the globe. Distinctive beginning stages, diverse business societies, diverse administrative situations, diverse budgetary reporting targets, and diverse legitimate frameworks can make it troublesome for standard setters around the globe to concede to the same bookkeeping elective. Also, an option that is seen as a change in one nation may not be seen as a change by another nation. For instance:

Another challenge convergence faces is the fact that under IFRS, there are little industry-specific standards, which has led many commentators to voice “concerns about how IFRS would impact their particular industry” (AICPA, 2009). Other critics have voiced concerns regarding the uncertainty surrounding funding for the IASB as it’s “largely funded through voluntary contributions from a wide variety of participants across the world’s capital markets. The concern with that model is that it leaves the IASB open to the perception that organizations that provide funding could try to influence the accounting standards” (SIAC, 2012). This observation questions whether there is true independence of the IASB and the integrity of its standard-setting process.

The Financial Accounting Standards Board is the independent and private sector that establishes financial accounting and reporting standards for public, private, and not for profit organizations that follow guidelines of the Generally Accepted Accounting Principles. For example, the Security Exchange Commission (SEC) follows the standards set forth by the FASB. FASB is also recognized by the Boards of Accountancy and the American Institute of CPAs. The FASB also works with the Governmental Accounting Standards Board (GASB), The FAF Management and FAF Trustees to provide useful and informational tools to investors to better their accounting standards and ensure their financial reports are comprehended correctly. The FASB also include seven board members and advisory board.

The Financial Reporting Council (FRC) has recently released four new standards: FRS 100 Application of Financial Reporting Requirements; FRS 101 Reduced Disclosure Framework; FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland; and FRS 103 Insurance Contacts. FRS 100 basically describes who does what with the new UK GAAP. It describes which principles apply to which type of business; when a business can apply the reduced disclosure framework; and when a business should follow a statement of recommended practices, or SORP. FRS 101 lays out a reduced disclosure framework for entities. Certain entities can choose to use this reduced disclosure framework while creating their financial statements. FRS 102

Standards- extent of work needed, rfelative complexity materiality, effectiveness of governance, probability of significant erros, and