The Financial Accounting Standards Board

All the transactions even those which are not treated as a security interest will have to be treated the same. As a result, the levels of transparency and certainty on third parties would be improved. The PPS reforms have ensured that there is a national electronic register which will cater for all security interests in personal property. The register will be used as a notice board of the “registered personal securities” thus not providing conclusive evidence of priority.[15]

Auditors should reference FASB codification section 360-10-30 for requirements around initial measurement of capital assets. This section explains that

I appreciate the opportunity to comment on the Proposed Accounting Standards Update on Inventory Topic 330, Simplifying the Measurement of Inventory.

How can we determine that the accounting principles used by P&G are prepared on a basis consistent with those of last year? Internet pg 55

When it comes to the rules of accounting, the Financial Accounting Standards Board, or FASB, is in charge mostly. Their main responsibilities include making changes to the rules of accounting they think is crucial for key people and businesses as well as inform them of the changes made. To make sure the rules are understandable by the people and businesses, FASB change and update them to fit what is in today’s capabilities. One of the most important recent changes happened in the first month of twenty-sixteen: many known as “Standard Update 2016-01”.

speed up accounting of e expected costs and postpone accounting of expected revenue as well as using off balance sheet to show the profitability of company is provisionally

The Financial Accounting Standards Board (FASB) is currently conducting a project that is referred to as the “Simplification Initiative.” As such, the board’s goal is to “identify, evaluate, and improve areas of general accepted accounting principles (GAAP) for which cost and complexity can be reduced while maintaining or improving the usefulness of the information provided to users of the financial statements” (“Exposure Draft, Proposed Accounting Standards Update” 1). Accordingly, this paper will examine the FASB’s Proposed Accounting Standards Update: Inventory (Topic 330): Simplifying the Measurement of Inventory. In this proposed Update, the FASB strives to simplify the measurement of inventory by measuring it at the lower of cost and net realizable value. Part of their rationale is that this would reduce costs to investors and other stakeholders while still maintaining the quality of financial reporting under the current guidance. In addition, this proposed Update would support the FASB’s convergence efforts with the International Accounting Standards Board (IASB), specifically with their standard on inventories, IAS 2. IAS 2, like the Proposed Update, measures inventory at the lower of cost and net realizable value. Overall, this paper will discuss the details of the FASB’s current proposed Update

Regulators and Accounting Standards Board have long struggled with the developing comprehensive reporting standards that will improve transparency, reliability, completeness, and comparability of the financial statements prepared by the company. The need to promote investor confidence in the market makes it important to improve the financial reporting standards so that investors are able to obtain accurate, reliable and complete information in order to make informed judgments. This paper reviews recent attempts by SEC and FASB to improve the reporting of off-balance sheet transactions, variable interest entity, and non-controlling interest.

| Increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in increases in equity, other than those relating to contributions from equity participants

Under GAAP, any upward adjustments to initial cost due to change of circumstances are prohibited. PP&E is measured at fair value only when fair value s lower than the original cost,

In September of 2006, The Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards No. 157: Fair Value Measurements ("FAS 157") to provide guidance about how entities should determine fair value estimations for financial reporting purposes. These guidelines coincide with the conceptual framework and provide a baseline for accounting professionals to gauge the true worth of an asset. The goal of the conceptual framework to provide clear concise information across the accounting profession. It allows regulators to provide a uniform standard to individuals and companies, as well as providing a platform to roll out future account developments in the field. However, despite the best efforts of regulators, there is always bumps on the road to providing a smooth and compliant framework for accountants.

According to the International Accounting Standard Board, IAS 11 provides for accounting of revenues and costs pertaining to a construction contract. Revenues from a construction contract are only recognized when the contract is complete. However, there is another possibility whereby a proportion of net income is recognized over the period of the contract which is also known as the percentage of completion method. Contract revenues usually comprise of the initial revenue as agreed in the contract and variations in contract work, claims and incentive payments. In addition, IAS 11 consists of two types of contracts which are fixed price and cost plus contracts. Fixed price contracts are contracts whereby a fixed contract price is accepted by

- Online tracking of Property, Plant and Equipment (PPE) items, as to acquisition of costs,

an exit price) (IFRS13). Fair value is the market value of a firm’s assets and ignores any special benefits of the assets to the business resulting from competencies such as man management skills as well as any transaction costs (Hitz, 2007). Therefore a fair value measurement is market based rather than entity specific and it represents unbiased measurements that are consistent from period to period and across entities (Penman, S. H., 2007). This helps to reinforce consistency and comparability across various reporting entities. Fair Value measurements also have the property of objectivity as it is non-entity specific and reflects the market’s valuation as compared to entity specific measurements which are subject to managerial judgments (Whittington, 2010).

Over the past few decades there has been a significant transformation in the global financial structure. These remarkable changes are a result of increasing global competition, changes in business and political climate, increasing technological advancements etc. Globalization in particular has given the corporations and individual borrowers to look beyond the borders for finance and investment opportunities. In order to protect these investors and to maintain the market integrity a financial reporting framework was developed. This framework ensures high quality of financial reporting and true and fair representation of general information for the users of financial statements (SEC, 2000).