Accounting Standards Essay

Introduction IFRS is an acronym that stands for International Financial Reporting Standards. It is a set of accounting standards, developed by the International Accounting Standards Board (IASB). They are applied on a globally consistent basis and thus the global standard for the preparation of public company financial statements. GAAP, Generally Accepted Accounting Principles, is a common set of accounting principles, standards, and procedures that companies must follow when they compile their financial

The purpose of the Financial Accounting Standards Board (FASB) is to create and improve the standards of financial accounting and reporting for nongovernmental entities. It is a standard for not for profit financial reporting which provides useful information to investors and other users of financial reports. The Accounting Standards Update 2011-5 discusses the reporting and presentation of comprehensive income and its components in a full set of general purpose financial statements. The goal

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

Indian and International Accounting Standards & Practices Introduction: Accounting Standards are used as one of the main compulsory regulatory mechanisms for preparation of general-purpose financial reports and subsequent audit of the same, in almost all countries of the world. Accounting standards are concerned with the system of measurement and disclosure rules for preparation and presentation of financials statements. They appear with a set of authoritative statements of how particular types

Almost 10 years ago on July 13, 2006, FASB, the Financial Accounting Standards Board issued FIN 48 the Accounting for Uncertainty in Income Taxes. FIN 48 is also known as Interpretation No. 48 that became effective during December 2006 fiscal year. It explains the uncertain tax positions regarding the calculations and disclosures of reserves in the Statement No. 109 of the FASB. The purpose of the FASB Interpretation No. 109, also referred to as, FIN 48, clarifies uncertainty in income taxes recognized

In 1973, the Financial Accounting Standards Board (FASB) was created and their mission is “to establish and improve standards of financial accounting and reporting for the guidance and education of the public, including issuers, auditors, and users of financial information.” (FASB.org, 2009a). The FASB is a private, not-for-profit organization whose primary purpose is to develop generally accepted accounting principles (GAAP) within the United States. The Securities and Exchange Commission (SEC)

the International Financial Reporting Standards (IFRS) for their financial reporting, as well as the continued efforts made between the IFRS and US Generally Accepted Accounting Principles (US GAAP), it is evident that international convergence is an overall appealing idea for global reporting. With that said, for decades now US GAAP has worked with IFRS to create a universal standard; and while progress has been made to diminish variances between the standards, there are still large, if not unattainable

parts of accounting that help make corporations flow smoothly and efficiently. Accounting can be used by anyone in his or her everyday life whether balancing your checkbook or checking on your income statement. In accounting there are several rules, standards, and procedures one must follow in order to maintain fairness and legitimacy. This being said there are two main frameworks that make that possible which are referred to as GAAP and IFRS. GAAP stands for Generally Accepted Accounting Principles

that’s understandable globally and comparable across the international boundaries. IFRS initially was formed to harmonize accounting across European Union, but the value of harmonization was so overwhelming and attractive around the world that became a benchmark globally. Importance of Accounting Standards In this assignment I want to explain the importance of the Accounting standards. As the world economy is becoming integrated and globalization is becoming a universal phenomenon, more and more businesses

‘US GAAP’ is the term used to indicate the body of authoritative literature that comprises accounting and reporting standards in the US. Rules and interpretative releases of the SEC under authority of federal securities laws are also sources of authoritative GAAP for SEC registrants. Authoritative US GAAP is primarily developed and maintained by the FASB and the Emerging Issues Task Force. Unlike IFRS, US GAAP is designed for use by both profit-oriented and not-for-profit entities, with additional