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Encyclopedia results for Financial Accounting Standards Board

Financial Accounting Standards Board





Encyclopedia results for Financial Accounting Standards Board

  1. Financial Accounting Standards Board

    Infobox Non profit Non profit name Financial Accounting Standards Board Non profit logo Non profit type ... of financial information. ref name FASB Facts Financial Accounting Standards Board 2007 . http www.fasb.org ... U.S. GAAP into a consistent, searchable format. ref Financial Accounting Standards Board 2009 ... in 1973 Category 1973 establishments in the United States de Financial Accounting Standards Board fa fr Financial Accounting Standards Board pt Financial Accounting Standards Board ... resulting from high quality financial reporting standards, developed in an independent, private sector, open due process. homepage http www.fasb.org fasb.org dissolved footnotes Accounting The Financial Accounting Standards Board FASB is a private, not for profit organization whose primary purpose ... . Mission statement The FASB s mission is to establish and improve standards of financial accounting ... has legal authority to establish financial accounting and reporting standards for publicly held .... Before the present structure was created, financial accounting and reporting standards ... the members of the FASB and the Governmental Accounting Standards Board and funds both organizations ... Agreement FASB is pursuing a convergence project with the International Accounting Standards Board ... , FASB and IASB met and issued a Memorandum of Understanding . ref Financial Accounting Standards Board and International Accounting Standards Board 2002 . http www.fasb.org news memorandum.pdf Memorandum ... of Financial Accounting Standards Statements of Financial Accounting Concepts List of FASB Interpretations ... Mark to Market Fair Value Accounting Related associations International Accounting Standards Board ... designated the FASB as the organization responsible for setting accounting standards for public companies ... through standard setting. Promote international convergence of accounting standards concurrent ... Public Accountants 1936 1959 and then by the Accounting Principles Board , also a part of the AICPA ...   more details



  1. Accounting Standards Board

    mergeto Financial Reporting Council date May 2011 discuss Talk Financial Reporting Council Merger proposal The role of the Accounting Standards Board ASB is to issue accounting standards in the United Kingdom . It is recognised for that purpose under the Companies Act 1985 . It took over the task of setting accounting standards from the Accounting Standards Committee ASC in 1990. The ASB is part of the Financial Reporting Council . In Canada, primary GAAP and other principles are established by Accounting Standards Board AcSB , an independent body funded by the CICA. List of accountancy bodies External links http www.frc.org.uk asb Accounting Standard Board Home page Category Accounting in the United Kingdom Category Accounting organizations sv Accounting Standards Board ...   more details



  1. Governmental Accounting Standards Board

    The Governmental Accounting Standards Board GASB is currently the source of generally accepted accounting principles US GAAP GAAP used by State and Local governments in the United States of America . As with most of the entities involved in creating GAAP in the United States, it is a private, non governmental organization. The GASB is subject to oversight by the Financial Accounting Foundation FAF , which selects the members of the GASB and the Financial Accounting Standards Board , and funds both organizations. The mission of the Governmental Accounting Standards Board is to establish and improve standards of state and local governmental accounting and financial reporting that will result in useful information for users of financial reports and guide and educate the public, including issuers, auditors, and users of those financial reports. The GASB has issued Timeline of Governmental Accounting Standards US Governmental Accounting Standards Board Statements , Interpretations , Technical Bulletins , and Concept Statements defining GAAP for state and local governments since 1984. GAAP for the Federal government is defined by the Federal Accounting Standards Advisory Board . See also List of GASB Statements External links http www.gasb.org GASB Official Website http benefitslink.com pr detail.php?id 42852 GASB 45 for the Masses Tips for Small Employers to Comply with GASB 45 Category Accounting organizations Category Self regulatory organizations Category Accounting in the United States ...   more details



  1. Australian Accounting Standards Board

    Reporting Council FRC to adopt International Accounting Standards Board IASB standards for financial ...The Australian Accounting Standards Board AASB is an Australia n Government agency that develops and maintains financial reporting standards applicable to entities in the private and public sectors of the Economy ... Accounting Standards establishes a differential reporting framework consisting of two tiers of reporting requirements for preparing general purpose financial statements br a Tier 1 Australian Accounting Standards and br b Tier 2 Australian Accounting Standards Reduced Disclosure Requirements. Tier 1 requirements incorporate International Financial Reporting Standards IFRSs , including Interpretations, issued by the International Accounting Standards Board IASB , with the addition of paragraphs ... Accounting Standards IPSASs , as issued by the International Public Sector Accounting Standards Board ... Law, was issued by the former AASB and the Public Sector Accounting Standards Board PSASB ... to apply Australian Accounting Standards when preparing their financial statements. Some public ... Accounting Standards when preparing their general purpose financial statements. Adopted standards ... See also Accounting Professional & Ethical Standards Board External links http www.aasb.gov.au Australian Accounting Standards Board http www.asic.gov.au Australian Securities and Investments ... Standards Board http www.ifac.org PublicSector International Public Sector Accounting Standards Board ... financial reporting standards and facilitates the participation of the Australian community in global ... and creditors. The AASB uses a conceptual framework to develop and evaluate accounting standards. The AASB makes Australian Accounting Standards, including Interpretations, to be applied by br a entities ... requirements in comparison with Tier 1. Australian Accounting Standards also include requirements that are specific to Australian entities. These requirements may be located in Australian Accounting Standards ...   more details



  1. Accounting Standards Review Board

    Accounting Standards Review Board ASRB is a body set up to review and approve financial reporting standards in New Zealand . It was formed by the Financial Reporting Act of 1993 ASRB can have between four to seven members . The Governor General of New Zealand on the recommendation of the Minister of Commerce appoints the members by virtue of their knowledge and experience in law, finance , business , economics and accounting. External links http www.asrb.co.nz ASRB official site NZ crown entities Independent crown entities Category Accounting in New Zealand accounting stub Category Accounting organizations Category New Zealand independent crown entities ...   more details



  1. International Accounting Standards Board

    The International Accounting Standards Board IASB is the independent, accounting standard setting body ... is the parent entity of the International Accounting Standards Board IASB , an independent accounting ... Reporting Standards international accounting standards . Members The IASB has 15 Board members, each ... e.php Accounting Standards Board of Japan http www.aasb.com.au Australian Accounting Standards Board http www.asb.co.za Accounting Standards Board South Africa http www.asrb.co.nz Accounting Standards Review Board NZ http www.fasab.gov Federal Accounting Standards Advisory Board US http www.fasb.org Financial Accounting Standards Board US http www.masb.org.my Malaysian Accounting Standards Board http www.frc.org.uk asb index.cfm The Accounting Standards Board Limited UK http www.ifac.org PublicSector International Public Sector Accounting Standards Board US http www.audit.org.ir Iranian accounting standards board http www.asc.gov.sg Singapore Accounting Standards Council Discussions http ... Accounting Standards Board eo Internacia Komisiono pri Kontadaj Normoj fr International Accounting Standards Board ko it International Accounting Standards Board nl International Accounting Standards Board ja pt International Accounting Standards Board ro International Accounting Standards Board ru sv International Accounting Standards Board vi H i ng Chu n m c K to n Qu c t ... was founded on April 1, 2001 as the successor to the International Accounting Standards Committee IASC . It is responsible for developing International Financial Reporting Standards the new name for International Accounting Standards issued after 2001 , and promoting the use and application of these standards. Foundation On January 25, 2001, the International Accounting Standards Foundation IASF ... On February 6, 2001, the IFRS Foundation International Financial Reporting Standards Foundation was also ...   more details



  1. Financial Reporting Standards Board

    Orphan date February 2009 Financial Reporting Standards Board FRSB is a board of New Zealand Institute of Chartered Accountants . Its objective is to develop, revise and maintain definite accounting standards and providing guidance through research bulletins or technical practice aids in all aspects of financial reporting. FRSB forwards new accounting standards to the Accounting Standards Review Board ASRB for approval. It also works with the International Accounting Standards Board IASB . External links http www.nzica.com NavigationMenu StandardsPolicy FinancialReportingStandards FRSBCommunications FRSBDevelopments default.htm Financial Reporting Standards Board Developments Category Accounting in New Zealand Category Accounting organizations accounting stub NZ org stub ...   more details



  1. Federal Accounting Standards Advisory Board

    Infobox Government agency agency name Federal Accounting Standards Advisory Board nativename nativename a nativename r logo US FASAB Logo.svg logo width 160px logo caption seal seal width seal caption formed October 1990 preceding1 preceding2 dissolved superseding jurisdiction headquarters Washington, DC employees budget minister1 name minister1 pfo minister2 name minister2 pfo chief1 name Tom L. Allen chief1 position Chairman chief2 name Wendy Payne chief2 position Executive Director parent agency child1 agency child2 agency website http www.fasab.gov footnotes The Federal Accounting Standards Advisory Board FASAB is a United States federal advisory committee whose mission is to develop U.S. generally accepted accounting principles generally accepted accounting principles GAAP for federal financial reporting entities. The Chief Financial Officers Act of 1990 required annual, audited financial statements for the United States Government and its component entities, referred to as federal reporting entities. In order to apply the statues of the CFO Act of 1990, the United States Secretary of the Treasury Secretary of the Treasury , the Director of the United States Office of Management ... General established FASAB to develop the applicable accounting principles for the newly required financial statements. The AICPA Council designated FASAB as the body that establishes accounting principles for federal entities. The AICPA s hierarchy of generally accepted accounting principles in Statement of Auditing Standards SAS No. 91, The Federal GAAP Hierarchy, governs what constitutes GAAP ... should look to for accounting and reporting guidance. FASAB issues the Statement of Federal Financial Accounting Standards SFFAS . External links cite web title Federal Accounting Standards Advisory Board url http www.fasab.gov accessdate 2006 03 22 Category United States federal boards, commissions, and committees Category Accounting in the United States Category Accounting organizations ...   more details



  1. International Accounting Education Standards Board

    The International Accounting Education Standards Board IAESB is an independent organisation within the fold of the International Federation of Accountants IFAC . The board develops guidance to improve standards of education in accountancy. The two main areas of focus are the key elements of accreditation ... web.ifac.org publications international accounting education standards board title International Accounting Education Standards Board publisher IFAC accessdate 2010 06 07 ref The board also sponsors studies or papers about accounting education that promote discussion and debate on accounting education and development issues. ref cite web url http www.cica.ca become a ca international accounting education standards index.aspx title International Accounting Education Standards publisher Canadian Institute of Chartered Accountants accessdate 2010 06 07 ref Organization Members of the board may ... Association for Accounting Education & Research IAAER has an observer of the board. ref cite web ... title International Accounting and Auditing Standards publisher World Bank accessdate 2010 ... Interest Oversight Board PIOB . ref cite web url http web.worldbank.org WBSITE EXTERNAL PROJECTS ... Standards for Professional Accountants. This paper defines the underlying educational concepts of the IAESB standards, describes the IAESB publications, and affirms the obligations of IFAC member bodies relating to accounting education. ref cite journal url http www.cfoinnovation.com content ifac releases new framework drafting conventions enhance clarity its standards title IFAC Releases New Framework, Drafting Conventions to Enhance Clarity of its Standards journal CFO Innovation Asis date 04 January 2010 accessdate 2010 06 07 ref The IAESB periodically updates standards. In March 2010 the IAESB ... Competence Requirements for Audit Professionals. This is one of the eight standards that address the principles ... 2010 06 07 ref References reflist DEFAULTSORT Iaesb Category Educational organizations Category Accounting ...   more details



  1. Accounting Professional & Ethical Standards Board

    Infobox organization name Accounting Professional & Ethical Standards Board bgcolor fgcolor image APESB logo.jpg image border size alt caption map msize malt mcaption abbreviation motto formation February 2006 extinction type status purpose Develop and promote ethical standards for accountants headquarters location coords region served membership language English leader title leader name main organ parent organization affiliations num staff num volunteers budget website http www.apesb.org.au remarks The Accounting Professional & Ethical Standards Board APESB is an Australia n organization that defines a code of professional conduct which members of the three professional accounting bodies in Australia are required to follow. ref name APESBglance Organization and mandate The APESB was established by CPA Australia and the Institute of Chartered Accountants in Australia in February 2006, and later that year the National Institute of Accountants now called the Institute of Public Accountants became the third member of the APESB. The three organizations jointly fund the APESB. ref cite web url http www.apesb.org.au apesb content 47 about us title About APESB publisher APESB accessdate 2011 ... for Professional Accountants was based on the code issued by the International Ethics Standards Board ... 2011 06 08 ref Relationship to other standards The standards issued by APESB are consistent with standards ... Act 2001. ref cite web url http icaa.org.au Industry Topics Ethical and professional standards ... 2011 06 08 ref The APESB contributes to development of international standards through submissions to the IESBA. ref name APESBglance Activities APESB periodically introduces new or revised standards ... web url http www.charteredaccountants.com.au Industry Topics Ethical and professional standards Current ... http charteredaccountants.com.au Industry Topics Ethical and professional standards Current issues ... ref Category Accounting organizations Category Accounting in Australia ...   more details



  1. Certified Financial Planner Board of Standards

    Advert date October 2010 Infobox Non profit Non profit name Certified Financial Planners Board of Standards ... dissolved footnotes Certified Financial Planner Board of Standards, Inc. CFP Board is the non profit certifying and standards setting organization that administers the Certified Financial Planner ... States. Mission The mission of Certified Financial Planner Board of Standards, Inc. is to benefit ... title Certified Financial Planner Board of Standards Inc. Mission & History publisher Cfp.net ... profit certifying body, the International Board of Standards and Practices for Certified Financial Planners, Inc. IBCFP , which was renamed Certified Financial Planner Board of Standards Inc. in 1994 ref cite web url http www.cfp.net aboutus title Certified Financial Planner Board of Standards Inc ... CFP Board and the International CFP Council to an independent organization, Financial Planning Standards Board FPSB ref cite web url http www.fpsb.org title Financial Planning Standards Board publisher ... become examdetails.asp title Certified Financial Planner Board of Standards Inc. CFP Certification ... Planner Board of Standards Inc. Search for a CERTIFIED FINANCIAL PLANNER Professional publisher ... www.cfp.net learn clinic.asp title Certified Financial Planner Board of Standards Inc. CFP Board s Financial ... Financial Planner Board Of Standards, Inc. Cfp Board Category Professional certification in finance ... focus Financial Planning method Certification, Industry standards, Conferences, Publications revenue ... CFP Board s mission ref name Cfp.net . Credentialing Provide the most rigorous financial planning ... of CFP Board s Standards of Professional Conduct. Communication Build the CFP certification brand ... access for all to competent and ethical financial planning. Sustainability Strengthen CFP Board ... standards. In December 2007, after more than 20 years of operations in Denver, CO., CFP Board moved ... to America s increasing need for CERTIFIED FINANCIAL PLANNER professionals. After careful study, the Board ...   more details



  1. Financial Planning Standards Board India

    Advert date August 2011 Infobox company company name Financial Planning Standards Board India company ... . Financial Planning Standards Board India is marks licensing authority for the CFP marks in India, through ... 6069393.cms Financial Planning Standards Board India It s never too late to start planning for your ... Dhirendra Swarup , Chairman industry Financial services products parent revenue operating income net income assets equity num employees homepage URL http www.fpsb.co.in intl yes Financial Planning Standards Board FPSB India is a Public Capitalism Private Enterprise and a Professional Standards Setting ... and promotion of standards for Financial Planning professionals to benefit and protect the public ... to ensure that Financial Planning Certificants in India meet Competency and Ethics standards ... and United States of America There is a crying need to establish professional Financial Planning standards, inculcate financial literacy , and create suitable redressal mechanism for the investors in India, so that not only they can make responsible use of credit & money but can make informed financial decision that affect their family and future. Leading personal financial services establishments ... many leading personal financial services firms are coming together and attempting to professionalize the business of Financial Planning, and setting standards in the discipline. Currently in over 20 countries over 200 leading financial firms have joined hands towards this objective. In India Financial Planning Standards Board FPSB India has been set up to achieve the same. Over 40 leading Financial ... established by prominent financial service corporations with an objective to professionalize the concept of Financial Planning in India. As a professional Self regulatory organization Self Regulatory Organization , FPSB India promotes and maintains voluntary standards of profession alism including ... Financial advice personal Financial Planning practitioners. FPSB India is based on Self Regulatory ...   more details



  1. Accounting Standards Codification

    accounting stub In US accounting practices, codification is the current single source of United States Generally Accepted Accounting Principles GAAP . FASB Accounting Standards Codification The codification is effective for interim and annual periods ending after September 15, 2009. All existing accounting standards documents are superseded as described in FASB Statement No. 168, The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles. All other accounting literature not included in the Codification is nonauthoritative. The Codification reorganizes the thousands of U.S. GAAP pronouncements into roughly 90 accounting topics and displays all topics using a consistent structure. It also includes relevant U.S. Securities and Exchange Commission SEC , guidance that follows the same topical structure in separate sections in the Codification. To prepare constituents for the change, the FASB has provided a number of tools and training resources. ref Financial Accounting Standards Board. http www.fasb.org cs ContentServer?c FASBContent C&pagename FASB FASBContent C NewsPage&cid 1176156318458 News Release, 07 01 09 . ref While the Codification does not change GAAP, it introduces a new structure one that is organized in an easily accessible, user friendly online research system. The FASB expects that the new system will reduce the amount of time and effort required to research an accounting issue, mitigate the risk of noncompliance with standards through improved usability of the literature, provide accurate information with real time updates as new standards are released, and assist the FASB with the research efforts required during the standard setting process. References reflist External links http www.amlegal.com American Legal Publishing Corporation Category Generally Accepted Accounting Principles ...   more details



  1. Indian Accounting Standards

    Confusing date February 2011 expert subject Business date February 2011 Accounting Indian Accounting Standards , abbreviated as Ind AS are a set of accounting standards notified by the Ministry of Corporate Affairs India Ministry of Corporate Affairs which are converged with International Financial Reporting Standards IFRS . These accounting standards are formulated by Accounting Standards Board of Institute of Chartered Accountants of India . Now India will have two sets of accounting standards viz. existing accounting standards under Companies Accounting Standard Rules, 2006 and IFRS converged Indian Accounting Standards Ind AS . The Ind AS are named and numbered in the same way as the corresponding ... of Corporate Affairs . The Ministry of Corporate Affairs has to spell out the accounting standards applicable ... Affairs notified 35 Indian Accounting Standards Ind AS . But it has not notified the date of implementation of the same. ref cite web title Indian Accounting Standards Converged with IFRS Notified ... Indian accounting standards with IFRS. Thereafter ICAI has decided to Convergence of accounting standards converge its Accounting Standards with IFRS for accounting period s commencing on or after 1 ... of convergence with the National Advisory Committee on Accounting Standards and various regulators ... that there shall be two sets of Accounting Standards under the Companies Act. The new set of standards which have been converged with IFRS are now known as Indian Accounting Standards or Ind AS . The Ministry ... Govt notifies 35 accounting standards in line with IFRS url http www.business standard.com india news govt notifies 35 accounting standards in lineifrs 127075 on accessdate 26 February 2011 newspaper ... of Corporate Affairs portal. ref cite web title 35 Indian Accounting Standards Ind AS url http mca.gov.in ... of Indian Accounting Standards Ind AS 102 Share based Payment Ind AS 103 Business Combinations ... Ind AS 40 Investment Property div col end See also International Financial Reporting Standards ...   more details



  1. Convergence of accounting standards

    sunder Overview The international convergence of accounting standards refers to the goal of establishing a single set of high quality accounting standards to be used internationally, and the efforts of standard setters, particularly the Financial Accounting Standards Board Financial Accounting Standards Board FASB and the International Accounting Standards Board International Accounting Standards ... to the International Accounting Standards Board International Accounting Standards Board IASB ...Accounting The convergence of accounting standards refers to the goal of establishing a single set of accounting ... Financial Reporting Standards International Financial Reporting Standards IFRS . ref name fasboverview ... Convergence of Accounting Standards Overview . Retrieved on April 27, 2012. ref Convergence in some ... that aim to reduce the differences between accounting standards. ref name aicpa08 Convergence is driven ... the amendment of one of the boards standards to better align them with the other board s, jointly ... from converged standards because it will results in increased comparability between the financial statements ... that convergence of accounting standards would contribute to the flow of international investment ... proposed steps to achieve convergence of accounting standards has been criticised by various individuals ... financial reporting standards by U.S. issuers . Retrieved on April 30, 2012. ref Nature of standards ... Rules Based Accounting Standards The Influence of Standard Precision and Audit Committee Strength on Financial Reporting Decisions . Retrieved on April 30, 2012. ref while rules based standards ... cpajournal 2004 804 essentials p34.htm Defining Principles Based Accounting Standards . Retrieved ... the various accounting standards used internationally. ref name fasbhistory FASB. http www.fasb.org ... of Accounting Standards A Brief History . Retrieved on April 30, 2012. ref At the 8th International ..., many participants expressed the need for the development of accounting standards on an international ...   more details



  1. Chinese accounting standards

    Chinese accounting standards are the accounting rules used in People s Republic of China Chinese state ... accepted accounting principles or International Accounting Standards . As of February 2010, the Chinese accounting standard systems is composed of Basic Standard, 38 specific standards and application guidance. Chinese accounting standards are unique because they originated in a socialist period in which the state was the sole owner of industry. Therefore unlike Western accounting standards, they are less ... balance sheet , Chinese accounting standards do not include an accounting of the debt s that a corporation holds, and are less suitable for management control than for accounting for tax purposes. This system of accounting is widely considered to be unsuitable for managing corporations in a market economy . As a result, Chinese corporations are gradually moving toward International Financial Reporting Standards . This has proven to be a massive undertaking. As a consequence Chinese companies ..., one using Chinese accounting standards China GAAP , one using international standards IFRS , and one using U.S. generally accepted accounting principles North American GAAP standards US GAAP ... to use financial statements prepared in accordance with IFRS. ref Acceptance From Foreign Private Issuers of Financial Statements Prepared in Accordance With International Financial Reporting Standards ... years, The Finance Department of Chinese Government has issued new Chinese Accounting Standards ... reflist External links http www.chinaorbit.com china economy chinese accounting standards.html China China Accounting Standards Economy of the People s Republic of China Category Accounting in China Category Generally Accepted Accounting Principles zh Presentation by Director General of Accounting Regulatory Department, Ministry of Finance, February 8, 2010 http ec.europa.eu internal market accounting docs conference20100208 presentation liu en.pdf ...   more details



  1. International Accounting Standards Committee

    Website References reflist 2 Template International Financial Reporting Standards Category Accounting organizations de International Accounting Standards Committee fr International Accounting Standards Committee id Komite Standar Akuntansi Internasional nl International Accounting Standards Committee ja pl Komitet Mi dzynarodowych Standard w Rachunkowo ci pt International Accounting Standards Committee ru ...Use dmy dates date April 2011 International Accounting Standards Committee was founded in June 1973 in London and replaced by the International Accounting Standards Board on April 1, 2001. It was responsible for developing the International Accounting Standards and promoting the use and application of these standards ... countries ref Camfferman and Zeff, 2007, Financial Reporting and Global Capital Markets ... Experts Comptable et des Comptables Agrees Order of Accounting Experts and Qualified Accountants Germany ... Institute of Public Accountants removed from the board in 1987 due to non payment of dues resumed in 1995 ... became an associate member in 1976 and a member of the board from 1978 to 1987. ref name Camfferman ... South Africa became an associate member in 1974 and joined the board in 1978. In 1995 the South Africans began sharing their representation on the board with the Institute of Chartered Accountants of Zimbabwe ... joined the IASC board in 1983 and remained until 1995. ref name Camfferman and Zeff, 2007 The National ... East Asia, after Japan, represented on the IASC Board. ref name Camfferman and Zeff, 2007 The Institute ... of India ICAI became an associate member in 1974 and joined the board in 1993. In 1995, India ... of Accountants , and was a member of the board from 1995 2000. ref name Camfferman and Zeff, 2007 ... in participating . ref name Camfferman and Zeff, 2007 A Jordanina delegation served on the Board ..., Bryan Carsberg Sir Bryan Carsberg , former Professor of Accounting and Business Finance at the Victoria ...   more details



  1. Financial Accounting Foundation

    The Financial Accounting Foundation FAF is located in Norwalk , Connecticut . It was organized in 1972 as a non stock, Delaware Corporation . It is an independent, organization in the private sector. They need to be independent in order to ensure objectivity and integrity in reporting standards. The foundation is responsible for http www.fasb.org faf faf info.shtml Establishing and improving financial accounting and reporting standards Educating constituents about those standards The oversight, administration, and finances of its standard setting Boards, the Financial Accounting Standards Board FASB and the Governmental Accounting Standards Board GASB , and their Advisory Councils Selecting the members of the standard setting Boards and Advisory Councils and Protecting the independence and integrity of the standard setting process. They operate four branches in their organization. They operate the FASB , GASB , Financial Accounting Standards Advisory Council FASAC , and the Governmental Accounting Standards Advisory Council GASAC . The FASAC is composed of FASB constituents and consult with FASB on issues. The GASAC is composed of GASB constituents and consult with GASB on issues. The FAF Board of Trustees is made up of members from constituent organizations having interest in financial reporting. These constituent organizations include American Accounting Association American Institute of Certified Public Accountants CFA Institute Financial Executives International Government Finance Officers Association Institute of Management Accountants National Association of State Auditors, Comptrollers and Treasurers Securities Industry and Financial Markets Association There are currently five officers and fourteen trustees. The FAF operates seven committees, the Executive Committee, the Development Committee, the Appointments and Evaluations Committee, the Finance and Compensation ... Governance Committee. Category Accounting in the United States Category Self regulatory ...   more details



  1. Hong Kong Accounting Standards

    The Hong Kong Accounting Standards , or HKAS for short, formerly HKSSAP ,is a set of accounting standards issued by the Hong Kong Institute of Certified Public Accountants . Details HKAS 1 Presentation of Financial statement Financial Statement s HKAS 2 Inventories HKAS 7 Cash flow statement s HKAS 8 Accounting Policies, Changes in Accounting Estimates HKAS 10 Events after the Balance Sheet Date HKAS 11 Construction contracts HKAS 12 Income tax es HKAS 14 Segment reporting HKAS 16 Property , Plant and Equipment HKAS 17 Lease s HKAS 18 Revenue HKAS 19 Employee benefits HKAS 20 Accounting for government grants and disclosure of government assistance HKAS 21 The Effects of Changes in Foreign exchange rate Foreign Exchange Rate s HKAS 23 Borrowing Costs HKAS 24 Related Party Disclosures HKAS 26 Accounting and Reporting by Retirement Benefit Plans HKAS 27 Consolidated and Separate Financial Statements HKAS 28 Investments in Associates HKAS 29 Financial Reporting in Hyperinflationary Economies HKAS 30 Disclosures in the Financial Statements of Banks and Similar Financial Institutions HKAS 31 Investments in Joint Ventures HKAS 32 Financial instrument Financial Instrument s Disclosure and Presentation HKAS 33 Earnings per share Earnings Per Share HKAS 34 Interim Financial Reporting HKAS 36 Impairment of Assets HKAS 37 Provisions, contingent liabilities and contingent assets HKAS 38 Intangible asset Intangible Asset s HKAS 39 Financial Instruments Recognition and Measurement HKAS 40 Investment Property HKAS 41 Agriculture See also International Financial Reporting Standards References http www.hkicpa.org.hk ebook main.php HKICPA e Handbook System Category Accounting in Hong Kong ...   more details



  1. Cost Accounting Standards

    Accounting Standards Board CASB to 1 promulgate cost accounting standards designed to achieve uniformity and consistency in the cost accounting principles followed by defense contractors and subcontractors ...Cost Accounting Standards popularly known as CAS are a set of 19 standards and rules promulgated by the United ... accounting standards. After adopting 19 standards, the original CASB was dissolved on September 30, 1980 the standards, though, remained active. However, CASB was revived in 1988 within the Office of Federal ... and subcontractors, as a condition of contracting, to disclose in writing their cost accounting ..., and the private sector. The Standards The original CASB adopted 19 standards, numbered 401 through 420 419 was never assigned . The new CASB readopted the original 19 standards with only minor modifications, and has yet to adopt any new standards. class wikitable Standard Title valign top 401 ... Assets 405 Accounting for Unallowable Costs 406 Cost Accounting Period 407 Use of Standard Costs for Direct Material and Direct Labor 408 Accounting for Costs of Compensated Personal Absence ... Expenses to Final Cost Objectives 411 Accounting for Acquisition Costs of Material 412 Composition ... as an Element of the Cost of Facilities Capital 415 Accounting for the Cost of Deferred Compensation 416 Accounting for Insurance Cost 417 Cost of Money as an Element of the Cost of Capital Assets Under Construction 418 Allocation of Direct and Indirect Costs 419 unused 420 Accounting for Independent ... may be subject to full CAS coverage required to follow all 19 standards , modified CAS coverage required to follow only Standards 401, 402, 405, and 406 , or be exempt from coverage. However, a company ... covered contracts totalling US 50 million. In addition to complying with all 19 standards where applicable , the company must also file a CAS Disclosure Statement, which spells out the company s accounting ... from CAS standards Contracts awarded to small businesses are exempt from CAS, regardless of contract ...   more details



  1. International Standards of Accounting and Reporting

    Wikify date November 2011 Orphan date February 2009 The Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting ISAR was created by the United Nations Economic and Social Council ECOSOC in 1982, and is the only intergovernmental expert body focused on corporate transparency and accounting issues. http www.unctad.org Templates Page.asp?intItemID 2905&lang 1 Hosted by United Nations Conference on Trade and Development , ISAR s work covers a range of financial and non financial corporate reporting issues. Its mission is to support sustainable economic development and financial stability by contributing to improvements in corporate transparency. Meetings UNCTAD hosts the annual session of ISAR at the United Nations headquarters in Geneva. Several hundred experts from more than half of UN member States participate in the annual session in Geneva. Participants include policymakers, regulators, and representatives from academia, civil society, private industry and various national, regional and international accountancy organizations. http www.unctad.org Templates Page.asp?intItemID 4172&lang 1 Reports and publications The ISAR Group of Experts produces a number of research and voluntary guidance documents. Each year, UNCTAD publishes ISAR s latest research papers in the annual review International Accounting and Reporting Issues . http www.unctad.org Templates Page.asp?intItemID 3912&lang 1 The work of ISAR is freely available for download from the UNCTAD website. http www.unctad.org isar The research and guidance documents are also widely distributed through on the ground workshops and training programmes around the world. Voluntary guidance publications include 2008 Guidance on Corporate Responsibility Indicators in Annual Reports http www.unctad.org en docs iteteb20076 en.pdf 2006 Guidance on Good Practices in Corporate Governance Disclosure http www.unctad.org en docs iteteb20063 en.pdf 2003 Accounting and Financial Reporting ...   more details



  1. Differences between management accounting and financial accounting

    File IFAC Definition of MA.jpg thumb right The structure of accounting as documented by the International Federation of Accountants The differences between management accounting and financial accounting include ref citation title Management and Cost Accounting author Colin Drury chapter Differences between management accounting and financial accounting page 7 isbn 9781844805662 year 2007 ref Management accounting provides information to people within an organization while financial accounting is mainly for those outside it, such as shareholders Financial accounting is required by law while management accounting is not. Specific standards and formats may be required for statutory accounts such as International Financial Reporting Standards . Financial accounting covers the entire organization while management accounting may be concerned with particular products or cost centres. Managerial accounting is used primarily by those within a company or organization. Reports can be generated for any ... forecasting value to those within the company. Financial accounting is used primarily by those outside of a company or organization. Financial reports are usually created for a set period of time ... value to those who wish to make financial decisions or investments in a company. Management Accounting is the branch of Accounting that deals primarily with confidential financial reports for the exclusive ... studies Merger and consolidation reports Financial Accounting, on the other hand, concentrates ... that are future oriented, while Financial Accounting provides reports based on historical information. There is no time span for producing managerial accounting statements but financial accounting statements ... financial account statements. In management accounting systems there is no requirement for an independent external review but financial accounting annual statements must be audited by an independent ... statements. References reflist Category Financial accounting Category Management accounting accounting ...   more details



  1. Liability (financial accounting)

    transactions and other past events. Probably the most accepted accounting definition of liability is the one used by the International Accounting Standards Board IASB . The following is a quotation from ...accounting In financial accounting , a liability is defined as an obligation of an entity arising from past transactions or events, the settlement of which may result in the transfer or use of assets , provision of services or other yielding of economic benefits in the future. A liability is defined by the following characteristics Any type of borrowing from persons or banks for improving a business or personal income that is payable during short or long time A duty or responsibility to others that entails settlement by future transfer or use of assets, provision of services, or other transaction yielding an economic benefit, at a specified or determinable date, on occurrence of a specified event, or on demand A duty or responsibility that obligates the entity to another, leaving it little or no discretion to avoid settlement and, A transaction or event obligating the entity that has already occurred. Liabilities in financial accounting need not be legally enforceable but can be based on equitable obligations or constructive obligations. An equitable obligation is a duty based on ethical ... Financial Accounting Category Generally Accepted Accounting Principles ar ca Passiu economia ... in a particular situation, as opposed to a contractually based obligation. The accounting ... s Equity The accounting equation is the mathematical structure of the balance sheet . The Australian Accounting Research Foundation http www.aarf.asn.au defines liabilities as future sacrifice of economic .... Classification of accounting liabilities Liabilities are reported on a balance sheet and are usually ... by the bank as its asset because it is not the bank s asset. If the depositor maintains accounting ... money is deposited, and their double entry accounting correspondingly records an equal LIABILITY ...   more details



  1. International Financial Reporting Standards

    Reflist colwidth 30em Further reading International Accounting Standards Board 2007 International Financial ...Accounting International Financial Reporting Standards IFRS are principles based standards, interpretations ... Accounting Standards Board IASB . Many of the standards forming part of IFRS are known by the older name of International Accounting Standards IAS . IAS were issued between 1973 and 2001 by the Board of the International Accounting Standards Committee IASC . On April 1, 2001, the new IASB took over from the IASC the responsibility for setting International Accounting Standards. During its first meeting the new Board adopted existing IAS and Standing Interpretations Committee standards ... as dictating specific treatments. International Financial Reporting Standards comprise International Financial Reporting Standards IFRS standards issued after 2001 International Accounting Standards ... Roadmap Toward Global Accounting Standards to Help Investors Compare Financial Information More ... Financial Reporting Standards IFRS by U.S. Issuers. Accounting Horizons 24 1 ref However, Ray ... Financial Reporting Standards IFRS pros and cons for investors . Accounting and Business ... the amended version. The International Accounting Standards Board IASB is working with the EU to find ... accounting standards to make them compatible with IFRS. Reserve Bank of India has stated that financial ... SA Statement of GAAP can affect voluntary early adoption . Turkey Turkish Accounting Standards Board ... Financial Reporting Standards See also Capital economics Constant Purchasing Power Accounting ... financial capital maintenance in nominal monetary units or traditional Historical cost accounting only ... benefits are expected to flow to the enterprise. Liability financial accounting Liability A liability ... the financial performance are as follows Revenues increases in economic benefit during an accounting ... accounting ref C Constant purchasing power financial capital. See paragraph 104. ref Constant Purchasing ...   more details



  1. Capital account (financial accounting)

    In financial accounting, the capital account is one of the accounts in shareholders equity. Sole proprietorship s have a single capital account in the owner s equity. Partnership s maintain a capital account for each of the partners. References reflist See also Capital account macroeconomics econ stub Category Economics Category Financial accounting ...   more details




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