Author: International Accounting Standards BoardPublisher:
ISBN:
Category : Financial statements
Languages : en
Pages : 74
Book Description
Preliminary Views on an Improved Conceptual Framework for Financial Reporting
Author: International Accounting Standards BoardPublisher:
ISBN:
Category : Financial statements
Languages : en
Pages : 74
Book Description
Preliminary Views on an Improved Conceptual Framework for Financial Reporting
Author: Preliminary Views on an Improved Conceptual Framework for Financial Reporting
Author: International Accounting Standards BoardPublisher:
ISBN:
Category : Accounting
Languages : en
Pages : 92
Book Description
Preliminary Views, Conceptual Framework for Financial Reporting
Author: Financial Accounting Standards BoardPublisher:
ISBN:
Category : Auditing
Languages : en
Pages : 84
Book Description
Conceptual Framework for Financial Reporting
Author: Preliminary Views on an Improved Conceptual Framework for Financial Reporting
Author: International Accounting Standards BoardPublisher:
ISBN:
Category :
Languages : en
Pages : 84
Book Description
Comments by the American Accounting Association's Financial Accounting Standards Committee on the FASB's 'Conceptual Framework for Financial Reporting (Hereafter CF)', Call for Preliminary Views, July 6, 2006
Author: George J. BenstonPublisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
The American Accounting Association's Financial Accounting Standards Committee is pleased to have an opportunity to express its views on the FASB's Call for Preliminary Views on its Conceptual Framework. We applaud the decision of the FASB to develop a Conceptual Framework and seek comments on its preliminary views and hope the financial reporting community will participate enthusiastically in this important activity.While we understand the importance of a Conceptual Framework, especially for accounting standard setting, we have deep reservations about the current document. In our response we explain why we think that the Preliminary Conceptual Framework is unlikely to be helpful in setting conceptually sound accounting standards. In particular, as you will see, we have reservations about the following key points: 1. We believe the Preliminary Conceptual framework is too focused on an investment role of accounting, and neglects the more important stewardship role of accounting. 2. The reliance on fair values that are not grounded on actual relevant market transactions (such as mark to model numbers) are not trustworthy. We believe that provision of soft accounting numbers will be harmful to the relevance and usefulness of accounting numbers. 3. We agree with the FASB's desire for neutral accounting numbers. However, given management's upward bias in reporting, we feel that conservative standards are required to produce neutral accounting numbers, and 4. We believe the FASB's standards should not be determined based only on a conceptual framework. Concepts such as relevance are too broad to be useful in determining a specific standard. A more rigorous field-performance-testing model is needed before conducting real world experiments with new accounting standards. We recommend allowing companies more flexibility in their reporting choices to allow market forces a greater role in setting accounting standards.In closing, despite our reservations about the Conceptual Framework, we applaud the FASB's desire to seek views on its preliminary effort and hope to participate again as this important activity progresses further.
Response to the FASB's Preliminary Views on Financial Instruments with Characteristics of Equity
Author: Thomas L. StoberPublisher:
ISBN:
Category :
Languages : en
Pages : 7
Book Description
The Financial Accounting Standards Committee of the American Accounting Association (the Committee) is charged with responding to requests for comments from standard-setters on issues related to financial reporting. The Financial Accounting Standards Board (FASB) recently requested comments on its Preliminary Views on Financial Instruments with Characteristics of Equity (PV). The committee believes that the PV introduces concepts and definitions involving financial statement elements that more properly would be considered at the conceptual framework level. Therefore, the committee respectfully requests that FASB take no further action regarding the proposed standard exposed in the Preliminary Views on Financial Instruments with Characteristics of Equity until the conceptual and definitional issues are resolved at the conceptual framework level.
A Conceptual Framework for Financial Accounting and Reporting
Author: Richard MacvePublisher: Routledge
ISBN: 1317842774
Category : Business & Economics
Languages : en
Pages : 280
Book Description
First published in 1997. This volume is a collection of studies that look at the ‘conceptual framework’ undertaken initially for the UK’s Accounting Standards Committee (‘ASC’), and to consider how far the views expressed in them have stood the test of time as standard setters around the world have followed in the FASB’s footsteps.
International GAAP 2008
Author: Ernst & Young LLPPublisher: John Wiley & Sons
ISBN: 0470694416
Category : Business & Economics
Languages : en
Pages : 3424
Book Description
IFRSs, the standards set by the International Accounting Standards Board (IASB), are complex and sometimes obscure. Understanding their implications and applying them appropriately requires something special....and that is why International GAAP 2008 is the essential tool for anyone applying, auditing, interpreting, regulating, studying and teaching international financial reporting. It provides expert interpretation and practical guidance for busy professionals, and includes, in every chapter, detailed analysis of how complex financial reporting problems can be resolved appropriately and effectively. International GAAP 2008 is the only globally focused work on IFRSs. It is not constrained by any individual country’s legislation or financial reporting regulations, and it ensures an international consistency of approach unavailable elsewhere. It shows how difficult practical issues should be approached in the new complex global world of international financial reporting, where IFRSs have become the accepted financial reporting system in more than 120 countries. This integrated approach provides a unique level of authoritative material for anyone involved in preparing, interpreting or auditing company accounts, for regulators, academic researchers and for all students of accountancy. The International Financial Reporting Group of Ernst & Young includes financial reporting specialists from throughout the world. Complex technical accounting issues are explained clearly in a practical working context that enables immediate understanding of the point at issue. International GAAP 2008 is accompanied by numerous worked examples, a comprehensive discussion of the practical issues of the day and the possible alternative solutions available, and hundreds of practical illustrations taken from the actual financial statements of companies that report under IFRSs. The only globally focused work on IFRS giving an international consistency of approach unavailable elsewhere This new and essential volume of practical guidance and expert interpretation deals with every aspect of applying International Financial Reporting Standards (IFRS) appropriately and effectively Written by financial reporting experts from the International Financial Reporting Group of Ernst & Young Includes a new chapter on Extractive Industries (mining, oil & gas), the biggest industry sector in the world This new edition in the International GAAP® series serves as a successor to the same authors’ market-dominating UK GAAP and UK & International GAAP "an important part to play in the process of promoting consistent, comparable and high quality financial reporting under IFRSs ... a book that not only provides an analysis of the requirements of the standards and the principles that they expound, but also presents a unique explanation of how the standards should be interpreted and applied in practice." —the Chairman of Trustees of the IASC Foundation Praise for previous editions in the International GAAP series: "A standard reference work" —Financial Times "The definitive guide to financial reporting" —The Times