Public Company Accounting Oversight Board

International Financial Reporting Standards are a set of high quality and complex accouting standards for the preparation of consolidated financial statements. International Accounting Standards Board set a mission to develop IFRS to promote transparency, accountability and economic efficiency in global capital markets (IFRS 2015). By regulating the financial reporting globally, IFRS enhance financial reporting transparency. Adopting IFRS, euqities are required to disclose financial performance…

GASB VS. FASB The Government Accounting Standards Board (GASB) established in 1984, is an independent organization that determines and improves generally accepted accounting principles (GAAP) for U.S. state and local government entities. However, GASB is not a government entity, it is an operating component of the Financial Accounting Foundation (FAF), a private sector not-for-profit entity (GASB, "Facts About GASB "). The accounting and financial reporting standards established by GASB are…

the alien country. Different countries follow different accounting principles, GAAP is only used in the U.S., which led to the formation of IFRS that works as a common set of accounting principles used at an international level, between many different countries. One of the main challenges faced when expanding globally is the language and culture difference. Different…

Q1. What are Main differences between Financial statements prepared under Indian GAAP, IFRS and U.S. GAAP ? • US GAAP utilizes LIFO. Under US GAAP, current segment of long haul was delegated current Liability , though Under Indian GAAP there was no such Compulsion. As Result, not Interest Accrued on Long Term Debt ,or current segment of long haul obligation was a current Liability under the Indian GAAP. • US GAAP Provided Detailed Rules for Valuation of budgetary instruments, including…

reporting guidance. References Board, F. A. (2014). FASB Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606). Stamford. Bragg, S. (2013, January 25). What is a deferred cost? Retrieved from Accounting Tools: http://www.accountingtools.com/questions-and-answers/what-is-a-deferred-cost.html deBell, T., Stegall, R., Young, P., & Coffey, B. (2014). In Depth - Revenue from contracts with customers. PricewaterhouseCoopers LLP. Financial Accounting Standards…

CoAx is a publically traded company that manufactures and sells coaxial and fiber-optical cable. The company has two transactions where they must determine the appropriate way to recognize revenue. In Transaction 1, CoAx entered an agreement to sell 1,000 feet of 18 American wire gage coaxial cable for $3 a foot to CableCo. The agreement requires CoAx to hold the cable in its warehouse until CableCo can transport the cable to its own warehouse. CoAx concluded that risk of ownership have passed…

FASB issued an update to the guidance for reporting on discontinued operations that requires the disclosure of disposals of components of an entity. In April 2014, FASB published ASU 2014-08 that revised the definition of a discontinued operation found in FASB ASC 205-20. The ASU 2014-08 also highlighted the need for additional disclosures about disposal transactions that do not fall under the criteria for discontinued operations. Therefore, any entity that follows U.S. GAAP is affected by the…

FASB, a company must be accountable for any type of income that whether it be incurred or paid out to another person or persons. One of the guidelines that focuses especially on the issue of income tax liability is ASC740-10. According to an article taken from Brewer, both types of companies whether they be profit or non profit entities are all susceptible to this particular guideline and must adhere to the standards which are set forth regarding tax liabilities and how these companies should…

Chambers is widely acknowledged as one of the leading academic contributors to the art of accounting. His development, Accounting, Evaluation and Economic Behavior propounded a comprehensive theoretical foundation for a style of accounting, Continuously Contemporary Accounting (CoCoA), that would control mistaken, avoid the unnecessary and fraud in accounting practice. CoCoA was first presented at length in Accounting, Evaluation and Economic Behavior in 1966. It is consistent with a large body…

reporting and IASB is working on them. International Accounting Standard Board (IASB) issues accounting standards known as IFRS. Previously, International Accounting Standard Committee (IASC) was producing the…