Accounting Standard Research Papers Samples For Students

Introduction

The law mandates accurate reporting of financial statements as a way for companies to provide correct information to its stakeholders. The accountants and auditing firm need to be knowledgeable and cautious in presenting financial reports. However, it is sometimes inevitable to encounter issues that may affect the financial report in the process of its preparation.
The Emerging Issues Task Force (EITF) is an entity established in 1984 tasked to assist the Financial Accounting Standard Board (FASB) in identifying, deliberating, and settling accounting issues to help FASB become more efficient in addressing issues on implementation and others through the guidance ...

Post the Globalization era, the financial scandal of Enron and then the global economic and financial meltdown has raised the issue of convergence of the accounting standards. This is because both of the prevailing accounting standard, IFRS and GAAP, have different rules in their accounting standards, it has caused quite a complexity in the accounting world which is disclosed below:
- It causes difficulty and complexity in comparison on financial statements. For instance, if an investor is analyzing an Australian Company and an American company in the same industry, where the Australian company is using IFRS Standards while US ...

IFRS 9 and IAS 39

Introduction
Laws and Regulations prevail in almost every field, and it is very important for the organizations to comply with these regulations and standards for their competitiveness and sustainability. Apart from the traditional regulations of managing and maintaining a company, there are certain regulations that specifically associated with the financial management. Entities are required to manage their financial transactions according to the prescribed methods and techniques covered and initiated by International Financial Reporting Standards (IFRS) (Iasplus.com, p.45). IFRS are designed specifically to serve as a common global language for all the business affairs. Generally, it is used to compare and ...

Introduction

Convergence of Accounting Standards is the prospective goal of the two accounting standard boards, FASB and IASB, to produce a single set of accounting standards that can be used globally. Important to note, at present, the world of accounting is divided in two parts, one part of the accounting world use the US GAAP standards set by FASB; while the other part use the IFRS accounting standards set by IASB. However, each of the accounting standards(GAAP and IFRS) has their own rules and provision, hence, it becomes difficult and time consuming to compare the financial statements prepared under different ...

Introduction

The main perspective of this assignment is to make a comparison between two different accounting standards which particularly are International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP). It is required to analyze both the accounting framework from four different angles that will be executed after analytical framework.

Analytical Framework

IFRS is the most widely chosen accounting standards that are taken into practice by many of the companies. The term IFRS is generally referred as “International Financial Reporting Standards” that is formulated to bring all business issues based on a platform of global identical language that helps to understand the company’ ...

assignment

Answer 1)

i)Basis of Presentation and Principles of Consolidation:
The financial statements of the company are consolidated and are prepared in accordance to US GAAP and as per rules of Security Exchange Commission. The consolidated Statements consists of the accounts of Panera Bread Company and its wholly owned subsidiaries both direct and indirect.
ii)Fiscal Year:

The fiscal year of the company is reported to be last tuesday of every december.

iii)Use of Estimates:
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the ...

Accounting concepts define the manner in which organizations and businesses report financial position of the organization and therefore it is a succinct analysis of the general operation of a business. Thus, different accounting model would define the same business in different perspective. One model may provide a view that the business is on solid standing reporting impressive profits and sound financial backing. Other models may find the same business in poor financial standing. Internationally, there abound inherent difference in financial reporting and this difference has not been thoroughly evaluated. However, some nations such as the United States and the United Kingdom have ...

International Financial Reporting Standards (IFRS) are now the most widely used accounting standard around the world now with over 12000 companies in 113 countries adopting the IFRS standards in their financial reporting. However, despite of enhanced reach of IFRS standards now, the United States is still following their conventional GAAP standards and now there is a growing demand in the nation to adopt the IFRS standards.The paper will analyze the benefits and costs associated with the adoption of IFRS standards in the United States:

Benefits of adoption of IFRS in the United States:

a) Global Comparability and Better access to foreign capital markets and investments:
The first and the ...

CHAPTER ONE

1.0 Introduction
This chapter provides the background to the study. It details the problem statement, research objectives and research questions.
1.1: Background of the Study
As businesses grow out of the start-up period and expand their capital and operation, size and product or service offerings, their accounting based informational needs some changes (Bodnar, 2010). Most small business start-ups begin with an off-the-rack accounting based package for instance Peachtree or QuickBooks and run the basic accounting reports from them. However, there comes a time when the environment, government, accounting rules and standard and other technological based factors force ...

Introduction

The quality of accounting standards influences the efficiency in the functioning of the economy. This is because the decisions regarding the allocation of resources to different sectors are heavily reliant on understandable and credible information. The accounting profession in addition to those that produce and utilize financial statements is facing challenging and difficult practical and conceptual issues. Deep-seated differences exist between contrasting regulatory philosophies and established rational approaches. Over time, the looming question has been the degrees of detail required in setting standards for the profession. Another looming question has been whether the standards established should attempt to describe ...

An Overview of the Standard-Setting Industry And Its History

Introduction
Accounting Standards have been in existence since the beginning of the recorded history. Some of these standards were set up by rulers or reigning kings. However, as the world developed, States started coming up with bodies aimed at controlling the quality and standards of products and services in the accounting sector. In the ancient world, the man used to come up with standards with a desire of harmonizing his activities with important changes in the environment. Some standards were also set in response to a rise in needs in the society. The standard setting body in America was ...

IAS 39 Financial Instruments, comprising of recognition and Measurement is an accounting standard used internationally for financial instruments. It was released by International Accounting Standards Board (IASB). Its main purpose is to outline requirements that were needed for the recognition and measuring of financial; assets, liabilities and contracts that are used in the buying or selling of items that are non-financial. The instruments become recognized when the entity becomes a party. IAS 39 came into use on December 2003 and applied to the annual periods that begun on and after 1st January 2005.

It would be swapped and interchanged ...