What Is an Electrolytic Cell

International Accounting Standards - 1317 Words

International Accounting Standards What is the International Accounting Standards Board? This paper will give a brief overview on the history of the International Accounting Standards, starting with the role of the IASC Foundation, the structure of the IASB and the number of accounting standards currently published. Next, it will explain the steps in creating an international accounting standard in accordance with due process and it will show the mailing address and phone number. Lastly, there will be a summary of two most recent accounting standards issued by the IASB. By the early 1970’s businesses started expanding globally. With the expansions, companies were finding their financials incomparable to other companies in other†¦show more content†¦In the publication they will state an overview of the issue, how to address the issue, view of the IASB and an invitation for comment (International Accounting Standards Board, n.d.). The fourth step is the publication of an exposure draft. This step is mandatory in the due process. The IASB will consider the issues based on staff research and recommendations, comments receive on any discussion paper and suggestions made by the SAC, working groups and accounting standard setters. Once the issues are resolved there is a draft made up. Then the draft is voted on; once voted on this draft will be published for public comment (International Accounting Standard Board, n.d.) Step five, is developing and publishing the standard. After all comments are received on the draft, the IASB will consider revising or not. When considering revising the IASB will check for substantial issues that emerge during the comment period on the exposure draft that it had not previously considered. They assess the evidence that has considered. They evaluate if they have fully understood the issues and have made sure the people views are on the same issues. The IASB considers the different view points in the draft and to make sure they have been reviewed in the correct context for its conclusions (International Accounting Standards Board, n.d.) The last step in developing standard is after the standard is issued. Once issued, there will be ongoingShow MoreRelatedAccounting Standard And International Accounting Standards Essay1500 Words   |  6 PagesAccounting standard has been introduced after the World War II where every country has its own proper accounting practices such as the United States Generally Accepted Accounting Principles (the US GAAP). As time flies, international trade and foreign direct investment has experience a period of rapid growth where the companies begin to expand their business in a larger scale. Frequent international mergers and acquisitions especially by American corporations to the European companies has createdRead MoreInternational Accounting Standards : Standards1365 Words   |  6 PagesInternational Accounting Standards What are International Accounting Standards? The International Accounting Standards or IASC are accounting standards issued by the International Accounting Standards Board or IASB and its predecessor, the International Accounting Standards Committee or IASC. The International Accounting standards were started in 1966 after a proposal that was presented to create an International Study group that included the Institute of Chartered Accountants of England and WalesRead MoreBookkeeping Standards And International Accounting Standards1845 Words   |  8 PagesINTRODUCTION Bookkeeping Standards are utilized as administrative systems for planning of budgetary reports in very nearly all the nations of the world. Bookkeeping Standard are composed approach archives issued by master bookkeeping body or government or other administrative body covering the parts of distinguishment, estimation, treatment, presentation divulgence of bookkeeping exchange in the monetary proclamation. Goal of bookkeeping standard is to institutionalize the differing bookkeepingRead MoreThe International Accounting Standards Board1341 Words   |  6 PagesThe IASB Conceptual Framework is a framework developed by the International Accounting Standards Board (IASB). In a nutshell, what this framework does is to lay out the concepts needed for accurate preparation and presentation of financial statements to external users such as auditors, tax authorities, investors, regulatory authorities and so on. According to the IASB, the Conceptual Framework for Financial Reporting does the f ollowing; â€Å"†¦describes the objective of, and the concepts for, generalRead MoreUs Accounting Standards vs. International Accounting Standards1742 Words   |  7 PagesUnited States Accounting Standards vs International Accounting Standards June 21, 2009 Introduction This research project will inform the reader of the difference between the United States accounting standards and International accounting standards. The United States uses the Financial Accounting Standards Board (FASB) to issue financial reporting procedures. The International Financial Reporting Standards (IFRS) are issued by the International Accounting Standards Board (IASB).Read MoreInternational Accounting Standards ( Ias ) Essay1651 Words   |  7 PagesInternational Accounting Standards (IAS) in effect since 2002 and International Board (IASB) together, provides the conceptual framework of financial reporting in the UK, in effect as of 2005. They have been working together to meet International Financial Reporting Standards (IFRS) issued by International Finance Committee (IFC) which have been endorsed by the EU. IFRS uses a principles approach designed to provide flexibility, transparency and comparability allowing a robust system in providingRead MoreThe International Accounting Standards Board Essay1660 Words   |  7 PagesIAS 18: Revenue. During the same financial year a new standard to account for revenue was issued namely IFRS 15: Revenue from contracts with customers. The reasons for issuing a new standard was because IAS 18 was broad and therefore lead to confusion and inconsistencies in the treatment of similar transactions. The new standard results in different accounting implications in the annual financial statements of Transnet. To evaluate the accounting implications of IFRS15 it must be compared with IASRead MoreThe International Accounting Standards Board1249 Words   |  5 Pageschallenged by disparate accounting standards between jurisdictions, preventing the free flow of capital worldwide. The mission of the International Accounting Standards Board (IASB) is to develop a single set of accounting standards, enabling capital to flow in international markets as easily as information spreads between people. This paper presents a brief history of international accounting standard setting and the IASB, considers arguments for and against international standards, analyzes problemsRead MoreThe International Accounting Standards Board1573 Words   |  7 PagesAs the globalization of markets has become more prominent in recent years, many are wondering why a single set of accounting standards are not followed. After all, English may be the business language, but accounting is the language of business. Accounting standards are essentially just rules that must be followed when reporting any accounting data on any of the company’s financial statements. The objective is to provide the user (creditor or investor) with relevant information of the company’s financialRead MoreThe International Accounting Standards Board1687 Words   |  7 Pagesthe users of financial statements (SEC, 2000). The framework serves as a guide for the standard-setting bodies to develop International Accounting Standards and how to effectively enforce the use of each standard (IAS, 2001). These IASs were first issued by the International Accounting Standards council (IASC) and later on approved and amended by the International Accounting Standards Board (IASB). These standards are crucial for sustaining high level of financial reporting and also assure that the

Audit Client Considerations free essay sample

With this particular case study I will discuss several questions and facts regarding audit client considerations. 1) A brief summary of the case. 2) Identify key behaviors, attitudes and ethical dilemmas (if any) faced by the auditors. 3) Assess the philosophical and practical alternatives summarized in the case questions and evaluations of those solutions. 4) Briefly summarize what I would do faced with this situation in real life. The case is that of a CPA firm, Cardinal Coyote, located in Phoenix, Arizona and centers around three personnel members. Yancy Corliss is a new partner with the firm that is summoned into the managing partner’s office, Sharon Rules. Rules indicates that Jost Furniture is looking for a new auditing and she has been approached to submit a bid. Before committing to a bid Rules would like Corliss to conduct a background check to assess the potential risk of obtaining Jost as a client. The contract could prove to be quite lucrative for the firm as the company will need advice on international expansion. Since the bid is due to close fairly quickly she gives Corliss three days to report back to her. Corliss assembles his team which includes Lanny Beaudean who worked for the IRS for two years before joining the firm. Beaudean hopes to gain international experience with the firm so as to further his dream of becoming a CEO. The other two members of the team are Vinnie Gabelli and Jacki Oloff both of whom are not Arizona natives. After discussing their respective duties the team met at the end of the day to discuss their findings. After following a checklist of risk assessment they followed all except for the Verify the circumstances of any prior auditor’s dismissal1. The team felt that Yancy Corliss would be better suited to obtain this information. After non response from the firm’s attorney and sidestep answer of personality conflicts from Jost the team did receive permission to speak with previous auditors. They discovered that since there had been a modified opinion of the 2006 financial statements, where the auditors raised questions of going concern. The company had suffered persistent losses and the lack of cash flow was impairing their ability to secure financing. They also learned that subsequent auditors had been dismissed also for apparently coming to the same conclusion as the predecessor firm. Upon further investigation the team found that a million dollar loan covenant had been violated by neglect to keep a minimum balance due to the fact that the owner had withdrawn $500,000. 00 out of the company account to place a down payment on his home. The next time the covenant was broken the bank started foreclosure on the loan. The behaviors and attitudes of the auditor’s was very professional in exercising due diligence and proper training in the following manners. Oloff tried to contact the attorney several times by phone, left five messages and when she inquired about voice mail and email received a no answer to both types of technology. She also tried to set an appointment but was fended off of this type of communication as well. Corliss was put off about speaking with the previous auditors by the owner citing that there were personality conflicts and his concern was they would speak ill of the company. Corliss reminded him that it is required part of the procedure to accept them as a client. Gabelli investigated the going concern aspect, in doing so he found out that a loan to Phoenix Second Bank had begun foreclosure proceedings and the reasons behind this. He also found that by the time the foreclosure process had been completed the loan had been paid off. Finally Beaudean expressed his and the team’s concerns about taking on Jost as a client. All of these actions are in accordance with GAAS requirements on due diligence and appropriate training2. However had the situation arisen that is stated in question 2 of the case study there would be a serious issue that would be faced by Rules and Beaudean both. Question 2 asks what if Corliss had recommended that Jost be taken on as a client which surprises Beaudean and he asks what other factors did he consider and his response is â€Å"I am a new partner in the firm. I have to bring in new business. This client is a slam dunk. If we make a reasonably competitive bid, we will get the account. † â€Å". This presents a problem for Rules and Beaudean. It is abundantly clear that in this scenario Corliss is placing his needs above that of the society (in this case the firm). This as we have learned places him at Stage 2 of Kohlberg’s Model and violates all of the Six Pillars of Character. If Beaudean decides to follow the ethical choice of reporting his team’s findings to Rules the trust that was given to Corliss by assigning him the task of doing a thorough investigation. Due diligence and professional care are two of the core foundations upon with not only GAAP is founded upon but GAAS as well. Every accountant whether he/she is a Certified Auditor, CPA or CMA is required not only by law but by Ethical Standards to practice in our profession2,34. If the decision were to go ahead and submit a bid it would violate the standards by which we practice and are ethically bound to abide. In conclusion I would have done exactly as the auditor’s did. I would strongly recommend against taking on Jost as a client not only due to the going concern but also because of the red flags that appeared during a background investigation. Who knows what would further show up that was either unethical or illegal or both. In my personal opinion no contract is worth tainting my professional integrity and reputation. If Corliss were to recommend taking Jost on as a client I would raise my concerns with Rules and outline all that we had learned as well as strongly recommend against taking on Jost as a client.

Top Tips for an Above Average ACT Score

Many students barely prep for the ACT. Unsurprisingly, many end up getting an average ACT score. But breaking out of the average zone isn’t that difficult. A little prep goes a long way. The tips below will help you make the most out of your prep time. Reading tips Reading isn’t just about comprehension; it’s also about endurance. Begin reading at least an hour a day. This can include class reading, as long as the material challenges you. I recommend reading long articles from the Atlantic Monthly, the New Yorker, or even Time Magazine on something that interests you. The more your brain is used to reading, the easier it will be for you to maintain focus on the long, arduous ACT reading section. Another tip for this section: take plenty of practice tests to get a feel for the way the ACT asks questions. Sometimes you’ll miss questions. Go back and see if the issue was one in which you misunderstood the question (read the question more carefully), misunderstood the passage or were tricked by an answer that sound right, but was actually the answer. Misunderstanding the passage can happen because the reading is dense. That’s why it’s important to challenge yourself by reading relatively difficult material an hour a day (though you can skip a day here and there). The last part—getting tricked by an incorrect answer—is something that you can work on. Try to understand what made your answer wrong and why the correct answer was right. Doing this will help you avoid mistakes in the future. Writing tips Like math, writing is based on a number of rules. Your first order of business should be to know the range of grammar being tested. The good news is that, like math, the ACT writing only tests a limited number of grammar concepts. To get a sense of these concepts, you’ll want to take an official practice test. There, you’ll also encounter questions that aren’t only about grammar. These questions will test your ability to identify the logical flow of ideas. Here’s a great tip: when dealing with these questions make sure to read the entire paragraph in which the question appears. These questions are usually related to the flow of idea in the paragraphs. By not completely reading the paragraph, you’ll struggle to arrive at the correct answer. Math tips You learn a lot of math in your four years of high school. The ACT isn’t expecting you to remember all of that math. In fact, most of the questions fall into relatively predictable categories. For the basics, you’ll want to know percents, decimals, and exponents. You’ll want to be able to handle word problems that test discounts or rates (think moving vehicles). Finally, remember your geometry. You should be able to find the area of circles, triangles, and quadrilaterals. For the more advanced stuff, you’ll want to know the following: basic trigonometry identities, unit circle, logarithms, permutations and combinations, and matrices. To get a good idea of this range of topics, pick up the new ACT guide. Take an official ACT practice test (there are a few of them in there). As you are going through it, make note of the topics you are weak at. Then, after the test, make sure the study up in those areas. Make sure not to go too deep in any one area; the ACT tests the big ideas from each. So, just make sure you understand how logarithms work. Don’t look up advanced logarithms online and try to become an expert.