CORPORATE debtCORPORATE financeSpecial Purpose Entities (SPEs) have been a hot news item lately. Enron abused its SPEs to hide debt, and now Congress and the FASB have zeroed in on the issue. How have they changed the rules? What regulations are ahead? What is the FASB likely to do?
Definition:The Financial Accounting Standards Board or the FASB is an organization created to establish and improvefinancial accountingstandards in the private sector. The authority to establish accounting rules and standards is actually controlled by the SEC, but it has largely allowed the FASB alone ...
Definition:The International Accounting Standards Board, typically abbreviated IASB, is the organization that establishes international financial reporting standards or IFRS that are accepted throughout the world. You can think of the IASB as the internationalFASBthat createsaccounting principlesand standards ...
To get the system working again,losses must be recognized and dealt with.America’s new plan to buy up toxic assets will not work unless banks mark assets to levels which buyers find attractive.Successful markets require independent and even combative standard—setters.The FASB and IASB have ...
What Is the Difference Between the IASB and FASB? The International Accounting Standards Board (IASB), founded in 2001 and based in Canary Wharf (England) oversees and updates the International Financial Reporting Standards (IFRS).13The Financial Accounting Standards Board (FASB) establishes and upda...
What constitutes "significant influence" when an investor's financial interest is below the 50% level? What considerations motivated FASB's 2001 decision to disallow the amortization of goodwill on the income statement? Discuss the criteri...
GAAP consists of the following: Basic underlying accounting principles, assumptions, and concepts such as the cost principle, matching principle, full disclosure principle, and more. Detailed reporting standards and other rules established and organized by the Financial Accounting Standards Board (FASB) ...
IFRS also has different requirements for reporting expenses. For example, if a company is spending money on development or on investment for the future, it doesn't necessarily have to be reported as an expense. It can be capitalized instead. ...
accounting principles (GAAP), as set by the Financial Accounting Standards Board (FASB). For businesses abroad, CFOs must ensure the financial statements are produced in accordance with International Financial Reporting Standards (IFRS), which are set by the International Accounting Standards Board (...
What’s the difference between ERP and financials? Although the term “financials” is often used when describing ERP software, financials and ERP are not the same thing. Financials refers to a subset ofmodules within ERP. Financials are the business functions relating to the finance department of...