The International Accounting Standards (IAS) constitute a single set of high-quality accounting standards, which help in the preparation of consolidated financial statements, including the balance sheet, income
We conclude that the perspective of public enforcement (securities regulators) differs from that of private enforcement (auditors) and focuses on disclosure issues. We discuss the implications of this result for current International Accounting Standards Board (IASB) issues, such as materiality and ...
However, most have adopted generally accepted accounting principles (GAAP) or International Financial Reporting Standards (IFRS). GAAP GAAP is a set of accounting principles issued by the Financial Accounting Standards Board (FASB). In the U.S., publicly traded companies must follow GAAP when ...
IFRS are the standard in over 100 countries, including the EU and many parts of Asia and South America. The United States, however, has not yet adopted them and the SEC is still deciding whether or not they should move toward them as the official standard of accounting. List of IFRS Sta...
Interpreting results is part of the phases of accounting. Information is useless if they cannot be interpreted and understood. The amounts, figures, and other data in the financial reports have meanings that are useful to the users.By studying the definition alone, we learned some important ...
There has been a greater focus overall on people with commercial and analytical skills within the accounting and finance field. There is a growing need for commercially focused individuals who have the ability to review financial information and really interrogate it. This trend is set ...
The Financial Accounting Standards Board is an organization based in the U.S authorized to create the financial and accounting standards for any companies that follow the GAAP standards. The organization follows the principles stipulated by GAAP. It got established in 1973 to take over the ...
In order to comply with federal payroll tax laws, you need to properly classify you workers as either employees or independent contractors. The general steps to do this are: Assess the nature of the work being done. A worker may be an independent contractor if you have the right to control...
What is the importance of accounting data?Data:Data means the facts and statistics collected by someone for future reference and decision making. The data is considered as the basis for the calculation in a specific area. In the business, data is considered a basis for the preparation of ...
“Accounting is the art recording of financial transactions plus storing, sorting, retrieving, summarizing, and presenting the information in various reports and analysis” Accounting is an information science used to collect, classify, and manipulate financial data for organizations and individuals. TYPES...