Below is an essay on "Ifrs Conversion from Fasb Accounting Principles" from Anti Essays, your source for research papers, essays, and term paper examples.
1. The FASB Accounting Standards Codification applied for interim and annual periods having the ending dates after September, 15th 2009.
2. All previous level (a)-(d) will be superseded. All other accounting literature will be considered non authoritative, which are not covered by the FASC.
3. Goals aimed by the FASB while developing the Coding Standards:
* Gathering all authoritative US GAAP in one location, thus render easier access to users
* Ensuring codified contents accurately reflect US GAAP as of July 1, 2009
* Engineering an up-to-date codified system, coherent with the released results of standard-setting activity
4. Topics used in ASC:
1. Financial Accounting Standards Board (FASB)
a. Statements (FAS)
b. Interpretations (FIN)
c. Technical Bulletins (FTB)
d. Staff Positions (FSP)
e. Staff Implementation Guides (Q&A)
f. Statement No. 138 Examples.
2. Emerging Issues Task Force (EITF)
b. Topic D.
3. Derivative Implementation Group (DIG) Issues
4. Accounting Principles Board (APB) Opinions
5. Accounting Research Bulletins (ARB)
6. Accounting Interpretations (AIN)
7. American Institute of Certified Public Accountants (AICPA)
a. Statements of Position (SOP)
b. Audit and Accounting Guides (AAG)—only incremental accounting guidance
c. Practice Bulletins (PB)
d. Technical Inquiry Service (TIS)—only for Software Revenue Recognition
5. SEC references included in ASC to enhance the codifications’ utility for public companies:
- Regulation S-X
- Financial Reporting Releases
- Interpretive releases
- SEC staff guidance in Staff Accounting Bulletin, EITF topic D and SEC Staff Observer Comments.
1. Period for valuation of Going Concern: IAS 1, or at least but not limited to 12 months from the reporting period’s end. This period was chosen over the 1 year window since this would avoid problems that follow those unfavorable events that occur just beyond the 12 month peiod.
2. Indicators for...
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