Response to the Financial Accounting Standards Board's and the International Accounting Standard Board's Joint Discussion Paper Entitled, 'Preliminary Views on Revenue Recognition in Contracts with Customers'

2009 ◽  
Author(s):  
Robert H. Colson ◽  
Robert J. Bloomfield ◽  
Theodore E. Christensen ◽  
Karim Jamal ◽  
Stephen R. Moehrle ◽  
...  
Keyword(s):  
Accounting Standards ◽  
Financial Accounting ◽  
International Accounting ◽  
Revenue Recognition ◽  
Discussion Paper ◽  
Accounting Standard ◽  
International Accounting Standard

Response to the Financial Accounting Standards Board’s and the International Accounting Standard Board’s Joint Discussion Paper Entitled Preliminary Views on Financial Statement Presentation

2010 ◽  
Vol 24 (1) ◽  
pp. 149-158 ◽  
Author(s):  
Stephen Moehrle ◽  
Thomas Stober ◽  
Karim Jamal ◽  
Robert Bloomfield ◽  
Theodore E. Christensen ◽  
...  
Keyword(s):  
Accounting Standards ◽  
Financial Accounting ◽  
Financial Statement ◽  
International Accounting ◽  
Financial Accounting Standards Board ◽  
Discussion Paper ◽  
Accounting Standard ◽  
Proposed Model ◽  
Financial Decision ◽  
International Accounting Standard

SYNOPSIS: The Financial Accounting Standards Board (hereafter, FASB) and the International Accounting Standard Board (hereafter, IASB) issued a joint discussion paper titled Preliminary Views on Financial Statement Presentation. The Boards are seeking comments on whether their proposed model for financial statement presentation would improve the usefulness of the financial statement information for financial decision makers. This paper sets forth the American Accounting Association Financial Accounting Standards Committee (hereafter, the committee) summary comments as well as responses to several of the FASB’s and IASB’s (hereafter, jointly mentioned, the Boards) specific objectives and principles-related questions. Overall, the committee believes that the model has several appealing features, but also has several potential problems. Many of the problems discussed related to potential learning impediments for users to adapt to the new presentation format.

scholarly journals The Differences Of Ijarah Financing and Conventional Lease On Islamic Law and Accounting Perspectives

IQTISHADUNA ◽  
2018 ◽  
Vol 8 (2) ◽  
pp. 139-148
Author(s):  
Fitriani .
Keyword(s):  
Financial Institutions ◽  
Islamic Law ◽  
Accounting Standards ◽  
Financial Accounting ◽  
International Accounting ◽  
Accounting Standard ◽  
Accounting Principles ◽  
Islamic Financial Institutions ◽  
International Accounting Standard

The main objective of this study is to explore the nature of accounting for Ijarahfinancing and its differences with conventional lease financing from the Islamic law and accounting perspectives.The study makes a comparison between the International Accounting Standard on leasing (IAS 17); the accounting standard for Ijarah (FAS 8) as developed by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI); and Statement of Financial Accounting Standards (Pernyataan Standar Akuntansi Keuangan/PSAK 107). The study found that there are major differences as to the nature of leasing and Ijarah, and as a result accounting principles that have driven all the three standards as well as accounting techniques developed for leasing and Ijarah are significantly different.

THE EVOLUTION OF THE RELATIONSHIP BETWEEN THE US FINANCIAL ACCOUNTING STANDARDS BOARD AND THE INTERNATIONAL ACCOUNTING STANDARD SETTERS: 1973–2008

2012 ◽  
Vol 39 (1) ◽  
pp. 1-51 ◽  
Author(s):  
Robert J. Kirsch
Keyword(s):  
Accounting Standards ◽  
Financial Accounting ◽  
Working Relationships ◽  
International Accounting ◽  
International Accounting Standards ◽  
Financial Accounting Standards Board ◽  
Accounting Standard ◽  
Staff Members ◽  
The Us ◽  
The Relationship

ABSTRACT Utilizing archival materials as well as personal interviews and correspondence with personnel of the Financial Accounting Standards Board (FASB) and International Accounting Standards Committee/Board (IASC/B), including former Board chairmen and staff members, this paper examines the development of the working relationships between the FASB and the IASC/B from their earliest interactions in 1973 through the transformation of the IASC into the IASB and the Convergence Program rooted in the 2002 Norwalk Agreement up to 2008.

scholarly journals De invloed van het niet of niet volledig waarderen van actieve belastinglatenties op de nettowinst

2016 ◽  
Vol 90 (11) ◽  
pp. 471-485
Author(s):  
Alidus Dannenberg ◽  
Chantal de Bruin ◽  
Peter Epe
Keyword(s):  
Accounting Standards ◽  
International Accounting ◽  
International Accounting Standards ◽  
Accounting Standard ◽  
International Accounting Standard ◽  
International Accounting Standards Board

Actieve belastinglatenties moeten in de jaarrekening worden gewaardeerd tot het bedrag waarvoor het waarschijnlijk is dat voldoende fiscale winst wordt behaald om de actieve belastinglatenties te verrekenen. De vraag is welk effect deze norm van de Raad voor de Jaarverslaggeving (RJ) en de International Accounting Standards Board (IASB) heeft op de gepubliceerde nettowinst van een onderneming. Zo raken tussentijdse op- en afwaarderingen van de actieve belastinglatentie de effectieve belastingdruk en daarmee de nettowinst. Richtlijn 272 en International Accounting Standard (IAS) 12 geven de onderneming de ruimte om de nettowinst te beïnvloeden door het al dan niet volledig tot waardering brengen van actieve belastinglatenties. Dit onderzoek richt zich op de vraag in hoeverre deze situatie invloed heeft op de gepubliceerde nettowinst. De invloed van het al dan niet volledig tot waardering brengen van actieve belastinglatenties op de gepubliceerde nettowinst bedraagt ruim 17%.

scholarly journals PROBLEMS AND SOLUTIONS FOR LEASE VALUATION AND ACCOUNTING IN LATVIA

10.23856/3301 ◽  
2019 ◽  
Vol 33 (2) ◽  
pp. 11-18
Author(s):  
Iluta Arbidane ◽  
Anita Puzule
Keyword(s):  
Accounting Standards ◽  
International Accounting ◽  
International Accounting Standards ◽  
Accounting Standard ◽  
Financial Reports ◽  
Problems And Solutions ◽  
The Republic ◽  
International Accounting Standard

In the legislation of the Republic of Latvia, leasing transaction accounting complies with the provisions no. 17 of the International Accounting Standard "Leasing", which expired on January 1, 2019. The problem for the lessee in the accounting of leasing transactions is also the introduction of a new standard for companies that prepare annual financial reports  in accordance with the requirements of international accounting standards. The aim of the study is to examine accounting problems and assess leasing transactions in Latvia and offer solutions. The study examined the justification for the assessment and accounting of leasing transactions in line with international accounting standards and identified issues of assessment and reporting in Latvia, possible solutions to improve the quality of leasing transactions have been worked out, offering necessary changes in legislation and revision of methodological documents.

Accounting for the Public Interest: A Revenue Recognition Dilemma

2013 ◽  
Vol 28 (3) ◽  
pp. 691-703 ◽  
Author(s):  
Arline Savage ◽  
Douglas C. Cerf ◽  
Roberta A. Barra
Keyword(s):  
Public Interest ◽  
Financial Accounting ◽  
Revenue Recognition ◽  
Accounting Standard ◽  
External Auditors ◽  
The Public ◽  
Gray Area ◽  
Societal Problem ◽  
Accounting Rules ◽  
International Accounting Standard

ABSTRACT: This case illustrates how accounting rules impact the public interest and vice versa. The setting is a gray area of accounting in which management, the external auditors, the SEC, and international accounting standard setters may have differing opinions about the accounting treatment. Students consider the situation in which an accounting rule leads to a business and societal problem. They gain an understanding of how this happens and how such problems can be addressed. The context for this case is a revenue recognition issue for bill-and-hold sales. It also provides students with the opportunity to consider the real-world implications of accrual- versus cash-based accounting. This case is useful for intermediate- to graduate-level financial accounting classes or an accounting capstone class.

scholarly journals Challenges, Advantages and Disadvantages in Implementation of Ifrs 15 in Different Industries

2019 ◽  
Author(s):  
Ivana Pavić ◽  
Ivana Mamić Sačer ◽  
Lajoš Žager
Keyword(s):  
Financial Statements ◽  
International Accounting ◽  
International Accounting Standards ◽  
It Infrastructure ◽  
Multiple Sources ◽  
Revenue Recognition ◽  
Accounting Standard ◽  
Advantages And Disadvantages ◽  
Accounting Rules ◽  
International Accounting Standard

The accounting rules related to revenues’ recognition and measurement have not been changed for many years, and have been listed in International Accounting Standard 18 – Revenues, which has been in use since 1984. Practice has shown that the standard is no longer an adequate basis for revenue recognition and therefore the International Accounting Standards Board (IASB) in cooperation with American FASB has created and published a new accounting standard that addresses the issue of revenue recognition – IFRS 15 – Revenues from Contracts with Customers. This standard supersedes the application of IAS 18 as of January 1, 2018. Since revenue is a very important element in determining the profit or loss of an entity and therefore its performance, preparers of financial statements should pay full attention to accounting principles related to revenues’ recognition and measurement while preparing financial statements. New accounting standard for revenues introduces certain innovations in the field of revenue calculation as well as in time of revenues’ recognition. These changes will have a significant impact on the amount of revenues for certain industries, such as the telecommunications and construction industry, which have significant share of revenues from contracts with customers. The aim of the research is to identify the challenges and problems that appears in the initial phase of application of a new standard on revenues such as; the need to consider a larger volume of documentation, inadequate existing IT infrastructure, multiple sources of documentation that must be considered in revenue recognition, including commercial, legal and financial documentation etc. In addition, we plan to identify benefits form the application of the new standard for the entities preparing the financial statements. In this context, it is expected to identify the sectors that have the most dilemmas in the application of this standard and to propose potential solutions to address these problems.

Sign in / Sign up

Export Citation Format

Share Document