scholarly journals General aaproach to the IFRS and US GAAP convergence

2011 ◽  
Vol 59 (4) ◽  
pp. 27-36 ◽  
Author(s):  
Hana Bohušová
Keyword(s):  
Comparative Analysis ◽  
Conceptual Framework ◽  
Accounting Standards ◽  
Theoretical Background ◽  
International Accounting ◽  
International Accounting Standards ◽  
Conceptual Frameworks ◽  
Significant Difference ◽  
The World ◽  
Us Gaap

Two most significant organizations in the field of financial reporting regulation setters in the world – the Financial Accounting Standard Board (FASB) and the International Accounting Standards Board (IASB) have recognized that in order international capital markets to function properly, a single set of high-quality international accounting standards designed especially for listed companies around the world must exist. The effort should be especially aimed at spreading the IFRS around the world and the FASB – IASB Convergence. The most significant difference between the US GAAP and IFRSs is in the area of the general approach. The IFRSs are based on basic accounting principles with limited application guidance, US GAAPs are based especially on rules with specific application guidance. The main objective of this work is to assist in the development of an improved common conceptual framework that provides a sound foundation for developing future accounting standards.The structure of the paper is divided into three parts. The theoretical background presents the historical development of the IAS/IFRS and US GAAP convergence efforts in general. The second part of the paper is aimed at the comparative analysis of conceptual frameworks (the IAS/IFRS and US GAAP). At the end, based on the results of the comparative analysis, the basic principles for a common conceptual framework, which should be applicable, are clarified. The paper uses the standard methods of scientific work. Firstly, the method of description is used to describe the development in the area of IAS/IFRS and US GAAP convergence. Then, a comparative analysis is used to discuss the differences in the position a principles of conceptual frameworks the IAS/IFRS and US GAAP. At the end the method of synthesis, deduction and induction is used.

scholarly journals International Financial Reporting Standards and Orientation of Vietnam: “Roadmap & International Experience”

2018 ◽  
Vol 7 (4) ◽  
pp. 167
Author(s):  
Ha Thi Thuy Van ◽  
Vu Thi Kim Anh ◽  
Nguyen Dang Huy
Keyword(s):  
Financial Reporting ◽  
Accounting Standards ◽  
Asia Pacific ◽  
International Financial Reporting Standards ◽  
International Accounting ◽  
International Accounting Standards ◽  
Reporting Standards ◽  
Financial Reporting Standards ◽  
Advantages And Disadvantages ◽  
The World

Currently, the Ministry of Finance is implementing Decision 480/QD-TTG dated 03/18/2013 of The Prime Minister on approving the Strategy Accounting - Audit 2020, Vision 2030 and implementing the Resolution 35/NQ-CP of the Government dated 16.05.2016 related to the support and development of enterprises by 2020. Accordingly, the development and improvement the legal framework of Financial Reporting standards in Vietnam is one of the key tasks and urgent needs to be developed to meet the requirements of the economy in the period of integration. The system of International Accounting Standards, including the International Accounting Standards (IAS) and the standards of international financial reporting (IFRS) was issued, adjusted, updated and replaced by The International Accounting Standards Board. International Accounting Standards is an important condition to ensure that companies and organizations around the world can apply uniform accounting principles in the work of preparing and presenting financial statements. Currently, many countries around the world such as USA, Japan and European countries, Asia Pacific are approaching IFRS convergence trend. In the trend of globalization of accounting, Vietnam will not be outside the process of integration with the system of International Financial Reporting Standards. This article will review the process of formation and development of IFRS, the IFRS trends and the advantages and disadvantages of applying IFRS in Vietnam. 

scholarly journals Ontwikkelingen in het conceptual framework

2013 ◽  
Vol 87 (9) ◽  
pp. 355-364
Author(s):  
Dick Van Offeren ◽  
Joop Witjes ◽  
Tim Verdoes
Keyword(s):  
Conceptual Framework ◽  
Financial Reporting ◽  
Accounting Standards ◽  
Financial Statements ◽  
Financial Accounting ◽  
International Accounting ◽  
International Accounting Standards ◽  
Financial Accounting Standards Board ◽  
Reporting Framework ◽  
International Accounting Standards Board

De International Accounting Standards Board (IASB) heeft recent het conceptual framework-project als kernproject aangemerkt. Het oorspronkelijke Framework for the preparation and presentation of financial statements (framework 1989) was aan een fundamentele herziening toe. Samen met de Financial Accounting Standards Board (FASB) heeft de IASB de eerste fase van het Conceptual framework for financial reporting (framework 2010) voltooid. In deze eerste fase worden twee onderwerpen besproken. Dit zijn het doel van financiële verslaggeving en de kwalitatieve kenmerken van financiële verslaggeving. Wij bespreken deze twee onderwerpen en gaan in op de verschillen tussen het framework 2010 en het framework 1989. Wij benadrukken het verschil in toepassingsgebied van de twee frameworks. Het framework 2010 is gericht op het ruimere begrip financial reporting, financiële verslaggeving en het framework 1989 was beperkt tot financial statements, jaarrekeningen.

scholarly journals De invloed van het nieuwe Conceptual Framework op de rapportage over prestaties binnen IFRS

2016 ◽  
Vol 90 (1/2) ◽  
pp. 41-49
Author(s):  
Arjan Brouwer ◽  
Alidus Dannenberg ◽  
Peter Epe
Keyword(s):  
Conceptual Framework ◽  
Financial Reporting ◽  
Accounting Standards ◽  
International Accounting ◽  
International Accounting Standards ◽  
Comprehensive Income ◽  
Other Comprehensive Income ◽  
International Accounting Standards Board

In de Exposure Draft Conceptual Framework for Financial Reporting blijft de International Accounting Standards Board (IASB) uitgaan van een balansbenadering waarbij baten en lasten worden afgeleid van de mutaties in balansposten. Financiële prestatie wordt niet afzonderlijk gede"nieerd en de IASB reduceert dit tot een presentatievraagstuk gericht op Other Comprehensive Income (OCI) en recycling. Relevante informatieverschaf"ng over prestaties vraagt echter om een prominentere plaats in het nieuwe Conceptual Framework en een meer genuanceerde aanpak voor de ontwikkeling van concepten die de basis kunnen vormen voor standaarden leidend tot relevante informatie over de prestaties van een entiteit. Inzicht in prestaties vraagt in ieder geval om afzonderlijke informatieverschaf "ng over alle relevante attributen van het resultaat en dat is niet mogelijk via slechts een tweedeling tussen resultaten die worden gepresenteerd binnen winst of verlies en resultaten die worden gepresenteerd binnen OCI.

scholarly journals Understanding the Essence of the Accrual Method According to the International Standards

2021 ◽  
pp. 57-66
Author(s):  
Bidzina Grigalashvili ◽  
Keyword(s):  
Subject Matter ◽  
Accounting Standards ◽  
Financial Statements ◽  
International Standards ◽  
International Accounting ◽  
International Accounting Standards ◽  
Conceptual Frameworks ◽  
Accounting Practice ◽  
Accounting Policy

Assumption of international accounting standards was considerable event in the accounting practice of Georgia. One of the innovation was the introduction of "accounting policy" and establishment such an element in the compilation of financial statements as "accrual method". Mentioned method was not used in Soviet accounting. Based on his explanation, after the introduction of international standards, the definitions have undergone some changes. The article analyzes the implemented changes, definitions, given in international standards and conceptual frameworks, outlook of various authors concerning subject matter and relevant conclusions drawn. Based on researches have been proven that, the "accrual method" should be used by the enterprise in recognizing / reflecting income and expenses and not in relation to assets and liabilities. Based on the reconciliation and analysis of different definitions, the author's designation of the "accrual method" is proposed.

scholarly journals Impact Of IASB & FASB On Financial Statements

2011 ◽  
Vol 8 (8) ◽  
Author(s):  
Veronica Paz ◽  
Thomas Griffin
Keyword(s):  
Conceptual Framework ◽  
Accounting Standards ◽  
Financial Statements ◽  
Financial Accounting ◽  
International Accounting ◽  
International Accounting Standards ◽  
Financial Accounting Standards Board ◽  
The Impact ◽  
International Accounting Standards Board

The purpose of this research is to determine the impact of material differences in the conceptual framework of the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) on the financial statements.

The IASB and ASBJ Conceptual Frameworks: Same Objective, Different Financial Performance Concepts

2014 ◽  
Vol 29 (1) ◽  
pp. 199-216 ◽  
Author(s):  
Carien van Mourik ◽  
Yuko Katsuo
Keyword(s):  
Financial Performance ◽  
Conceptual Framework ◽  
Financial Reporting ◽  
Accounting Standards ◽  
General Purpose ◽  
International Accounting Standards ◽  
Conceptual Frameworks ◽  
Accounting Standard ◽  
Decision Usefulness

SYNOPSISThis paper illustrates that, despite their general agreement on the decision-usefulness objective of general purpose financial reporting, the Accounting Standard Board of Japan (ASBJ) and the International Accounting Standards Board (IASB)'s conceptual frameworks are based on two different concepts of financial performance. By identifying and contrasting the two financial performance concepts and their impact on the rest of the frameworks and by explaining the thinking that underpins the ASBJ's chosen financial performance concept, it contributes to a debate about the role of financial performance concepts in fulfilling the decision-usefulness objective. Such a debate is pertinent to the revision of the IASB's Conceptual Framework, which is scheduled for completion in 2015.

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