Accounting and Auditing of Financial Derivatives

2011 ◽  
pp. 10-26
Author(s):  
Mohamed Hegazy ◽  
Karim Hegazy
Keyword(s):  
Capital Market ◽  
Accounting Standards ◽  
Financial Statements ◽  
Financial Derivatives ◽  
International Accounting ◽  
Financial Assets ◽  
International Accounting Standards ◽  
The Public ◽  
Audit Reports ◽  
Single Set

The Egyptian Capital Market Authority (CMA) examined the company’s financial statements for the year ended on December 31, 2008, while the auditors’ reports forced the company’s management, despite the objection of two of the company’s auditors, to restate its financial statements at December 31, 2008, and modify its profit appropriation statement after their publication to shareholders and the public. The research presents the problems related to the application of the International Accounting Standards no 32 and 38 “Financial assets and Derivatives,” their Egyptian equivalents, and the Egyptian Standards on auditing no 700 and 702. Further, the research identifies the differences associated with auditors issuing contradictory audit reports for a company’s single set of financial statements.

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 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.

scholarly journals LAND AS AN INVESTMENT PROPERTY

2021 ◽  
Author(s):  
Svetlozar Stefanov ◽  
Keyword(s):  
Accounting Standards ◽  
Financial Statements ◽  
International Accounting ◽  
International Accounting Standards

This report attempts to address the issues of valuation, presentation and disclosure of land as an investment property within the meaning of International Accounting Standards. Emphasis is placed on the criteria for classifying land as investment property, as well as the questions for the initial and subsequent valuation of these properties. Due attention was also paid to the disclosure of investment property in the notes to the financial statements.

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