The Contrast Research of Presentation and Disclosure about other Comprehensive Income

Comprehensive Income ◽

Other Comprehensive Income ◽

Income Reporting

This article compares and analyzes the distinguish between the accounting standards for enterprises in our country about other comprehensive income reporting and disclosure of financial accounting standards from the IAS (International Accounting Standards) and the FASB in the United States, through four aspects as the meaning of other comprehensive income, the concrete content and accounting, presentation and disclosure.

The Prospects Of Replacing GAAP With IFRS In The United States

International Business & Economics Research Journal (IBER) ◽

10.19030/iber.v12i1.7509 ◽

2012 ◽

Vol 12 (1) ◽

pp. 25

Author(s):

RamMohan R. Yallapragada ◽

C. William Roe ◽

Alfred G. Toma

Keyword(s):

United States ◽

Financial Reporting ◽

Accounting Standards ◽

The United States ◽

Capital Allocation ◽

Financial Accounting ◽

Future Perspective ◽

The Us

Historically, each country developed its own Generally Accepted Accounting Principles (GAAP) for financial accounting and reporting and there was no uniformity among the GAAPs of different countries. Comparison of financial statements issued by business firms from different countries has become difficult leading toward suboptimal capital allocation across countries in the world. Gradually, there emerged a global demand for convergence of GAAP of different countries into a single set uniform accounting standards applicable to all countries. As a result, the International Accounting Standards Committee (IASC) was established in 1973. The IASC formed International Accounting Standards Board (IASB) in 2001 which began issuing International Financial Accounting Standards (IFRS). At this point about 100 countries have adopted IFRS for their financial reporting purposes. In 2010, the US Securities Exchange Commission (SEC) stated that it would be able to make a decision on the adoption of the IFRS in the United States within that year and would allow a five-year period for complete transition, if it is decided to incorporate the IFRS into the U S reporting standards. An intense debate ensued for and against incorporation of IFRS into the US GAAP. Four alternative processes are suggested for the transition - outright adoption, convergence, endorsement, and co-endorsement. This paper presents details of each of these suggested alternatives and future perspective of the adoption of IFRS into the U S accounting and reporting system.

Incorporating International Financial Reporting Standards Into The United States Financial Reporting System: Timeline And Implications

International Business & Economics Research Journal (IBER) ◽

10.19030/iber.v11i3.6860 ◽

2012 ◽

Vol 11 (3) ◽

pp. 283 ◽

Cited By ~ 1

Author(s):

RamMohan R. Yallapragada

Keyword(s):

United States ◽

Multinational Corporations ◽

Financial Reporting ◽

Accounting Standards ◽

The United States ◽

Capital Allocation ◽

Financial Accounting ◽

The Us

In the United States of America (US), all the accounting procedures and guidelines for measurement and reporting by business firms are governed by a body of principles and concepts known as Generally Accepted Accounting Principles (GAAP). These GAAP are presently issued by the Financial Accounting Standards Board (FASB) with the authority delegated by the Securities and Exchange Commission (SEC). Historically, each country developed its own GAAP and there was no uniformity among the GAAPs of different countries. Comparison of financial statements issued by business firms from different countries has become impossible leading toward suboptimal capital allocation across countries in the world. Gradually, with the advent of multinational corporations, there emerged a global demand for convergence of GAAP of different countries into a single set uniform accounting standards applicable to all countries. Initiative for uniform global accounting standards came from International Accounting Standards Committee (IASC) which was established in 1973. The IASC formed International Accounting Standards Board (IASB) in 2001 which began issuing International Financial Accounting Standards (IFRS). Till now about 100 countries have adopted IFRS for their financial reporting purposes. The SEC has yielded to the global pressure to adopt IFRS in the US. SEC has set a timeline for US business firms to change over from US GAAP to IFRS. This paper presents the background and development of the movement of IFRS, timeline for the change in US and the implications involved in the adoption of IFRS in the US.

The Case Analysis of Presentation and Disclosure about other Comprehensive Income

Applied Mechanics and Materials ◽

10.4028/www.scientific.net/amm.687-691.4691 ◽

2014 ◽

Vol 687-691 ◽

pp. 4691-4694

Author(s):

Xing Wei

Keyword(s):

Accounting Standards ◽

Case Analysis ◽

Financial Statement ◽

Accounting Standard ◽

Comprehensive Income ◽

Other Comprehensive Income ◽

China National Petroleum Corporation ◽

Year 2013

This article selects the financial statement established by the CNPC(China National Petroleum Corporation) for the year 2013 according to the Chinese accounting standard for business enterprises as an example, analysis of the problems of presentation and disclosure of other comprehensive income in our country, and contrast and analyze the stipulation about other comprehensive income presentation and disclosure stipulated by the IAS (International Accounting Standards) and FASB statements.

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

Maandblad Voor Accountancy en Bedrijfseconomie ◽

10.5117/mab.90.31246 ◽

2016 ◽

Vol 90 (1/2) ◽

pp. 41-49

Author(s):

Arjan Brouwer ◽

Alidus Dannenberg ◽

Peter Epe

Keyword(s):

Conceptual Framework ◽

Financial Reporting ◽

Accounting Standards ◽

Comprehensive Income ◽

Other Comprehensive Income ◽

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.

Is Australia Moving Too Far Ahead of The United States in the Convergence to International Accounting Standards?

Australian Accounting Review ◽

10.1111/j.1835-2561.1999.tb00119.x ◽

1999 ◽

Vol 9 (19) ◽

pp. 69-72 ◽

Cited By ~ 3

Author(s):

MICHAEL SHARPE

Keyword(s):

United States ◽

Accounting Standards ◽

The United States ◽

International Accounting Standards

El declive del estado de resultados tradicional ante la irrupción actual del excedente limpio. Perspectiva histórica y conceptual

Contaduría y Administración ◽

10.22201/fca.24488410e.2010.257 ◽

2010 ◽

Author(s):

FRANCISCO SOUSA FERNÁNDEZ

Keyword(s):

Accounting Standards ◽

Financial Accounting ◽

Comprehensive Income ◽

Siglo Xx ◽

CON LA ADOPCIÓN DEL RESULTADO GLOBAL (COMPREHENSIVE INCOME) A PARTIR DE LA DÉCADA DE LOS NOVENTA DEL SIGLO XX POR LOS ORGANISMOS EMISORES DE NORMAS CONTABLES MÁS RELEVANTES EN EL CONCIERTO MUNDIAL, ENTRE LOS QUE CABE DESTACAR EL INTERNATIONAL ACCOUNTING STANDARDS BOARD (IASB) Y EL FINANCIAL ACCOUNTING STANDARDS BOARD (FASB), ESTAMOS ASISTIENDO A UN POSICIONAMIENTO A FAVOR DEL ENFOQUE DEL EXCEDENTE LIMPIO. COMO CONSECUENCIA EL RESULTADO EMPRESARIAL QUEDA MÁS VINCULADO A LAS OSCILACIONES DE LOS PRECIOS DE LOS TÍTULOS Y A LOS TIPOS DE CAMBIO, FRENTE AL ENFOQUE DEL EXCEDENTE SUCIO QUE NOS LLEVA A LA DETERMINACIÓN DEL MISMO DESDE UNA ÓPTICA MÁS RESTRICTIVA Y, POR ELLO, MUCHO MENOS CONECTADO CON LA REALIDAD DE LOS MERCADOS. EN ESTE TRABAJO NOS PLANTEAMOS COMO PRIMER OBJETIVO EL ESTUDIO DESDE UNA ÓPTICA HISTÓRICA Y CONCEPTUAL DEL ANTIGUO Y CONTROVERTIDO DEBATE DEL ENFOQUE DEL EXCEDENTE LIMPIO VERSUS EL ENFOQUE DEL EXCEDENTE SUCIO, CIRCUNSCRITO ESENCIALMENTE A LOS PAÍSES DEL ÁREA DE INFLUENCIA ANGLOSAJONA. POSTERIORMENTE, QUEREMOS CONSTATAR QUE CON LA REVISIÓN DE LA NORMA INTERNACIONAL DE CONTABILIDAD 1 (NIC 1) DEL INTERNATIONAL ACCOUNTING STANDARDS BOARD (IASB) EN EL AÑO 2007 COBRA MÁS FUERZA EL RESULTADO GLOBAL; CON ELLO SE CONFIRMAN LOS PLANTEAMIENTOS A FAVOR DEL ENFOQUE DEL EXCEDENTE LIMPIO, LO QUE ORIGINA LA DESAPARICIÓN DEL ESTADO DE RESULTADOS TRADICIONAL DEL CONJUNTO COMPLETO DE ESTADOS FINANCIEROS SI LAS EMPRESAS, SEGÚN DICHA NORMA, OPTAN POR REVELARLO EN EL ESTADO DE RESULTADOS GLOBALES; TODO ELLO CON EL PROPÓSITO DE REPORTAR MÁS UTILIDAD A LOS INVERSIONISTAS, QUIENES SON CONSIDERADOS USUARIOS PRIMORDIALES EN LOS MODELOS CONTABLES ANGLOSAJONES A LOS QUE TENDEMOS.

SECs Push Back On Adoption Of IFRS In The United States

Journal of Business & Economics Research (JBER) ◽

10.19030/jber.v12i3.8728 ◽

2014 ◽

Vol 12 (3) ◽

pp. 237

Author(s):

RamMohan R. Yallapragada ◽

C. William Roe ◽

Alfred G. Toma

Keyword(s):

United States ◽

Financial Reporting ◽

Accounting Standards ◽

Policy Decision ◽

The United States ◽

Alternative Methods ◽

The Us ◽

The World

For a long time, the United States (US) Generally Accepted Accounting Principles (GAAP), are considered as the gold standard for financial reporting by companies all over the world. With the advent of globalization of capital markets and the proliferation of the multi-national corporations (MNCs), there emerged a movement for developing a uniform set of accounting standards applicable to companies all over the world in order to achieve uniformity in financial reporting. The movement is initiated by the International Accounting Standards Board (IASB) which started to issue International Financial Reporting Standards (IFRS). Over the last decade, four alternative methods have been considered by the Securities and Exchange Commission (SEC) for a possible adoption of IFRS in the US: outright adoption, convergence, endorsement, and condorsement. Recently, the SEC appears to be taking a step backwards in its policy towards adoption of IFRS. The process involves prohibitive costs to US companies which are already suffering under the ill effects of a great recession. The adoption of IFRS would also impose enormous burden on the academia, the accounting profession, and the regulatory apparatus of the SEC. Also, there is a question as to whether a single set of international accounting standards applicable to all countries is even desirable. The FASB and the IASB have been working on convergence since 2002. The SEC began studying the pros and cons of adoption of IFRS since 2010. But, in its latest staff report, issued in July 2012, the SEC did not include any final policy decision as to whether IFRS will ever be adopted at all in any manner in the US. Furthermore, the SEC, in its report, made it very clear that turning over control of US accounting standard-setting authority to the IASB is out of question. This paper presents the various efforts made so far in aligning US GAAP with the IFRS and the future outlook regarding adoption of IFRS in the US.

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

Accounting Historians Journal ◽

10.2308/0148-4184.39.1.1 ◽

2012 ◽

Vol 39 (1) ◽

pp. 1-51 ◽

Cited By ~ 12

Author(s):

Robert J. Kirsch

Keyword(s):

Accounting Standards ◽

Financial Accounting ◽

Working Relationships ◽

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.

Ontwikkelingen in het conceptual framework

Maandblad Voor Accountancy en Bedrijfseconomie ◽

10.5117/mab.87.21915 ◽

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 ◽

Reporting Framework ◽

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.

Proposed Lease Accounting For Lessees

Journal of Business & Economics Research (JBER) ◽

10.19030/jber.v9i1.941 ◽

2011 ◽

Vol 9 (1) ◽

Cited By ~ 1

Author(s):

Stuart Shough

Keyword(s):

Accounting Standards ◽

Financial Accounting ◽

Font Size ◽

Accounting Model ◽

Lease Accounting ◽

<p class="MsoNormal" style="text-align: justify; line-height: normal; margin: 0in 0.5in 0pt; mso-pagination: none;"><span style="font-family: "Times New Roman","serif"; font-size: 10pt;">On August 17, 2010, the Financial Accounting Standards Board and the International Accounting Standards Board jointly issued exposure drafts proposing a new accounting model for leases. This paper explains how a lessee would account for leases under this proposal.</span></p>