Editorial

In the second part of her research, Sophia Brink again looks at the accounting treatment of credit card rewards programmes. In May 2014 the IASB and the United States Financial Accounting Standards Board (FASB), published IFRS 15

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The accounting treatment of credit card rewards programmes: a South African perspective (Part 1)

Journal of Economic and Financial Sciences ◽

10.4102/jef.v10i1.8 ◽

2017 ◽

Vol 10 (1) ◽

pp. 107-124

Author(s):

Sophia Brink

Keyword(s):

South African ◽

Customer Loyalty ◽

Credit Card ◽

Accounting Standards ◽

The United States ◽

Financial Accounting ◽

International Accounting Standards ◽

Financial Accounting Standards Board ◽

African Perspective ◽

Loyalty Programme

Credit card rewards programmes are a common phenomenon in the South African market. On 1 July 2007 the International Accounting Standards Board (IASB) issued IFRIC 13 Customer Loyalty Programmes to give specific guidance to suppliers on the accounting treatment of customer loyalty programme transactions. Although credit card rewards programmes are specifically included in the scope of this Interpretation, in practice not all credit card rewards programmes currently account for award credits under the revenue deferral model (IFRIC 13). During May 2014 the IASB and the United States Financial Accounting Standards Board (FASB) published IFRS 15 Revenue from Contracts with Customers intended to replace six existing Standards and Interpretations, including IFRIC 13. Currently there is uncertainty whether or not a credit card rewards programme transaction falls within the scope of IFRS 15. Despite concerns raised the Boards decided against providing any additional guidance to credit card rewards programmes and indicated that they leave it up to management

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THE EVOLUTION OF THE CONCEPTUAL FRAMEWORK FOR BUSINESS ENTERPRISES IN THE UNITED STATES

Accounting Historians Journal ◽

10.2308/0148-4184.26.2.89 ◽

1999 ◽

Vol 26 (2) ◽

pp. 89-131 ◽

Cited By ~ 52

Author(s):

Stephen A. Zeff

Keyword(s):

United States ◽

Conceptual Framework ◽

Accounting Standards ◽

The United States ◽

Financial Accounting ◽

Financial Accounting Standards Board ◽

American Institute ◽

Decision Usefulness ◽

Business Enterprises ◽

The U.S

Institutional efforts in the U.S. to develop a conceptual framework for business enterprises can be traced to the Paton and Littleton monograph in 1940 and later to the two Accounting Research Studies by Moonitz and Sprouse in 1962–1963. A committee of the American Accounting Association issued an influential report in which it advocated a “decision usefulness” approach in 1966, which was carried forward in 1973 by the report of the American Institute of CPAs' Trueblood Committee. All of this laid the groundwork for the conceptual framework project of the Financial Accounting Standards Board (FASB), which published six concepts statements between 1978 and 1985. A seventh concepts statement is likely to be published in 2000. It is still not clear how the FASB's conceptual framework has influenced the setting of accounting standards, and some academic commentators are skeptical of the usefulness of all normative conceptual framework projects.

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The Influence of Accounting Theory on the FASB Conceptual Framework

Accounting Historians Journal ◽

10.2308/aahj-10555 ◽

2017 ◽

Vol 44 (2) ◽

pp. 109-124 ◽

Cited By ~ 2

Author(s):

C. Richard Baker

Keyword(s):

United States ◽

Conceptual Framework ◽

20Th Century ◽

Accounting Standards ◽

The United States ◽

Financial Accounting ◽

Financial Accounting Standards Board ◽

Accounting Practice ◽

Accounting Theory ◽

Primary Basis

ABSTRACT During the first half of the 20th century, “accounting theory” developed primarily by accounting scholars and academics provided the primary basis for the practice and teaching of financial accounting in the United States. Since the creation of the Financial Accounting Standards Board (FASB) in the early 1970s, the FASB Conceptual Framework has provided the primary basis for accounting standards-setting, as well as for the practice and teaching of financial accounting. While the purpose of creating a Conceptual Framework has been to develop an agreed-upon set of concepts and principles to guide accounting standards-setting, a related goal has been to reduce diversity in accounting practice and to move toward greater uniformity. This paper traces the influence of accounting theory on the Conceptual Framework and explores some of the consequences of this influence.

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The Contrast Research of Presentation and Disclosure about other Comprehensive Income

Applied Mechanics and Materials ◽

10.4028/www.scientific.net/amm.687-691.5080 ◽

2014 ◽

Vol 687-691 ◽

pp. 5080-5084

Author(s):

Xing Wei

Keyword(s):

United States ◽

Accounting Standards ◽

The United States ◽

Financial Accounting ◽

International Accounting ◽

International Accounting Standards ◽

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.

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An Evaluation Of The Implementation Of Fair Value Accounting: Impact On Financial Reporting

Journal of Business & Economics Research (JBER) ◽

10.19030/jber.v9i1.934 ◽

2011 ◽

Vol 9 (1) ◽

Author(s):

Karen T. Cascini ◽

Alan DelFavero

Keyword(s):

Financial Reporting ◽

Accounting Standards ◽

Fair Value ◽

The United States ◽

Financial Accounting ◽

Financial Assets ◽

Financial Accounting Standards Board ◽

Continuous Change ◽

Fair Value Accounting ◽

The Cost

The accounting industry is in a state of continuous change.  In the United States, the historical cost principle has traditionally been the foundation of accounting.  Until recently, assets and liabilities have been required to be recorded at their acquisition prices, with the exception of designated financial assets and financial liabilities.  However, the Financial Accounting Standards Board (FASB) has now created accounting standards that are distant from the cost principle.  Statement of Financial Accounting Standards No. 157: Fair Value Measurements, issued in September 2006 (FAS157, now codified as ASC 820) and Statement of Financial Accounting Standards No. 159: The Fair Value Option for Financial Assets and Financial Liabilities, created in February 2007 (FAS159, now ASC 825-10-25), significantly increases the viability of fair value accounting. The purpose of this paper is to illustrate the benefits and pitfalls of fair value and the corresponding affects on various stakeholders.

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A HISTORY OF POOLING OF INTERESTS ACCOUNTING FOR BUSINESS COMBINATIONS IN THE UNITED STATES

Accounting Historians Journal ◽

10.2308/0148-4184.18.2.155 ◽

1991 ◽

Vol 18 (2) ◽

pp. 155-192 ◽

Cited By ~ 10

Author(s):

Frank R. Rayburn ◽

Ollie S. Powers

Keyword(s):

Accounting Standards ◽

The United States ◽

Securities And Exchange Commission ◽

Financial Accounting ◽

Financial Accounting Standards Board ◽

Business Combinations ◽

Accounting Principles ◽

History Of ◽

Business Combination ◽

The Subject

This paper traces the development of pooling of interests accounting for business combinations from 1945 to 1991. The history of the pooling concept is reviewed chronologically with particular emphasis on the events of 1969–1970 that were related to the most recent pronouncement on the subject, Accounting Principles Board (APB) Opinion No. 16. Early in its life (1974), the Financial Accounting Standards Board (FASB) placed a project on its agenda to reconsider pooling of interests accounting. That project was removed from the FASB's agenda in 1981. APB Opinion No. 16 has gone essentially unchanged as it relates to the accounting for a business combination as a pooling of interests. Resolution of implementation issues has been left largely to the Securities and Exchange Commission and the accounting profession. The FASB has a project on its agenda on Consolidations and Related Matters that may impact pooling of interests accounting. There also is some pressure for the FASB to revisit accounting for business combinations.

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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 ◽

International Accounting ◽

International Accounting Standards ◽

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.

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Adoption of IFRS in Global Scenario

MUDRA Journal of Finance and Accounting ◽

10.17492/mudra.v3i1.6807 ◽

2016 ◽

Vol 3 (1) ◽

Cited By ~ 1

Author(s):

Debarshi Bhattacharya

Keyword(s):

United States ◽

Capital Markets ◽

Reporting System ◽

Accounting Standards ◽

Financial Statements ◽

The United States ◽

National Standards ◽

Financial Accounting ◽

Ifrs Adoption ◽

Guinea Bissau

This paper aims to show overall position of the process of IFRS adoption worldwide as well as in India to harmonize the global financial accounting and reporting system. Worldwide homogeneous accounting standards have been set out by the IASB in form of IFRS. It is generally expected that worldwide adoption of IFRS will be beneficial to investors and other users of financial statements. Out of worldwide 140 jurisdictions as developed by IFRS Foundation, 116 jurisdictions require IFRS for all or most domestic publicly accountable entities in their capital markets. Of the 24 jurisdictions that do not require IFRS for all or most domestic publicly accountable entities, 14 already permit or require IFRS for at least some domestic publicly accountable entities. Only 10 jurisdictions currently do not require or permit IFRS for any domestic publicly accountable entities. One of those (Thailand) is in the process of adopting IFRS in full, and another (Indonesia) is in the process of convergence of its national standards with IFRS. The remaining eight that use national or regional standards are Bolivia, China, Egypt, Guinea-Bissau, Macao, Niger, the United States and Vietnam. Out of the 14 countries that have adopted IFRS for at least some (but not all) domestic publicly accountable entities, India is one of them.

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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 ◽

International Accounting ◽

International Accounting Standards ◽

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.

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Financial Accounting Standards in the United States: 1973-?

Abacus ◽

10.1111/j.1467-6281.1973.tb00170.x ◽

1973 ◽

Vol 9 (1) ◽

pp. 3-15 ◽

Cited By ~ 1

Author(s):

KERMIT D. LARSON ◽

GARY L. HOLSTRUM

Keyword(s):

United States ◽

Accounting Standards ◽

The United States ◽

Financial Accounting

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