Characteristics of an Effective Financial Reporting Framework
Any effective financial reporting system needs to be a coherent one (i.e., a framework in which all the pieces fit
Read moreAccounting Regulatory Bodies
Accounting profession of various countries are regulated by their respective accounting bodies. This category provides articles which deal with rule setting bodies.
The Accounting Profession Structure in Australia and Chartered Accountants
The accounting profession in Australia is constructed in a similar manner to the accounting profession in the United States. Whereas in
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What is an IFRS and how does it affect accounting in Australia?
“IFRSs” is the collective term used to describe the authoritative pronouncements issued by the IASB. Technically, IFRSs comprise the following:
Read moreThe Role and Purpose of International Accounting Standards
International Accounting Standards (IAS) refers to a certain level of quality which should be adhered to while drawing financial statements.
Read moreVolkswagen Scandal – An Accounting Perspective
Introduction Every public organisation is required to be accountable for its operations not only from financial but also social and
Read moreCurrent or Potential Use of Accounting Standards for Sustainable Reporting in India
IFRS in India India is trying to converge with the IFRS standard like many other developing countries while ensuring minimal
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Functions of IASB
Introduction International Accounting Standard Board (IASB) is an independent, private sector body (previously known as IASC), based in London. IASB
Read moreFunctions of FASB
Introduction FASB stands for Financial Accounting Standard Board. It was established by Security and Exchange Act in 1973, as an
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