Accounting Regulatory Bodies

Introduction Every public organisation is required to be accountable for its operations not only from a financial but also social and environmental perspective (Crane & Matten 2010). There are many instances of failures due to non- compliance and non- accountability of the business. The impact of such dilemma is severe …

Any effective financial reporting system needs to be a coherent one (i.e., a framework in which all the pieces fit together according to an underlying logic). Such frameworks have several characteristics: Transparency A framework should enhance the transparency of a company’s financial statements. Transparency means that users should be able …

The accounting profession in Australia is constructed in a similar manner to the accounting profession in the United States. Whereas in the United States there is one professional body called the American Institute of Certified Public Accountants (AICPA), in Australia there are two professional bodies – CPA Australia (CPAA) and the Chartered Accountants …

“IFRSs” is the collective term used to describe the authoritative pronouncements issued by the IASB. Technically, IFRSs comprise the following: 1. two series of standards – those explicitly called International Financial Reporting Standards and the older series of International Accounting Standards, and 2. two series of Interpretations – those issued …

International Accounting Standards (IAS) refers to a certain level of quality which should be adhered to while drawing financial statements. The older set of standards, issued by the International Accounting Standards Committee (IASC),  was formulated in 1973 through a consensus of the professional accountancy bodies from Australia, Canada, France, Germany, …

IFRS in India India is trying to converge with the IFRS standard like many other developing countries while ensuring minimal modifications in the domestic reporting standards used for financial reporting. In the wake of this, ICAI, the Accounting Standards setting body in India, has identified the immediate requirement of convergence …

Introduction International Accounting Standard Board (IASB) is an independent, private-sector body (previously known as IASC), based in London. IASB is committed to develop and approve a single set of global accounting standards (that is known as International Financial Reporting Standards), which require transparent and comparable information in general purpose of …

Introduction FASB stands for Financial Accounting Standard Board. It was established by Security and Exchange Act in 1973, as an independent, private sector, not-for-profit organization that establishes accounting principles and accounting procedures.  The body of this principal and procedures called General Accounting-Accepted Principal (GAAP). FASB regulated by Security and Exchange …