Accounting Regulatory Bodies

Accounting profession of various countries are regulated by their respective accounting bodies. This category provides articles which deal with rule setting bodies.

Characteristics of an Effective Financial Reporting Framework

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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 …

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The Accounting Profession Structure in Australia and Chartered Accountants

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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 …

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Current or Potential Use of Accounting Standards for Sustainable Reporting in India

Current or Potential Use of Accounting Standards

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 …

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Functions of IASB

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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 …

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Functions of FASB

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 …

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