A hearty welcome to ASB - mostly
Article Abstract:
The Accounting Standards Board (ASB) announced its 1991 work program on 23 Jan 91. The work program is indicative of the standards and proposals that the ASB will likely offer in the future. The ASB plans to implement three standards, which will be called Financial Reporting Standards: Cash Flow Statements. The new standards will be based on the Accounting Standards Committee's (ASC) Exposure Draft (ED) 54; Reflecting the Substance of Transactions in Assets and Liabilities, based on the ASC's ED 49; and Consolidated Accounts, which will be based on the ASC's ED 50 and the ASB's Dec 90 interim statement. The ABS will also issue seven Financial Reporting Exposure Drafts (FREDs): five will deal with the principles being elucidated by the ASB and will cover the objectives of financial reporting and the characteristics of financial information, while the two others will deal with the structure of financial statements and asset values on the balance sheet.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1991
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A solution in search of a problem?
Article Abstract:
The issue of exposure drafts (EDs) proposing radical changes to accounting for business combinations by the International Accounting Standards Board and the US Financial Accounting Standards Board in June 2005 surprised many people. The EDs are dubbed as a solution in search of a problem but there is a concern not just at the pace of change especially for first-time adopters but also that joint boards are producing merely different, rather than better accounting standards.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 2005
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Whither US GAAP?
Article Abstract:
The Securities and Exchange Commission's (SEC) decision to allow U.S. companies to use International Financial Reporting Standards (IFRS) is discussed. Its reasons and implications on the use of U.S. Generally Accepted Accounting Principles (U.S. GAAP) are presented.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 2007
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