Accounting Standards

• Accounting standards

• Financial accounting standards

• International accounting standards

• A Common Framework for Accounting Standards

In September 2010, the US Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) completed the first phase of a project that will influence global standards setting for many years to come. Having a conceptual framework eliminates the need for a standards setter, such as the FASB or the IASB, to reestablish core concepts each time it develops or updates a standard. Additionally, by consistently referring to a stable conceptual framework, a standards setter is more likely to promulgate standards that are consistent with each other as well as with significant assumptions and constraints. The conceptual framework of US Generally Accepted Accounting Principles is documented in a series of Statements of Financial Accounting Concepts issued by the F...

• Strategic Finance
• Vol. 92 Nbr. 5, November 2010

• Cost Accounting Standards: Cost Accounting Standards 412 and 413-Cost Accounting Standards Pension Harmonization Rule

The Office of Federal Procurement Policy (OFPP), Cost Accounting Standards Board (Board), is publishing this final rule to revise Cost Accounting Standard (CAS) 412, ``Composition and Measurement of Pension Cost,'' and CAS 413, ``Adjustment and Allocation of Pension Cost.'' This revision will harmonize the measurement and period assignment of the pension cost allocable to Government contracts, and the minimum required contribution under the Employee Retirement Income Security Act of 1974 (ERISA), as amended, as required by the Pension Protection Act (PPA) of 2006. The PPA amended the minimum funding requirements for qualified defined benefit pension plans. The Board issues this final rule to revise CAS 412 and CAS 413 to include the recognition of a ``minimum actuarial liability'' and `...

• Federal Register Nbr. 76 FR 81296, December 27, 2011
• Rules and Regulations
• Management and Budget Office

• The U.S. Move to International Accounting Standards - a Matter of Cultural Discord - How Do We Reconcile?

Currently, U.S. issuers operate under one set of accounting standards, and a large part of the world operates under some customized version of IFRS.6 Likewise, global companies operating within different accounting provinces must often use different accounting standards for each of the jurisdictions in which they operate; a costly, cumbersome, and time consuming endeavor.7 Various entities responsible for the many factions of accounting standard setting and financial reporting, such as the Financial Accounting Standards Board8 (FASB), the SEC,9 and the International Accounting Standards Board10 (IASB), (collectively, Accounting Standard Setters) have been aware of this issue since the late 1960s11 and have further recog- nized the need for change.12 The world's economies have contin- ue...

• University of Memphis Law Review, The
• Vol. 39 Nbr. 4, July 2009

• Cost Accounting Standards:

• FR, July 12, 2011
• Rules
• Federal Procurement Policy Office

• Defining Principles-Based Accounting Standards

A key concern arising from the recent business scandals is that U.S. accounting standards have become "rules-based," filled with specific details in an attempt to address as many potential contingencies as possible. To address these concerns, the Sarbanes-Oxley Act of 2002 required the SEC to examine the feasibility of a principles-based accounting system. Despite all of this discussion, a precise definition of principles-based accounting remains elusive. This article contains a proposed definition and an explanation of how standards developed according to this definition would differ from the current system. The usefulness of the definition is demonstrated by a comparison of U.S. Generally Accepted Accounting Principles (GAAP) and International Accounting Standards (IAS) regarding the ...

• CPA Journal, The
• Vol. 74 Nbr. 8, August 2004

• Cost Accounting Standards:

• FR, August 10, 2011
• Rules
• Federal Procurement Policy Office

• 25 CFR 542.19 - What are the minimum internal control standards for accounting?

• Code of Federal Regulations - Title 25: Indians

• Empirical evidence on formal and material harmonization of national accounting standards.

INTRODUCTION Although the numbers of studies on formal (de jure) and material (de facto) harmonization have increased recently, little evidence of t...

• Journal of International Business Research
• Vol. 10 Nbr. 2, July 2011

• FASB's Accounting Standards:

• FR, August 12, 2011
• Rules
• Securities and Exchange Commission

• 80 Years of regulations and accounting standards.

The 80 years of FEI's existence have paralleled a remarkable and even unprecedented era of financial regulation. The onset of the era was marked befor...

• Financial Executive
• Vol. 27 Nbr. 5, June 2011