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International Convergence of Accounting Standard by Rendy Cina
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International Convergence of Accounting Standard |
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Computers
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The concept of convergence first surfaced inside the late 1950s in reaction to Planet War II economic integration showing the notion of International Convergence of Accounting Standards is not new. At first, the convergence focused within the principles used in big money markets around the planet. From the 1990s, the notion of harmonization was replaced by the thought of convergence and also the International Accounting Standards Committee was formed in 1973, which was the first international standards-setting body. The FASB along with the IASB have been working collectively toward convergence since 2002. The Financial Accounting Standards Board believes that the ultimate goal of convergence is often a single set of high-quality, international accounting standards that companies would use for financial reporting. At the moment, the collaborative efforts from the FASB and IASB is utilized to each strengthen U.S. GAAP and IFRS to eliminate the differences between the two. In November 2009, a joint statement showed the IASB along with the FASB reaffirmed a commitment to improving IFRS and US GAAP in achieving convergence. The strategy gave priority towards the big Memorandum of Understanding projects for which they believe the need to have for improvement of IFRS and GAAP is most urgent. The projects include joint projects on monetary instruments, revenue recognition, fair value measurement, along with the consolidation of investment corporations. After their meeting in April 2011, the boards are rendering this report about the progress of their joint convergence work. The IASB and FASB have taken the next actions considering the fact that their report final November. They have finished the five projects, which reflected the completion of MoU projects, publication of standards that are converged or substantially converged on fair value measurement, joint arrangements, and consolidated financial statements. The majority of the short-term projects have been finished such as share-based payments, non-monetary belongings, inventory accounting, accounting modifications, and fair worth option. The FASB is developing proposals to align US GAAP with IFRS and that project is even now in approach. As far because the Revenue recognition goes, the principle in the IASB and FASB published a joint discussion paper that proposed a single income recognition model that was built to the thought that an entity must recognize revenue. The US GAAP has a broad range of needs when the IASB has especially general requirements, which leads to them to depend on US GAAP for certain advice. On June 4, 2004, The FAF met together with the members from the International Accounting Standards Committee Foundation for your first time in New York City. The meeting began with all the FASB chairman, Bob Herz, about the convergence efforts in the two-standard-setting bodies. The chairman explained the goal of their convergence efforts as well as the development produced to date. FASB and IASB possess a quantity of well-known projects and have agreed to the strategy for future alignment of their technical agendas. The article from your FASB report explains how their respective approaches for reaching their well-known convergence goal plus the obstacles they face with each other in meeting that goal. Prepare to obtain CCNP Service Provider Operations Examwith Examskey, world class rehearse exam software. Training material for CCIE Service Provider Operations Examincludes as much as possible you need.
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