customers. Though there are few minor differences, the convergence was finally achieved. In this paper, I am going
codification for notes to the financial statements focuses on the details and usefulness of disclosures presented by an organization to investors and the public. Accounting policies should comply with (Governmental Accepted Accounting Principles (GAAP) standards to ensure fair representation of the organizations financial statements. Accounting policies adopted by an organization can significantly affect many areas of the financial statements. FASB codification has classified all disclosure notes
of accounting principles had been an issue of debates among Accounting Professionals for a couple of years. This quest gave birth to the modification of existing Accounting Standard and establishment of International Financial Reporting Standards (IFRS). An Accounting Standards is a rule or sets of rules, which prescribes the methods by which accounts should be prepared and presented. This regulatory framework of accounting is issued by the international accounting body of the accounting profession
statements. Effect of GAAP on financial information The Generally Accepted Accounting Principles are guidelines on how companies must prepare and present their income and expenses, assets and liabilities on their financial statements. The GAAP concepts are a combination of authoritative standards set by policy boards that are commonly accepted ways of recording and reporting financial statements. This brings me to the International Financial Reporting Standards. The IFRS are accounting standards
SOLUSI UNIVERSITY FACULTY OF BUSINESS DEPARTMENT OF ACCOUNTING A report done in partial fulfillment of the course required Financial Accounting (ACCT 111) Question: Explain the IAS and the IFRS. Presented By: Abigail P. Ebel ID: 2015050155 Lecturer: B. Ndiweni First written in 1973, International Accounting Standards (IAS) are issued by International Accounting Standard Board (IASB) since 2001, and its predecessor, International Accounting Standard Committee (IASC)
SOLUSI UNIVERSITY FACULTY OF BUSINESS DEPARTMENT OF ACCOUNTING A report done in partial fulfillment of the course required Financial Accounting (ACCT 111) Question: Explain the IAS and the IFRS. Presented By: Abigail P. Ebel ID: 2015050155 Lecturer: B. Ndiweni First written in 1973, International Accounting Standards (IAS) are issued by International Accounting Standard Board (IASB) since 2001, and its predecessor, International Accounting Standard Committee (IASC)