InternAccting_Wk3Discussion

InternAccting_Wk3Discussion - requirements to allow...

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Week 03 Discussion - IASB The International Accounting Standards Board (IASB) is always working on new projects. Navigate to the IASB's website and locate the current projects. Select one of the current projects and read through the information presented on the website. Briefly discuss what you learned about the project with your classmates. In your post, describe the project, the accounting issues, and what the IASB is doing to deal with the accounting issue. Identify why you feel this project is important to defining international standards. One of the current projects I located on the International Accounting Standards Board’s (IASB) website was on joint ventures. The IASB’s main objective is to: develop an IFRS that enhances the accounting for, and the quality of information being reported about, joint arrangements by establishing a principle-based approach to the accounting for joint arrangements and by improving the disclosure
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Unformatted text preview: requirements to allow investors to gain a better understanding of the nature, extent and financial effects of the activities that an entity carries out through joint arrangements (IFRS, 2011). For those of you that dont know what a joint venture is, it is an agreement that is made between two or more parties for the primary task of completing a business transaction. In a joint venture, all parties share in the profit and losses of the transaction. I think its a great idea that the IASB is trying to develop a tighter accounting of joint ventures. Knowing what the pros and cons are, which is what the IASB is hoping to do, businesses will not get stuck with losses because the venture was not a sound idea. References IFRS. (2011). Work plan for IFRSs: Joint Ventures. Retrieved from http://www.ifrs.org/Current+Projects/IASB+Projects/Joint+Ventures/Joint+Ventures.htm...
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This note was uploaded on 04/30/2011 for the course ECON 101 taught by Professor Smith during the Spring '11 term at University of Phoenix.

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