Week7 HW - EXERCISE112 Two examples from the webpage are:...

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EXERCISE 11-2 Two examples from the webpage are: September 22, 2009 The Trustees of the IASC Foundation, the oversight body of the International Accounting Standards  Board (IASB), welcomed today’s statement by the Monitoring Board, a group of public capital  market authorities to whom the IASC Foundation established a public accountability link. In its  statement of principles, the Monitoring Board emphasised the relevance of providing high-quality  financial information to ensure the confidence of capital providers in making investment decisions.  The Monitoring Board also highlighted the importance of ‘independence and transparency in the  standard setter’s due process.’ October 8, 2009 The International Accounting Standards Board (IASB) issued today an amendment to IAS 32 Financial Instruments: Presentation . The amendment addresses the accounting for rights issues (rights, options or warrants) that are denominated in a currency other than the functional currency of the issuer. Previously such rights issues were accounted for as derivative liabilities. However, the amendment issued today requires that, provided certain conditions are met, such rights issues are classified as equity regardless of the currency in which the exercise price is denominated. EXERCISE 11-3 IFAC is the global organization for the accountancy profession. It works with its 157 members and associates in 123 countries and jurisdictions to protect the public interest by encouraging high quality practices by the world's accountants. IFAC members and associates, which are primarily national professional accountancy bodies, represent 2.5 million accountants employed in public practice, industry and commerce, government, and academia. Through its independent standard-setting boards, IFAC develops international standards on ethics, auditing and assurance, education, and public sector accounting standards. It also issues guidance to support professional accountants in business, small and medium practices, and developing nations. One example from the webpage is: September 23, 2009 IFAC's Bunting Calls for Global Commitment to High-Quality Financial Standards to Solve Crisis Mr. Bunting reminded the audience that every kind of entity needs the financial information that high- quality standards provide as we move toward recovery from the recession. Businesses in Latin America and the Caribbean often need to prove their economic viability as business partners for new opportunities in the Middle East and China, or for ongoing ones in this hemisphere. Governments need to confirm their fiscal health for the capital markets or for membership in regional economic organizations. PROBLEM 11-1
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This note was uploaded on 07/31/2011 for the course ACCT 401 taught by Professor Bennett during the Spring '08 term at Strayer.

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Week7 HW - EXERCISE112 Two examples from the webpage are:...

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