IFRS Review

IFRS Review - CHAPTER 1 SEC ROADMAP 1. Proposes that IFRS...

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CHAPTER 1 SEC ROADMAP 1. Proposes that IFRS be required by U.S. publicly traded companies in 2014. 2. The FASB Accounting Standards Codification is now the only source of authority U.S. GAAP. Exceptions are rules and interpretive releases of the SEC, which remain as sources of authoritative GAAP. 3. The FASB and the IASB are working together to develop a common and improved conceptual framework that will provide the foundation for developing principles-based standards. 4. The joint conceptual framework has 8 phases: a. Objective and qualitative characteristics Elements and recognition b. Measurement c. Reporting entity d. presentation and disclosure e. framework for a GAAP hierarchy f. applicability to the not for profit sector g. remaining issues This will replace the Statements of financial accounting concepts. Phase B: Elements and Recognition GAAP - SFAC6 IFRS - Phase B Assets Probable future economic benefits obtained or controlled by a particular entity as a result of past transactions.
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IFRS Review - CHAPTER 1 SEC ROADMAP 1. Proposes that IFRS...

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