ACCT211 Lecture : Acct211 - Notes.docx

• School: University of Otago
• Department: Accounting
• Course: ACCT211
• Professor: Dyna Seng

Document Summary

Values inherent in accounting subculture influenced by society- based values. Accounting systems cannot be considered to be culture free . Should different countries with varying cultural values adopt internationally uniform accounting practices. Companies recognise, measure, format, and disclose in regard to their national gaap. Limits comparability of non- harmonization of standards harder for companies in multiple countries. Credibility of domestic markets to foreign providers. 1972 9 countries formed international accounting standards committee (iasc) 2001- international accounting standards board (iasb) replaced iasc. Financial accounting is for external users while management accounting is for internal users. Details overall financial reporting framework, includes reference to the conceptual framework. Defines terms of reporting entity", issuer", and gaap". Amended in november 2006 as part of the wider company law reforms and international trend towards ifrs. Applies to call companies (narrower than fra) Details administrative requirements, some disclosure requirements and directors responsibilities. Accounting standards prior to 1993 were set by public sector.