CPSC 079 Lecture Notes - Lecture 3: Income Statement, Avco, Credit Risk
13 Oct 2016
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Document Summary
Accounting theory (a) international accounting standards and international financial reporting standards. The foreword to accounting standards defines accounting standards as authoritative statements of how particular types of transaction and other events should be reflected in financial statements. Standards are developed to achieve comparability of financial information between and among different organizations. International accounting standards (ias s) and international financial reporting standards (ifrs) are meant to apply to most organizations in the world. The iasb is an affiliate of the international federation of accountants (ifac) established in 1977 which co- ordinates the accounting profession worldwide. Most accounting bodies of countries are members of ifac. The iasc develops ias s through an international process that involves the worldwide accountancy profession, the preparers, users of financial statements and national standard setting bodies and other interested parties. The iasb sets up a steering committee to develop a statement of principles, an exposure draft and ultimately an accounting standards once a new topic is suggested.
