Generally accepted accounting principles paper

Business ownership can be in the form of a sole proprietorshippartnershipor a corporation. For a corporation, the owner's equity portion usually shows common stockand retained earnings earnings kept in the company.

Generally accepted accounting principles paper

Overview[ edit ] The international convergence of accounting standards refers to the goal of establishing a single set of high-quality accounting standards to be used internationally, and the efforts of standard-setters towards achieving that goal.

Other companies are also allowed to use the IFRS, but most have chosen not to do so, and continue to use the UK accounting standards largely developed prior to Some short-term projects and the corresponding actions taken are listed below.

A joint exposure draft was published in Financial instruments with the characteristics of equity: For example, the FASB believes that "investors, companies, auditors, and other participants in the U. For example, in senior partners at PricewaterhouseCoopers PwC called for convergence to be "shelved indefinitely" in a draft paper, calling for the IASB to focus instead on improving its own set of standards.

For example, some critics are concerned that convergence will increase the use of fair value accounting. Principles-based standards allow for "different interpretations for similar transactions", [15] and have also been described as "less precise", [16] while rules-based standards contain more exceptions [15] and use bright-line rules and specific details to deal with "as many potential contingencies as possible".

Generally accepted accounting principles paper

Before the s, convergence took the form of harmonization, the reduction of differences between the various accounting standards used internationally. Inthe National Securities Markets Improvement Act became law; the act expressed support for convergence efforts and required the SEC to report to congress on progress towards convergence.Program Description.


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The convergence of accounting standards refers to the goal of establishing a single set of accounting standards that will be used internationally. Convergence in some form has been taking place for several decades, and efforts today include projects that aim to reduce the differences between accounting standards.

Convergence is driven by several factors, including the belief that having a. How to Perform a Basic Accounting Audit. An accounting audit is the process of examining a company's entire financial situation, with an emphasis on ensuring compliance with relevant reporting standards, and promoting adequate cash.

Part - (AMEND) Accordingly, Part of Title 17 of the Code of Federal Regulations is amended by adding Staff Accounting Bulletin No. 99 to the table found in Subpart B.

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