Search results
Results from the WOW.Com Content Network
In May 2014, the FASB and IASB issued new, converged guidance on revenue recognition. This guidance, known as ASC 606 (or IFRS 15), aims to improve consistency in recognizing revenue from contracts with customers. [3] ASC 606 became effective in 2017 for public companies and 2018 for private companies. [4]
The scope of the overall IASB-FASB convergence project has evolved over time. The IASB and FASB issued converged standards for accounting topics including Business combinations (2008), Consolidation (2011), Fair value measurement (2011), and Revenue recognition (2014). Other convergence projects have been discontinued.
The three primary goals of the codification are "simplify user access by codifying all authoritative U.S. GAAP in one spot, ensure that the codification content accurately represented authoritative U.S. GAAP as of July 1, 2009, and to create a codification research system that is up-to-date for the released results of standard-setting activity."
SIC 9: Business Combinations - Classification either as Acquisitions or Unitings of Interests 1998 August 1, 1998: April 1, 2004: IFRS 3: SIC 10 Government Assistance-No Specific Relation to Operating Activities 1998 August 1, 1998: SIC 11 Foreign Exchange - Capitalisation of Losses Resulting from Severe Currency Devaluations 1998 August 1, 1998
The IESBA periodically issues revisions to the IESBA Code. In 2019, the IESBA issued revisions to Part 4B of the IESBA Code to Reflect Terms and Concepts Used in ISAE 3000 (Revised). [7] Part 4B of the Code comprises the independence standards for assurance engagements other than audit and review engagements.
Revenue Recognition AS 9 Ind AS 115 ICDS V Tangible Fixed Assets AS 10 Ind AS 16 ICDS VI The Effects of Changes in Foreign Exchange Rates AS 11 Ind AS 21 ICDS VII Government Grants AS 12 Ind AS 20 ICDS VIII Securities AS 13 Ind AS 32, 107 and 109 ICDS IX Borrowing Costs AS 16 Ind AS 23 ICDS X
Alternative methods of revenue recognition make it difficult to interpret reported results; Many companies are using unofficial measures, for example earnings before interest, tax, depreciation and amortisation (EBITDA), whether to get around a deficiency in the format in accounting standards or potentially to mislead users;
Generally Accepted Auditing Standards, or GAAS are sets of standards against which the quality of audits are performed and may be judged. Several organizations have developed such sets of principles, which vary by territory.