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This provision also requires the Secretary to develop performance standards to enhance the physical security of shipping containers, seals and locks. Efforts are underway to establish standards for container seals. We will be sending Members a separate memo on that topic in the near future. [26]
The convergence of accounting standards refers to the goal of establishing a single set of accounting standards that will be used internationally. [1] Convergence in some form has been taking place for several decades, [ 2 ] and efforts today include projects that aim to reduce the differences between accounting standards.
The American Bureau of Shipping (ABS) is an American maritime classification society established in 1862. [1] Its stated mission is to promote the security of life, property, and the natural environment, primarily through the development and verification of standards for the design, construction and operational maintenance of marine and offshore assets.
The FASB expects that the new system will reduce the amount of time and effort required to research an accounting issue, mitigate the risk of noncompliance with standards through improved usability of the literature, provide accurate information with real-time updates as new standards are released, and assist the FASB with the research efforts ...
] U.S. accounting firms are opposed to convergence because of the familiarity of GAAP, the unfamiliarity with international accounting principles, and other countries' accounting systems. U.S. firms and other CPAs have been reluctant to adapt and learn a new accounting system, and believe that IFRS lacks guidance compared to the GAAP.
Accounting standards prescribe in considerable detail what accruals must be made, how the financial statements are to be presented, and what additional disclosures are required. Some important elements that accounting standards cover include identifying the exact entity which is reporting, discussing any "going concern" questions, specifying ...
Examples of security risk management practices at ports are: employment of a security director, crisis leadership, contingency planning and the use of intelligence. [7] Other measures include physical security barriers, such as CCTV cameras and adequate light at the port in order to ensure that cargo theft does not take place. [8]
A ship classification society or ship classification organisation is a non-governmental organization that establishes and maintains technical standards for the construction and operation of ships and offshore structures. Classification societies certify that the construction of a vessel complies with relevant standards and carry out regular ...