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A committee that attempts to create more harmony among the accounting practices of different countries by identifying preferred practices and encouraging their worldwide acceptance?
Wiki User
∙ 14y ago
A committee that attempts to create more harmony among the accounting practices of different countries by identifying preferred practices and encouraging their worldwide acceptance.
what's glossary
Wiki User
∙ 14y ago
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Define accounting and principles of accounting?
Accounting is the process of communicating financial information about a business entity to users such as shareholders and managers. Accounting is defined by the American Institute of Certified Public Accountants (AICPA) as, "the art of recording, classifying, and summarizing in a significant manner and in terms of money, transactions and events, which are, in part at least, of financial character, and interpreting the results thereof." The principles of accounting are basically the rules and regulation set by a committee, in the U.S.A. these rules are set by the Financial Accounting Standards Board (FASB) and are referred to as Generally Accepted Accounting Principles (GAAP). In short the GAAP is a codification of how a business prepare and present their business income and expenses, assets, and liabilities on their financial statements.
How did the FASB get its start?
The committee recommended that an independent, full time, more diverse standards board replace the APB. Following the recommendations, the Financial Accounting Standards Board (FASB) was established in 1973.
How is budget committee and budget manual?
A budget committee decides on how money is allotted and a budget manual is the plan to implement.
What are the advantages in having an audit committee?
the audit committee communicate with internal audit, external audit and CFO on behalf of the company.
Who is responsible for writing the tax codes that generate revenue?
The House Ways and Means committee is responsible for writing the tax codes that generate revenue. It is a committee in the House of Representatives that works with the Senate Finance Committee in writing the tax codes that then must be approved by congress as a whole.
The committee that attempts to create more harmony among the accounting practices of different countries by identifying practices and encouraging their worldwide is acceptance of what?
The World Bank has established a program to assist its member countries in implementing international accounting and auditing standards for strengthening the financial reporting regime. The program is known as Reports on Standards and Compliance, or ROSC
What is the function of the Accounting Standards Executive Committee?
The AICPA's Accounting Standards Executive Committee (AcSEC), which works closely with the FASB and its staff, is the senior technical committee of the AICPA authorized to set accounting standards and to speak for the AICPA
Who issues accounting standards in India?
National Advisory Committee on Accounting Standards
Who is the auditor for IBM?
IBM accounting audits are governed by the Audit Committee which reports directly to the board of directors. The Audit Committee works with both the IBM in-house accounting department heads and an external accounting audit team (currently Pricewaterhouse Coopers LLC).
What is the acronym for an organization that promotes the international harmonization of accounting standards?
International Accounting Standards Committee (IASC) by umair sajedin
What is the responsibility of the Financial and Management Accounting Committee of the International Federation of Accountants?
Financial and Management Accounting Committee : works to increase financial and management accountants' awareness of their professional responsibilities via publications, sponsored research, and forums
What does a college application under Committee review mean?
It is really simple. It means that the acceptance committee is looking over your application and they are deciding if they are going to accept you into their college.
What are the stages in becoming a knight?
The basic stages are: Nomination Vetting Acceptance by the vetting committee Order of chivalry decided Acceptance by the nominee Investiture by the monarch or the monarchs representative.
To whom did the SEC delegate authority to prescribe accounting practices in the late 30s?
In 1938, the SEC delegated much of its authority to prescribe accounting practices to the AIA and its Committee on Accounting Procedures (CAP).
What is the function of International Accounting Standard Committee?
The International Accounting Standard Committee (IASC) oversees the functions of the International Accounting Standards Board in the development of accounting standards that can be adopted by businesses operating in different countries. The goal of this project is to make it easier to compare the financial statements of a business in Country A with those of a business in Country B, providing more useful information to investors who are deciding which companies to invest in.
What group nation did the nye committee blame for us involment in World War 1?
The Nye Committee blamed arms-makers for encouraging the war to increase their own sales. They also blamed Woodrow Wilson.
What were the historical antecedents to the Financial Accounting Standards Board?
The first two standard-setting organizations in the United States were the Committee on Accounting Procedure (CAP), which was established in 1938, and the Accounting Principles Board (APB), which replaced the CAP in 1959
