Robert Libby, Patricia Libby, Daniel Short (2)

Financial AccountingThe Institute of Certified Public Accountants of Singapore (ICPAS) is the national body representing the accounting profession in Singapore. For seven years, C. J. taught financial accounting and managerial accounting on cable television in the Research Triangle area. He has attained eleven professional designations in accounting, financial planning, insurance, and management. Since 1973, the Financial Accounting Standards Board (FASB) has been the designated organisation in the private sector for establishing standards of financial accounting and reporting in the United States of America. At its meeting yesterday, the FASB finished redeliberations related to its upcoming standards on (1) leases and (2) classification and measurement.Financial Accounting

They are officially recognised as authoritative by the Securities and Exchange Commission (Financial Reporting Release No. 1, Section 101) and the American Institute of Certified Public Accountants (Rule 203, Rules of Professional Conduct, as amended May 1973 and May 1979). Both cost accountants and financial accountants perform vital functions for a business.

The stated mission of the Financial Accounting Standards Board is to establish and improve standards of financial accounting and reporting for the guidance and education of the public, including issuers, auditors, and users of financial information. Further, the Board directed the staff to proceed with drafting two final Accounting Standards Updates for a vote by written ballot. The thirty-second session of the United Nations Conference on Trade and Development (UNCTAD) Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR) is currently being held in Geneva.

We have posted the Deloitte observer notes from the sessions on insurance contracts, conceptual framework, business combinations, financial instruments with characteristics of equity, and discount rates. On 9 August 2015, at the American Accounting Association (AAA) annual meeting in Chicago, IL, IASB member Mary Tokar and FASB member Tom Linsmeier presented an update on the boards’ current joint projects.

The US Financial Accounting Standards Board (FASB) has issued a proposed ASU, ‘Narrow-Scope Improvements and Practical Expedients’, that would amend certain aspects of the Board’s May 2014 revenue standard, ASU 2014-09, ‘Revenue From Contracts With Customers’. The FASB has issued a proposed Accounting Standards Update (ASU) ‘Assessing Whether Disclosures Are Material’ as part of its disclosure framework project. The IASB will discuss insurance contracts, the disclosure initiative, revenue, research programme, conceptual framework, IFRS implementation issues, business combinations, financial instruments with characteristics of equity, and discount rates.

Financial Accounting