ACTG 3110 Study Guide - Midterm Guide: Operating Cash Flow, Retained Earnings, Balance Sheet
30 Sep 2013
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International accounting standards (ias) 41 standards developed by the. As countries began investing in other countries, the need for a standardized system became more important. International accounting standards board (iasb) professional international standard-setting body accepted ifrs. Convergence project change from one accounting standard to another. Ifrs foundation 22 trustees responsible for overall strategy. International accounting standards board 16 members responsible for issuing ifrs. Ifrs advisory council 30 members who identify problems and are very knowledgeable (advises the board on decisions, priorities, etc. ) Ifts interpretations committee 14 members that provide technical updates for interpreting ias. For public companies, they are required to use ifrs as of january 1, 2011. Public enterprise company that has securities issued to the public (or are about to) Publically accountable enterprise (pae) a private enterprise that is publicly accountable. Fiduciary enterprise organization that acts in a trusteeship capacity for members of the public (investment funds, pension funds, savings institutions, etc. )
