International Accounting Standards Term Paper by writingsensation

International Accounting Standards
A discussion of the international movement towards common accounting standards for all countries and the United States' role.
# 75722 | 1,611 words | 5 sources | MLA | 2005 | US
Published on Dec 19, 2006 in Accounting (Theory) , Accounting (General)

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The paper discusses the international movement towards common accounting standards for all countries, and how, as a major economic power, the United States has an important role to play in the matter. The paper further examines the standards that have been developed by the International Accounting Standards Board (IASB). The paper concludes with an analysis of America's current practices, focusing on the four Statements of Federal Financial Accounting Concepts abd addressing the main objectives behind federal financial reporting. It looks at the identification of the organization doing the reporting and presents a discussion of issues that are related to the preparation of management's discussion. The paper also presents an analysis of the financial statements.

Table of Contents:
End Notes

From the Paper:

"The present system is to capitalize the asset as per international accounting standards. The expenses that are being talked about are under in process research and development. Apart from this FASB has decided that capitalization of IPR&D will only apply to business combinations. When assets are purchased, and they are not viewed as businesses under GAAP in US, would continue to have IPR&D as expenses."

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APA Format

International Accounting Standards (2006, December 19) Retrieved July 06, 2022, from

MLA Format

"International Accounting Standards" 19 December 2006. Web. 06 July. 2022. <>