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Generally Accepted Accounting Practice
Publicly traded companies typically are subject to rigorous standards. Small and midsized businesses often follow more simplified standards, plus any specific disclosures required by their specific lenders and shareholders. Some firms operate on the cash method of accounting which can often be simple and straight forward. Larger firms most often operate on an accrual basis. Accrual basis is one of the fundamental accounting assumptions and if it is followed by the company while preparing the Financial statements then no further disclosure is required. 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 monetary units, and reporting time frames. Limitations The notable limitations of accounting ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cash Method Of Accounting
The cash method of accounting, also known as cash-basis accounting, cash receipts and disbursements method of accounting or cash accounting (the EU VAT directive vocabulary Article 226) records revenue when cash is received, and expenses when they are paid in cash. As a basis of accounting, this is in contrast to the alternative accrual method which records income items when they are ''earned'' and records deductions when expenses are ''incurred'' regardless of the flow of cash. Cash method of accounting in the United States (GAAP) Use in contract accounting The cash method of accounting has historically been one of the four methods of recognizing revenues and profits on contracts, the other ones being the accrual method, the completed-contract method and the percentage-of-completion method Percentage of completion (PoC) is an accounting method of work-in-progress evaluation, for recording long-term contracts. GAAP allows another method of revenue recognition for long-term c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Accountancy In Luxembourg
The accounting profession in Luxembourg is structured around Ordre des Experts-Comptables (OEC) which serves as the main accounting body in the country. Luxembourg accounting standards are inspired from neighbouring France and Belgium. Similar to France, Luxembourg has set up a Commissions des Normes Comptables (CNC) which serves as an advisor to the Ministry for Justice in respect of accounting related matters, e.g. waivers for presenting consolidated accounts. Organisation Access to the accounting profession is strictly regulated in Luxembourg. Anyone wishing to establish themselves as a chartered accountant in Luxembourg must hold a degree from the University of Luxembourg and get an authorisation to set up their business. The degree (OEC) consists of 5 exams (Tax Law, Accounting, Ethics, Labour Law, and Corporate Law) as well as a three-year traineeship in a related position, including at least one year with a qualified employer. Recognition of other national or international q ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Accounting Standards Board
The International Accounting Standards Board (IASB) is the independent accounting standard-setting body of the IFRS Foundation. The IASB was founded on April 1, 2001, as the successor to the International Accounting Standards Committee (IASC). It is responsible for developing International Financial Reporting Standards (IFRS) and for promoting their use and application."About the IASB" IFRS Foundation, 2018. Background and semantics The International Accounting Standards Committee (IASC) had been established in 1973 and had issued a number of standards known as International Accounting Standards (IAS). As the organization was reformed i ...[...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Generally Accepted Accounting Principles (United States)
Generally Accepted Accounting Principles (GAAP or U.S. GAAP, pronounced like "gap") is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC) and is the default accounting standard used by companies based in the United States. The Financial Accounting Standards Board (FASB) publishes and maintains the Accounting Standards Codification (ASC), which is the single source of authoritative nongovernmental U.S. GAAP. The FASB published U.S. GAAP in Extensible Business Reporting Language (XBRL) beginning in 2008. Sources of GAAP The FASB Accounting Standards Codification is the source of authoritative GAAP recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal securities laws are also sources of authoritative GAAP for SEC registrants. In addition to the SEC's rules and interpretive releases, the SEC staff issues Staff Accounting Bulletins that represent practices followed ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 U.S. state, states, a Washington, D.C., federal district, five major unincorporated territories, nine United States Minor Outlying Islands, Minor Outlying Islands, and 326 Indian reservations. The United States is also in Compact of Free Association, free association with three Oceania, Pacific Island Sovereign state, sovereign states: the Federated States of Micronesia, the Marshall Islands, and the Palau, Republic of Palau. It is the world's List of countries and dependencies by area, third-largest country by both land and total area. It shares land borders Canada–United States border, with Canada to its north and Mexico–United States border, with Mexico to its south and has maritime borders with the Bahamas, Cuba, Russia, and other nations. With a population of over 333 million, it is the List of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Generally Accepted Accounting Practice (UK)
Generally Accepted Accounting Practice in the UK, or UK GAAP, is the overall body of regulation establishing how company accounts must be prepared in the United Kingdom. Company accounts must also be prepared in accordance with applicable company law (for UK companies, the Companies Act 2006; for companies in the Channel Islands and the Isle of Man, companies law applicable to those jurisdictions). Generally accepted accounting practice is a statutory term in the UK Taxes Acts. The abbreviation "GAAP" is also accepted as an abbreviation for the term used in other jurisdictions, Generally Accepted Accounting Principles, or Generally Accepted Accounting Policies. History Accounting standards derive from a number of sources. The chief standard-setter is the Accounting Standards Board (ASB), which issues standards called ''Financial Reporting Standards'' (FRS). The ASB is part of the Financial Reporting Council, an independent regulator funded by a levy on listed companies, and it ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United Kingdom
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the European mainland, continental mainland. It comprises England, Scotland, Wales and Northern Ireland. The United Kingdom includes the island of Great Britain, the north-eastern part of the island of Ireland, and many List of islands of the United Kingdom, smaller islands within the British Isles. Northern Ireland shares Republic of Ireland–United Kingdom border, a land border with the Republic of Ireland; otherwise, the United Kingdom is surrounded by the Atlantic Ocean, the North Sea, the English Channel, the Celtic Sea and the Irish Sea. The total area of the United Kingdom is , with an estimated 2020 population of more than 67 million people. The United Kingdom has evolved from a series of annexations, unions and separations of constituent countries over several hundred years. The Treaty of Union between ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Turkey
Turkey ( tr, Türkiye ), officially the Republic of Türkiye ( tr, Türkiye Cumhuriyeti, links=no ), is a list of transcontinental countries, transcontinental country located mainly on the Anatolia, Anatolian Peninsula in Western Asia, with a East Thrace, small portion on the Balkans, Balkan Peninsula in Southeast Europe. It shares borders with the Black Sea to the north; Georgia (country), Georgia to the northeast; Armenia, Azerbaijan, and Iran to the east; Iraq to the southeast; Syria and the Mediterranean Sea to the south; the Aegean Sea to the west; and Greece and Bulgaria to the northwest. Cyprus is located off the south coast. Turkish people, Turks form the vast majority of the nation's population and Kurds are the largest minority. Ankara is Turkey's capital, while Istanbul is its list of largest cities and towns in Turkey, largest city and financial centre. One of the world's earliest permanently Settler, settled regions, present-day Turkey was home to important Neol ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Switzerland
; rm, citad federala, links=no). Swiss law does not designate a ''capital'' as such, but the federal parliament and government are installed in Bern, while other federal institutions, such as the federal courts, are in other cities (Bellinzona, Lausanne, Lucerne, Neuchâtel, St. Gallen a.o.). , coordinates = , largest_city = Zurich , official_languages = , englishmotto = "One for all, all for one" , religion_year = 2022 , religion_ref = , religion = , demonym = , german: link=no, Schweizer/Schweizerin, french: link=no, Suisse/Suissesse, it, svizzero/svizzera or , rm, Svizzer/Svizra , government_type = Federal assembly-independent directorial republic , leader_title1 = Federal Council , leader_name1 = , leader_title2 = , leader_name2 = Viktor Rossi , legislature = Federal Assembly , upper_house = Counci ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
BAS (accounting)
The Swedish BAS chart of accounts (Basic chart), represents the Swedish accounting generally accepted accounting principles (GAAP) and is an open to use chart of accounts for accounting in Sweden available in Swedish, English and German language texts. Very similar chart of accounts are commonly used in neighbouring countries and applicable internationally. It was developed by the Swedish industry in the 1960s and is today owned by its own foundation. The BAS chart was reformed in the late 1990s to adapt the IFRS chart layout directives and is known then as BAS2000, but today in general as just the BAS chart. A nested group of organisations with BAS in the center is forming a common Swedish GAAP and common routines in accounting and domestic reporting standards. Commonly used in Sweden There are no Swedish legal restrictions in charts of accounts, however most parts of the society are commonly and voluntarily using the BAS services and charts. The SIE (file format) developed ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sweden
Sweden, ; fi, Ruotsi; fit, Ruotti; se, Ruoŧŧa; smj, Svierik; sje, Sverji; sju, Sverje; sma, Sveerje or ; yi, שוועדן, Shvedn; rmu, Svedikko; rmf, Sveittiko. formally the Kingdom of Sweden, is a Nordic countries, Nordic country located on the Scandinavian Peninsula in Northern Europe. It borders Norway to the west and north, and Finland to the east. At , Sweden is the largest Nordic country and the List of European countries by area, fifth-largest country in Europe. The Capital city, capital and largest city is Stockholm. Sweden has a population of 10.5 million, and a low population density of ; around 87% of Swedes reside in urban areas in the central and southern half of the country. Sweden’s urban areas together cover 1.5% of its land area. Because the country is so long, ranging from 55th parallel north, 55°N to 69th parallel north, 69°N, the climate of Sweden is diverse. Sweden has been inhabited since Prehistoric Sweden, prehistoric times, . T ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Russian GAAP
Russian Accounting Standards (RAS; russian: Российские стандарты бухгалтерского учёта, РСБУ), also called Russian Accounting Principles (RAP) or Russian GAAP, refer to the body of regulatory documents concerning financial accounting and reporting standards in the Russian Federation. For historical reasons, the Russian Accounting Standards framework has been determined by the state, rather by professional bodies. The primary users of RAS are state and tax authorities, rather than management or third parties. RAS financial statements must include balance sheet, income statement, statement of changes in equity, cash flow statement and explanatory notes. Under RAS, a specific layout is mandatory for the balance sheet and other statements. The Russian government has been striving to harmonize Russian Accounting Standards with IFRS since 1998. The Law No. 208-FZ introduced IFRS into Russian legislation in 2010. Since 2012, IFRS have increasingly ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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