THREADED DISCUSSIONS

Threaded Discussions



Threaded Discussions

POST 1

Post 1

The FASB and FPC concern with developing concepts of accounting standards for large and financial reporting and provide a guide for implementation. It also helps in resolving the issues of the pipe line accounting. The FASB accounting standards framework will help establish acceptable limits to judge the process of preparing financial information and to increase understanding and trust of users in this information (Helfert, 2001). It will also give the public tools to understand the nature and limitations of the information provided in financial reports. International Accounting Standards refers to the financial statements balance sheet, income statement or profit and loss, cash flow statement, notes and other statements and explanatory material that are identified as part of the financial statements (Bragg, 2002). The term refers to the financial statements balance sheet, income statement or profit and loss, cash flow statement, notes and other statements and explanatory material that are identified as part of the financial statements.

Post 2

Generally Accepted Accounting Principles is the standards of accounting used in the United States and certain other countries. GAAP is different in particular, on the International Financial Reporting Standards by the fact that the GAAP accounting treatment regulates in detail certain practical situations like the pipe line accounting (Helfert, 2002). The International Accounting Standards apply to the financial statements of any business organization, industrial or business. It is widely acknowledged that the company will continue its operations and has no information or necessity of liquidation or substantially reduce its operations that show the going concern principle (Donald, 2010). Information about cash flows of an enterprise is useful for users of financial statements because it provides a basis for evaluating the company's ability to generate cash and cash equivalents, and to assess the needs of the company to use ...