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Essay / Research Paper Abstract
An 11 page paper discussing the application of I.A.S.-1, the International Accounting Standard number 1. This standard defines the framework and responsibilities organizations have for presenting their financial statements, having as its goal uniformity across time, within organizations and across industries. I.A.S.-1 ensures uniformity in financial reporting so that investors can make sense of any organization's true financial condition. Requirements of the I.A.S.-1 standard do not prevent organizations from furnishing additional information, but rather constitutes minimum requirements for transparent reporting. The paper provides several examples of how organizations meet those minimum standards and in the case of Southwest Airlines, how they choose to exceed them. Bibliography lists 9 sources.
Page Count:
11 pages (~225 words per page)
File: CC6_KSacctFinStIAS1.rtf
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Unformatted sample text from the term paper:
Accounting Standard number 1, was first issued as a draft in 1974. It was modified several times over the years as additional standards were published as separate entities but
directly affected I.A.S.-1 (specifically I.A.S.-5 and I.A.S.-13), and then in 1997 the entire standard was revised to supersede "IAS 1 (1975), IAS 5, and IAS 13 (1979)" (Standards: IAS 1,
n.d.), becoming effective on July 1, 1998. That version was amended in 2003 and again in 2005 to ensure the most accurate and uniform financial reporting possible under current
conditions. The goal of this uniformity is to enable investors and other external users of the information to compare financial information over several years within a single organization, or
compare its results to those of other firms. "IAS 1 sets out the overall framework and responsibilities for the presentation of financial statements" (Standards: IAS 1, n.d.). The
purpose here is to examine its application. The Need In December 2000, the Federal Reserve Bank of New York hosted an international conference
titled, "The Rise and Effectiveness of New Corporate Governance Standards." Corporate governance is receiving attention all around the world in those nations in which transparency and open structure are
important. It is also not limited to those nations with a well-established corporate base, either. Many of the worlds developing nations within designated big emerging markets also are
giving concerted attention to the issue, in hopes of avoiding some of the problems that come with the growth they anticipate in the future. Auditor independence figures prominently.
The conferences keynote speaker was Arthur Levitt, who had not yet stepped down from his position as director of the Securities and Exchange Commission
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