d.
To create a good reputation of convergences of national and the international accounting standard bodies to a high quality of impression about them.
To develop public interest by setting up a single and enforcing a global accounting standard that gives a clear view of the standards on financial report to improve the world capital market.
Richard Lewis and David Pendrill advanced financial accounting
Seventh edition, prentice hall
The structure of International accounting standard in the present
The international accounting standard board was formed in 2001 by the international standard committee which was set up for the non profit and happened to be the parent company. in the present this standard consist of 14 members 12 being full time members while 2 are part time members ,7 members out the full time have been chosen by the standard setters to promote convergence but would not be participating in voting members.
In their 1st board meeting, their discussion was based on the conversion of the international accounting board to international financial report standard (IFRS) and this is fully in supported by the standard advisories and the European standard setting body and has direct the use of both the IASB and the IFRS by companies and organisations .further more it was also directed during their meeting to use the fair value accounting for financial instruments recognition and measurement.
According to the ASC governance can now rest with the Trustees and the board committees appointed by the Trustees with the provision of this
constitution and trustees would use their power and ability to ensure that these requirements are observed with the public interest.
Above are some of the objectives achieved by the international accounting standard boards:
These are some of its functions of Trustees and frame work
Appoint members of the board, the standing interpretation committee and the standards advisory council.
Monitor the effectiveness of the ASB.
提高资金——Raise its funds
Their responsibility is to approve IABSs budget and are also constitutional changes.
To assist the board of IASC in development of future IASs existence.
To assist the national standard setting bodies in developing its standards.
Elliot Barry & Elliott Jamie, (2008). Financial Accounting and Reporting.
12th Edition, FT Prentice Hall.
公允价值——Fair value
Fair value in financial report which is as known as the market to market value can be defined as the amount for which an asset could be exchanged or a liability settled between knowledgeable, willing parties in an arm's length transaction .The objective of a fair value measurement is to estimate an exchange price for the asset or liability being measured in the absence of an actual transaction for that asset or liability.
The IASB later change in the definition of fair value from 'the amount for which an asset could be exchanged, or a liability settled, between knowledge, willing parties in an arm's length transaction' to 'the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
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