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Assignment 2

The document discusses international accounting standards and financial reporting. It defines international accounting standards, the International Accounting Standards Board, and new International Financial Reporting Standards. It also discusses Generally Accepted Accounting Principles in the Philippines, the Financial Reporting Standard Council, the Philippine Interpretation Committee, and the International Financial Reporting Interpretation Committee. Finally, it discusses the role and function of the Board of Accountancy.

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Angel Grace Asuncion
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56 views2 pages

Assignment 2

The document discusses international accounting standards and financial reporting. It defines international accounting standards, the International Accounting Standards Board, and new International Financial Reporting Standards. It also discusses Generally Accepted Accounting Principles in the Philippines, the Financial Reporting Standard Council, the Philippine Interpretation Committee, and the International Financial Reporting Interpretation Committee. Finally, it discusses the role and function of the Board of Accountancy.

Uploaded by

Angel Grace Asuncion
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Name: Angel Grace C.

Asuncion
Course: BSA-1A

Assignment 2

1. International Accounting Standards

International accounting standards are a set of internationally-agreed


principles and procedures relating to the way that companies present their accounts.
This enables investors and other market participants to make informed economic
decisions about investment opportunities and risks and improves capital allocation.

2. International Accounting Standard Board

The International Accounting Standards Board, typically abbreviated IASB,


is the organization that establishes international financial reporting standards or IFRS
that are accepted throughout the world.Their purpose to develop, in the public interest,
a single set of high quality, understandable, enforceable and globally accepted
financial reporting standards based upon clearly articulated principles

3. New International Financial Reporting Standards

International Financial Reporting Standards (IFRS) are a set of accounting


rules for the financial statements of public companies. IFRS Standards are also of vital
importance to regulators around the world. And IFRS Standards contribute to
economic efficiency by helping investors to identify opportunities and risks across the
world, thus improving capital allocation.

4. Generally Accepted Accounting Principles in the Philippines

Generally accepted accounting principles in the Philippines (GAAP) means


accounting principles based on pronouncements of recognized bodies involved in
setting accounting principles.The purpose of GAAP is to ensure that financial
reporting is transparent and consistent from one organization to another.

5. Financial Reporting Standard Council

Financial Reporting Standard Council purpose is to assist the Board of Accountancy in


carrying out its power and function to promulgate accounting standards in the
Philippines. The FRSC’s main function is to establish generally accepted accounting
principles in the Philippines.
6. Philippine Interpretation Committee

The PIC shall deal with accounting issues of reasonably widespread


importance and not issues of concern only to a single entity or small group of entities.
It is preferred that accounting issues are coursed through the respective external
auditors of companies or through the leadership of professional organizations.

7. International Financial Reporting Interpretation Committee

The International Financial Reporting Interpretations Committee (IFRIC) is a


committee of the IASB that assists the IASB in establishing and improving standards
of financial accounting and reporting for the benefit of users, preparers and auditors of
financial statements.

8. Board of Accountancy

Boards of Accountancy are created in state statute to assist state government


in the licensing and regulation of the public accounting profession.The function of the
BoA is to supervise and regulate the practice of accountancy and To timely protect the
public from financial harm, ensure the reliability of financial and non-financial
information, and sustain public confidence in the regulatory process.

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