The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) today published for public comment a draft standard to improve and align the financial reporting of revenue from contracts with customers and related costs.
If adopted, the proposal would create a single revenue recognition standard for International Financial Reporting Standards (IFRSs) and US generally accepted accounting principles (GAAP) that would be applied across various industries and capital markets. The publication of this joint proposal represents a significant step forward toward global convergence in one of the most …

Management accounting is the practical science of value creation within organizations in both the private and public sectors.
It combines accounting, finance and management with the leading edge techniques needed to drive successful businesses. Management accountants operate in financial and non-financial roles throughout organizations and carry out all their training and experience requirements within business itself, providing them with a unique insight into how their organizations operate.
Chartered Management Accountants are financially qualified business leaders
They operate within all areas of organizations, in both the private and public sectors, driving success and creating …

What kind of impact IFRS is going to create in Indian business environment?
Indian business environment will face sea of changes when Indian corporates will adopt IFRS in 2011. IFRS conversion requires fundamental change on multiple levels, can take up to several years, and affects virtually every function within an organization. Adopting IFRS is going to be very challenging but at the same time could also be rewarding.
Indian corporates …

Most of the People know that a career in accountancy means a job that has something to do calculation with numbers. If you are someone that is interested in accountancy careers, of course you want to know more about the prospects of a career. As with any other degree, you will want to know the kind of job you will be able to have, the amount of money you will make, and the opportunity for advancement.
An accountant generally works in one of four major fields. One of these is a …

The United States, for some odd reason, has always had its own way of doing things. For example, it is the only country which uses feet and miles as opposed to meters and kilometers. With this in mind, the same goes for accounting. The U.S. has followed Generally Accepted Accounting Principles, or GAAP, as opposed to the rest of the world which follows International Financial Reporting Standards, or IFRS. However in recent years, corporations in the U.S. have started to adopt methods from IFRS and will actually be transitioning fully …