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Financial Reporting: Accounting Intern

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You have an accounting intern on staff and have been asked to explain to her the following:
2-3 methods by which the governing bodies communicate the standards, requirements, and guidelines for the accounting profession
At least 1 method must include some form of computer technology.
At least 2 ways in which accounting software can help implement financial reporting requirements

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The governing bodies communicate the standards, requirements, and guideline for accounting profession through its website, through phone, and e-mail. For example, the FASB has its concept statements, standards, pre-codification standards, and Accounting Standards updates available on its website. All professionals who want to view these can access these statements through its website. This is an electronic method of communication. ...

Solution Summary

The answer to this problem explains the boundaries and limits that an accounting intern must comply with . The references related to the answer are also included.

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International Accounting Standards Board (IASB)

Write a report, providing your responses to the required portion of the case. Be sure to properly cite all resources used to write your report. If you use an electronic source, include the URL. If you use an additional printed source please attach a copy of the data to your paper.

CASE:
A manager you work for is making a business trip to London. The manager has several meetings at the company's operating units in London. In addition, the manager is considering a visit to the International Accounting Standards Board (IASB) office in London. The manager has asked you to perform some research on the IASB so that he will have some background information for his visit. (Hint: A helpful search term is "International Accounting Standards Board"). Locate the following information and incorporate this information into a two- to three-page report.

REQUIRED PORTION:

a. Provide a brief history or discussion of the IASB, making sure to include the following additional facts:

(1) The role of the IASC Foundation.
(2) Structure of the IASB.
(3) Number of accounting standards currently published.
(4) Explanation of the steps involved in creating an international accounting standard in accordance
with due process.
(5) Local mailing address and phone number.

b. Briefly summarize the two most recent accounting standards issued by the IASB.

Be sure to properly cite all resources used to write your report. If you use an electronic source, include the URL. If you use an additional printed source please attach a copy of the data to your paper.

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