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Recent times has seen the rise of the use of non-GAAP metrics. Firstly, explain your understanding of GAAP measures and discuss these in terms of any divergence when compared to non-GAAP measures. Qu

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Recent times has seen the rise of the use of non-GAAP metrics. Firstly, explain your understanding of GAAP measures and discuss these in terms of any divergence when compared to non-GAAP measures. Question 2. (9 marks) For the last several years a battle has been waging over the IASB’s Conceptual Framework. A battle's being waged over the IASB's Conceptual Framework. The stakes are high. Whoever wins will help dictate the shape and direction of IFRS for years to come. Some suggest that the battle over the Framework is between the traditionalists and progressives. Others that...

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Recent times has seen the rise of the use of non-GAAP metrics. Firstly, explain your understanding of GAAP measures and discuss these in terms of any divergence when compared to non-GAAP measures. Question 2. (9 marks) For the last several years a battle has been waging over the IASB’s Conceptual Framework. A battle's being waged over the IASB's Conceptual Framework. The stakes are high. Whoever wins will help dictate the shape and direction of IFRS for years to come. Some suggest that the battle over the Framework is between the traditionalists and progressives. Others that it's between "European" and "North American" values. Battle is being waged over three broad issues: (Source pwc Financial Reporting Release – September 2015) 1.What's the primary goal of accounting? One side thinks it should be to address the financial information needs of anyone having a legitimate interest in financial reporting and in management's stewardship of the entity. The other thinks it should be limited to meeting the needs of those providing resources to the entity. Does it matter? You bet. Under the former view, the needs of regulators and public policy makers sometimes might trump those of investors. 2.Should standards be developed with built in biases such as prudence? One side says yes; the other, no. 3.How much discretion should the Framework allow the IASB to have in developing standards? One side wants the Framework to be a playbook Boards are bound to follow in the future come what may. The other wants the Framework to set broad goals Boards should aspire to achieve. What is clear is that the future of a global GAAP is all but buried with the inability of the Securities Exchange Committee (SEC America), the Financial Accounting Standards Board (FASB America) and the IASB to reach agreement on a common set of reporting standards. Discuss the arguments for and against Question 3. (8 marks) A lot of rules have been added since the Venetian monk Luca Pacioli published the first accounting textbook, Summa de arithmetica, geornetrica, proportioni et proportionalita, in 1494, introducing double-entry bookkeeping. It was a creation for future accountants that was as big as the invention of zero for mathematicians. Unfortunately, one could also make the argument that it was the last revolutionary idea to come from the accounting profession. The balance sheet dates from 1868; the income statement from before World War II. Generally accepted accounting principles (GAAP) fits an industrial enterprise, not an intellectual one. Despite that fact that, according to the World Bank, the world's wealth resides in human capital, you will look in vain to find it in the traditional GAAP financial statements. Increasingly, these statements are being referred to as the "three blind mice." Source: https://www.linkedin.comlpulse/end-accounting-book-review-ron-baker?trkmp-auth... 21/09/2016 a)Are the doomsayers correct? Discuss. b)Where to for accounting (i.e. its future)

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Solution 1: Generally Accepted Accounting Principles (GAAP) refers to collection of commonly followed accounting standards for “financial reporting”. The specifications of
GAAP include definitions of principles and concepts and industry specific regulations. The primary purpose of GAAP is to ensure greater transparency in financial reporting and
consistency from one business

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