Wk 1: Week 1 Paper: US GAAP Versus IFRS

Write a 1,050- to 1,400-word paper that addresses the following scenario and questions:

Your aunt recently received the annual report for a company in which she has invested. The report notes that the statements have been prepared in accordance with “generally accepted accounting principles.” She has also heard that certain terms have special meanings in accounting relative to everyday use. She would like you to explain the meaning of terms she has come across related to accounting.

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  • Go to the FASB website and access the FASB Concepts Statements and use the IASB website to respond to the following items. (Provide paragraph citations.) When you have accessed the documents, you can use the search tool in your Internet browser.
  • Explain how “materiality” is defined by both FASB and IASB. 
  • The concepts statements provide several examples in which specific quantitative materiality guidelines are provided to firms. Identity at least two of these examples. Do you think the materiality guidelines should be quantified? Why or why not?
  • The concepts statements discuss the concept of “articulation” between financial statement elements. Briefly summarize the meaning of this term and how it relates to an entity’s financial statements.

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ACC_421_53475055 – ACC/421: INTERMEDIATE FINANCIAL ACCOUNTING I

Wk 1: Week 1 Paper: US GAAP Versus IFRS [due
Mon]
Victoria Swedin
on Tue, Jan 21 2020, 2:03 PM

99% highest match
Submission ID: de06fe11-a8a9-47d9-92c1-0f1d5fd9cb01

Attachments (1)

FASB x
1

US GAAP VERSUS IFRS

US GAAP VERSUS IFRS VICTORIA SWEDIN

ACC 421

January 21, 2020

Irina Petrova

FASB AND IASB DEFINITION OF ‘MATERIALITY’ Financial accounting involves the
reporting of financial performance of a business entity to outside users of the reported
financial information. This places huge significance on the information presented by these
financial statements. 2 FOR THIS REASON, ACCOUNTING IS A REGULATED
PRACTICE, WITH BOTH THE FINANCIAL ACCOUNTING STANDARDS BOARD
(FASB) AND THE INTERNATIONAL ACCOUNTING STANDARDS BOARD (IASB)
IMPLEMENTING A SET OF PRINCIPLES, CONCEPTS, GUIDELINES AND
ASSUMPTIONS TO MAKE FINANCIAL ACCOUNTING AS UNIVERSAL AROUND

(http://safeassign.blackboard.com/)

FASB x
Word Count: 1,223
Attachment ID: 2492627167

99%

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THE GLOBE AS IF POSSIBLY ATTAINABLE. 3 THE CONCEPT OF
INFORMATION MATERIALITY IS A KEY CONCEPT IN THE FINANCIAL
REPORTING FRAMEWORK SO ISSUED BY THE IASB AS PART OF THE
INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) TO BE USED
AROUND THE WORLD.

1 THE MATERIALITY CONCEPT DEMANDS THAT IN THE COURSE OF
PREPARING FINANCIAL STATEMENTS FOR EXTERNAL REPORTING, THE
COMPANY MUST EMPHASIZE ON SUBSTANCE OVER FORM. THIS MEANS
THAT IN THE COURSE OF PREPARING FINANCIAL REPORTS, WHETHER OR
NOT THEY ARE AUDITED, THE COMPANY ACCOUNTANT MUST DISREGARD
ANY AND ALL TRIVIAL MATTERS AND PRESENT ONLY SUCH DETAILS THAT
WOULD HAVE SIGNIFICANT IMPACTS ON THE DECISION-MAKING ABILITY
OF THE EXTERNAL USERS FOR WHICH SUCH FINANCIAL STATEMENTS ARE
PREPARED. THE FASB DESCRIBES A MATERIAL ITEM AS ONE WHOSE
OMISSION OR RELATED ERROR WOULD NOT RESULT INTO A SIGNIFICANT
MISLEADING OF THE FINANCIAL STATEMENTS TO COMPROMISE THE
DECISIONS MADE BY OUTSIDE USERS WHO RELY ON THE INFORMATION SO
PUBLISHED IN THESE FINANCIAL STATEMENTS (MORIARITY & BARRON,
1979).

WHILE BOTH THE FASB AND THE IASB PLAY HUGELY IMPORTANT
OVERSIGHT ROLE IN BOTH FINANCIAL AND MANAGEMENT ACCOUNT, THEY
HAVE STOICALLY RESISTED ASSUMING THE ROLE OF A SUPERVISOR. TO
THIS END, THE LATEST UPDATE BY THE FASB TO ITS CONCEPT STATEMENT
DESISTED FROM DEFINING THE MATERIALITY PRINCIPLE, INSTEAD
OPTING FOR ISSUING GUIDELINES ON WHAT CONSTITUTES A MATERIAL
EFFECT ON THE COMPANY’S FINANCIAL RECORDS AND WHAT DOES NOT. IN
THE REFERENCED NEWS RELEASE, THE FASB (2015) SET OUT TO DECLARE
THAT IT WOULD NO LONGER IMPOSE UNTO ORGANIZATIONS A SET
DEFINITION OF THE MATERIALITY CONCEPT, AND THAT THE
AMENDMENTS SO INCLUDED IN THE MAJOR PRINCIPLE WOULD NOT
RESULT INTO ANY CHANGE TO THE ALREADY ESTABLISHED SPECIFIC
DISCLOSURE REQUIREMENTS HELD BY THE BUSINESS ORGANIZATIONS.

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In addition, the reputable organization would delete the present discussion on the issue and
replace it with the broad observation of materiality of accounting information as put forth by
the U.S. 1 SUPREME COURT’S DEFINITION (MARTIN & QUINN, 2002). THE
FASB INSTEAD PROMISED TO SUPPORT ORGANIZATIONS BY ENSURING
MAXIMUM EXPOSURE TO ITS DRAFTS IS ATTAINED SO AS TO ALLOW
BUSINESS FIRMS THE SPACE TO EMPLOY INDIVIDUAL COMPANY
DISCRETIONARY MEASURES IN THE DETERMINATION OF WHAT TO REVEAL
IN THEIR DISCLOSURE NOTES TO FINANCIAL STATEMENTS. THIS WAS SO
AGREED TO ALLOW FOR A DIVERSE APPROACH WITHOUT COMPROMISING
THE QUALITY OF THE INFORMATION CONTAINED IN PUBLISHED
FINANCIAL STATEMENTS AT THE END OF THE COMPANY’S FISCAL PERIOD.

HOW SPECIFIC QUANTITATIVE MATERIALITY GUIDELINES ARE PROVIDED
TO FIRMS.

With the FASB opting against the definition of materiality, it becomes a complicated
responsibility to seek to explain what constitutes a quantified application of the materiality
principle. 1 AS A RESULT, ANY EFFORTS TO DETERMINE THE
QUANTIFICATION OF MATERIALITY GUIDELINES MUST RELY HEAVILY ON
THE CONTINUOUS GUIDELINES ISSUED BY THE TWO MAJOR
INTERNATIONAL ACCOUNTING REGULATORY AUTHORITIES IN THE IASB
AND FASB, AS WELL AS OTHER EQUALLY REPUTABLE NATIONAL
AUTHORITIES RELATED TO THE ACCOUNTING PROFESSION.
TRADITIONALLY, ACCOUNTING INFORMATION COULD BE QUALITATIVE,
QUANTITATIVE AND PARTLY QUANTITATIVE. THE GUIDELINES FOR THE
QUANTITATIVE ELEMENTS OF MATERIALITY INCLUDE THE FOLLOWING;

THE MOST IMPORTANT GUIDELINE AS TO THE QUANTITATIVE NATURE OF
A COMPANY’S YEAR-END IS DETERMINED DURING THE ASSESSMENT OF
SAID FINANCIAL STATEMENTS. AS THE STATEMENTS ARE PREPARED, THE
COMPANY ACCOUNTANT OR INDEPENDENT AUDITOR MUST BE KEEN TO
SPOT ANY SIGNIFICANT MISSTATEMENTS IN THE FIGURES AND OR
ASSUMPTIONS USED TO PREPARE THE FINANCIAL STATEMENTS, OR IN THE
VERY LEAST, KEEP THE COMPANY ACCOUNTING RECORDS. THIS
SAFEGUARDS AGAINST SUCH ERRORS AS TRANSPOSITION AND OMISSION

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AND COULD BE THE DIFFERENCE BETWEEN VASTLY MISREPRESENTED
FINANCIAL STATEMENTS AND AN OTHERWISE ERROR-FREE FINANCIAL
BOOKS (NELSON, SMITH, & PALMROSE, 2005). IT IS ALSO REQUIRED THAT
WHERE PROFESSIONAL INSIGHT HAS BEEN CALLED INTO USE FOR SUCH
ISSUES AS WHAT DOES OR DOES NOT CONSTITUTE A MATERIAL DEVIATION
FROM CUSTOM INDUSTRY APPLICATION OF ACCOUNTING RULES
REGARDING DISCLOSURES TO FINANCIAL STATEMENTS. IN THIS CASE, THE
REASONING BEHIND SUCH AN ELECTION MUST ACCOMPANY THE RELATED
FINANCIAL DISCLOSURE.

IN LINE WITH THE FASB DECLINING TO DEFINE THE MATERIALITY
CONCEPT AND HOW TO IMPLEMENT IT IN THE PREPARATION OF A
COMPANY’S YEAR-END FINANCIAL REPORTS, THE IASB REFRAIN FROM
PROVIDING TANGIBLE GUIDANCE ON HOW TO PERFORM MATHEMATICAL
CALCULATIONS OF QUANTIFIABLE MATERIALITY. GOING FURTHER BACK
HOWEVER, COMPANY ACCOUNTANTS MAY STILL APPLY THE GUIDELINES
SET FORTH BY THE PARAGRAPH A3 OF ISA 320, WHICH PROVIDES HIGHLY
SPECIFIC BENCHMARKS FOR USE IN THE CALCULATION OF THE
COMPANY’S QUANTIFIABLE MATERIALITY WITHIN ITS FINANCIAL
STATEMENTS. WHILE THIS OFFERS NO SET FORMULA, IT DOES MOVE THE
COMPANY CLOSER TO A PREDETERMINED WAY OF CALCULATING THE
MATERIALITY OF COMPANY FINANCIAL RECORDS THAN ANY OTHER
GUIDELINES PRESENTLY AVAILABLE TO COMPANIES (ABBASABADI &
SAADAT, 2014).

IN TRUTH, THE MATERIALITY STATUS OF ANY SET OF FINANCIAL RECORDS
IS A HUGELY ABSTRACT QUALITY. As a result, all the attempts at quantifying an
otherwise abstract quality are bound to be inconclusive at best. 1 THIS IS WHY THE
RECENT MOVES BY BOTH THE IASB AND THE FASB TO REFRAIN FROM
ISSUING A BOXED-IN DEFINITION AND CALCULATION METHOD FOR THE
MATERIALITY OF A GIVEN SET FINANCIAL STATEMENTS IN BOTH
FUTURISTIC AS IT IS WHOLLY WARRANTED.

ARTICULATION BETWEEN FINANCIAL ELEMENTS

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BUSINESS ORGANIZATIONS PREPARE A NUMBER OF FINANCIAL
STATEMENTS, ALL OF WHICH ARE RELATED IN ONE WAY OR ANOTHER.
SPECIFICALLY, THE PREPARATION OF ANY GIVEN FINANCIAL STATEMENT
REQUIRES THE USE OF DATA FROM ANOTHER, AND IN SOME CASES, EVEN
BORROW A FULL UNCHANGED ENTRY FROM ANOTHER STATEMENT. THIS
AMOUNTS TO THE ARTICULATION AMONG THE FINANCIAL STATEMENTS.

IN ESSENCE, THE BALANCE SHEET ENJOYS A DIRECT RELATION TO THE
STATEMENT OF COMPREHENSIVE CASH FLOWS, WHICH IS ALSO RELATED
TO THE INCOME STATEMENT. TOGETHER, THESE OFFER SUPPORT TO THE
ACCOUNTANT’S EFFORT AT PREPARING THE STATEMENT OF RETAINED
EARNINGS THAT WOULD BE USED TO DETERMINE JUST HOW MUCH
DIVIDENDS THE COMPANY IS TO DISTRIBUTE AMONG ITS SHAREHOLDERS
AT THE END OF THE FINANCIAL REPORTING PERIOD. All of these statements are
also related to the statement of changes to shareholders’ equity. 1 THIS
INTERRELATIONSHIPS BETWEEN AND AMONG THE SEPARATE FINANCIAL
STATEMENTS OF THE COMPANY IS WHAT IS COMMONLY REFERRED TO AS
ARTICULATION BETWEEN THE VARIOUS ELEMENTS OF A COMPANY’S
PUBLISHED END OF YEAR FINANCIAL STATEMENTS.

REFERENCES

1 ABBASABADI, Y., & SAADAT, F. (2014). 1 DETERMINATION OF
MATERIALITY LEVEL OF AUDITING USING MULTIPLE LINEAR REGRESSION.
ADVANCES IN ENVIRONMENTAL BIOLOGY, 1292-7.

FASB. (2015). 1 FASB PROPOSES IMPROVEMENTS TO MATERIALITY TO MAKE
FINANCIAL STATEMENT DISCLOSURES MORE EFFECTIVE. RETRIEVED
FROM
HTTP://WWW.FASB.ORG/JSP/FASB/FASBCONTENT_C/NEWSPAGE&CID=117
6166401832

Martin, A. 1 D., & QUINN, K. M. (2002). 1 DYNAMIC IDEAL POINT ESTIMATION
VIA MARKOV CHAIN MONTE CARLO FOR THE US SUPREME COURT, 1953–
1999. POLITICAL ANALYSIS, 134-53.

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MORIARITY, S., & BARRON, F. H. (1979). 1 A JUDGMENT-BASED DEFINITION
OF MATERIALITY. JOURNAL OF ACCOUNTING RESEARCH, 114-35.

Nelson, M. 1 W., SMITH, S. D., & PALMROSE, V. (2005). 1 THE EFFECT OF
QUANTITATIVE MATERIALITY APPROACH ON AUDITORS’ adjustment decisions.
1 THE ACCOUNTING REVIEW, 80(3), 897-920.

Citations (3/3)

Matched Text

1 Another student’s paper

2 Another student’s paper

3 Another student’s paper

Suspected Entry: 100% match

Uploaded – FASB x

US GAAP VERSUS IFRS

Source – Another student’s paper
US GAAP Versus IFRS

Suspected Entry: 76% match

Uploaded – FASB x
US GAAP VERSUS IFRS VICTORIA SWEDIN
Source – Another student’s paper
US GAAP Versus IFRS

Suspected Entry: 63% match

Uploaded – FASB x

THE MATERIALITY CONCEPT DEMANDS THAT IN
THE COURSE OF PREPARING FINANCIAL
STATEMENTS FOR EXTERNAL REPORTING, THE
COMPANY MUST EMPHASIZE ON SUBSTANCE
OVER FORM

Source – Another student’s paper
The materiality notion needs that in the path of
making ready financial statements for exterior
reporting, the agency must emphasize substance
over form

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Suspected Entry: 65% match

Uploaded – FASB x

THIS MEANS THAT IN THE COURSE OF
PREPARING FINANCIAL REPORTS, WHETHER OR
NOT THEY ARE AUDITED, THE COMPANY
ACCOUNTANT MUST DISREGARD ANY AND ALL
TRIVIAL MATTERS AND PRESENT ONLY SUCH
DETAILS THAT WOULD HAVE SIGNIFICANT
IMPACTS ON THE DECISION-MAKING ABILITY
OF THE EXTERNAL USERS FOR WHICH SUCH
FINANCIAL STATEMENTS ARE PREPARED

Source – Another student’s paper
This skill that in the course of making ready monetary
reports, whether or not or now not they are audited,
the agency accountant ought to brush aside any
trivial things and existing solely such small print that
would have sizeable effects on the decision-making
ability of the external customers for which such
financial statements are prepared

Suspected Entry: 73% match

Uploaded – FASB x

THE FASB DESCRIBES A MATERIAL ITEM AS
ONE WHOSE OMISSION OR RELATED ERROR
WOULD NOT RESULT INTO A SIGNIFICANT
MISLEADING OF THE FINANCIAL STATEMENTS
TO COMPROMISE THE DECISIONS MADE BY
OUTSIDE USERS WHO RELY ON THE
INFORMATION SO PUBLISHED IN THESE
FINANCIAL STATEMENTS (MORIARITY &
BARRON, 1979)

Source – Another student’s paper
The FASB describes a fabric object as one whose
omission or related error would not result in a vast
misleading of the economic statements to
compromise the selections made via outside users
who count number on the facts so posted in these
monetary statements (Moriarity & Barron, 1979)

Suspected Entry: 73% match
Uploaded – FASB x

WHILE BOTH THE FASB AND THE IASB PLAY
HUGELY IMPORTANT OVERSIGHT ROLE IN BOTH
FINANCIAL AND MANAGEMENT ACCOUNT, THEY
HAVE STOICALLY RESISTED ASSUMING THE
ROLE OF A SUPERVISOR

Source – Another student’s paper
While each the FASB and the IASB play a vastly
important oversight position in both monetary and
administration accounts, they have stoically resisted
assuming the role of a supervisor

Suspected Entry: 70% match

Uploaded – FASB x

TO THIS END, THE LATEST UPDATE BY THE FASB
TO ITS CONCEPT STATEMENT DESISTED FROM
DEFINING THE MATERIALITY PRINCIPLE,
INSTEAD OPTING FOR ISSUING GUIDELINES ON
WHAT CONSTITUTES A MATERIAL EFFECT ON

Source – Another student’s paper
To this end, the brand new replaces using the FASB
to its thought declaration desisted from defining the
materiality principle, as a substitute opting for issuing
tips on what constitutes a material effect on the
company’s monetary archives and what does not

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THE COMPANY’S FINANCIAL RECORDS AND
WHAT DOES NOT

Suspected Entry: 73% match
Uploaded – FASB x

IN THE REFERENCED NEWS RELEASE, THE FASB
(2015) SET OUT TO DECLARE THAT IT WOULD
NO LONGER IMPOSE UNTO ORGANIZATIONS A
SET DEFINITION OF THE MATERIALITY
CONCEPT, AND THAT THE AMENDMENTS SO
INCLUDED IN THE MAJOR PRINCIPLE WOULD
NOT RESULT INTO ANY CHANGE TO THE
ALREADY ESTABLISHED SPECIFIC DISCLOSURE
REQUIREMENTS HELD BY THE BUSINESS
ORGANIZATIONS

Source – Another student’s paper
In the referenced information release, the FASB
(2015) set out to declare that it would no longer
impose unto groups a set definition of the materiality
notion and that the amendments so blanketed in the
foremost precept would no longer result into any
trade to the already mounted specific disclosure
necessities held with the aid of the enterprise
organizations

Suspected Entry: 99% match

Uploaded – FASB x

SUPREME COURT’S DEFINITION (MARTIN &
QUINN, 2002)

Source – Another student’s paper
Supreme Court’s definition (Martin & Quinn, 2002)

Suspected Entry: 62% match

Uploaded – FASB x

THE FASB INSTEAD PROMISED TO SUPPORT
ORGANIZATIONS BY ENSURING MAXIMUM
EXPOSURE TO ITS DRAFTS IS ATTAINED SO AS
TO ALLOW BUSINESS FIRMS THE SPACE TO
EMPLOY INDIVIDUAL COMPANY
DISCRETIONARY MEASURES IN THE
DETERMINATION OF WHAT TO REVEAL IN THEIR
DISCLOSURE NOTES TO FINANCIAL
STATEMENTS

Source – Another student’s paper
The FASB alternatively promised to assist companies
employing making sure maximum exposure to its
drafts is attained to allow commercial enterprise
companies the house to appoint man or woman
enterprise discretionary measures in the dedication of
what to reveal in their disclosure notes to economic
statements

Suspected Entry: 70% match
Uploaded – FASB x

THIS WAS SO AGREED TO ALLOW FOR A
DIVERSE APPROACH WITHOUT COMPROMISING

Source – Another student’s paper
This was so agreed to enable a diverse strategy
barring compromising the high-quality of the

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THE QUALITY OF THE INFORMATION
CONTAINED IN PUBLISHED FINANCIAL
STATEMENTS AT THE END OF THE COMPANY’S
FISCAL PERIOD

information contained in posted economic
statements at the cease of the company’s fiscal
period

Suspected Entry: 100% match

Uploaded – FASB x

HOW SPECIFIC QUANTITATIVE MATERIALITY
GUIDELINES ARE PROVIDED TO FIRMS

Source – Another student’s paper
HOW SPECIFIC QUANTITATIVE MATERIALITY
GUIDELINES ARE PROVIDED TO FIRMS

Suspected Entry: 75% match

Uploaded – FASB x

AS A RESULT, ANY EFFORTS TO DETERMINE
THE QUANTIFICATION OF MATERIALITY
GUIDELINES MUST RELY HEAVILY ON THE
CONTINUOUS GUIDELINES ISSUED BY THE TWO
MAJOR INTERNATIONAL ACCOUNTING
REGULATORY AUTHORITIES IN THE IASB AND
FASB, AS WELL AS OTHER EQUALLY REPUTABLE
NATIONAL AUTHORITIES RELATED TO THE
ACCOUNTING PROFESSION

Source – Another student’s paper
As a result, any efforts to figure out the quantification
of materiality tips ought to rely heavily on the non-
stop pointers issued by way of the two essential
international accounting regulatory authorities in the
IASB and FASB, as true as distinctive equally
reputable countrywide authorities related to the
accounting profession

Suspected Entry: 100% match
Uploaded – FASB x

TRADITIONALLY, ACCOUNTING INFORMATION
COULD BE QUALITATIVE, QUANTITATIVE AND
PARTLY QUANTITATIVE

Source – Another student’s paper
Traditionally, accounting information could be
qualitative, quantitative and partly quantitative

Suspected Entry: 66% match

Uploaded – FASB x

THE GUIDELINES FOR THE QUANTITATIVE
ELEMENTS OF MATERIALITY INCLUDE THE
FOLLOWING

Source – Another student’s paper
The suggestions for the quantitative elements of
materiality consist of the following

Suspected Entry: 69% match

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Uploaded – FASB x

THE MOST IMPORTANT GUIDELINE AS TO THE
QUANTITATIVE NATURE OF A COMPANY’S YEAR-
END IS DETERMINED DURING THE ASSESSMENT
OF SAID FINANCIAL STATEMENTS

Source – Another student’s paper
The most crucial guideline as to the quantitative
nature of a company’s year-end is decided in the
direction of the evaluation of stated financial
statements

Suspected Entry: 79% match

Uploaded – FASB x

AS THE STATEMENTS ARE PREPARED, THE
COMPANY ACCOUNTANT OR INDEPENDENT
AUDITOR MUST BE KEEN TO SPOT ANY
SIGNIFICANT MISSTATEMENTS IN THE FIGURES
AND OR ASSUMPTIONS USED TO PREPARE THE
FINANCIAL STATEMENTS, OR IN THE VERY
LEAST, KEEP THE COMPANY ACCOUNTING
RECORDS

Source – Another student’s paper
As the statements are prepared, the business
enterprise accountant or independent auditor ought
to be keen to spot any vast misstatements in the
figures and or assumptions used to prepare the
economic statements, or in the very least, preserve
the business enterprise accounting records

Suspected Entry: 77% match

Uploaded – FASB x

THIS SAFEGUARDS AGAINST SUCH ERRORS AS
TRANSPOSITION AND OMISSION AND COULD BE
THE DIFFERENCE BETWEEN VASTLY
MISREPRESENTED FINANCIAL STATEMENTS
AND AN OTHERWISE ERROR-FREE FINANCIAL
BOOKS (NELSON, SMITH, & PALMROSE, 2005)

Source – Another student’s paper
This safeguards closer to such mistakes as
transposition and omission and ought to be the big
difference between vastly misrepresented financial
statements and in any other case error-free economic
books (Nelson, Smith, & Palmrose, 2005)

Suspected Entry: 63% match
Uploaded – FASB x

IT IS ALSO REQUIRED THAT WHERE
PROFESSIONAL INSIGHT HAS BEEN CALLED
INTO USE FOR SUCH ISSUES AS WHAT DOES OR
DOES NOT CONSTITUTE A MATERIAL DEVIATION
FROM CUSTOM INDUSTRY APPLICATION OF
ACCOUNTING RULES REGARDING
DISCLOSURES TO FINANCIAL STATEMENTS

Source – Another student’s paper
It is additionally required that the vicinity specialist
appreciation has been referred to as in to use for
such issues as what does or does no longer
characterize a material deviation from personalized
agency software of accounting tips concerning
disclosures to financial statements

Suspected Entry: 67% match

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Uploaded – FASB x

IN THIS CASE, THE REASONING BEHIND SUCH
AN ELECTION MUST ACCOMPANY THE RELATED
FINANCIAL DISCLOSURE

Source – Another student’s paper
In this case, the reasoning in the back of such an
election has to accompany the associated economic
disclosure

Suspected Entry: 73% match
Uploaded – FASB x

IN LINE WITH THE FASB DECLINING TO DEFINE
THE MATERIALITY CONCEPT AND HOW TO
IMPLEMENT IT IN THE PREPARATION OF A
COMPANY’S YEAR-END FINANCIAL REPORTS,
THE IASB REFRAIN FROM PROVIDING TANGIBLE
GUIDANCE ON HOW TO PERFORM
MATHEMATICAL CALCULATIONS OF
QUANTIFIABLE MATERIALITY

Source – Another student’s paper
In line with the FASB declining to outline the
materiality notion and how to put into effect it in the
exercise of a company’s year-end financial reports,
the IASB chorus from imparting tangible coaching on
how to function mathematical calculations of
quantifiable materiality

Suspected Entry: 67% match

Uploaded – FASB x

GOING FURTHER BACK HOWEVER, COMPANY
ACCOUNTANTS MAY STILL APPLY THE
GUIDELINES SET FORTH BY THE PARAGRAPH A3
OF ISA 320, WHICH PROVIDES HIGHLY SPECIFIC
BENCHMARKS FOR USE IN THE CALCULATION
OF THE COMPANY’S QUANTIFIABLE
MATERIALITY WITHIN ITS FINANCIAL
STATEMENTS

Source – Another student’s paper
Going similarly back, however, business enterprise
accountants can also moreover then again take a
look at the tips set forth with the aid of the paragraph
A3 of ISA 320, which presents rather unique
benchmarks for use in the calculation of the
company’s quantifiable materiality within its monetary
statements

Suspected Entry: 71% match

Uploaded – FASB x

WHILE THIS OFFERS NO SET FORMULA, IT DOES
MOVE THE COMPANY CLOSER TO A
PREDETERMINED WAY OF CALCULATING THE
MATERIALITY OF COMPANY FINANCIAL
RECORDS THAN ANY OTHER GUIDELINES
PRESENTLY AVAILABLE TO COMPANIES
(ABBASABADI & SAADAT, 2014)

Source – Another student’s paper
While this offers no set formula, it does go the
enterprise nearer to a predetermined way of
calculating the materiality of enterprise financial
statistics than any other suggestions in contemporary
times on hand to companies (Abbasabadi & Saadat,
2014)

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Suspected Entry: 80% match

Uploaded – FASB x

IN TRUTH, THE MATERIALITY STATUS OF ANY
SET OF FINANCIAL RECORDS IS A HUGELY
ABSTRACT QUALITY

Source – Another student’s paper
In truth, the materiality repute of any set of financial
documents is a hugely abstract quality

Suspected Entry: 72% match

Uploaded – FASB x

THIS IS WHY THE RECENT MOVES BY BOTH THE
IASB AND THE FASB TO REFRAIN FROM ISSUING
A BOXED-IN DEFINITION AND CALCULATION
METHOD FOR THE MATERIALITY OF A GIVEN
SET FINANCIAL STATEMENTS IN BOTH
FUTURISTIC AS IT IS WHOLLY WARRANTED

Source – Another student’s paper
Therefore, the contemporary strikes via using each
the IASB and the FASB to refrain from issuing a
boxed-in definition and calculation technique for the
materiality of given set economic statements in both
futuristic as it is entirely warranted

Suspected Entry: 100% match
Uploaded – FASB x

ARTICULATION BETWEEN FINANCIAL ELEMENTS

Source – Another student’s paper
ARTICULATION BETWEEN FINANCIAL ELEMENTS

Suspected Entry: 71% match
Uploaded – FASB x

BUSINESS ORGANIZATIONS PREPARE A
NUMBER OF FINANCIAL STATEMENTS, ALL OF
WHICH ARE RELATED IN ONE WAY OR ANOTHER

Source – Another student’s paper
Business organizations put together quite a few
economic statements, all of which are related in one
way or another

Suspected Entry: 80% match
Uploaded – FASB x

SPECIFICALLY, THE PREPARATION OF ANY
GIVEN FINANCIAL STATEMENT REQUIRES THE
USE OF DATA FROM ANOTHER, AND IN SOME
CASES, EVEN BORROW A FULL UNCHANGED
ENTRY FROM ANOTHER STATEMENT

Source – Another student’s paper
Specifically, the repetition of any given financial
announcement requires the use of statistics from
another, and in some cases, even borrow a full
unchanged entry from any other statement

1/23/2020 SafeAssign Originality Report

https://vle.phoenix.edu/webapps/mdb-sa-BB300502SF160441/originalityReportPrint?course_id=_141280_1&paperId=2492627167&&attemptId=de06fe11-a8a9-4… 13/16

Suspected Entry: 70% match
Uploaded – FASB x

THIS AMOUNTS TO THE ARTICULATION AMONG
THE FINANCIAL STATEMENTS

Source – Another student’s paper
These quantities to the articulation among the
financial statements

Suspected Entry: 72% match
Uploaded – FASB x

IN ESSENCE, THE BALANCE SHEET ENJOYS A
DIRECT RELATION TO THE STATEMENT OF
COMPREHENSIVE CASH FLOWS, WHICH IS ALSO
RELATED TO THE INCOME STATEMENT

Source – Another student’s paper
The stability sheet enjoys a direct relation to the
announcement of comprehensive cash flows, which
is additionally associated to the income statement

Suspected Entry: 68% match

Uploaded – FASB x

TOGETHER, THESE OFFER SUPPORT TO THE
ACCOUNTANT’S EFFORT AT PREPARING THE
STATEMENT OF RETAINED EARNINGS THAT
WOULD BE USED TO DETERMINE JUST HOW
MUCH DIVIDENDS THE COMPANY IS TO
DISTRIBUTE AMONG ITS SHAREHOLDERS AT
THE END OF THE FINANCIAL REPORTING
PERIOD

Source – Another student’s paper
Together, these provide resource to the accountant’s
effort at getting equipped the statement of retained
earnings that would be used to decide certainly how
masses dividends the enterprise is to distribute
amongst its shareholders at the supply up of the
economic reporting period

Suspected Entry: 63% match
Uploaded – FASB x

THIS INTERRELATIONSHIPS BETWEEN AND
AMONG THE SEPARATE FINANCIAL
STATEMENTS OF THE COMPANY IS WHAT IS
COMMONLY REFERRED TO AS ARTICULATION
BETWEEN THE VARIOUS ELEMENTS OF A
COMPANY’S PUBLISHED END OF YEAR
FINANCIAL STATEMENTS

Source – Another student’s paper
These interrelationships between and amongst the
separate monetary statements of the business
enterprise are what is regularly referred to as
articulation between numerous factors of a
company’s published provide up of 12 months
financial statements

Suspected Entry: 100% match

Uploaded – FASB x Source – Another student’s paper

1/23/2020 SafeAssign Originality Report

https://vle.phoenix.edu/webapps/mdb-sa-BB300502SF160441/originalityReportPrint?course_id=_141280_1&paperId=2492627167&&attemptId=de06fe11-a8a9-4… 14/16

ABBASABADI, Y., & SAADAT, F Abbasabadi, Y., & Saadat, F

Suspected Entry: 100% match
Uploaded – FASB x

DETERMINATION OF MATERIALITY LEVEL OF
AUDITING USING MULTIPLE LINEAR
REGRESSION

Source – Another student’s paper
Determination of materiality level of auditing using
multiple Linear Regression

Suspected Entry: 100% match
Uploaded – FASB x

ADVANCES IN ENVIRONMENTAL BIOLOGY, 1292-
7

Source – Another student’s paper
Advances in Environmental Biology, 1292-7

Suspected Entry: 100% match
Uploaded – FASB x

FASB PROPOSES IMPROVEMENTS TO
MATERIALITY TO MAKE FINANCIAL STATEMENT
DISCLOSURES MORE EFFECTIVE

Source – Another student’s paper
FASB proposes improvements to materiality to make
financial statement disclosures more effective

Suspected Entry: 100% match
Uploaded – FASB x

RETRIEVED FROM
HTTP://WWW.FASB.ORG/JSP/FASB/FASBCONTE
NT_C/NEWSPAGE&CID=1176166401832

Source – Another student’s paper
Retrieved from
http://www.fasb.org/jsp/FASB/FASBContent_C/News
Page&cid=1176166401832

Suspected Entry: 100% match
Uploaded – FASB x

D., & QUINN, K

Source – Another student’s paper
D., & Quinn, K

Suspected Entry: 100% match

1/23/2020 SafeAssign Originality Report

https://vle.phoenix.edu/webapps/mdb-sa-BB300502SF160441/originalityReportPrint?course_id=_141280_1&paperId=2492627167&&attemptId=de06fe11-a8a9-4… 15/16

Uploaded – FASB x

DYNAMIC IDEAL POINT ESTIMATION VIA
MARKOV CHAIN MONTE CARLO FOR THE US
SUPREME COURT, 1953–1999

Source – Another student’s paper
Dynamic ideal point estimation via Markov chain
Monte Carlo for the US Supreme Court, 1953–1999

Suspected Entry: 100% match
Uploaded – FASB x

POLITICAL ANALYSIS, 134-53

Source – Another student’s paper
Political Analysis, 134-53

Suspected Entry: 100% match
Uploaded – FASB x

MORIARITY, S., & BARRON, F

Source – Another student’s paper
Moriarity, S., & Barron, F

Suspected Entry: 100% match
Uploaded – FASB x

A JUDGMENT-BASED DEFINITION OF
MATERIALITY

Source – Another student’s paper
A judgment-based definition of materiality

Suspected Entry: 100% match
Uploaded – FASB x

JOURNAL OF ACCOUNTING RESEARCH, 114-35

Source – Another student’s paper
Journal of Accounting Research, 114-35

Suspected Entry: 100% match
Uploaded – FASB x

W., SMITH, S

Source – Another student’s paper
W., Smith, S

Suspected Entry: 100% match
Uploaded – FASB x Source – Another student’s paper

1/23/2020 SafeAssign Originality Report

https://vle.phoenix.edu/webapps/mdb-sa-BB300502SF160441/originalityReportPrint?course_id=_141280_1&paperId=2492627167&&attemptId=de06fe11-a8a9-4… 16/16

D., & PALMROSE, V D., & Palmrose, V

Suspected Entry: 100% match
Uploaded – FASB x

THE EFFECT OF QUANTITATIVE MATERIALITY
APPROACH ON AUDITORS&APOS

Source – Another student’s paper
The effect of quantitative materiality approach on
auditors&apos

Suspected Entry: 100% match
Uploaded – FASB x

THE ACCOUNTING REVIEW, 80(3), 897-920

Source – Another student’s paper
The Accounting Review, 80(3), 897-920

Suspected Entry: 84% match

Uploaded – FASB x

FOR THIS REASON, ACCOUNTING IS A
REGULATED PRACTICE, WITH BOTH THE
FINANCIAL ACCOUNTING STANDARDS BOARD
(FASB) AND THE INTERNATIONAL ACCOUNTING
STANDARDS BOARD (IASB) IMPLEMENTING A
SET OF PRINCIPLES, CONCEPTS, GUIDELINES
AND ASSUMPTIONS TO MAKE FINANCIAL
ACCOUNTING AS UNIVERSAL AROUND THE
GLOBE AS IF POSSIBLY ATTAINABLE

Source – Another student’s paper
Also, the (FASB) which stands for Financial
Accounting Standards Board and the (IASB) which
stands for International Accounting Standards Board
also implementing a set of principles, concepts,
guidelines and assumptions to make financial
accounting as universal around the globe as if
possibly attainable

Suspected Entry: 100% match
Uploaded – FASB x

THE CONCEPT OF INFORMATION MATERIALITY
IS A KEY CONCEPT IN THE FINANCIAL
REPORTING FRAMEWORK SO ISSUED BY THE
IASB AS PART OF THE INTERNATIONAL
FINANCIAL REPORTING STANDARDS (IFRS) TO
BE USED AROUND THE WORLD

Source – Another student’s paper
The concept of information materiality is a key
concept in the financial reporting framework so
issued by the IASB as part of the International
Financial Reporting Standards (IFRS) to be used
around the world

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