Notesale: Turn your study into money

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UGANDA CHRISTIAN UNIVERSITY, MBALE UNIVERSITY COLLEGE
DEPARTMENT OF BUSINESS AND ADMINISTRATION
ADVANCED ACCOUNTING LECT
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It is not what it was ten
years ago and it will not be what it is now ten years from now
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Preparation of budgets; expected operating results and financial positions of business entities
Financial statement preparation and presentation; to be used by interested groups in
determining the financial operations and results of a business entity
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The present scope of accounting is, however, wider
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In particular, public interest in protecting the natural environment
has grown significantly during the last ten years
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 Different accountants may produce different statements from the same set of data
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ADVANCED ACCOUNTING LECTURE NOTES BY OWINO S FOR BBA 3 WEEKEND UCU

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UGANDA CHRISTIAN UNIVERSITY, MBALE UNIVERSITY COLLEGE
DEPARTMENT OF BUSINESS AND ADMINISTRATION
ADVANCED ACCOUNTING LECT
...

The foreword to accounting standards defines accounting standards as authoritative statements
of how particular types of transaction and other events should be reflected in financial
statements
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International Accounting Standards
(IASs) and International Financial Reporting Standards (IFRS) are meant to apply to most
organizations in the world
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International Accounting Standards
(a) Historical Development
The International Standards Committee (IASC), established in 1973, was an independent private
sector body and had no formal authority
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The IASC operated under the umbrella of the International Federation of
Accountants (IFAC), which is the worldwide organization of accountancy bodies and is
independent of any country's government
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One of the problems facing the IASC was that it quite often had to issue standards that
accommodated two or more alternative acceptable accounting treatments
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In 1995 the IASC entered into an agreement with the International Organisation of Securities
Commission (IOSCO) (the body repres

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