...REPORTING DATE CIA 1003 INTERMEDIATE FINANCIAL ACCOUNTING AND REPORTING CAEA 1214 FINANCIAL ACCOUNTING AND REPORTING II Semester 2, 2015/2016 Learning outcome • Determine the different types of events after the reporting period in accordance with MFRS110. • Apply MFRS 110 to account for events after the reporting period either to: • Make adjustments in the financial statements • Prepare the necessary disclosures • Present the different types of events after the reporting period in the financial statements in compliance with MFRS110. Lecture outline • Introduction • Definitions • Types of Events -Adjusting Events -Non Adjusting Event • Other Issues -Date of authorization for issue -Dividends -Going concern -Disclosure Introduction • Bursa Malaysia requires large publicly traded companies to lodge their unaudited financial statements within 2 months of fiscal year-end and full financial statements within 4 months • Business continues during this “subsequent period” and events could take place that have an impact upon the firm’s financial statements for the preceding year • These events are referred to in the accounting literature as subsequent events or post-balance sheet events. Introduction • The IASB has released IAS 10, dealing specifically with the accounting for subsequent events. • IAS 10 requires that companies adjust the reported amount of assets and liabilities if events occurring after the balance...
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...Empathy is a very important trait in people because it shows that you care about the other person. It shows that you care even if you have went through the same thing. There's also a lot of different kinds of empathy. First of all, there's different kinds of empathy. First there is effective empathy, that is where you can share the emotions of others. Then their is cognitive empathy where you understand the emotion but don’t share them. Like a psychologist who who gets the emotion in a rational way even though client tells them. Last their is emotional regulation in this you can regulate someone’s emotion like a surgeon needs to control their emotions during operating on a patient. Secondly, we need to have empathy to feel someone's emotions....
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...Going concern concept The going concern concept assumes that an enterprise or the accounting entity has an indefinite or unlimited life or existence. It means that the intention of the business is to carry for a sufficiently long period of time to carry out its existing activities and commitments. It will not be liquidated or dissolved in the immediate future unless there is clear evidence or a specific instruction to the contrary. For Example: - where the venture is for a specific purpose like setting up a stall in an exhibition or fair or the construction of a building or bridge etc. under a contract, the business comes to an end on the completion of the project. Experience indicates that in spite of several business failures, enterprises have a fairly high continuance rate; certain entities have been in existence for more than a century even though the owners have changed. The business entities are therefore going concerns in the majority of the cases and it has proved useful to adopt continuity assumption for accounting purposes. Advantages 1. It provides a sound basis for the income or profit measurement. It means that the items which provide future economic benefit or which are used for more than one year are recorded a fixed assets rather than as expenses only because of the going concern assumption. 2. The going concern assumption facilitates the classification of assets and liabilities into short-term and long-term respectively 3. It is due to the...
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...Fundamental Design Principles Separation of concerns • To prevent overlapping between components of the system, all “concerns” (aspects and mechanisms) of the system should be separate. The codes for each concern should be separated from the other to prevent co-locating. This also prevents interdependency within the system and helps to maintain the system easily. • This is beneficial in architecture because separation of concerns promotes organization. Each application of a software has a specific code, and separation of these codes leads to an effective and organized layered effect. A software may have business aspects, user interfaces, structure and design codes, etc., there may be more than one application of the software working together. As long as the codes of these mechanisms are separated, there will not be an overlap leading to malfunctioning. Also if each section of a system consists of a specific set of features, going back and modifying or repairing a certain feature is easily done without disturbing other aspects of the system. Single responsibility principle • In a software or system, each module should only have one task or responsibility. Responsibilities can also be described as “reasons for change.” • Each mechanism of the system should only be responsible for one task. Providing multiple tasks for one module can overload that aspect of the system and lead to faults. In an example of opening a browser page, there is a functional aspect and the cosmetic...
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...'Definition of the 'going concern' concept The 'going concern' concept directs accountants to prepare financial statements on the assumption that the business is not about to go broke or be liquidated (i.e. where the business closes and sells all the assets for whatever price they can get). So, unless there is significant evidence to the contrary, accountants will base their valuations and their reporting of financial data on the assumption that the business will remain in existence for an indefinite period. An indefinite period means the foreseeable future or long enough for the business to meet its objectives and to fulfill its commitments. It is important to note that the 'going concern' concept does not imply or guarantee that the business is profitable and will remain so for the foreseeable future. So, the 'going concern' concept assumes that the business will remain in existence long enough for all the assets of the business to be fully utilized. Utilized assets means obtaining the complete benefit from their earning potential. (i.e. if you recently purchased equipment costing $5,000 that had 5 years of productive/useful life, then under the going concern assumption, the accountant would only write off one year's value $1,000 (1/5th) this year, leaving $4,000 to be treated as a fixed asset with future economic value for the business). The 'going concern' concept supports the assumption that when a business buys assets like land, equipment, and buildings, it does...
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...Modularization, Commodization Modularity Definition: Modularity is a very general set of principles for managing complexity. By breaking up acomplex system into discrete pieces—which can then communicate with one another onlythrough standardized interfaces within a standardized architecture (Langlois, 2000) * Modularity is based on a systems theory view of organizations and their processes. It seeks to investigate how a system’s components are ‘coupled’ together and how tight these bonds are. * Modularity is important today because of the increased complexity of modern technology. * The driving normative basis for the investigation is that increased modularity enables the parts of a system to be separated and combined with much greater flexibility, and that such flexibility is desirable. * What is new is the application of the idea of modularity not only to technological design but also to organizational design. * A complex modern society might be made more productive through a modular design of social and economic institutions. * In a world of change, modularity is generally worth the costs. The goal is to find the modularization that minimizes interdependencies and most cleanly decomposes the system. * Innovation that takes place through change in the modules we can call modular innovation. * Handling complex systems become easier if break them up into sub-systems. * Complex product or process composed of smaller sub-systems that can be...
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...Going Concern issues in financial reporting: a guide for companies and directors Published in 2009 by: Australian Institute of Company Directors (AICD) Level 2 255 George Street Sydney NSW 2000 Telephone: (+61 2) 8248 6600 Facsimile: (+61 2) 8248 6633 www.companydirectors.com.au publications@companydirectors.com.au Auditing and Assurance Standards Board (AUASB) Level 7 600 Bourke Street Melbourne VIC 3000 Telephone: (+61 3) 8080 7400 Facsimile: (+61 3) 8080 7450 enquiries@auasb.gov.au www.auasb.gov.au © Australian Institute of Company Directors (AICD) © Auditing and Assurance Standards Board (AUASB) © Financial Reporting Council (UK) 2009. Portions of this publication have been adapted and reproduced from an Auditing Practices Board Bulletin: Going Concern Issues During the Current Economic Conditions (December 2008) with the kind permission of the Financial Reporting Council (UK). All rights reserved. For further information please visit www.frc.org.uk or telephone +44 (0)20 7492 2300. © Portions of this publication have been adapted and reproduced from a KPMG Flash Report: How Concerned Should Directors be with Going Concern? (February 2009) with the kind permission of KPMG. All rights reserved. Typeset by Endnote design Printed by Ligare Pty Ltd National Library of Australia Cataloguing-in-Publication entry Going Concern issues in financial reporting: a guide for companies and directors/AICD, AUASB ISBN 9781876604158 (pbk.). 9781876604172...
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...Biodiversity in the Boreal Forest • Biodiversity can be defined as the variation of life within a biome or ecosystem. Unfortunately, Biodiversity around the world is at risk due to human interference and climate change. However changes within these forest and/or ocean ecosystems also impact the human population, as we depend on these crucial bionetworks for our very own existence. • The Boreal forest is a band of forest that stretches across the northern hemisphere, which includes the following countries: Canada, Russia, United States and the northern countries of Europe such as Sweden, Norway etc… (Green displays the areas where the Boreal forest is situated) • Within Canada, the Boreal forest region covers more than 290 million hectares. •This forest is primarily dominated by coniferous trees, namely: Jack Pine, Balsam Fir, Red Pine, White Pine, Black Spruce, White Spruce, Tamarack, Paper Birch, Eastern White Cedar, etc… • The leading cause of most threats upon ecosystem biodiversity is climate change; such is the case in Canada’s the Boreal forest. • Climate change also has an effect on the number of forest fires. • Invasive alien species are also a huge factor in destroying biodiversity in the Canadian Boreal forest. • The Boreal forest is the largest intact forest and wetland ecosystem remaining on earth. • One of, and perhaps the biggest threat to biodiversity in the Boreal Forest is Human infringement. • In summation the best way to preserve the Canadian...
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...Focal Concerns Perspective Focal Concerns Theory The focal concerns theory was developed by Stenonlzxd and his fellow colleagues in 1980. The basis of this theory argues that judges presiding over trials base there decisions around three focal concerns of blameworthiness, practical constraints, consequences, and protection of the community. For example, if a defendant is viewed as blameworthy, dangerous and less likely to have practical constraints and consequences, they would receive much harsher or severe sentences. The first focal concern focus' on the blameworthiness of the defendant. The focus specifically reflects on the seriousness of the offenders involvement with the crime and the offender previous record. In other words, the more serious the offense and the more criminal offenses the offender posses, the more blameworthy the offender appears. The next focal concern is the protection of the community. Judges tend to based their perception of recidivism or re-incarceration by dangerousness of the offender. The more dangerous a offender appears, they will have a higher rate of recidivism is which will cause them to receive a longer than an average sentence length and severity. The last focal concern that a judge considered are the practical constraints and organizational restraints. Organizational constraints are considered to be things like flow of court cases and overcrowding of correctional organization. The practical constraints refer to the offender...
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...Plant Succession - Definition Plant Succession Definition Stages Tolerance • The orderly process of one plant community gradually or rapidly replacing another – Can result from the developmental changes in the ecosystem itself – Or from disturbances such as wind, fire, volcanic activity, insects and disease or harvesting • In a particular environment, there is a characteristic sequence of biotic communities that successively occupy and replace each other over time following disturbance Stages of Succession • Primary succession – Initiated by disturbances that expose substrates and are left with essentially no plant growth at the beginning – Examples: glacial retreat; volcanic ash deposition Mt. St. Helens May 18, 1980 Gilkey Glacier, Alaska from www.geophot.de • Secondary succession – Established plant community has been destroyed but without severe disturbance of the soil – Example: forest succession following wildfire - pioneer forest re-establishes and is eventually replaced with climax forest wildfire from www.us.gov 1 Plant Succession • Seral stages • Climax stage Stages of Succession • Seral communities: The various “temporary” communities in the succession • Seral species - those that will ultimately be replaced • examples: annual plants, shrubs, intolerant trees Stages of Succession • Climax community: The “final” stage of the succession consists of those plants that can reproduce successfully beneath their own shade and therefore maintain...
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...class picture of poor farmers living in south or prairie. progressive is for scientists and government being looked at suspiciously. christian( genesis) hierarchal (god, man, animals, plant begins with the perfect world but turns into a chaotic world of harsh landscapes and dangerous shadows- A world that is martial and competitive in nature written rhetorical voice presented to a general audience sober voice makes for a formal recitation and sense of authority Native (sky woman) cooperative begins with the chaotic world (water and mus) but moves by -degrees and adjustemtns from a formless, featurless world to a world that is rich in its diversity, a world that is complex and complete.- A world at peace where -the pivotal concern is not with the ascendancy of good or evil but with the issue balance- so here is our choices a world in which creation is a solitary, individual act.....operation (king, 25) What, then, do good stories look likeÉ They are respectuful of facts (stories cannot contradict known facts about the past (1372) DON’T DENY THE FACTS, INTERPRET THEM AND ADD THEM TO ESSAYS They are ecological sense (1372) They are judgeable or judged as nonfictions (we ell stories with each other and against each other) Reflexitivity in relation to whom and what you read reflexitivity requiers an awareness of the researcherès contribution to the construction of meanings throughout the research process, and a acknowlegdement of the impossibilty of remaining...
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...WADING THROUGH THE WASTE: A LOOK INTO THE FAILURE Wading Through the Waste: A look into the failure of American landfills and how plasma gasification can fix it Joshua A. Valdez ITT-Tech Jacksonville, Fl GE117 Chambers Abstract America, a “throw away” society, is facing a tragic consequence of its lifestyle. Even with increased recycling efforts Americans are running out of space to put their trash. With stricter regulations and public policies, the number of landfills has significantly dropped; replaced by what are called “megafills.” Although safer, since the EPA’s introduction of strict regulations in 1988, environmental dangers still exist. That danger, amplified with the high operation costs of landfills, an alternative disposal method is needed. Plasma Gasification provides a cleaner and more efficient way of disposing waste while having the added benefit of producing energy. Wading Through the Waste: A look into the failure of American landfills and how plasma gasification can fix it “Did you know that the average person produces three pounds of trash a day? I would really like to know where it all goes,” a woman asks her therapist in the 1989 movie Sex, Lies, and Videotapes. Since 1989 our trash production has increased to 4.6 pounds per individual, based on a 2007 EPA study. (EPA, 2012) America, a “throw away” society, is facing a tragic consequence of its lifestyle. Even with increased recycling efforts, Americans are running out of space...
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...minimize waste outputs” [ (Stipanuk, 2006, p. 89) ]. Waste is defined as “unused material produced as a result of inefficient production and/or consumption practices” that “puts economic and environmental costs on society through its collection, treatment and disposal” (Radwan et al., 2012, p. 535). “Waste can be regarded as a human concept as there appears to be no such thing as waste in nature” where “waste products created by a natural process or organism quickly become the raw products used by other processes and organisms”(Full Cycle, 2009). The Problem Why is waste management a problem? Landfill is the primary waste disposal method utilized by small hotels (Radwan et al., 2012, p. 534). “Landfill is one of the main causes of enviromental degradation through the emission of explosive gases [such as] methane, and the pollution of groundwater due to the creation of a ‘leachate’”(Radwan et al., 2012, p. 535). “In a...
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...HUMAN RESOURCE MANAGEMENT(ASSIGNMENT) RECRUITMENT AND SELECTION PROCESS The recruitment and selection process is very important in a new or established business alike. The human resources department has the support and expertise of employment specialists who assist hiring managers with the procedures to ensure the organisation is making a wise decisions. Every organisation have his own recruitment agency in some essence where an organisation is situated reflect on the organisation recruitment policy. for instance, in japan the national culture is greatly reflected in their human policy and reflection, where by they lay emphasis on interview but put more emphasis on ability of a potential employee to demostrate the skill of working in a team. How ever the entry requirement for top flight organisation in japan is very competitive, this means if potential employee those not graduate from among the first best five student, it become extremely difficult, if not actually impossible, for such a student to get into an organisation in japan. Conversely , in the western world recruitment and selection policy fundamentaly reflect the national culture inherit in each other of the country. For instance , organisation in france will often design their human resource policy broadly around french national culture. further more , in the united kingdom organisation operating within the country envolve recruitment and organisation policy reflective of the british socviety...
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... Institution: Introduction It is the duty of all human beings to take care of the environment and should they destroy it then they will have no place to stay. According to Isaiah 45:18 “God formulated the universe so that it can be occupied.” There are alternate biblical notions as well as details that show the significance of the environment and the desire to safeguard and keep it running. Environment fortification has constantly been the key concern among many socialists, ecologists as well as scientist thought the universe. Everybody is looking towards the welfare as well as the need for safeguarding the environment. Thus, the progression and creation of technology has smashed the earth to the larger extent and how it is very vital to take actions against the features that are hazardous to the environment. Consequently, this is never perceived as the responsibility of religion to concern about nature as well as the environment. The novel thoughts of Christianity along with environment restoration and preservation have offered the novel aspect of thought and new rationale to consider the significance of saving the environment. Therefore, this is the most outstanding issue of uniting the impression concerning Christianity with the environment protection. The key query that arises here is why as Christians it is our responsibility to preserve nature. Also, what are the procedures along with events that a...
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