property are capitalized. The gross amount of assets under capital leases is included in property, plant and equipment. Expenditures for repairs and maintenance are charged to expense as incurred. They depreciate all depreciable property using the straight-line method. Leasehold improvements are amortized over the period of lease or the life of the asset, whichever is shorter. The amortization of the assets under capital leases is included in depreciation expense. Upon retirement or disposition
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SCHAUM’S OUTLINE OF THEORY AND PROBLEMS OF INTERMEDIATE ACCOUNTING II Second Edition BARUCH ENGLARD, M.S., M.B.A., CPA Associate Professor of Accounting The College of Staten Island The City University of New York SCHAUM’S OUTLINE SERIES New York Chicago San Francisco Lisbon London Madrid Mexico City Milan New Delhi San Juan Seoul Singapore Sydney Toronto Copyright © 2007, 1992 by The McGraw-Hill Companies, Inc. All rights reserved. Manufactured in the United States of America
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|FRAMEWORK | | |U.S. GAAP |IFRS |Similarities | |Purpose of Framework |The FASB framework resides lower in hierarchy. |Management is explicitly required to |Both the frameworks are similar in | | |Management
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Summary of significant accounting policies The company is engaged in the manufacture, sale and servicing of branded electronic appliances in India and other parts of the world. The financial statements are prepared under the historical cost convention on an accrual basis, in accordance with the generally accepted accounting principles (a) Change in accounting policy The accounting policies adopted in the preparation of financial statements are consistent with those of previous year, except for
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agreed to a lease in which McClain would rent commercial space within the shopping center for a length of sixty two months. 4. The lease was constructed as a standard form agreement which was prepared by the American Industrial Real Estate Association. 5. Paragraph 1.2 describes the dimensions of the leased unit, which were stated to be, “approximately 2,624 square feet.” 6. Paragraph 2.1 states, “…Unless otherwise provided herein, any statement of size set fourth in this Lease, or that
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Executive Summary Recommendation: BUY Statoil ASA is a Norwegian energy company that specializes in the extraction and production of oil and natural gas in Norway and internationally. The globally integrated company focuses its business on the exploration, production, transportation, refining, and marketing of petroleum-based products. As the largest supplier of natural gas from the Norwegian Continental Shelf and across Western Europe, boasting a prominent position
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Kinh Do Corporation Report of the Board of Management and Audited consolidated financial statements 31 December 2009 Kinh Do Corporation CONTENTS Pages REPORT OF THE BOARD OF MANAGEMENT 1-4 AUDITED CONSOLIDATED FINANCIAL STATEMENTS Independent auditors’ report 5-6 Consolidated balance sheet 7-8 Consolidated income statement 9 Consolidated cash flow statement 10 - 11 Notes to the consolidated financial statements 12 - 44 Kinh Do Corporation REPORT
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Introduction ACCOUNTING FOR LEASES FASB 13 (as amended) Synopsis: A lease that transfers substantially all of the benefits and risks of ownership should be accounted for as the acquisition of an asset and the incurrence of an obligation by the lessee and as a sale or financing by the lessor. The chart below includes the BASIC criteria you must learn to classify leases. We will also do more complicated examples that will require FARS research. U.S. GAAP CRITERIA FOR CAPITALIZATION:
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Analysis Page 10 3. Cash Flow Analysis Page 11 4. LuluLemon Accounting Policies Overview Page 12 5. Competition Accounting Policies 5.1 Bebe Sport Accounting Policies Page 14 5.2 Under Armour Accounting Policies Page 15 6. LuluLemon Selected Financial Information 6.1 LuluLemon 2011
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The information enclosed in this report, unless otherwise stated in the footnotes and bibliography, is from Zynga’s Form 10-K for the period ending 12/31/11. The purpose of this paper is to utilize the tools, concepts, and knowledge provided in Accounting 305 to analyze a company’s financial statement and accompanying footnotes. Income Taxes For the year ended December 31, 2011, Zynga reported a pre-tax loss of -$406.1 million, a 420% decrease from the previous year (or -$533.1 million); pre-tax
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