TUNKU PUTERI INTAN SAFINAZ SCHOOL OF ACCOUNTANCY COLLEGE OF BUSINESS BKAL 3063 INTEGRATED CASE STUDY SECOND SEMESTER FEBRUARY 2015/2016 (A152) GROUP: B (5) WRITTEN REPORT CASE ANALYSIS CASE : Depreciation at Delta Air Lines: The “Fresh Start” PREPARED FOR: PROF. DR. MOHAMAD ALI B ABDUL HAMID PREPARED BY: NAME | MATRIC NO | AHMAD SHABIRIN BIN BAHRIN | 221521 | YELMI MARIANI BINTI ZULKIFLI | 221792 | LEONG SIAO ZHUEN | 230190 | NIWASHINI A/P SUBRAMANIAM
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requirements of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 840 Leases regulations over how to properly account for the leased equipment, I have come up with recommendations of how you should classify the lease, measure the initial minimum lease payment (MLP), calculate the subsequent measurements, and derecognize the leased asset. The remainder of this memo provides my analysis and support for these conclusions. Lease Classification According to
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13-4 Application of SFAC No. 13 a. What is the theoretical basis for the accounting standard that requires certain long-term leases to be capitalized by the lessee? Do not discuss the specific criteria for classifying a specific lease as a capital lease. This is based on the amount of risk involved with the assets especially since the lessee assumes all of the risk and benefit from the asset. According to SFAS No.13 a lease, which is transferred, requires all of the risks and benefits inherent
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Introduction & Objectives Accounting has many elements to producing an annual statement each fiscal year; these different elements have regulations in which organisations have to abide by. Regulations have three categories; legislation, accounting standards and stock exchange regulations (Melville, 2008). Legislation can differ from country to country, which is the same for accounting standard board as each country has individually developed their own standards (Accounting Standards Board for the UK
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Part 1 Background and Overview Part 2 US GAAP and IFRS Part 3 China GAAP and IFRS Part 4 Summary of Convergence Process Part 5 Pros & Cons of Convergence Part 6 The reasons for differences in accounting practice ww.ifrs.org + The International Accounting Standards Board + The International Accounting Standards Committee (IASC) Foundation + Objective – a single set of global financial reporting standards + Aim – convergence between national standards and international standards + IFRS Framework
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CONTEXT..............................................................3 THE IFRS FRAMEWORK ..............................................................................17 PRESENTATION OF FINANCIAL STATEMENTS ........................................35 ACCOUNTING POLICIES .............................................................................49 REVENUE......................................................................................................61 INVENTORIES................................
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WAlmart | Accounting Cycle Paper | Accounting Cycle of Walmart | | Melanie Bartholomew | September 2, 2012 | When a company, like Walmart, begins to prepare financial statements and reports at the end of an accounting cycle they generally use Generally Accepted Accounting Principles and “the collective process of recording and processing the accounting events” (Definition of ‘Accounting Cycle’, 2012), known as the accounting cycle. There are nine steps involved in the accounting cycle.
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CAPITAL BUDGETING PROCESS HSM 340 3/30/12 Organizations that decide to issue bonds generally have six steps to go through. Let’s discuss them. The first step is for the issuer to select bond counsel and the underwriter or financial advisor. The issuer and the solicitor work with these participants to structure the financing. Some basic questions need to be answered: (1) what is the purpose of the issue -- to fund a capital project, to refund prior debt, or a combination of both (2) what
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Significant Accounting Policies 2 1. Principles of Consolidation 2 2. Use of estimates 2 3. Pre-Opening Costs 2 4. Advertising Costs 2 5. Long-Term assets 2 6. Self-insurance reserves 3 7. Income taxes 3 8. Operating, Selling, General and Administrative Expenses 3 9. Cost of sales 3 10. Payments from suppliers 3 Note 2 4 Inventory - 4 Note 3 4 Property, Plant, Equipment - 4 Note 4 4 Contingencies and Liabilities - 4 Note 5 4 Mergers and Acquisitions – 4 Note 6 5 Lease Obligations
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Cumulative Effect of Change in Accounting Principle Cumulative Effect of Change in Accounting for Goodwill, Net of Tax Benefit of $10 NET INCOME BASIC EARNINGS PER COMMON SHARE: Income before cumulative effect of change in accounting principle Cumulative effect of change in accounting for goodwill Basic Earnings Per Common Share DILUTED EARNINGS PER COMMON SHARE: Income before cumulative effect of change in accounting principle Cumulative effect of change in accounting for goodwill Diluted Earnings
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