Chapter 11 International Financial Reporting Standards Multiple Choice—Conceptual 1. The goals of the International Accounting Standards Committee include all of the following except a. To improve international accounting. b. To formulate a single set of auditing standards to be applied in all countries. c. To promote global acceptance of its standards. d. To harmonize accounting practices between countries. 2. Which of the following is true about the FASB after the mandatory adoption of IFRS
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Analysis………………………………………………….. 19 Accounting Analysis………………………………………………………. 25 Key Accounting Policies………………………………………………………………. 25 Accounting Flexibility………………………………………………………………….. 26 Evaluation of Actual Accounting Strategy……………………………………… 29 Quality of Disclosure…………………………………………………………………… 30 Screening Ratio Analysis….…………………………………………………………. 33 Revenue Diagnostics………………………………………………………………….. 34 Expense Diagnostics…………………………………………………………………… 37 Potential “Red Flags”………………………………………………………………….. 39 Undo Accounting Distortions………………………………………………………
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APPENDIX C UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-K FOR ANNUAL AND TRANSITION REPORTS PURSUANT TO SECTIONS 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 È ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended January 31, 2009 ‘ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 000-22754 URBAN
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Jensen September 22, 2015 WorldCom Case Analysis According to the section 301.4 of Sarbanes-Oxley Act of 2002, each audit committee shall establish procedures for complaints regarding accounting, internal accounting control, and auditing matters, and the anonymous complaints regarding questionable accounting or auditing matters. However, in this case, the WorldCom Company did not have the procedures for anonymous complaints, so Cynthia Cooper decided to go over Sullivan’s head and reported her
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expected to last for a five year period, provide a recommendation and respond to a number of questions on the capital-budgeting process. They must also factor in whether it should lease versus buying the equipment. Cash Flows versus Accounting Profits Caledonia should focus on free cash flows opposed to the accounting profits earned by the project when analyzing whether to undertake the project because focusing on free cash flow will allow Caledonia to see what all funds they will have available
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Wharton MBA • Class of 2015 Waiver Exam Guide Table of Contents Introduction .................................................................................................................................................3 Accounting (ACCT611) Sample Placement Exam..................................................................................................................5 Sample Waiver Exam–Part 1 ................................................................................
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recently decided to restate their financial statements for three years, 2009, 2010 and 2011 due to errors in terms of the value of their inventory and determining the cost of their lease holdings. They stated that in addition to other errors, their inventory was overstated by approximately $3million dollars and their lease holdings were overvalued as well by approximately $5 million dollars. On March 23rd 2013 they filed the current financial statements making them compliant with NASDAQ’s rules, in
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ownership right on its balance sheet where employees do not meet that test. Furthermore, since there is no financial transaction creating the intangibles, the dollar value of intangibles can be difficult to identify (Adams, 2010). In basic accounting, we can see that accounting entries are made when there is money involve such as when the firm buys something, money is deducted from bank and the expense get booked to an expense or investment (Adams, 2010). However in most cases, intangibles are created outside
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| |63,64,65, 66,67,68, | | | | | |69,70 | | |LO4: Value and account for long-term lease |18,19,20, |42 |71,72,73,74, 75,76,77 |89,91 | |obligations. |21,22 | | | | |LO5: Evaluate pensions
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International Financial Reporting Standards (IFRS) is fast becoming the global accounting language. Over 100 countries have now adopted IFRS and many more have committed to make the transition in the next few years. The benefits of global standards are widely acknowledged. For companies, however, the conversion to IFRS is a major change both for the finance function and for the wider business. The International Accounting Standards Board (IASB) has recognised the need for guidance. In 2003 it published
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