2 Accounting Standards Learning objectives After studying this chapter, you will be able to: ♦ ♦ 1. Understand the provisions of the Accounting Standards specified in the syllabus. Solve the practical problems based on application of Accounting Standards. Introduction Accounting Standards (ASs) are written policy documents issued by expert accounting body or by government or other regulatory body covering the aspects of recognition, measurement, presentation and disclosure of accounting transactions
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Government’s plan to cut pollution on 24th February 2011 in order to tackle climate change and deliver the economic reform[1]. Australia needs to move to a clean energy in the future. As per the announcement, the carbon price commences on 1 July 2012, subject to the ability to negotiate agreement with a majority in both houses of Parliament and pass legislation in 2011[2]. The corporations with the highest levels of pollution will have a very strong motivation to reduce their pollution. As a result
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investors and creditors and other users in making rational investment, credit, and similar decisions. An accounting system is the means by which a company records and stores the financial and managerial information from its transactions so that it can retrieve and report the information in an accounting statement. A doubleentry system standardizes the method that a company uses to record changes in its accounts resulting from various transactions or events. For each transaction or event that a company
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Accounting FOR DUMmIES 4TH ‰ EDITION By John A. Tracy, CPA Accounting For Dummies®, 4th Edition Published by Wiley Publishing, Inc. 111 River St. Hoboken, NJ 07030-5774 www.wiley.com Copyright © 2008 by Wiley Publishing, Inc., Indianapolis, Indiana Published by Wiley Publishing, Inc., Indianapolis, Indiana Published simultaneously in Canada No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical
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(Company)-A client is a self-contained technical unit. A client can be considered to be a synonym for group. Company Code • • • A complete Accounting unit can be representing as the smallest organizational unit of external accounting. At Company Code level we create Balance sheet required by law Profit and Loss statement. Each company code represents an independent accounting unit. Several company codes can use the same chart of account. Assignment Company code to company Company code to Credit control
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Accounting FOR DUMmIES 4TH ‰ EDITION By John A. Tracy, CPA Accounting For Dummies®, 4th Edition Published by Wiley Publishing, Inc. 111 River St. Hoboken, NJ 07030-5774 www.wiley.com Copyright © 2008 by Wiley Publishing, Inc., Indianapolis, Indiana Published by Wiley Publishing, Inc., Indianapolis, Indiana Published simultaneously in Canada No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical
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Unit 1 Introduction to Financial Accounting Learning Outcome After reading this unit, you will be able to: • Explain succinctly financial accounting concepts • Elucidate on different principles of financial accounting • Explicate the importance and scope of financial accounting • Understand Generally Accepted Accounting Principles(GAAP) • Identify limitations of Financial Accounting Time Required to Complete the unit 1. 2. 1st Reading: It will need 3 Hrs for reading a unit 2nd Reading
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Part 1: Asset Group An asset group is the unit of accounting for a long-lived asset or assets to be held and used, which represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities. https://asc.fasb.org/glossarysection&trid=2155835&id=SL2269348-110220 05-3 Property, plant, and equipment typically consist of long-lived tangible assets used to create and distribute an entity's products and services
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Qantas Airways Ltd: A case study for Financial Statement Analysis Peter Wells* and Anna Wright. 12 February 2004 Not to be used or cited without the permission of the authors * Corresponding author: School of Accounting, University of Technology, Sydney, Broadway NSW 2007 Australia Tel: 61-2-9514 5295 Fax: 61-2-9514 5515 Email: peter.wells@uts.edu.au 6. Financial Analysis The aim of financial analysis is to present and summarise information contained in the financial statements
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Street, London W1T 3JH, UK Accounting and Business Research Publication details, including instructions for authors and subscription information: http://www.tandfonline.com/loi/rabr20 International Financial Reporting Standards (IFRS): pros and cons for investors Ray Ball a a University of Chicago Published online: 28 Feb 2012. To cite this article: Ray Ball (2006) International Financial Reporting Standards (IFRS): pros and cons for investors, Accounting and Business Research, 36:sup1
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