AAAJ 12,3 ``Interests'' and accounting standard setting in Malaysia Faculty of Business and Accountancy, University of Malaya, Kuala Lumpur, Malaysia Keywords Accounting profession, Malaysia, Standards Abstract This paper offers insights into the conflicts and tensions within the Malaysian accounting profession and the power struggle therein to dominate the accounting standard setting process, within the context of a rapidly developing country. It shows how interest groups and parochial interests
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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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AAAJ 12,3 ``Interests'' and accounting standard setting in Malaysia Faculty of Business and Accountancy, University of Malaya, Kuala Lumpur, Malaysia Keywords Accounting profession, Malaysia, Standards Abstract This paper offers insights into the conflicts and tensions within the Malaysian accounting profession and the power struggle therein to dominate the accounting standard setting process, within the context of a rapidly developing country. It shows how interest groups and parochial interests
Words: 14526 - Pages: 59
Answers Diploma in International Financial Reporting 1 (a) 1. Consolidated income statement for the year ended 30 September 2005 Revenue (W1) Cost of sales (balancing figure) Gross profit (W2) Distribution costs (7,000 + 6,000 + (6,000 x 35% x 4/12)) Administrative expenses (8,000 + 7,000 + (7,200 x 35% x 4/12)) Operating profit Investment income (W3) Finance cost (W4) Profit before tax Income tax expense (7,000 + 1,800 + (3,600 x 35% x 4/12)) Profit for the period Attributable to Minority interest
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Mid semester Exam notes Topic 1 Function of accounting Decision Making * Investment – buy/sell shares, buy new shares offered by company * Lending – lend money to company in the form of bonds, loan conditions such as interest rates, security, other conditions Contracting – legally binding obligation that gives party the right to demand the performance of whatever promised * management (agency problem) – information asymmetry, act in self interest * debt Stewardship – compliance
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Chapter 2 Worldwide accounting diversity Chapter Outline I. Considerable differences exist across countries in the accounting treatment of many items. These differences can result in significantly different amounts being reported in the financial statements prepared by companies using different GAAP. II. A variety of factors influence a country’s accounting system. A. Legal system – in code law countries, accounting rules tend to be legislated; common law countries tend to have
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individual-item basis? 1 AC3225: Week 4 Depreciation Methods and Inventory Valuation Lab 4.1/Inventory Valuation, Depreciation of Assets, and Intangible Assets Source: Kieso, E. D., Weygand, J. J. & Warfield, D. T. (2011). Intermediate Accounting (14th ed.). Indianapolis, IN: Wiley. 2. Presented below is information related to Waveland Inc. Cost Inventory, 12/31/12 Purchases Purchase returns Purchase discounts Gross sales (after employee discounts) Sales returns Markups Markup cancellations
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Running Head: GLOBAL FINANCIAL REPORTING: Global Financial Reporting: Why Move Toward Global Financial Reporting Connie Cerruto Student ID 3247960261 Accounting Capstone: Senior Seminar in Accounting ACC 499 005016 Winter Semester 2008 Submitted to Professor Tee Thein March 16, 2008 Dedication and Acknowledgement I would like to take this time to thank my husband, George, for all his support over this last ten weeks. For graciously doing
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There are still many differences in accounting treatment between International financial reporting standards (IFRS) and the U.S Generally Accepted Accounting Principles (GAAP). While IFRS are widely used by many countries around the world, FASB of the U.S still working on the intention of either adopt the IFRS or converge towards it. Until the convergence actually happens, there are still many critics about the accounting treatment at the same subject under U.S GAAP and IFRS. Example of this is the
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Dell’s Accounting Policies for Revenues, Expenses and Net Income: Dell includes both GAAP and non-GAAP financial measures in its 10k reports. The company claims that excluding certain items GAAP gives managers a better grasp on the financial performance of the company. Dell excludes severance and facility actions, and acquisition related costs from its GAAP financial measures, and also the amortization of intangible assets. Dell acknowledges that its non-GAAP financial measures may not be
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