CHAPTER 11 DEPRECIATION, IMPAIRMENTS, AND DEPLETION IFRS questions are available at the end of this chapter. TRUe-FALSe—Conceptual Answer No. Description T 1. Nature of depreciation. F 2. Nature of depreciation. T 3. Depreciation, depletion, and amortization. T 4. Definition of depreciation base. F 5. Factors involved in depreciation process. F 6. Definition of inadequacy. T 7. Objection to straight-line method. F 8. Units-of-production approach. F 9. Accelerated depreciation
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Financial Crisis Advisory Group July 28, 2009 To the Members of the International Accounting Standards Board and the US Financial Accounting Standards Board: On behalf of the members of the Financial Crisis Advisory Group (FCAG), we are pleased to present our report to the Boards about the standard-setting implications of the global financial crisis. We believe that confidence in the transparency and integrity of financial reporting is critically important to global financial stability
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IAS 2 International Accounting Standard 2 Inventories This version includes amendments resulting from IFRSs issued up to 17 January 2008. IAS 2 Inventories was issued by the International Accounting Standards Committee in December 1993. It replaced IAS 2 Valuation and Presentation of Inventories in the Context of the Historical Cost System (originally issued in October 1975). The Standing Interpretations Committee developed SIC-1 Consistency—Different Cost Formulas for Inventories, which was
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financial statements because they do not provide a faithful representation of leasing transactions. In particular they omit relevant information about rights and obligations that meet the definitions of assets and liabilities in the boards’ conceptual framework. The models also lead to a lack of comparability and undue complexity because of the sharp ‘bright-line’ distinction between finance leases and operating leases. As a result, many users of financial statements adjust the amounts presented in
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diversity in accounting practices and information asymmetries. Concurrently, many scholars has raised doubts and speculation of this ideology of accounting standardisation stirred up by the adoption of the controversial International Accounting Standards (IAS) 39 or in Australia, the Australian Accounting Standards Board (AASB) 139: Financial Instruments: Recognition and Measurement which has been subject to much criticism (Armstrong, Barth, Jagalinzer, & Riedl, 2008; Barth, Landsman, & Lang, 2006)
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Revenue Recognition: Where it Will Take Us By Robert Bloom and Jacob Kamm Financial Executive • SUMMER 2014 FINANCIAL REPORTING Since 2008, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have collaborated on a converged revenue recognition standard. Current U.S. Generally Accepted Accounting Principles (GAAP) standards related to revenue recognition are essentially rules-based, containing over 200 specific requirements related
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AC2101 – Accounting Recognition and Measurement Agenda for Seminar 1 A. Course introduction 1. Contents overview Seminars 1 to 3 Conceptual Issues Underlying Accounting Recognition and Measurement presented by 2. Assessment components & expectations 3. Administrative matters B. Conceptual overview 1. Purpose of accounting & its role in contracting 2. Concepts of recognition, measurement & disclosure in accounting Low Kin Yew Associate Professor Nanyang Business School Semester
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IFRS and US GAAP: similarities and differences IFRS readiness series October 2012 Table of contents The heart of the matter 2 US financial reporting will change significantly within the next several years An in-depth discussion 4 Examining the implications IFRS affects US businesses in multiple ways What this means for your business 6 Anticipate and manage the change What companies can and should do now October 2012 The heart of the matter US financial
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international financial reporting standards CERTIFICATE Learning materiaLs Contents FINANCIAL REPORTING CONTEXT..............................................................3 THE IFRS FRAMEWORK ..............................................................................17 PRESENTATION OF FINANCIAL STATEMENTS ........................................35 ACCOUNTING POLICIES .............................................................................49 REVENUE................................
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09/05/2016 Welcome! Welcome! • Intermediate Financial Accounting (ACCT 3200) • M-W-F 2:30-4:20 in AE 208 • Important Dates – – – – – Intermediate Financial Accounting Friday May 13, 2016 – First Midterm (25% of grade) Monday May 23, 2016 – No class Friday May 27, 2016 – final date to withdraw Friday June 3, 2016 – Second Midterm (25% of grade) Friday June 17, 2016 – Final Exam (1:30-4:30) (45% of grade) • Quizzes will be announced the class prior Copyright © John Wiley
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