International Financial Reporting Standards Introduction: IFRS are a set of rules developed and issued by IASB (International Accounting Standards Board) which is an independent body based in London, England. These rules will apply uniformly to financial reporting by public entities worldwide. The adoption of IFRS is widespread around the world with 120 countries requiring public corporations to adapt IFRS. Accounting standards as we know are a modern development although its traces date back 500
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interpreting financial information about government in aggregate and in detail reflecting transactions and other economic events involving the receipt, spending, transfer, usability and disposition of assets and liabilities. The purposes of government accounting are: • To carry out the financial business of government in a timely, efficient and reliable manner (e.g. to make payments, settle liabilities, collect sums due, buy and sell assets etc.) subject to necessary financial controls.
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company’s financial statements is provided as background material. Case 3 (adapted from a case prepared by Peter Secord, Saint Mary’s University) A Canadian company prepares two sets of financial statement: one based on Canadian GAAP, and the other on U.S. GAAP. The reasons for some of the differences in numbers are investigated. Case 4 This case is based on Homburg Invest Inc.’s 2006 financial statements. A reconciliation of differences between two sets of financial statements is required
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has alerted the financial standard-setters worldwide for the need to develop a single set of global high quality accounting standards in order to achieve greater transparency, clarity, consistency and comparability of the financial reports. This is important for achieving more efficient global financial markets while benefiting users of financial reports such as the investors, creditors, multi-national companies and auditors. In additions, it is evident that the financial standard setters
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Reporting Practices and Ethics Financial reporting practices and ethics have manifested an ocean of literature. This has mainly come from organization theorists that address accounting practices. These theorists and professionals have given fresh accountability measures. Their ideals give this industry the tools needed to survive, grow and prosper. The way an organization prepares and reports its financial information and handles its daily operations is in essence financial practices, and in the way it
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A. Background Burberry was founded in 1856 when 21 year old Thomas Burberry, a former apprentice to a country draper, opened an outfitters shop in Basingstoke, Hampshire, England. Business thrived and by 1870 Burberry became known as an 'emporium' with an increased focus on the development of outdoor wear for local residents and visiting sportsmen who frequented the store. In 1879, Thomas Burberry invented gabardine - a breathable fabric made using an innovative process whereby the yarn was waterproofed
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Potential Red Flags After analyzing Wal-Mart’s annual report for 2010, attention has been brought to several items that require closer examination. A common “red flag” to questionable accounting has been found within Wal-Mart’s statement of cash flows and income statement. There is an increasing gap between the company’s reported income and the cash flow from operating activities. In the year 2008 reported income and cash flow from operating activities differed by $484 million. However the difference
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aicpa.org). A topical listing of the cases is presented with the case and solution following the listing. Topical Index of Student Cases INTERMEDIATE ACCOUNTING Cases Case 1: Reporting acquisition and repayment transactions in the Statement of Cash Flows Case 2: Recording a forfeited payment Case 3: Revenue and expense recognition associated extended warranties Case 4: Accounting for “due on demand” note payable Case 5: Purchase of a controlling interest with a greenmail
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globalization of the world economy led to the escalation of cross border investment opportunities. This, in turn, made the need of financial information essential in international capital market. Relevant and reliable financial information aids in making economic decisions relating to the reporting entity. Also enables its users to measure and quantify the economic and financial aspects of an enterprise. Kothari and Barone (2006:23) believe that 'accounting is becoming increasingly globalized'. However
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Analysis To analyze a statement of cash flow means to investigate the cash flow of a company's operations, and study the cash inflows and outflows. Candela had severe growth in 2002 that severely affects the net cash of operating activities. Analyzing the cash flow may have given Candela the opportunity to change its cash from operations. An analysis of a cash flow will give the reader an indication of what changes would improve the company's growth. A cash flow statement divides three functions
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