Early Accounting * Accountancy has its roots in the earliest history of civilization. With the rise of agriculture and trade, people needed a way to keep track of their goods and of transactions. Around 7500 B.C., Mesopotamians began using clay tokens to represent goods, such as animals, tools, food items or units of grain. This helped owners keep track of their property. Instead of counting heads of cattle or bushels of grain every time one was consumed or traded, people could simply add or
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should take in order to switch to IFRS. Keywords: IFRS, GAAP, switch Introduction International Financial Reporting Standards (IFRS) is a standard accounting system easy to International Accounting Standards Board (IASB) issued by the countries in the cross-border economic exchanges. IFRS is a global harmonization of financial rules to regulate the operation of financial management in accordance with international standards guidelines. For specification worldwide accounting operations
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Office use only) | STUDENT(S) Family name | Given Names | Student Number | 1) Vu Ly Bao | Ngoc | s3357828 | 2) Bui Mai | Phuong | s3372823 | 3) Nguyen Thi Phuong | Mai | s3345216 | 4) Lee | So Huyn | s3357820 | Declaration and Statement of Authorship: 1. I/we hold a photocopy of this assignment which can be produced if the original is lost/damaged. 2. This assignment is my/our original work and no part of it has been copied from any other student’s work or from any
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Different countries have different output despite whether the accountant follow a set of rules. This is because, even though accountant follows a set of rules, there are still possibilities that the set of rules does not covers every aspects in detail. This had led to room for professional judgements. It will be based on accountant’s judgement. The differences is not only between countries but it could differ within the country as well especially for Multinational enterprises (MNEs) it could be complicated
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According to these standards, Woolworths disclosed how the company determined the carrying amounts of assets and liabilities and explained the company’s policies to response the uncertainty due to foreign currency in their notes to the consolidated financial statement. Judgments about leases assets and liabilities and judgments about subsidiaries were also can be found in the notes. However, it can be indicated that some potential gaps still exist between Woolworth’s report and the accounting standard
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Explain the legal and regulatory influences on financial statements All businesses have to meet the internal and external reporting standard of financial activities in order to provide meaningful and acceptable financial statement. There were so many development of regulations in the UK in time past which different business owners used in preparing their financial statement as it suite them. For example in1844 the Joint stock companies Act incorporated by registration of audited balance sheet is
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interest, according to the United States Financial Accounting Standards Board. A VIE refers to an entity (the investee) in which the investor holds a controlling interest that is not based on the majority of voting rights. As long as the investee is not the primary beneficiary then they do have to consolidate the company on their balance sheet. 2. How did we determine whether an entity need to be consolidated before FIN 45? Before FIN 45, “Many financial institutions were secondarily liable (without
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|Financial Reporting: Peeking Under the Financial Hood | Copyright © 2009, 2007 by University of Phoenix. All rights reserved. Course Description In this course, students will learn to analyze financial statements and methods used to value companies. Financial reports help managers choose between business paths. They also help investors and analysts evaluate the financial health of companies. This course is a practical means of discovering how financial data are
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Praxis, 58 (4), 2006. We thank Karsten Detert for some of the data used in this study. Applying IFRS in Germany – Determinants and Consequences Abstract: We address three research questions motivated by the recent ascent of International Financial Reporting Standards (IFRS) in Europe. First, analyzing the determinants of voluntary IFRS adoption by publicly traded German firms during the period 19982004, we find that size, international exposure, dispersion of ownership, and recent IPOs are
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http://hwsoloutions.com/ Product Description PRODUCT DESCRIPTION ACC 401 Week 10 Quiz, ACC 401 Week 10 Quiz – Strayer Chapter 14 Reporting for Segments and for Interim Financial Periods 1. A component of an enterprise that may earn revenues and incur expenses, and about which management evaluates separate financial information in deciding how to allocate resources and assess performance is a(n) a. identifiable segment. b. operating segment. c. reportable segment. d. industry segment.
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