Research Case “Velocity Cellular” Objectives: • The main objective of the case is to expose students to an accounting reporting situation where they have to search, identify, interpret and apply official accounting pronouncements. • The research case enhances the students’ ability to look for and evaluate relevant information. • Students should also improve their ability to organize ideas in written communication. Requirement: Assume the role of a staff accountant who has been asked to research
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Case Facts Eureka Corporation (Eureka) has a manufacturing plant and sales office in the Gulf Coast Region. The damage caused by Hurricane William (Hurricane), a Category 5 hurricane, has rendered Eureka’s manufacturing plant inoperable and has also forced Eureka to rent temporary office space in Houston to accommodate the sales force. Specific information relating to the rental of office space include: • Eureka will continue to make fixe monthly lease payments for machinery at plant • Processing
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April 2001, the International Accounting Standards Committee Foundation (IASCF) was formed as a not-for-profit corporation incorporated in the US state of Delaware. The IASC Foundation is the parent entity of the International Accounting Standards Board (IASB), an independent accounting standard-setter based in London, England.[1] On 1 March 2001, the IASB assumed accounting standard-setting responsibilities from its predecessor body, the International Accounting Standards Committee (IASC). This
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Jupiter, with each absorbing potential losses as well as the profits in proportion to their respective ownership interest percentages. ACS 810102521, 22, discuss the variability to be considered in applying the VIE (the Variable Interest Entity accounting considerations) in the noted Subsections as well as analysis of the design of the legal entity in two steps. Step 1 provides analysis of the risk to the legal entity. Step 2 requires determination of the purpose for which the entity was formed,
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Generally Accepted Accounting Principles Debra Hilling HCS 571 January 24, 2011 Generally Accepted Accounting Principles Accounting departments are no longer the sole responsible parties for the financial management of a health care organization. Nurse managers, pharmacy directors, and department direction are often responsible for financial management. Accounting Concepts Financial management is the management of an organization’s finances. The goal of financial management is
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reliable way to invest their money. They are looking beyond their geographic location to invest, having many different reports requirements, require time and money to interpret them, so they tend to trust more on reports that follow the Accounting Standards Board (IASB). On today’s market company that follows the IASB standards have a competitive advantage in the stock market. The IASB sets the international rules and practice of the financial information, working to minimize the differences between
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IFRS is the high quality global accounting standards in February 2010. IFRS, short for International Financial Reporting Standards, are the principles developed by the International Accounting Standards Board (IASB). Nowadays, “it is becoming the global standard for the preparation of public company financial statements.”(Ervin Black) Parts of standards of IFRS are based on International Accounting Standards published by the Board of the International Accounting Standards Committee between 1973
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International Financial Reporting Standards vs. Generally Accepted Accounting Principals Over the last decade, the world has become increasingly connected. Businesses are embracing opportunities abroad and gathering investors from a progressively growing international market. Globalization has given rise to a number of questions regarding multicultural business practice. It has also created a need for universal financial reporting that is consistent and useful to all of its users, international
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Abstract Creative accounting, as a matter of approach, is not objectionable by itself. However, when unethical elements make intrusion, the resultant accounting details become anything but true and fair. Creativity in such context is like referring to a half glass of water as half-full instead of describing it as half empty. While both statements are factually correct, they paint different picture and thus convey different images. Creativity in company accounting may arise under at least
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Decorus Dea Notes to Consolidated Financial Statements Notes 1 Summary of Significant Accounting Policies Nature of Operations: The Decorus Dea (the “Company,” “we” or “us”) business is focused on providing high end, off the runway clothing and beauty products of superior quality and value. Our stores are located in four different states, Georgia, Florida, California and New York and consist of 56 stores. Our stores are located inside traditional malls, outside shopping centers and through
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