US GAAP vs. IFRS The basics March 2010 Table of contents 2 5 7 8 11 13 14 16 18 20 26 28 31 33 35 38 40 42 43 44 46 47 Introduction Financial statement presentation Interim financial reporting Consolidations, joint venture accounting and equity method investees Business combinations Inventory Long-lived assets Intangible assets Impairment of long-lived assets, goodwill and intangible assets Financial instruments Foreign currency matters Leases Income taxes Provisions and contingencies Revenue
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for-profit institutions. The majority of the hospitals within the United States are non-profit. The main difference between non-profit and for-profit hospitals is the regulatory rules. Non-profit hospitals are not required to pay property, sales, or income tax. The reason that non-profit hospitals and other organizations were established was with the intention of servicing the needs of the poor. This is the reason that not-for-profit health care and hospitals are exempt from taxes, it was due to the fact
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Assignment # 4 – A Business Plan One Wing Wonder, LLC Business Description One Wing Wonder, LLC was created by Kathleen Carpenter after having surgery to repair a nerve in the subjects left arm and was forced to keep the arm immobile for two weeks. During this time, the creator was given a standard arm sling to use that was both uncomfortable and eventually gave the subject a rash. There was also a problem of having to carry a purse in addition to the arm sling. In order to carry a purse
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make financial record in order to determine the profit or loss during the period. Any income of the entity must be subject to the tax even though they are having profit or suffering loss. The accounting treatment for income taxes is determined by Australian Accounting Standards Board (AASB) 112 which adopts the tax effect method that incorporates both current and future tax consequences of “transactions and other events of the current period that are recognised in an entity’s financial statements and
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TAXATION PAPERS WORKING PAPER N.33 - 2012 Serena Fatica Thomas Hemmelgarn Gaëtan Nicodème The Debt-Equity Tax Bias: consequences and solutions Taxation and customs union Taxation Papers are written by the staff of the European Commission's Directorate-General for Taxation and Customs Union, or by experts working in association with them. Taxation Papers are intended to increase awareness of the work being done by the staff and to seek comments and suggestions for further analyses
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suggest that the status of liquidation exists when the corporation ceases to be a going concern and its activities are merely for the purpose of winding up its affairs, paying its debts, and distributing any remaining balance to its shareholders. The Tax Court applies a three-pronged test to determine whether a complete liquidation has taken place: Was there a manifest intent to liquidate? Was there a continuing purpose to terminate corporate affairs and dissolve? Were the corporate activities directed
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Cost of Capital Introduction This paper examines key elements of a cost of capital policy to facilitate objective management and allocation of corporate funds. In order for a company to make long-term investments to grow, whether that is new equipment, new products or other assets, managers must be aware of the cost of acquiring any of these assets. The obvious objective for these managers is to earn more than the cost of capital and in doing so will increase their company’s market value. If
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Various Facets of Global Economy Economy is one of the most debatable topics in the modern day. Understanding the basic elements of economy is essential to become a better-informed citizen and choose the right party to lead the country. Economic factors affect every industry in a city, state or country in one way or the other. Understanding these economic factors can better understand any individual or organization make better investment choices which in turn would be beneficial for a lot
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culture, economic system and all the other things that define us as a nation. The entire world is struggling with health care financing. Solutions need to be locally relevant, and the United States is no exception. My proposal for reforming core elements in the health care system follows. Everyone Is Charged The Same Amount Currently, the same service from the same provider costs different parties different amounts depending on who is paying. This is patently ridiculous for something society has
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transactions which must be accounted for in the general ledger are wages, the employee’s portion of CPP and EI, the employer’s payroll expense (statutory expenses in Ontario) includes the employer’s share of CPP, EI, employer’s also pay for provincial health tax-EHT and WSIB. Employers may provide their employees benefits such a pension plans and life insurance which all must be recorded. As well as any of the employee’s deductions for third party garnishments, union dues, or voluntary deductions must be
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