different companies and several calculated ratios, information on the differences in the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) and last the differences in industries and how they affect the presentation. Differences in the IASB and the FASB Domestic and foreign corporations have two different accounting standards to follow when preparing their financial statements. The FASB creates the standards for domestic
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CPA REVIEW® NINJA Notes 2015 Financial Accounting & Reporting (Updated as of July 2015) Table of Contents The N.I.N.J.A. Framework I. IFRS 8 II. Accounting Changes 19 III. Financial Reporting 20 IV. Bonds & Debt Restructure 39 V. Consolidations 48 VI. Deferred Taxes 51 VII. Derivatives, Hedging, & Translation 53 VIII. Fixed Assets 57 IX. Governmental Accounting 63 X. Personal Financial Statements, Segments, & Interim Reporting 74 XI. Partnership Accounting 77 XII. Inventory 80 XIII. Investments
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Wise people speak because they have something to say. Fools speak because they must say something." Don't predict the future, invent it. Davies, Tony & Crawford, Ian 2012, ‘Financial Accounting”, Pearson, Harlow. Pg 7 Prudence Concept Prudence means being careful or cautious. The prudence concept is an ethical concept that is based on the principle that revenue and profits are not anticipated, but are included in the income statement only when realized in the form of cash or other assets
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college Nick O'Brien started to work in the accounting department at his aunt's software company. While going over some financial statements Nick notices what he believes are revenue recognition issues. Since Nick believes that Lee Marchetti the Chief Financial Officer (CFO) of O'Brien Software is an honest man, he decides to have a discussion with him about what he believes are revenue recognition issues. Mr. Marchetti explains to Nick that accounting is not an exact science and that it involves
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Acquisition 1 Answers to Discussion Questions How Does a Company Really Decide which Investment Method to Apply? Students can come up with literally dozens of factors that should be considered by Pilgrim in making the decision as to the method of accounting for its subsidiary, Crestwood Corporation. The following is simply a partial list of possible points to consider. Use of the information. If Pilgrim does not monitor its own income levels closely, applying the equity method would seem to be a waste
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differences between the American standard of measurement and the metric system or differences in accounting standards, the United States likes to be its own boss so to speak. As stated before, one of the premier differences in business practices between the United States and the rest of the world is the difference in accounting practices. The United States maintains the usage of GAAP or “Generally Accepted Accounting Principles,” while much of the developed world uses IFRS or “International Financial Reporting
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during the years 1997-2005 (U.S.D.J. 2007). This included falsely stating the fair market value of the options further inflating their value. Monster accounted for these stock options as “in-the-money” options which is permissible under U.S. GAAP. However in doing so they forged the actual date the stocks were granted on thus recording no compensation expense for the interim days which is not an acceptable accounting technique. The dates chosen were used because of their low closing price. The
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Indian Accounting Standard (Ind AS) 2 Inventories Contents OBJECTIVE Paragraphs 1 SCOPE 2-5 DEFINITIONS 6-8 MEASUREMENT OF INVENTORIES Cost of inventories Costs of purchase 9-33 10-22 11 Costs of conversion 12-14 Other costs 15-18 Cost of inventories of a service provider 19 Cost of agricultural produce harvested from biological assets 20 Techniques for the measurement of cost 21-22 Cost formulas 23-27 Net realisable value 28-33
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reported at their fair value in the balance sheet. (b) Available-for-sale securities are reported at their fair value in the balance sheet. (c) Held-to-maturity securities are reported at their amortized cost in the balance sheet. For marketable securities, fair value and market value are usually synonymous. Thus, trading and available-for-sale securities are recorded on the balance sheet at market value. Q9-2. An unrealized holding gain (loss) is an increase (decrease) in the fair value of an investment
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CONTEXT..............................................................3 THE IFRS FRAMEWORK ..............................................................................17 PRESENTATION OF FINANCIAL STATEMENTS ........................................35 ACCOUNTING POLICIES .............................................................................49 REVENUE......................................................................................................61 INVENTORIES................................
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