IFRS 8-1: What are some steps taken by both the FASB and IASB to move to fair value measurement for financial instruments? In what ways have some of the approaches differed? Fair value measurements have the power to provide users of financial statements with an accurate depiction of the value of the company’s assets. IFRS and GAAP are strict in the fact that they require the firms to include information regarding fair value measurement practices in the notes of financial statements. When following
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opening up of the country. Such transactions are seen as a vehicle to secure shareholders’ interests. The main agenda stimulating the business combinations such as the merger or acquisition of a company by another is the creation of shareholders’ value which is more than the summation of the companies operating separately. Materials for this paper were researched from DePamphilis, D., Mergers, Acquisitions, and other Restructuring Activities, (6/E), Deloitte (July 2009). The move to IFRS:
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In accounting, historical cost is the original monetary value of an economic item.[1] Historical cost is based on the stable measuring unit assumption. In some circumstances, assets and liabilities may be shown at their historical cost, as if there had been no change in value since the date of acquisition. The balance sheet value of the item may therefore differ from the "true" value. While historical cost is criticised for its inaccuracy (deviation from "true" value), it remains in use in most
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Client Understanding Paper Tanisha Wilson University Of Phoenix Accounting Theory and Research ACC/541 Bethany Bartlett August 19, 2013 Client Understanding Paper To our valued clients at Morton Sales Company, It is my pleasure to have the opportunity to assist your organization with your financial needs. As I was analyzing the working papers given, a request for some additional information needed was submitted. It has been conveyed to my attention that there is questions or concerns in
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A critical review of the trade-offs between the concepts of relevance and reliability in financial reporting Theme: Financial Accounting Classification: M41 Author: Prof D Coetsee Affiliation: Department of Accountancy, University of Johannesburg, South Africa Contact address: Department of Accountancy R-Ring 607 University of Johannesburg PO Box 524 Auckland Park Johannesburg South-Africa 2006 Telephone: +27-11-559-3047 Fax: +27-11-559-2777
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Accounting Standard 14 : Accounting for Amalgamations Organised by WIRC, Institute of Chartered Accountants of India Presented By Shri Rakesh Agarwal, Senior Manager, PricewaterhouseCoopers (India) Pvt. Limited Easy PDF Creator is professional software to create PDF. If you wish to remove this line, buy it now. licability & Scope of the Standard ndatory in nature for Accounting periods commencing o er 1-4-1995 ope Accounting for amalgamations and the treatment of any resultant goodwill
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Conceptual framework includes objectives, qualitative characteristics, elements, measurement, and recognition concepts. The FASB Concepts Statements guide the board in developing accounting principles and provide understanding. These concept statements are non-authoritative and do not establish generally accepted accounting principles. Entities do not use the FASB Concept Statements in routine preparation of financial statements. (8,2) The IASB and the Interpretations Committee use conceptual framework
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CHAPTER 1 Intercorporate Investments: An Overview MULTIPLE CHOICE Use the following information on a company’s investments in equity securities to answer questions 1- 4 below. The company’s accounting year ends December 31. | |Date of acquisition|Cost |Fair value |Date sold |Selling price | |Investment | | |12/31/10 | | | |Ajax Company
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Chapter 6 – Financial Reporting Principles, Accounting Standards and Auditing 6.2 Accounting Principles and the use of Accounting Information Doing accounting takes expert knowledge, considerable experience and continuous attention to new problems and solutions. Concepts and principles are important, as they form logical structure that practising accountants use every day to consider problems to make recommendations GAAP (Generally Accepted Accounting Principles) applied differently for different
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Islamic Accounting in Modern Era by: Chusnul Asfadillah Student of Airlangga University, Surabaya, Indonesia +62899 372 1772 Ines Nur Latifah Student of Airlangga University, Surabaya, Indonesia +62878 8432 3738 DR. Raditya Sukmana Lecturer of Airlangga University, Surabaya, Indonesia + 62 878 5421 6776 ABSTRACT Purpose – This paper aims to determine the importance of the Islamic Accounting in modern era. In particular, the paper analyzes the values of the Islamic principles in the accounting process
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