more rules-based, but the common conceptual framework is moving towards an objective-oriented approach. | IFRS is largely a principles-based approach. | Companies must disclose their accounting policies and estimates in the footnotes and Management’s Discussion Analysis. | Companies must disclose their accounting policies and estimates in the footnotes and Management’s Discussion Analysis. | CHAP – 25 GAAP (FASB) | IFRS (IASB) | When the outcome of a long term contract can b reliably estimated
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Intermediate Accounting II Study Guide Final Exam 1. Liabilities are a. any accounts having credit balances after closing entries are made. b. deferred credits that are recognized and measured in conformity with generally accepted accounting principles. c. obligations to transfer ownership shares to other entities in the future. d. obligations arising from past transactions and payable in assets or services in the future. 2. Which of the following is a characteristic
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effort to solve an accounting research issue. • Mitigate the risk of noncompliance through improved usability of the literature. • Provide accurate information with real-time updates as Accounting Standards Updates are released. • Assist the FASB with the research and convergence efforts. 2. Briefly describe the purpose and content of the “What’s New” link. It aims to provide descriptions of recent modifications and enhancements to the FASB Accounting Standards Codification
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CHAPTER 5 COMPARATIVE ACCOUNTING Chapter Outline China I. There are some unique features in the accounting profession in China. They include the following: A. Until the 1980s, those who carried out accounting work were not held in high regard in society, and this has had an adverse effect on the development of the accounting profession in China. B. Accounting and auditing in China have taken different paths in their development processes. Auditing firms audited mainly
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financial accounting system provides insight into the company expectations and Many organizations depend on account management that works closely with organization management performance. Having effective management of accounting information, allows an organization to be able to evaluate a company's financial position, make appropriate use of resources, and plan on how to take the company forward in the future. Maintaining a precise and reliable financial statement is very necessary for fair financial
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measures to bolster our earnings capacity and develop cutting-edge products, to ensure we remain on a path of sustainable growth. Nikon, following its unchanged corporate philosophy of “Trustworthiness and Creativity,” will consistently offer new value and continue to grow. Precision Equipment Nikon contributes to our increasingly sophisticated information society with its leading steppers and scanners, used in semiconductor and LCD panel manufacturing worldwide. Imaging Products For a new
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Special Purpose Entity Purpose We compiled the information presented to address concerns surrounding the audit of McDowells, a publicly traded company. The memo explores both share-based payment and special purpose entities. It details the proper accounting methods for each item. Finally, we offer suggestions and guidelines to ensure McDowells complies with GAAP on these matters. CONFIDENTIAL Share-based payment and SPE The transactions related to the share based payment are defined as the proceedings
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Apple, Inc Financial Analysis Report Daunshae' Willrich Intermediate Accounting II Professor Wendy Achilles Apple Inc. designs, manufactures, and markets mobile communication and media devices, personal computers, and portable digital music players. The company also sells various related software, services, peripherals, networking solutions, and third-party digital content and applications. Products The company’s products and services include iPhone, iPad, Mac, iPod, Apple TV, a portfolio
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depreciation. Distinguish between revenue and capital expenditures, and explain the entries for each. Explain how to account for the disposal of a plant asset. Compute periodic depletion of natural resources. Explain the basic issues related to accounting for intangible assets. Questions 1, 2, 3 Do It! 1 Exercises 1, 2, 3 2. 4, 5 2 4 3. 6, 7, 21, 22, 23 8 3, 4, 5, 6 6 5, 6, 7 2A, 3A, 4A, 5A 4A 2B, 3B, 4B, 5B 4B 4. 7 7, 8 8 5. 9, 24 8 6. 10, 11 9, 10 9, 10 5A, 6A 5B, 6B
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Objective The objective of IAS 16 is to prescribe the accounting treatment for property, plant, and equipment. The principal issues are: the timing of recognition of asset; the determination of their carrying amounts; and The depreciation charges to be recognized. Scope IAS-16 applied to all Property, Plant & Equipment until and unless any other standard requires or permits a different accounting treatment. Definition Property, Plant & Equipment are tangible items that: are held for use
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