18) 6 Property, Plant and Equipment (IAS 16) 8 Xerox Revenue Recognition Scandal 9 Recognition in the Annual Statements 10 Conclusion 13 Bibliography 14 Appendices 17 Appendix 1 – Standards from IASB 17 Appendix 2 – Proposed plan for FASB and IASB 18 Appendix 3 – TUI Travel Plc Annual Statement 21 Appendix 4 – Thomas Cook Annual Statement 27 Appendix 5 – PSA Peugeot Citroen Annual Statement 31 Appendix 6 – Daimler AG Annual Statement 37 Appendix 7 – Xerox Annual Statement
Words: 4198 - Pages: 17
Acc372 - intermediate Accounting iI (3 hours) Homework FOUR Chapter 13 b 1. Collier borrowed $175,000 on October 1 and is required to pay $180,000 on March 1. What amount is the note payable recorded at on October 1 and how much interest is recognized from October 1 to December 31? a. $175,000 and $0. b. $175,000 and $3,000. c. $180,000 and $0. d. $175,000 and $5,000. d 2. On December 31, 2010, Irey Co. has $2,000,000 of short-term notes payable due on February
Words: 408 - Pages: 2
pronouncements or other pronouncements that you find suitable for the case using the internet as well as the Accounting Research Manager (available electronically at the library). You should focus your searches using the following sources: • FASB Codification (Topic 605) • Emerging Issues Task Force, EITF Documents • SEC Staff Accounting Bulletins (Topic 13) Format: The paper should be no more than 3 pages long, typewritten, double-spaced using word-processing software. Your memo should very briefly
Words: 387 - Pages: 2
FASB Codification Case 10-6 Care For Kids Inc. In the Care for Kids Inc. case the auditor should consider the likelihood and magnitude of a misstatement to determine if a deficiency, significant deficiency, or material weakness exists. According to SAS 115 (2011), “If the likelihood is more than remote, then consideration as a significant deficiency is triggered, again assuming that the effect of the deficiency is more than inconsequential. A material weakness is a deficiency, or combination
Words: 474 - Pages: 2
Describe what you believe is implied by the term “engagement risk.” What are the key factors likely considered by Deloitte and other audit firms when assessing engagement risk? How, if at all, are auditors’ professional responsibilities affected when a client proposes a higher than normal degree of engagement risk? I believe that the term “engagement risk” implies that inherent client-specific risks face an auditor throughout the course of an audit, thus creating a risk that the auditor will be
Words: 1007 - Pages: 5
Acct 306 Case Project Summer 2014 On January 1, 2014, NeedMoreRoom, Inc. (NMR) entered into a lease agreement with WeRentSpace, Inc. (WRS) to rent space for its corporate offices. Based on the lease agreement, the lease is properly classified as an operating lease. The lease has a 10-year lease term (expires on December 31, 2023), and there is no option to renew nor is the ability to negotiate for renewal provided in the lease agreement. In addition, the lease agreement contains two provisions that
Words: 932 - Pages: 4
interoffice memorandum to: from: subject: change in income statement presentation date: cc: Classification changes in the 2006 income statement of our client Lads and Lassies, Inc. I have researched the FASB Accounting Standards Codification for clarification for the reporting and presentation of the various income statement items you requested. There will need to be some changes to the income statement format. I will address each of the items separately. Net sales When Lads and lassies
Words: 450 - Pages: 2
rare sales and transfers of these securities should be disclosed in financial statements. The rest of the memo will expand on the above points. Readily Determinable Fair Value of Securities According to Financial Accounting Standards Board Codification (FASB), the fair value of the Teton stock is readily determinable. An equity security is readily determinable if it meets the following condition; the sales prices or bid-and-asked quotations must be available with a securities exchange that is
Words: 576 - Pages: 3
principles 2. Accounting standard-setters use the following process in establishing accounting standards: (d) Research, discussion paper, exposure draft, standard. 3. GAAP is comprised of: (d) any accounting guidance included in the FASB Codification. 4. The authoritative status of the conceptual framework is as follows. (a) It is used when there is no standard or interpretation related to the reporting issues under consideration. 5. The objective of financial reporting places must
Words: 443 - Pages: 2
harmonize accounting practices between countries. 2. Which of the following is true about the FASB after the mandatory adoption of IFRS by US companies? a. The FASB will serve in an advisory capacity to the IASB. b. The FASB will remain the designated standard-setter for US companies, but incorporate IFRS into US GAAP. c. The role of the FASB post-IFRS adoption has not been determined. d. The FASB will cease to exist. 3. Milestones in the transition plan for mandatory adoption of IFRS by US
Words: 4721 - Pages: 19
