Federation of European Accountants Fédération des Experts comptables Européens Impairment of Financial Assets The Expected Loss Model DECEMBER 2009 This paper has been prepared jointly by FEE and EFRAG as part of their pro-active work to provide European constituents with a perspective on the IASB’s proposals for the impairment of financial assets. It is intended to promote discussion and debate on these proposals. The paper describes the proposals but does not represent the views of either
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Federation of European Accountants Fédération des Experts comptables Européens Impairment of Financial Assets The Expected Loss Model DECEMBER 2009   This paper has been prepared jointly by FEE and EFRAG as part of their pro-active work to provide European constituents with a perspective on the IASB’s proposals for the impairment of financial assets. It is intended to promote discussion and debate on these proposals. The paper describes the proposals but does not represent the views
Words: 11477 - Pages: 46
Chapter 01 Introduction to International Accounting Multiple Choice Questions 1. Which of the following groups is a supranational organization? A) United Nations B) Organization for Economic Cooperation and Development C) International Federation of Accountants D) All of the above Answer: D Level: Easy LO: 1 2. Determination of net present value involves: A) forecasting future profits and cash flows.
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ACC312 WEIZHE QI A IAS37 Provisions, Contingent liabilities and Contingent Assets B According to IFRS IAS37 72-79: 72 A constructive obligation to restructure arises only when an entity: (a) has a detailed formal plan for the restructuring identifying at least: (i) the business or part of a business concerned; (ii) the principal locations
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Egypt 's Accounting and Auditing Standards and the adoption of International Accounting Standards Brief history of accounting in Egypt Historically, Egyptian accounting was not capital-market oriented but rather followed the principles of macro-accounting with huge government intervention aimed at tightly controlling the economy -- and was closely connected with accounting for tax purposes. Economic liberalisation began in the mid 1990s – with aspirations aimed at creating a guided free market
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abbreviations dictate, U.S. GAAP are the standards that regulate U.S. accounting procedures and iGAAP are standards that regulate international organizations. Both standards are alike with respect to language, procedures and reporting, but there are enough key differences in reporting that it keeps a steady discussion on which standard is more suitable for and international accounting system. This paper will explore the similarities and differences in the accounting of intangible assets that have been
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The financial statements of a global manufacturing firm differ from those in the service or merchandising industry primarily with transactions related to material, labor, and overhead. A manufacturing company has three basic inventory accounts: raw materials, work in process, and finished goods. (Goosen, pp. 31-46) Because the cost of goods manufactured is critical, a manufacturing company typically has a statement called cost of goods manufactured. The accounting for overhead in a manufacturing
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of “The FASB’s Conceptual Framework for Financial Reporting: A Critical Analysis” by AAA (2007) This article critically review the Preliminary Conceptual Framework (CF) and draw a conclusion that the FASB’ CF is a fundamentally flawed approach and should not be adopted in its present form. The AAA reviews and analyzes the FASB’ Preliminary Conceptual Framework in nine parts and gives its comments (COM). 1) The CF cites the users of general purpose financial reports are present and potential investors
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standards are an older set of standards stating how particular types of transactions and other events should be reflected in financial statements. In the past, international accounting standards (IAS) were issued by the Board of the International Accounting Standards Committee (IASC). Since 2001, the new set of standards has been known as the international financial reporting standards (IFRS) and has been issued by the International Accounting Standards Board (IASB). 1. Historical background of
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Complete the following exercise (Research and Application 2-28) and submit to your instructor. The questions in this exercise are based on Dell, Inc. To answer the questions, you will need to download Dell’s 2005 Form 10-K. You do not need to print this document in order to answer the questions. What is Dell’s strategy for success in the marketplace? Does the company rely primarily on a customer intimacy, operational excellence, or product leadership customer value proposition? What evidence supports
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