understand the insurer’s financial position, performance and risk exposure.” Additionally, IFRS does not provide the proper guidance to how insurers should handle certain issues. The main goal of the Insurance Contracts project is to provide a single principle-based standard to account for all types of insurance contracts. Also, because comparability between entities is largely lacking today, the Insurance Contracts project also aims to enhance the comparability of financial reporting between them. The
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The Corporations Act (enforced by ASIC):--Outlines the responsibilities of company directors in relation to various activities, including the nature of their conduct, and preparation, lodgment and distribution of financial statement///Requires preparation of ‘true and fair’ financial statements by public companies, large proprietary companies, organizations with securities listed on the ASX, and some small proprietary companies. Functions of AASB--developing a conceptual framework making accounting
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Philippines known as one of the developing countries in Southeast Asia has also become one of the countries supporting the shift and full compliance with the International Financial Reporting Standards (IFRS). The change from following the U.S GAAP or the localized version of the U.S GAAP to the International Financial Reporting Standards has become one of the main priorities in the accounting system of the country. However, there is a need to fully understand whether or not there really is an economical
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Share Capital It is the amount of money contributed by the shareholders for the furtherance of objectives of the company for which it was created. * Equity / Preference Share * Par value * Number of Shares in each category * Total amount TYPES OF SHARE CAPITAL * AUTHORISED CAPITAL * ISSUED CAPITAL * SUBSCRIBED CAPITAL * CALLED UP CAPITAL * PAID-UP CAPITAL AUTHORISED CAPITAL * MAXIMUM amount of share capital that the company is authorised by its constitutional
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MFRS 133 Malaysian Financial Reporting Standard 133 Earnings per Share This version includes amendments resulting from MFRSs with effective dates no later than 1 January 2012. Amendments with an effective date later than 1 January 2012 MFRS 133 has been amended by: MFRS 10 Consolidated Financial Statements* MFRS 11 Joint Arrangements* MFRS 13 Fair Value Measurement* Presentation of Items of Other Comprehensive Income (Amendments to MFRS 101)† As those amendments have an effective
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JORDAN The government of Jordan has adopted IFRS in may 15th,1977 by passing Company Law No.22 which came into effect after thirty days of its issue. The Public companies were informed to classify their accounts according to the International Financial Reporting Standards. (IFRS, 2011) Egypt The companies in Egypt were monitored by the IFRS until the Capital Market Law passed in 1992 which obliged all the registered companies to follow Egyptian Accounting Standards set by ministry of Finance. The Central
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Accounting regulation The Learning Objectives for this lecture: Regulatory framework Role of a conceptual framework Current state of play of conceptual framework for international standards Different approaches to accounting regulation •Free-market approach EMH Agency theory •Regulatory approach market mechanisms will not be able to achieve a socially optimal equilibrium price for accounting information Theory of efficient markets • The forces of supply and demand influence market
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as ‘a set of interrelated concepts which define the nature, subject, purpose and broad content of general-purpose financial reports’ (Carnegie, et. al. 2008). The conceptual framework is made up of four qualitative characteristics: relevance, reliability, comparability and understandability (Hoggett, et. al. 2009). These qualitative characteristics allow the general-purpose financial reports to be constructed for interpretation by a particular user(s) so they may make informed decisions about certain
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be a big brang * Slow/decline in the industry 1. What is the boundary between earning management and fraudulent reporting ? Fraudulent reporting is a form of aggressiveWhen a company is in a down turn in business | Earnings management "Earnings management" occurs when managers use judgment in financial reporting and in structuring transactions to alter financial reports to either mislead some stakeholders about the underlying economic performance of a company or influence contractual
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The beginning of the 21st century was marked by major corporate collapses that jeopardised the reputation of the big Accounting and Auditing firms, questioning the very foundations of financial reporting and corporate governance. In a very short period of time, millions of dollars were wiped off the financial statements of major corporations, and the world saw giants collapse as large amounts of money were proven to exist only in paper. Even though fraud was found to be the constant variable in
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