Abstract Within the accounting profession there are many complex ethical issues that must be dealt with quite often. It is important that the people working within the industry provide high quality financial statements and always pay close attention to ethical concerns that may arise. Since ethics is such a major concern in the accounting industry, a rules based system is in place for enforcing ethical concerns. There are many regulating bodies that exist that enforce many highly detailed regulations
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Habib Ousmane Diallo The International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP) are rules and guidelines established to attempt to standardize accounting and recording practices across the United States and Internationally. International Financial Reporting Standards (IFRS) is a set of international accounting standards stating how particular types of transactions and other events should be reported in financial statements. IFRS uses fair-value accounting
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of social and environmental accounting has regarded as a core reporting method among organisations and it has been eventually separated from the statement of the financial position (Deegan and Unerman, 2011, pp. 385). In the late 1990s, triple bottom line reporting, which considers that economic, social and environmental areas are equally important (Elkington, 1997), but unfortunately, with the higher demand of more integrated reporting, it has been replaced (Deegan and Unerman, 2011, pp. 386). This
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Misreporting of financial results have occurred in companies from various countries, such as personal computer maker Dell intentionally revised its results from 2003 to 2006 and in the first quarter of 2007. In 2006, the Malaysian express freight and freighter charter company Transmile Group restated its 2005 profit of RM75 million to a loss of RM370 million as a result of fictitious sales. This essay will analyse the incentives of companies misreporting their financial results in relation to how
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framework should include adherence to IFAC-issued International Accounting Standards. And it should support the groundwork for qualified accounting staff to provide the timely, relevant, and reliable financial information needed to support all fiscal and budget management, decisionmaking, and reporting processes. The diagnostic questionnaires that were used in this assessment collected information on the current arrangements and the apparent gaps in Maldives for accounting laws and regulations; education
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This served as reference elaboration point feel free to rephrase in your own style** enjoy your 30 seconds of glory MASB converged with IFRS in 2012 What is MASB’s future role after convergence with IFRS? (Jasmin) The importance of national standard setting bodies is again emphasised in the recent IFRS Foundation publication where the trustees had sought public comment of their strategy review for the next decade. It is stated in that consultative document that the IFRS Foundation and IASB
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22 August 2014 09.30 – 11.30 a.m DEGREE of MAcc ADVANCED INTERNATIONAL CORPORATE REPORTING (ACCFIN5002) Answer any TWO questions from FOUR Each question carries a 50% weighting of the exam assessment EXAMINATION INSTRUCTION: No candidate shall leave until an Invigilator has collected, and recorded receipt of, the candidates’ scripts. Invigilators will require candidates to remain during the first hour and last half-hour of an examination to avoid disturbing others. Students are
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Exposure Draft: Revenue Recognition (Topic 605): Revenue from Contracts with Customers The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have publishing this exposure draft as revenue is a vital number that financial statement users use to value a company’s performance. Both Boards require improvements in their revenue recognition requirements, therefore joined forces to refine the principles for revenue recognition. The goal of the FASB
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production costs used in financial accounting or making other relevant decisions in a firm (Horngren C.T) Cost accounting is broad and extends beyond calculating production costs for inventory valuation, which government-reporting requirements largely dictate. However accountants do not allow external reporting requirements to determine how they measure and control internal organizations activities. In fact, cost accounting focus is shifting from inventory valuation for financial reporting to costing for
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Changes to Accounting Standards for Leases Who is likely to be affected? Businesses which are lessees or lessors of assets and account for lease transactions using a leasing accounting standard which changes on or after 1 January 2011. General description of the measure Current accounting standards are International Accounting Standards (IAS) and UK Generally Accepted Accounting Practice (UK GAAP). Changes to the IAS lease accounting standard are expected during 2011, and changes to UK GAAP
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