Introduction to Financial Accounting Accounting works as an indicator of success (making or losing money) for a business, or a tool that is used to make decisions regarding how a company should grow. “ACCOUNTING IS THE LANGAUGE OF BUSINESS”. Definition: Accounting Information system that identifies and records the economic events of an organization and communicates to interested users. Accounting information are reported and presented in financial statements! Users of Accounting information
Words: 669 - Pages: 3
| | ROLE OF COST AND MANAGEMENT ACCOUNTANTS IN IFRS REGIME CMA. Arindam Banerjee Abstract IFRS has today become a universal financial reporting language through which all the global companies are communicating with its global investors rather than having a divergent set of standards applied differently in different countries. Against this background the present article begins with the
Words: 2489 - Pages: 10
purpose of financial and accounting management is to organize, plan, control and direct the financial and accounting activities, but to ensure that every stakeholder is adequately served. The effectiveness of financial and accounting management, therefore purely depends on the policies, regulations and frameworks that are designed and being evolved from time to time. According to Gray, Owen and Adams (1996) financial management is the core business discipline which is meant to ensure that financial resources
Words: 3024 - Pages: 13
Hi I’m austen and I will tell you about the proposal of a new or changed standard, how it is approved and also the way in which the objective of financial reporting was changed. A new standard arises because it is realized that certain aspects of the framework need to be tightened up or made clearer, which means reporting becomes easier. A lot of the time changes are made to existing standards, rather than drafting a whole new standard. A new standard comes about via a process set out in paragraph
Words: 494 - Pages: 2
income statement. Even though, ASC 225-20 has not been superseded to date, FASB confirmed their decision on March 10, 2010, to disallow the reporting of extraordinary items. While FASB’s pronouncement is consistent with their goal of converging with IASB’s standards, it should also take into account the impact of eliminating this classification on financial reporting and as well as on the SEC filers. The function of extraordinary items, reported on the income statement, is to separate the impact of
Words: 494 - Pages: 2
accounting standards at a global level for all sectors. Accounting standards are trustworthy statements is the reflection of financial statements to be presented to the stakeholders . United kingdom has already adopted IFRS since 2005.I would be discussing on adoption of IFRS by United kingdom for this paper. The United Kingdom has already adopted IFRS for the consolidated financial statements of all companies whose securities trade in a regulated market” (EU Law).The IAS Regulation requires companies
Words: 995 - Pages: 4
the 'going concern' concept The 'going concern' concept directs accountants to prepare financial statements on the assumption that the business is not about to go broke or be liquidated (i.e. where the business closes and sells all the assets for whatever price they can get). So, unless there is significant evidence to the contrary, accountants will base their valuations and their reporting of financial data on the assumption that the business will remain in existence for an indefinite period
Words: 843 - Pages: 4
Chapter One Exercise 3. a. The sales and expenses are recorded in U.S. dollars using the foreign currency rate of BRL to USD at the time of the transaction. This rate fluctuates continuously. As the rate changes, more or less revenue and expenses will be recorded in USD. For example, if the company had a single expense of 500 BRL (Brazilian reals) and the foreign currency translation rate on that day was .3 BRL to USD, the company would record expense of $150 USD. If the same transaction
Words: 693 - Pages: 3
IFRIC 15 IFRIC Interpretation 15 Agreements for the Construction of Real Estate IFRIC 15 Agreements for the Construction of Real Estate was developed by the International Financial Reporting Interpretations Committee and issued by the International Accounting Standards Board in July 2008. Its effective date is 1 January 2009. © IFRS Foundation A1129 IFRIC 15 CONTENTS paragraphs IFRIC INTERPRETATION 15 AGREEMENTS FOR THE CONSTRUCTION OF REAL ESTATE REFERENCES BACKGROUND
Words: 1820 - Pages: 8
Accountability in Reporting Memo To: Nonfinancial Audience From: Gabriella Goodfield, Accountant Date: June 25, 2012 Subject: Impact of public scrutiny on not-fot-profit reporting requirements The nonfinancial audience main concerns were and are why is the so much information in the financial reporting. Also, the nonfinancial is questioning why is it necessary for the extra information. Starting with the fact that all financial reports and statements has to give a full picture of
Words: 251 - Pages: 2
