1 historical cost accounting (hca) is the situation in which accountants record revenue, expenditure and asset acquisition and disposal at historical cost: that is, the actual amounts of money, or money's worth, received or paid to complete the transaction. 2 nature of historical cost accounting this is one of those idiosyncratic headings that teachers dream up (me too, probably!) that meant nothing to me without further explanation 3 the big advantage of hca is that it leads to absolute certainty
Words: 2561 - Pages: 11
The Difference Between Managerial Accounting and Financial Accounting ACC 560 Term Paper In this term paper the author will discuss Managerial Accounting and the components of Managerial Accounting. The author will also compare the different components of financial accounting compared to managerial accounting. According to McGraw Hill, Managerial Accounting is concerned with providing information to managers, people inside an organization who direct and control
Words: 1116 - Pages: 5
independent organization having two main bodies, the Trustees and the IASB, as well as a Standards Advisory Council and the International Financial Reporting Interpretations Committee. The IASC Foundation Trustees appoint the IASB members, exercise oversight and raise the funds needed, but the IASB has responsibility for setting International Financial Reporting Standards (international accounting standards). [edit] IASB Members The IASB has 15 Board members, each with one vote. They are selected
Words: 510 - Pages: 3
markets and the increasing complexity of financial instruments have caused financial statement users to question the relevance and usefulness of historical cost accounting (HCA). The propensity to use fair value accounting (FVA) is imminent as we enter into a borderless economy and as financial markets evolve that require more current and relevant financial information. The U.S. Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS) joint effort to establish
Words: 1703 - Pages: 7
Compiled AASB Standard AASB 139 Financial Instruments: Recognition and Measurement This compiled Standard applies to annual reporting periods beginning on or after 1 January 2011 but before 1 January 2013. Early application is permitted only for annual reporting periods ending on or after 30 June 2009. It incorporates relevant amendments made up to and including 27 October 2010. Prepared on 26 November 2010 by the staff of the Australian Accounting Standards Board. Obtaining Copies of
Words: 49413 - Pages: 198
because the litigations were not considered probable, however the language used by Danle’s legal counsel to describe the litigation was interpreted to mean reasonably possible. Therefore ASC 450-20-50-3 applies and proper disclosure is needed for the financial statements of fiscal year December 31, 2009. As additional proof ASC 450-20-50-5 clearly states, “Disclosure is preferable to accrual when a reasonable estimate of loss cannot be made. For example, disclosure shall be made of any loss contingency
Words: 1183 - Pages: 5
interperiod equity. 11. Reserve for encumbrances accounts should be closed at year-end. 12. Capital budgets concentrate on long-lived assets Chapter 12 1. FASB Statement No. 117 directs that revenues and expenses be reported in a statement of financial position. 2. In the statement of activities, FASB Statement No. 117 requires revenues to be reported as increases in one of the three categories of net assets, depending on donor-imposed restrictions; however, all expenses should be reported as
Words: 1735 - Pages: 7
(2014),"IFRS and convergence in China and the USA", Journal of Technology Management in China, Vol. 9 Iss 1 pp. 56-66 http://dx.doi.org/10.1108/JTMC-12-2013-0042 Ronita D. Singh, Susan Newberry, (2008),"Corporate governance and International Financial Reporting Standard (IFRS): The case of developing countries", Research in Accounting in Emerging Economies, Vol. 8 pp. 483-518 Access to this document was granted through an Emerald subscription provided by emerald-srm:313615 [] For Authors If
Words: 9957 - Pages: 40
Term in English Term in Chinese 1 [Amount] recoverable 可回收(金額) 2 ‘Corridor’ 「緩衝區」 3 ‘Cost of sales’ method 「銷貨成本」法 4 Acceptable under IFRSs 國際財務報導準則可接受 5 Accountability of management 管理階層之課責性 6 Accounting 會計 7 Accounting and Reporting by Retirement 退休福利計畫之會計與報導 Benefit Plans 8 Accounting estimate 會計估計 9 Accounting for Government Grants and 政府補助之會計及政府輔助之揭露 Disclosure of Government Assistance 10 accounting for inventories 存貨會計 11 Accounting for Investments in Associates
Words: 8454 - Pages: 34
what this update did. The update states “The amendments in this Update address those issues by changing the criteria for reporting discontinued operations and enhancing convergence of the FASB’s and the IASB reporting requirements for discontinued operations”. The main thing that was done with this update was that “The amendments in this Update change the requirements for reporting discontinued operations in Subtopic 205-20.” The update goes into more detail about what are the specific areas that are
Words: 556 - Pages: 3
