MEMORANDUM TO: Professor John Eckroth DATE: 12/03/2013 SUBJECT: Project #2 – PPP Fashions, Inc. The purpose of this memo is to address the accounting issues related to how PPP Fashions should record the $25 Referral Credit on the books. The Financial Accounting Standards Board’s Accounting Standards Codification (ASC) Topic No. 605-50 (Revenue Recognition/Customer Payments and Incentives) provides guidance pertaining to sales incentives including discounts on future purchases. The general rule
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Introduction This paper will discuss the literature review section of Adena LeJeune’s 2010 dissertation titled “Examination of Louisiana Certified Public Accountants' Perceived Educational Needs Related to International Financial Reporting Standards” (IFRS). Beginning with the author’s strategy, the learner identifies the theoretical framework and research methodology followed by an explanation of the work’s organizational layout. The next sections explore the levels of analysis used and the
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Faculty of Business & Society Assignment Cover Sheet | | Module Code: | AF3S21 | | Module Tutors: | Ricky Li | | | | | | | Module Title: | International Issues of Accounting | | | | | | | Submission Date: | Sunday, 11:59pm, 12th May, 2013 | | Return Date: | You work will be returned within 20 working days of the date of submission. | | | | | | | | | | | | Plagiarism Advice:You must not engage in plagiarism when completing your coursework as it
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International Accounting Standard Board (IASB) and US national standard-setter, the Financial Accounting Standards Accounting (FASB). So far, IASB and FASB have created a uniform framework for how to measure fair value for entities around the world. By publishing IFRS 13 Fair Value Measurement, the IASB established a single source of guidance under IFRS for all fair value measurements. After searching relevant sources from financial books and economic websites, some of the issues about fair value accounting
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sales. D) The Financial Accounting Standards Board (FASB) amended its guidance on accounting for business combinations to improve, simplify and converge internationally the accounting for business combinations. The new accounting guidance continues the movement toward the greater use of fair value in financial reporting and increased transparency through expanded disclosures. The new accounting guidance changes how business acquisitions are accounted for and will impact financial statements both
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of opportunity for the manipulation of financial statements. To what extent do IAS 11 and IAS 17 resolve these issues? What can you tell us about any anticipated changes to International Accounting Standards in respect of construction contracts and leases and about how such changes may impact upon Brick to Brick PLC?” In order to explore the reasons companies distort their financial statements, we would first need to understand the importance of financial statements and why the utmost care needs
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for the third quarter. 2) Issues on the concepts of revenue recognition that have been apply in the company to show their financial results. * Whether Biovail Corporation recognize its revenue using FOB shipping point or FOB destination. Suggested Solution 1) FOB Destination shipping term * The truck accident had no impact on company’s third quarter financial results. * The truck left Manitoba on Sep 30, which was too late to reach Distributor’s North Carolina facility prior the
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accounting standpoint as well. According to the International Public Sector Accounting Standard (IPSAS) 20 section 27, the reporting entity must disclose the nature of the related party relationships, the types of transactions occurred and the elements of the transactions necessary to clarify the significance of these transactions to its operations and sufficient to enable the financial statements to provide relevant and reliable information for decision making and accountability purposes. In conclusion
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this rivalry marketplace, Companies need to expand business to the most profitable capacity. No matter what kind of reasons for company seeking extension under the ownership, the main one is to track potential profit. Today’s business environment Financial Accounting Standards Board (FASB), one of regulators represented concepts related with business combinations. Below is my briefly understanding of accounting standards of business combination. What is the history of account for business combinations
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Principle which requires that companies disclose certain circumstances and events that make a difference to financial statement users (Ch 7).” The fourth one is the Cost Principle which “dedicates that companies record assets at their cost (Ch 7).” The constraints of accounting consist of two constraints. The first one is Materiality which “relates to an items impact on a firms overall financial condition and operations (Ch 7).” The second one is conservatism which “dedicates that when in doubt choose
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