ACC/541 – Accounting Theory and Research Instructor - Leslie Crews, JD, MBT March 28, 2011 Financial Accounting Standards Board History The Financial Accounting Standards Board (FASB) is a private sector organization that was established in 1973. The FASB is governed by the Financial Accounting Foundation (FAF). The FAF appoints the members of the Financial Accounting Standards
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Now I will discuss the comparison of accounting for operating leases under GAAP and IFRS. The accounting treatment is almost the same. Basically, an operating lease is a rental arrangement under which the lessor collects rents from the lessee for the use of the leased assets. For the lessee, operating leases only hit the income statement as the lessee recognizes rent expense over the lease term, while the lessor records rental income and depreciate the leased assets over the useful life. For this
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Accounting Standard 14 : Accounting for Amalgamations Organised by WIRC, Institute of Chartered Accountants of India Presented By Shri Rakesh Agarwal, Senior Manager, PricewaterhouseCoopers (India) Pvt. Limited Easy PDF Creator is professional software to create PDF. If you wish to remove this line, buy it now. licability & Scope of the Standard ndatory in nature for Accounting periods commencing o er 1-4-1995 ope Accounting for amalgamations and the treatment of any resultant goodwill
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or d. does not have the right to defer until twelve months after the balance sheet date. The classification and accounting for current liabilities under IFRS is very similar to U.S. GAAP. Differences relate to the following: * Refinanced short-term debt – may be reclassified as long-term debt only if refinancing is completed prior to the balance sheet date (under U.S. GAAP, a refinancing agreement must be reached but the refinancing need not be completed by the balance sheet date)
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......................................................................4 1.2.1 Classifying Financial Statements Elements ...................................................................................................................4 1.2.2 Accounting Equations ....................................................................................................................................................5 1.2.3 Statement of Owners Equity ..................................................
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International Financial Reporting Standards (IFRS) in Indian context Introduction Convergence with IFRS has gained momentum in recent years all over the World. 110+ countries including European Union, Australia, China, New Zealand, and Russia currently require or permit the use of IFRS. Apart from India, countries like Japan, Sri Lanka, Canada and Korea have also committed to adopt IFRS from 2011. United States of America has announced its intention to adopt IFRS from 2014 and it also permits foreign
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Enforcement of IFRS 8 Summary of contents of financial statements 9 Transition Process of Accounting Standards 10 Auditing Standards 11 Full convergence with International Standards 11 Verification of Capital Contribution 13 Comparison of China’s old GAAP and IFRS 14 Accounting Education in China 15 The Chinese Institute of Certified Public Accountants 15 The CICPA Overview 15 The CICPA Examination 16 Accounting Student 18 China’s Cultural Influences on Accounting 19 Appendix
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accordance with (1) U.S. GAAP for reporting to its U.S.-based lender and (2) IFRS in reporting to its parent. U.S. Operations In addition to other assets, Ida owns and operates a commercial building in the United States that is carried at its cost less any accumulated depreciation and any accumulated impairment losses. As of December 31, 2010, the building represents: • • A cash-generating unit (CGU) under IFRS. A long-lived asset classified as held and used under U.S. GAAP. In December 2010, one
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quarter of this year, eXtra generate net income by around 29 million riyals which is the same net income of the third quarter for the previous year. Accounting Polices The financial statements of eXtra are prepared according to the accounting standers set by Saudi Organization for Certified Public Accountants (SOCPA) which is adopted from U.S GAAP. eXtra use the historical cost (actual cost a company paid to get the item) to value its items in the financial statements. The historical cost is more
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Financial Accounting July 2012 Session 3 Kansas City Zephyrs and Inventories Jacob Cohen MIT Sloan School of Management 1 Kansas City Zephyrs – Setting I Kansas City Zephyrs – Setting II What are the owners’ incentives? What are the players’ incentives? Kansas City Zephyrs – Discussion Take-Away slide I Kansas City Zephyrs • A case where financial statements are used to resolve an internal dispute • Distinct from Shrek 2, which focused on the effect of accounting
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