Accounting Standards Harmonization and Financial Statement Comparability: Evidence from Transnational Information Transfer Clare Wang The Wharton School University of Pennsylvania wclare@wharton.upenn.edu Current Version: January 2011 Abstract This study investigates whether harmonization of accounting standards enhances the comparability of Önancial information across countries. First, I statistically deÖne and link comparability to Örm value in a two-Örm, sequential information release framework
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ACC307 – Accounting Theory Assignment Name: Chun Ho Hui Student ID: na20150418 Case Study 1 Questions 1. Explain why principles-based standards require a conceptual framework. A: Conceptual framework can be defined as “an attempt to define the nature and purpose of accounting” (Team, 2015). Conceptual framework is essential for principle-based standards because it lays out a fundamental structure for principles-based standards. Setting the standard on and relate to an established body
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Theoretical Structure of Financial Accounting AACSB assurance of learning standards in accounting and business education require documentation of outcomes assessment. Although schools, departments, and faculty may approach assessment and its documentation differently, one approach is to provide specific questions on exams that become the basis for assessment. To aid faculty in this endeavor, we have labeled each question, exercise and problem in Intermediate Accounting, 7e with the following AACSB learning
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U.S. Generally Accepted Accounting Principles (GAAP) and International financial reporting standards (IFRS) are the accounting principles that all companies must abide by in the US (GAAP) and internationally (IFRS). Golf-Travel Inc wants gather information about the tax issues related to their foreign subsidiaries. By researching through the codification, we find the different issues pertaining to their earnings from their global operations. Specifically, the answers to the issue that involves
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Financial Crisis Advisory Group July 28, 2009 To the Members of the International Accounting Standards Board and the US Financial Accounting Standards Board: On behalf of the members of the Financial Crisis Advisory Group (FCAG), we are pleased to present our report to the Boards about the standard-setting implications of the global financial crisis. We believe that confidence in the transparency and integrity of financial reporting is critically important to global financial stability
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ISSUES IN ACCOUNTING EDUCATION Vol. 27, No. 2 2012 pp. 461–474 American Accounting Association DOI: 10.2308/iace-50005 Super Electronics, Inc.: Financial Reporting of Sales Incentives and Vendor Allowances Using FASB Codification Mahendra R. Gujarathi ABSTRACT: Super Electronics, Inc., a specialty retailer, has recently initiated several sales incentives and has entered into a long-term purchase arrangement with a major vendor that entitles it to sliding discounts based on its level of purchases
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FEMSA 2007: THE FINANCIAL STATEMENT ANALYSIS IMPACT OF DIFFERENCES IN MEXICAN AND US GAAP 1. Compute the following ratios for 2007 using the financial statements prepared using Mexican FRS and expressed in pesos. [Assume the weighted average number of shares outstanding is 17,891,000] a. Current Ratio: Current assets/Current liabilities b. Inventory Turnover: Cost of Goods Sold/Average Inventory c. Profit Margin on Sales: Net Income/Net Sales d. Debt to Assets Ratio:
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Accounting Reporting Criteria The world of accounting can look quite universal to any outsider. Most people assume that when you are dealing with money and business that everyone follows the same standards regardless of where the company is located. This is not the case when dealing with companies in different companies that do not utilize the US GAAP. While there are some aspects that may be similar there are many differences between these types of companies and how they perform different accounting
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IFRS coming to India.......Get Ready!!! Hello Friends and a very warm Good Afternoon to all of you…I am Siddharth Jain from Indore and consider it a proud privilege to be given an opportunity to present my views on one of my favorite topics, a topic as hot as Sheela ki Jawani….the topic being IFRS-Opportunities & Challenges. “He who rejects change is the architect of decay. The only human institution which rejects progress is the cemetery.” These famous words of Harold Wilson, a brilliant
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capitalisation of borrowing costs November 2008 PricewaterhouseCoopers’ IFRS and corporate governance publications and tools 2008 IFRS technical publications IFRS manual of accounting 2009 PwC’s global IFRS manual provides comprehensive practical guidance on how to prepare financial statements in accordance with IFRS. Includes hundreds of worked examples, extracts from company reports and model financial statements. IFRS 3R: Impact on earnings – the crucial Q&A for decision-makers Guide aimed
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