a. Financial process management and control is improved with automation. IFRS transition offers a classic opportunity to exploit the benefits of ERP. The inherent value of consolidated transaction management and reporting systems becomes clear in a financial data conversion process. The ledger and subledger systems (where core data resides and feeds the GAAP-based GL) are the sources of the data conversion process. In the same way that ERP efficiently consolidates large volumes of financial and
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GLOBAL AVIATION GROUP 2013 Airline Disclosures Handbook Financial reporting and management trends in the global aviation industry kpmg.com KPMG’s Global Aviation practice KPMG is a global network of professional firms providing Audit, Tax and Advisory services. We operate in 156 countries and have 152,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity
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Trueblood Case 13-11: Income Taxes – LOL Case Facts: * Transaction Date: June 30, 2011 * Acquirer: LOL * Acquired: Sundance * LOL Tax Related Balances as of December 31, 2010 * $150mm Deferred Tax Asset * $105mm Valuation Allowance * Sundance Tax Related Balances as of Acquisition Date * $200mm Deferred Tax Asset * $200mm Valuation Allowance * Acquisition Date Decisions * Remove LOL Valuation Allowance of $105mm * Remove $150mm
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Case 12-03 Provisions and Contingencies The appropriate accounting standards to recognize and measure are IAS 37 under IFRS and FAS 450-20 under GAAP. Some examples of provisions are given in IAS 37. Standards | IFRS IAS 37 | U.S. GAAP 450-20 | RecognitionIFRS 14 – 35GAAP 450-20-25 | Recognize a Provision when: a) a present obligation exists b) probable outflow of resources (probable = more likely than not) c) a reliable estimate can be madeIf all conditions are not met, no provision
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Tax Law and Accounting University of Phoenix/ACCT 483 July 20, 2009 Tax Law and Accounting The history and time line of federal, state, and local tax systems within the United States follows events in history that have shaped the current tax laws of today. Today the law is almost inconceivable with so many interpretations and loopholes. In today’s business world not only are companies governed by federal income tax laws, but also accounting guideline established by the national framework
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and interpreted by the junior accountant or is it a finance lease along with other calculations as determined by the senior accountant? Would the answer differ if Lessee Ltd were to adapt U.S GAAP accounting policies as opposed to IFRS? Rule The IFRS standards are known by the name International Accounting Standards (IAS). The IAS 17 helps distinguishes between lease transactions. It states, “A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental
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investor that opening up my own daycare center is more than just a dream and that I am very passionate about opening up this business and making it a very profitable one. I feel that I have a firm grasp of how to properly run a daycare center, the accounting practices that impact a daycare center as well as the controls needed to safeguard assets to ensure that we stay in compliance and adhere to all regulations set forth. My plan is to start this business inside my home with the name of “Babies &
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IFRS In a perfect, ideal world, financial statements would be consistent for market participants to easily understand, regardless of location. In reality, there are people that exist that have put that idea into real-life action. These people are known as the International Accounting Standards Board (IASB). IASB formed in 2001 with a commitment to develop “a single set of high quality global accounting standards that provide high quality, transparent and comparable information in general-purpose
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CHAPTER 20 ACCOUNTING FOR PENSIONS AND POSTRETIREMENT BENEFITS IFRS questions are available at the end of this chapter. TRUE-FALSE—Conceptual Answer F T F T T F F T F T F F T F T F T F F T No. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Description Funded pension plan. Qualified pension plans. Defined-contribution plan liability. Defined-benefit plans. Vested benefit obligation. Accumulated benefit obligation. Definition of service cost. Definition of interest
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