A (P.58 Ch. 2 #9) According to Nobes, what are the two most important factors influencing differences in accounting systems across countries? (P. 158 Ch. 4 #17-18) What is the current IAS 23 treatment with respect to borrowing costs? How does this differ from the treatment allowed previously? (P.164 Ch.4 #21) Jefferson Company acquired equipment on January 2, Year 1, at a cost of $10 million. The asset has a five-year life, no residual value, and is depreciated on a straight-line basis. On
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researching authorities related to the acquisitions made by Tom’s Tractor Supply Co. and Mills Machines, Inc.’s plans to change their policy of accounting for product recalls. The context of our research associated with these transactions, one undertaken and one planned, are twofold: International standards under IFRS and domestic U.S. standards under U.S. GAAP. Relevant facts: * Tom agrees to purchase Rural Life Supply Co. for $150 million in exchange for: * Assets of Rural Life Supply
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Accountants (IMA) in the United State. IMA is a collective voice of accountants and financial professionals around the world who work in business, with job responsibilities distinct from those in public accounting. The Value of CMA to the Company IMA raises awareness of management accounting, which includes jobs in decision support, plan, and control positions. Some common job titles for management accountants include: Chief Financial Officer (CFO), Treasurer, Vice President of Finance, Controller
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Financial Accounting class, this paper provides for the initial draft of a business plan for a small privately-owned, local business to be called Sports Official Plus, LLC. It will provide a review of its product, personnel staffing, a chart of accounts, and a pro forma balance sheet and income statement. Also provided will be a review of some internal control measures and asset protection, a regulatory impact statement especially as related to Sarbanes-Oxley and the application of GAAP versus IFRS
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Accounting Issue: Financial Reporting * Comprehensive Income * Issued to address the presentation of certain items that bypass the income statement and were recorded directly to equity * Focused on net income would not take into account comprehensive income items in measuring financial performance * Bypassed the incomes statement: recorded directly to stockholder’s equity * Foreign currency matters * Derivatives and hedging * Compensation
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the adoption of IFRS is true? A) Many European countries adopted IFRS prior to 2011. B) Canada adopted IFRS in 2012. C) All European and North American countries adopted IFRS in 2011. D) All European, Asian, and African countries adopted IFRS in 2011. Answer: A 3) Why has the reputation of U.S. accounting standards decreased in recent years? A) The U.S. deficit is at a record high. B) Many U.S. businesses have declared bankruptcy. C) There have been some notable American accounting scandals, such
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| 2 h , 45 min , 16 secs | Points Received: | 129 / 150 (86%) | | Question Type: | # Of Questions: | # Correct: | Essay | 7 | N/A | | | Grade Details | 1. | Question : | (TCO D) A classmate is considering dropping his accounting class because he cannot understand the rules of debits and credits. Explain the rules of debits and credits in a way that will help him understand them. Cite examples for each of the major sections of the balance sheet (assets, liabilities and
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the accounting industry there are different organizations that have been established to design, implement, and oversee accounting standards and financial presentation processes. Such organizations include the Securities Exchange Commission, SEC, the Financial Accounting Standards Board, FASB, the International Accounting Standards Board, IASB, and the Governmental Accounting Standards Board, GASB. Each of these organizations works closely with the others to attempt to provide the accounting industry
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To: Ida Wong From: unbiased senior auditor Re: Potential accounting issues—Best Cars-R-Us Inc. (BCR) Overview Company Background and Constraints BCR is currently a private company; therefore GAAP is not a legal constraint. However, the company should comply with GAAP because BCR has intention to become public in the future—an initial public offering (IPO) is planned in the next fiscal year according to the case fact. As a private company, BCR can use ASPE to fairly present their financial
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- Citigroup: Concerned that economically-similar transactions may result in different accounting treatment with the current Exposure Draft’s guidance. They have requested to have the specific transactions defined. They have also expressed concern over how terms are defined. The FASB issued Accounting Standards Update No. 2014-11 to address the concerns around economically-similar transactions and their accounting treatment. The new guidance eliminates the opportunity to treat these transactions as
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