2003 Policy Statement) and the American Institute of Certified Public Accountants (Rule 203, Rules of Professional Conduct, as amended May 1973 and May 1979). FASB Accounting Standards Codification (Accounting Standards Codification) which represents the source of authoritative standards of accounting and reporting, other than those issued by the SEC, recognized by the FASB to be applied by nongovernmental entities. Some of those standards are; ASC 830-230-55-1 - Statement of Cash Flows for Manufacturing
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earned like they would with IFRS. Under both GAAP and IFRS, you do not recognize revenue until it is earned. GAAP guidance has separate rules for specific industries, according to an Ernst & Young summary of the differences between the two standards. A single standard -- International Accounting Standard 18 -- exists under IFRS, which contains general principles and examples. Under U.S. GA, publicly traded companies recognize revenue when product or service delivery occurs, which means
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different entities Rules, standards and usual practices that companies are expected to follow when preparing financial statements Stock market crash of 1929 brought GAAP AASB (Aust Accounting Standards Board) IASB (International Accounting Standards Board) AASB uses IASB as foundation, but includes more details applicable to Aust environment SACS – Statement of Accounting concepts SAVS established for general concepts and principles to be used in preparing financial statements SAC 1 – Definition
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there are requirements to disclose stock information in addition to the flow information presented in budget statements or accounts statements. Public sectors have prepared and disclosed their financial statements (including balance sheets and income statements) based on business accounting approaches. Moreover, as a matter of policy, the government tends to prepare and disclose cost information along with the financial statements for the individual ministries and governmental agencies. The objectives
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Financial Statements Wal-Mart is Fortune 500 Company with presence in Puerto Rico. Investopedia (2012) defined accounting ratio: compares two aspects of a financial statement, such as the relationship of current assets to current liabilities. The ratios can be used to evaluate the financial situation of a company and shows the company's strengths and weaknesses, also help to compare with other organizations. The following ratios for 2009 calculated for Walmart: quick and current liquidity ratio
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provide. (Reference: http://en.wikipedia.org/wiki/Legislation accessed on 23/01/2015) Companies Act 1985 contains important documents. The important financial statements are Directors’ report, auditors’ report, and duty to prepare operating and financial review, approval and signing of operating and financial review. This statement has to be signed by the board of directors, as well as behalf of the board of directors. Partnership Act 1890 is another document which contains important documentation
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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 choices on external stakeholders (in particular, shareholders). Take-Away slide II The role of incentives • Whether the cup is half-full
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Introduction To The Income Statement This is the downloaded transcript of the video presentation for this topic. More downloads and videos are available at http://www.kgaction.com/financial-statement-analysis The Kaplan Group Commercial Collection Agency Superior Results Since 1991! www.kgaction.com! 805-541-2639 More Videos and downloads at © The Kaplan Group! http://www.kgaction.com/financial-statement-analysis © The Kaplan Group! The Kaplan Group
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Introduction Many argue that the cash flow statement is the most important of the financial statements. This actually quite sound of an argument considering that once a business, particularly small and medium enterprises (SMEs), runs out of cash, it usually winds up out of business soon after. One other reason that cash flow statements are important is the comparability they offer. Cash flow statements can be used to clearly assess the health of one business from another largely because across most
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CORPORATE FINANCE T H IRD E DIT ION JONATHAN BERK STANFORD UNIVERSITY PETER D E MARZO STANFORD UNIVERSITY Boston Columbus Indianapolis New York San Francisco Upper Saddle River Amsterdam Cape Town Dubai London Madrid Milan Munich Paris Montreal Toronto Delhi Mexico City Sao Paulo Sydney Hong Kong Seoul Singapore Taipei Tokyo To Rebecca, Natasha, and Hannah, for the love and for being there —J. B. To Kaui, Pono, Koa, and Kai, for all the love and laughter —P. D. Editor in Chief:
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