ACCOUNTING PRINCIPLES (GAAP) In order to measure, process and communicate financial information, accountants follow rules, principles and standards. These rules, principles and standards are set by International Accounting Standards Board (IASB) Australian Accounting Standards Board (AASB) Financial Reporting Council (FRC) Australian Securities & Investment Commission (ASIC) 12 4 8/13/2014 SOME PRINCIPLES AND ASSUMPTIONS Time period •Economic information can be captured and
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CHAPTER 1 INTRODUCTION TO BUSINESS ACTIVITIES AND OVERVIEW OF FINANCIAL STATEMENTS AND THE REPORTING PROCESS Questions, Exercises, and Problems: Answers and Solutions 1.1 The first question at the end of each chapter asks the student to review the important terms and concepts discussed in the chapter. Students may wish to consult the glossary at the end of the book in addition to the definitions and discussions in the chapter. 1.2 Setting Goals and Strategies: Although a charitable
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1.1. Accounting Standards 1.2. Need for Accounting Standards Part 2: Types of Accounting Standards Rules Based Accounting Principle Based Accounting System Part: 3 Comparisons of Principle and Rules Based Accounting Standards Conceptual Framework Flexibility of Rules and Principles International Accounting Platform Comparability of Financial Statements Realistic Representation of Accounting Information Part:4 Findings of the Research Study Part :5 Conclusion Reference Appendix
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SECURITIES AND EXCHANGE COMMISSION 17 CFR Parts 210, 229, 230, 240, 244 and 249 [RELEASE NOS. 33-8982; 34-58960; File No. S7-27-08] RIN 3235-AJ93 ROADMAP FOR THE POTENTIAL USE OF FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS BY U.S. ISSUERS AGENCY: ACTION: Securities and Exchange Commission. Proposed rule. SUMMARY: The Securities and Exchange Commission (“Commission”) is proposing a Roadmap for the potential use of financial statements prepared in
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ANALYSIS OF BIOLOGICAL ASSETS VALUATION WITH FAIR VALUE ACCOUNTING AND HISTORICAL COST ACCOUNTING METHOD IN PLANTATION SUBSECTOR OF INDONESIAN AGRICULTURAL INDUSTRY IN THE PERIOD OF 2007-2012 Karina Putri Ramadhani1 and Indra Pratama2 1 Thesis Writer, Swiss German University 2 Thesis Advisor, Swiss German University Abstract The analysis of biological assets valuation with fair value accounting and historical cost accounting method in plantation subsector of Indonesian agricultural industry,
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social and environmental impacts of the organisation (Gray, Owen and Maunders, 1987, pp. ix). It has been argued that the accounting standards which deal with this social and environmental sector appear to be somewhat meagre although there are some frameworks in terms of sustainability reporting (Gray et al, 1997). Hence, there may be some claims that an accounting standard regarding social and environmental issues needs to be established while others might think that the organisation may feel more comfortable
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BAC 3634 Corporate Accounting I Trimester 1 2015/2016 Group Assignment Topic: IFRS & IAS and The Practical Disclosure In Fraser & Neave Holdings Berhad Prepared for: Mdm. Haslin Binti Johari Prepared by: No. | Name | ID | 1 | Tan Se Man | 1102703355 | 2 | Wong Chin Ang | 1102703373 | 3 | Gan Hui Leng | 1102703420 | 4 | Neo Zi Sin | 1102703513 | 5 | Cheah Zhi Qin | 1112701231 | Table of Contents List of Diagrams I 1.0 Introduction 1 1.1 Economics
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ACC 100 - 201 Chapter 1: Accounting Communication - An Introduction (Pages 1-21, 25-26) Focus On Financial Results Canadian National Railway Company (CN) * Generated $7.9 billion in revenues; $2.2 billion in income after expenses and income taxes * Owed $5.6 billion to creditors; Assets of $23.5 billion Organization - a collection of individuals pursuing the same goal or objective. Ex: Student groups, a government, a business, a club, or a charity * Need financial information
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SECURITIES AND EXCHANGE COMMISSION 17 CFR Parts 210, 229, 230, 240, 244 and 249 [RELEASE NOS. 33-8982; 34-58960; File No. S7-27-08] RIN 3235-AJ93 ROADMAP FOR THE POTENTIAL USE OF FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS BY U.S. ISSUERS AGENCY: Securities and Exchange Commission. ACTION: Proposed rule. SUMMARY: The Securities and Exchange Commission (“Commission”) is proposing a Roadmap for the potential use of financial statements
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and minimize cost of capital”.(Jermakowicz & Mcguire, 2002). If we look at two major accounting bodies, IFRS and US GAAP. “The IFRS emphasizes the fundamental importance of standards that focus on principle, drawn clearly from IASB’s conceptual framework, rather than on detailed rules”. (Jermakowicz & Mcguire, 2002). “This approach requires both companies and their auditors to exercise professional judgment in the public interest, by requiring preparers to develop financial statements that
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