Memorandum To: From: Date: Subject: Case 11-1 Polluter Corp. Statement of Relevant Facts Polluter Corporation, an SEC registrant, operates three manufacturing plants in the United States. The Company manufactures various household cleaning products at each facility, which are sold to retail customers. The U.S. government granted the Company emission allowances (“EAs”) of varying vintage years (i.e., the years in which the allowance may be used) to be used between 2010 and 2030. Upon
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International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB). The formulation of accounting standards in Singapore follows a formal and rigorous process that comprises four successive stages—namely exposure, reviewing of comments, post exposure and Issuance of final standards. Exposure Stage The exposure stage is triggered in response to the IASB issuing an Exposure Draft (ED) on new IFRS; amendments to existing IFRS, International Accounting Standard
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issues are likely to affect SoftWarehouse Ltd. TABLE OF CONTENTS Executive Summary: 3 Introduction: 5 Part 1- Examining the Isoft Ltd example: 5 PART 2 - The issues faced by software companies in relation to revenue recognition: 6 Part 3- Issues raised that may impact SoftWarehouse Ltd: 7 Part 4 - Future changes in revenue recognition standard: 8 Conclusion: 9 Reference List: 10 Executive Summary: This report has been prepared for the Board of Directors of SoftWarehouse Ltd
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1A. Benefits that SEC believes will result from global accounting standardization through convergence: The SEC encourages the convergence of IFRS and GAAP because it believes that doing so will benefit U.S investors. The incorporation of IFRS in GAAP will protect the investors, maintain the fair representation of financial statements and increase comparability and material information for investors to make better decisions. The primary benefit will be the reduction in discrepancies in financial
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ASSURANCE AND ACCOUNTING CANADIAN GAAP – IFRS COMPARISON SERIES Issue 15: IAS 1 Presentation Of Financial Statements Both IFRS and Canadian GAAP are principle based frameworks, and from a conceptual standpoint, many of the general principles are the same. However, the application of those general principles in IFRS can be significantly different from Canadian GAAP. Therefore, to understand the magnitude of the differences between IFRS and Canadian GAAP, it is essential to look beyond the general
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statements are useful to a wide range of users across the globe in making economic decisions. Financial statements comprises of a balance sheet, a profit and loss account, a statement of changes in equity, a cash flow statement, and notes comprising a summary of significant accounting policies and other explanatory notes (IAS 1). The accounting report is a major way of getting a picture of what a company is doing and how it has been performing over the years (Walton and Aerts, 2006). The information
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DRM, FDM, ODI…OMG Which Tool Do I Use? Edward Roske eroske@interrel.com BLOG: LookSmarter.blogspot.com WEBSITE: www.interrel.com TWITTER: ERoske Introduction to EPM Architect: Cheaper…Faster…Better Edward Roske eroske@interrel.com BLOG: LookSmarter.blogspot.com WEBSITE: www.interrel.com TWITTER: ERoske Thinking Outside the Cube: NonFinancial Applications of Oracle Essbase Edward Roske eroske@interrel.com BLOG: LookSmarter.blogspot.com WEBSITE: www.interrel.com TWITTER: ERoske About
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Contents EXECUTIVE SUMMARY 3 geral business Description Mission Statement operational highlights 5 STARTUP EXPENCES REVENUE GROWTH PROJECTED PROFITS FORECASTING 6 Sales Forecast Cash Flow Projections Income Statement Balance Sheet BUSINESS CONTROLS 11 Accounting System INTERNAL CONTROL COMPLIANCE TO REGULATORY BODIES REFERENCE…………………………………………………………………………………….12 Executive summary Wellfit, Inc will
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Implications and Consequences: +Provides an opportunity for earnings management. + Reflect the current period’s true and fair results. -Requirements for annual impairment testing of goodwill and other non-amortised intangible assets. -Difficulties surrounding the identification of a cash-generating unit. -Challenges in projecting cash flows and estimating various assumptions for the testing of value in use. Kolb’s TEL with Paul’s Critical Thinking Components: IAS 36 Impairment of assets-assess
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Property, plant and equipment |Level |[pic] |Typical coverage of US GAAP: | |US GAAP |Replace slides 2 and|Definition | | |3 with your own |Acquisition of PP&E: | | |material
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