AACT2006 CORPORATE ACCOUNTING IMPAIRMENT QUIZ QUESTIONS 1. In allocating an impairment loss for a cash generating unit which of the following assets would not be given a portion of the loss – land; machinery; inventory; manufacturing licence; receivables? Why? (1 Mark) 2. How is an impairment test undertaken? (2 Marks) 3. Peppermint Ltd has determined that its orchard division has suffered an impairment loss of $42 000 for the year ended 30 June 2013. At that date the carrying amount
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feasible and promising. In this issue, I explain what is the conceptual framework? Who needs them? And list the importance of conceptual framework to financial report prove my view. NEED FOR A CONCEPTUAL FRAMEWORK Why do we need to develop a conceptual framework? Of course, it is be useful, the body of concepts should to make rules and relate to financial report; a soundly developed conceptual framework enables the IASB to issue more useful and consistent pronouncements over time. It means a coherent
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Financial Statements Review Ashley Dunn HCS/405 November 14, 2013 Robert McDaniel Financial Statements Review The Patton-Fuller Community Hospital is a full-service, for-profit hospital with 600-beds. Since 1975, the hospital has made every effort to provide advanced patient care for both inpatient and outpatient treatment in Northwest valley. The Patton-Fuller Community Hospital is owned by a 14 person board, in which 12 are active physicians. Collectively, the board works
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made to International Financial Reporting Standards. The objective of this Standard is to prescribe the criteria for selecting and changing accounting policies, together with the accounting treatment and disclosure of changes in accounting policies, changes in accounting estimates and corrections of errors. The Standard is intended to enhance the relevance and reliability of an entity’s financial statements, and the comparability of those financial statements over time and with the financial statements
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A. 310-40-40 A creditor that receives long-lived assets that will be sold from a debtor in full satisfaction of a receivable shall account for those assets at their fair value less cost to sell, as that term is used in paragraph 360-10-35-43. The excess of the recorded investment in the receivable satisfied over the fair value of assets received (less cost to sell, if required above) is a loss that shall be recognized. For purposes of this paragraph, losses, to the extent they are not offset against
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ISA ISA 706 January 2009 International Standard on Auditing Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report 706 INTERNATIONAL STANDARD ON AUDITING 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report Explanatory Foreword The Council of the Malaysian Institute of Accountants has approved this standard in January 2009 for publication. This standard should be read in conjunction with the Preface to
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HKAS 33 Issued March 2004Revised March 2010 Hong Kong Accounting Standard 33 Earnings per Share HKAS 33 COPYRIGHT © Copyright 2012 Hong Kong Institute of Certified Public Accountants This Hong Kong Financial Reporting Standard contains IFRS Foundation copyright material. Reproduction within Hong Kong in unaltered form (retaining this notice) is permitted for personal and non-commercial use subject to the inclusion of an acknowledgment of the source. Requests and inquiries concerning
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Work Plan for the Consideration of Incorporating International Financial Reporting Standards into the Financial Reporting System for U.S. Issuers A Comparison of U.S. GAAP and IFRS A Securities and Exchange Commission Staff Paper November 16, 2011 OFFICE OF THE CHIEF ACCOUNTANT UNITED STATES SECURITIES AND EXCHANGE COMMISSION This is a paper by the Staff of the U.S. Securities and Exchange Commission. The Commission has expressed no view regarding the analysis, findings
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CHAPTER 1 THE CANADIAN FINANCIAL REPORTING ENVIRONMENT Multiple Choice—Conceptual Answer No. Description d 1. Accounting characteristics. a 2. Nature of financial accounting. c 3. Definition of financial accounting. a 4. Financial reporting entity. d 5. Efficient use of resources. d 6. Capital allocation process. c 7. Assessing management stewardship. c 8. Objectives of financial reporting. a 9. Role of AcSB. c 10. Body responsible for setting GAAP. b 11
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include reporting consistency, enhanced global competition and improved financial reporting transparency. While many countries worldwide have already adopted IFRS, many other countries are closely examining its effects before adoption, not only from an economic perspective but also from a reporting quality position. COMPARING RESULTS Researchers Elaine Henry, Stephen Lin and Ya-Wen Yang evaluated the difference between financial results under U.S. GAAP compared to IFRS. Their results show that convergence
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