Acct 883/483 International Accounting Sample Exam Multiple Choice 1. How is the term “stocks” used on the balance sheet of a British company? A) Capital stock in the Owners' Equity section B) Shares of another company owned as marketable securities. C) Fixed assets D) Inventory Answer: D Level: Medium LO: 1 2. A study conducted by the SEC in 1993 illustrated that U.S. GAAP was more conservative for most of the foreign entities listed on U.S. exchanges. What
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Nature of IASB: The International Accounting Standards Board (IASB) is a Londonbased organization which seeks to set and enforce standards for accounting procedures. Over 100 countries currently require or permit companies to comply with IASB standards. It is responsible for maintaining the International Financial Reporting Standards (IRFS). The organization was preceded by the International Accounting Standards Committee (IASC). The IASB's Role: Under the IFRS Foundation Constitution, the IASB has complete responsibility for all technical
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the uptick in international business operations. When the project was first constructed it focused mainly on harmonizing the differences in principles that existed across many different capital markets throughout the world. The idea of harmonization remained in place until the 1990’s when the concept of convergence became the new priority. The concept of convergence centers on the concept of creating one set of accounting standards that would be used across all of the major financial markets in the
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International Standards for Islamic Finance AAOIFI – Introduction AAOIFI & IFRS - Comparison on structural objectives AAOIFI & IFRS - Categories of accounting standards for Islamic financial institutions AAOIFI & IFRS - Examples of main differences Adoption of AAOIFI Standards How AAOIFI Standards Support Islamic Finance Industry www.aaoifi.com For more information on the Institute of Management Accountants, visit www.imanet.org AAOIFI – Introduction • Responsible for formulation and issuance
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Financial Statements Review Anita Coronel, Santiago Nunez-Rivas, Verlendra Ruff & Evelyn Daniels HCS/405 March 17, 2014 Judy Araque . To have a successful hospital or business financial knowledge is critical, the manager in charge of finances must have a good understanding of accounting. Financial decisions are made with more precision and accuracy. In this paper the audited and unaudited financial
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and not-for-profits including governments is that businesses have profit as their main motive whereas the others have service. A primary purpose of financial reporting is to report on an entity’s accomplishments — how well it achieved its objectives. Accordingly, the financial statements of businesses measure profitability, their key objective. Financial reports of governments and other not-for-profits should not focus on profitability, since it is not a relevant objective. Ideally, therefore, they
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Jonathan Meyer 2/11/14 ACCM 5020 Topical Paper #2: Rules-based vs. Principles-based Accounting Standards Convergence efforts in international accounting and the prevalence of globalization in the world markets has continued to indicate that worldwide financial statement comparability will continue to become more necessary. In light of this, it’s important to determine whether a principles-based or rules-based system would be more appropriate for harmonization. Although most current accounting
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Briefly explain about the unique FRS in Malaysian standard The unique FRS in Malaysian standard is to issue statements of principles for financial reporting. Means, it is a description of the fundamental approach that the Malaysian Accounting Standards Board believes should, in principle, underpin the financial statements of profit-oriented entities. The Statement is intended to be a comprehensive and reasonably detailed description of that approach, and the approach itself is intended to be internally
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The Corporations Act (enforced by ASIC):--Outlines the responsibilities of company directors in relation to various activities, including the nature of their conduct, and preparation, lodgment and distribution of financial statement///Requires preparation of ‘true and fair’ financial statements by public companies, large proprietary companies, organizations with securities listed on the ASX, and some small proprietary companies. Functions of AASB--developing a conceptual framework making accounting
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evaluating its financial stability. The aim of conducting a financial analysis is to determine whether the acquisition will result into attainment of the desired synergy. In most cases, acquisitions are characterized by a 50-50 probability of succeeding. In the event of financial instability, the probability of attaining the desired synergy is limited. Upon conducting a financial analysis of the firm’s financial statements, it was evident that the firm was facing a serious financial instability.
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