Kapitel 1 Normative (prescriptive) accounting theory Inte baserad på empiriska tester (som positive teorier är) utan de är baserade på vad researcher tror ska eller borde inträffa vid särskilda omständigheter. Teorier som föreskriver (prescribe) istället för förklarar (describe) särskilda handlingar kallas för normativa teorier eftersom att dom baseras på normer som researchern som lägger fram teorierna har. T.ex. säger hur vi ska ta till oss och använda redovisningsmetoder. Kapitel 2
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Financial Statement Restatement Paper ***** ****** ACC/537 January 13, 2014 Financial Statement Restatement Paper MicroStrategy, Inc. went public in June 2008. It is a software company that had been identified as, “a successful, growing company with positive net income” (Krishnan & Mintz, 2007). Like many managers, the managers at MicroStrategy, Inc. wanted to make a quick profit by using aggressive accounting techniques that artificially boosted revenues, inflated earnings, and raised
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IFRS. It’s important to have an understanding of the current differences in reporting requirements as the U.S. attempts to move closer to a more uniform reporting system with the majority of international corporations, a desirable change for users of financial statements that may wish to compare international corporations on even ground. An intangible asset is defined as a non-monetary asset without physical substance and having the probable ability to be used for future economic benefit from the
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of Finance People's Republic of China in 2006 regulates the presentation of financial statements and underlines the importance of financial reporting. As of February 2010, the Chinese accounting standard systems is composed of Basic Standard, 38 specific standards and application guidance. Although China's accounting standards have not called Financial Reporting Standards, however, the concept of International Financial Reporting Standards are consistent. This revised law marked a large step forward
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markets (Choi & Meek, 2005). * By adopting the IFRS, the country's businesses would be presenting financial statements on the same foundation that foreign companies would. This would make comparison between global competition much easier. It would also make it easier on the companies based out of the U.S. that do business globally, because now they would only have to present their financial statements based on one set of standards, rather than multiple sets. Currently, the U.S. operates off of
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Positions Held : Dec 2007 – Present: ▪ Auditor at Deloitte (Saleh, Barsoum, Abdel Aziz & Co-Egypt). Job Description: - Examine and analyze accounting records to determine financial status of establishment and prepare financial reports concerning operating procedures. - Review data regarding material assets, net worth, liabilities, capital stock, surplus, income, and expenditures. - Inspect items in books of original
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CONCLUSION This research provides preliminary evidence on the costs related to mandated IFRS adoption. By analyzing the fees incurred by firms for the statutory audit of their financial statements subsequent to the adoption of IFRS; a considerable and evident cost incurred by all firms was quantified in order to separate, and more fully understand the costs associated with harmonization observed in prior literature. Using a comprehensive dataset of all publicly-traded Australian companies, it
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because the litigations were not considered probable, however the language used by Danle’s legal counsel to describe the litigation was interpreted to mean reasonably possible. Therefore ASC 450-20-50-3 applies and proper disclosure is needed for the financial statements of fiscal year December 31, 2009. As additional proof ASC 450-20-50-5 clearly states, “Disclosure is preferable to accrual when a reasonable estimate of loss cannot be made. For example, disclosure shall be made of any loss contingency
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each of which requires their financial statements to be reported under the same guidelines and standards. All of these countries abide by the International Financial Reporting Standards, making it easier for companies abroad to have financial cohesion. Unfortunately the United States has yet to adjust their financial standards, but many feel this necessary change is coming. Signs of a possible change arose when the SEC approved the use of International Financial Reporting Standards by non-U.S
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ID: 13 105 4th Year, 2nd Semester B.B.A, 13th Batch Dept. of Accounting & Information Systems University of Dhaka. Date of submission: January 11, 2011. IMPORTANCE OF INTERNATIONAL ACCOUNTING STANDARDS INTRODUCTION With globalization everything is spreading worldwide and communication gets importance highly in this regard. Business operations are also spreading globally in an increasing rate. Among other matters, accounting
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