Explaining Basic Accounting Concepts and Business Structures Financial Accounting ACCT 537 Accountants use financial information to communicate how a business is performing. They present this information in financial reports. These reports are created following a common set of standards call General accepted accounting principles (GAAP). These standards and principles are established by the Financial Accounting Standard Board (FASB), the American Institute of certified Public Accountants (AICPA)
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Trueblood case 11-3: Masters of the Universe 1. Statement of the problem: Applying key concepts of the VIE model in ASC 810-10 (Statement 167), in order to perform a consolidation analysis for a Variable Interest Entity (VIE). 2. Summary of relevant (key) facts As the case depicts, ‘Jupiter’ is a joint venture formed by 2 unrelated parties, Saturn Inc. and Venus Inc. Jupiter has been created with the purpose of owning and operating organic clothing manufacturing and design facilities and
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surprise. b. The at least reasonably possible threshold for disclosing loss contingencies has not resulted in the disclosure of the full population of an entity’s existing loss contingencies that would be of interest to financial statement users. c. The amounts recognized in the financial statements related to loss contingencies are not transparent to users. In order to improve the disclosures about certain loss contingencies, such change of standards is necessary.” In response to this concern, the Board
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Qualifications BSc in Business administration and accounting (major in finance, minor in marketing) – KIMEP University; MBA in Finance – London School of Business and Finance Aigerim Yegemberdiyeva is a Consultant in the Assurance department Financial Services group of PwC in Almaty, Kazakhstan. Aigerim joined PwC team in 2011 after successful graduation from London School of Business and Finance, UK where she mastered in MBA Finance. Previously, Aigerim passed a summer internship in PWC in
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in which the objective of financial reporting was changed. A new standard arises because it is realized that certain aspects of the framework need to be tightened up or made clearer, which means reporting becomes easier. A lot of the time changes are made to existing standards, rather than drafting a whole new standard. A new standard comes about via a process set out in paragraph 31 of the constitution. Firstly an exposure draft must be published by the international accounting standards board
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The Relevance of the Value Relevance Literature For Financial Accounting Standard Setting: Another View Mary E. Barth Graduate School of Business Stanford University William H. Beaver Graduate School of Business Stanford University Wayne R. Landsman Kenan-Flagler Business School University of North Carolina – Chapel Hill January 2001 We thank Dan Collins, Brian Rountree, participants at the 2000 Journal of Accounting & Economics conference, and the editors, S. P. Kothari, Tom Lys,
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Directors ’ Report Financial Highlights Statement of Compliance with the Code of Corporate Governance Review Report to the Members on Statement of Compliance with Best Practices of Code of Corporate Governance Nis hat (Chunian) Limited - Financial Statements Auditors’ Report Balance Sheet Profit and Loss Account Statement of Comprehensive Income Cash Flow Statement Statement of Changes in Equity Notes to the Financial Statements Pattern of Shareholding Cons olidated Financial Statements Directors’
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About the New Normal………………………………………………………………….7 Recommendations………………………………………………………………………8 Conclusion 8 References………………………………………………………………………………10 Executive Summary The financial crash of 1929 and the subsequent depression of the 1930’s created the desire an need for the formation of a set of standards for financial reporting and began the evolution toward present day FASB rulings. From the first set of standards it became obvious that this would not be able to be handled informally and by
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City, New York and Los Angeles. The company is a leading on-line direct marketing company 4.4--million account members (Choi & Meek, 2011). The organization wants to expand into foreign markets and considers the Swiss Exchange to help meet its financial needs. Introduction This paper will discuss the case study of organization e-Centives Inc. In particular, it will discuss the factors that are relevant to e-Centives Inc.’s decision to raise capital and list on the Swiss Exchange’s New Market
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For several years, the SEC has been considering the option to adopt IFRS for all U.S. Issuers as a means to have central reporting standards for U.S. to International Company offerings. While the FASB and IASB work on key projects such as revenue recognition, leasing standards, and financial instruments, the SEC continues to analyze this progress and weigh the benefits and concerns with adopting IFRS for U.S. companies. This paper will focus on the concerns of SEC in fully implementing IFRS, what
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