Ethics Presented by: Unit 6: AC504 04.12.2011 Executive Summary Over the past 15 years fair value accounting has been building in popularity. It is now widely used by International Financial Reporting Standards (IFRS) and US GAAP. It is thought that adapting to fair value accounting will make financial statements more relevant and reliable. Currently the majority of assets are recorded under historical cost. Under historical cost the asset is recorded under the price it was purchased
Words: 2591 - Pages: 11
FINANCIAL ACCOUNTING INFORMATION AND THE RELEVANCE/IRRELEVANCE ISSUE (Global Business & Economics Review Volume 5 No.2 December 2003 pp:140-175) Stanley C. W. Salvary, Canisius College ABSTRACT Some current research conclude that the numbers in financial statements are not relevant for three basic reasons. The numbers: (1) are not isomorphic with capital market values, (2) do not have a future orientation, and (3) are un-interpretable since they are based upon five different measurement attributes
Words: 15491 - Pages: 62
appropriate reporting method used in the following analysis will be IFRS. Users/Stakeholders: There a many potential users of the financial statements prepared by WAL and they are: -Leo Titan – CEO, WAL - owners of, NSL - owners of, -Minority shareholders invested in WAL And NSL, Fabio and Fox accountants - they are audit partners, External users of the financial statements (such as potential investors), the government (many accounting issues that could violate standards). Analysis: First
Words: 2267 - Pages: 10
main sections include: introduction, financial sections and statistical section. 2. a. They were awarded a “certificate of achievement for excellence in financial reporting” in the previous year. i. What’s the significance of the award? It’s the highest standards in government accounting and financial accounting. b. Key issues addressed include: an overview of the city’s government, economy and outlook. Certificate of achievement for excellence in financial reporting, and acknowledgements.
Words: 305 - Pages: 2
The basic cause of international difference in financial reporting practice is the different degree of interference by governments in accounting. It is understood that “International Financial Reporting Standards (IFRS)” has been adopted in many countries around the world, as a minimum for the companies that are obliged for financial reporting. IFRS has been implemented in nearly one hundred and fifteen countries around the world, whilst phasing out the previous standard of rules of Generally Accepted
Words: 815 - Pages: 4
How to ‘mark-to-market’ when there is no market Received (in revised form): 12th December 2010 Samuel Francis is an attorney and certified public accountant experienced in corporate, litigation, audit and tax matters focusing his practice on financial services and investment management. He holds a BS in accounting from the City University of New York, Brooklyn College and a JD from Fordham University School of Law. He is the author of the 2009 award-winning article ‘Meet Two-Face: The Dualistic
Words: 6287 - Pages: 26
requirements of IAS 39. Accounting Implications When an entity factors its trade receivables, an analysis should be carried out to determine whether or not the receivables should be "de-recognised" (ie removed from the entity's statement of financial position). This analysis should be based on the entire arrangement, including any guarantees or other recourse arrangements. An unconditional sale of receivables will result in de-recognition because all the risks and rewards are transferred (AASB
Words: 2996 - Pages: 12
Chapter 1 The Canadian Financial Reporting Environment Prepared by: Dragan Stojanovic, CA Rotman School of Management, University of Toronto The Canadian Financial Reporting Environment Role of Financial Reporting • Financial statements and financial reporting • Accounting and capital allocation •Stakeholders Objective of Financial Reporting •Management bias •Users’ needs Standard Setting • Need to develop standards • Parties involved in standard setting • Standard setting in a political
Words: 2259 - Pages: 10
world-wide and creating a growing need for international accountancy standards for everyone. The globalization of business and finance has led more than 12,000 companies in almost a hundred countries to adopt IFRS. In 2005, the European Union (EU) began requiring companies incorporated in its member states whose securities are listed on an EU-regulated stock exchange to prepare their consolidated financial statements in accordance with the International Financial Reporting Standards (IFRS). Australia
Words: 984 - Pages: 4
Faculty of Business & Society Assignment Cover Sheet | | Module Code: | AF3S21 | | Module Tutors: | Ricky Li | | | | | | | Module Title: | International Issues of Accounting | | | | | | | Submission Date: | Sunday, 11:59pm, 12th May, 2013 | | Return Date: | You work will be returned within 20 working days of the date of submission. | | | | | | | | | | | | Plagiarism Advice:You must not engage in plagiarism when completing your coursework as it
Words: 1159 - Pages: 5
