the medium number amongst market ceiling (net realizable value, market floor (net realizable value minus normal profit), and replacement cost. Then compare that medium number with the cost of the inventory. Under IFRS, one only needs to compare the market ceiling value with the cost of inventory. According to the 2013, AT&T includes its inventory in “other current assets” on the balance sheet, which are valued at the lower of cost or market. Telecom Italia lists its inventory as a line item
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Executive Summary This project concerns American International Group’s (AIG) violation of PCAOB rules and auditing standards in connection with fraud on the financial statements over a two year period. As detailed below, AIG recorded loans as premium revenue through its foreign subsidiary; AIG’s audit firm Price water house Coopers (PwC) failed to detect the fraud and obtain sufficient appropriate audit evidence and exercise due professional care and professional skepticism. This is a highly
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inconsistent with U.S. GAAP. To better present the net income of your company, we provide the various recommendations for you to revalue your revenues and expenses in the following statements. Inappropriate revenue recognition criteria and policies (should change revenue recognition method or change the allowance estimation, 2011 allowance amount should be larger than 2010 due to larger AR and the difficulty that the artist been through) WAG records revenue from artwork sales when the Company and
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valued at historical costs and then depreciated over their estimated useful lives. Rather than list PP&E at historical costs, the proposed standard would require companies to determine the fair value of their PP&E each year and adjust their balance sheets to reflect fair values for PP&E. As a consultant to the FASB, you are asked to draft a brief
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Accounting System and Financial Reporting of NGOs: Case Study of a BRAC’s Project Munima Siddika1, Mohammad Sarwar Jahan Rekabder2 and A.K.M. Delwar Hossain3 tawheedfj@yahoo.com Abstract: In the absence of specific accounting and financial reporting standards and diverse interpretation of certain terms under the laws of the land, it has become a very difficult task to follow a standardized procedure in generation and presentation of accounting and financial information of NGOs
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exact amount of time varies, following a normal distribution with a standard deviation of 14 days. For an upcoming ad campaign, you need to know the percent of the pairs that last longer than six months-that is, 180 days. Use the empirical rule to approximate this percent. • 97.5% • % 5. __________involves ensuring proper strategic controls and organizational designs. • Strategy implementation 6. A post-closing trial balance will show: • only balance sheet accounts 7. The preparation of
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STUDY MATERIAL Integrated Professional Competence Course PAPER : 1 ACCOUNTING VOLUME – I BOARD OF STUDIES THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA This study material has been prepared by the faculty of the Board of Studies. The objective of the study material is to provide teaching material to the students to enable them to obtain knowledge and skills in the subject. Students should also supplement their study by reference to the recommended text books. In case students need
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B) respond with “what tone? I don’t have a tone”. Just as a child may not care or be aware of their specific tone of voice, adults and teachers can also sometimes not care or be aware of the way they are speaking to their students. There must be a balance between being firm, but not hostile. This report includes the data from research and a semester long study of the effects on tone of voice on achievement in elementary grade students. For the purpose of this paper, I am using the definition
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One Global GAAP: IFRS vs. US GAAP Acct 522 Current Topics in Financial Reporting Zhipeng Cao CIN: 300443421 Introduction The most influential accounting reporting criteria today is the International Financial Reporting Standards (IFRS) by and U.S Generally Accepted Accounting Principles (U.S. GAAP). These two different accounting standards have various emphases. In short, IFRS states principles and it leaves the decision-making in everyday questions for accountants, while US GAAP consists
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for the stakeholders. With the paradigm shift in the accounting standard there might be volatilities of the numbers reported. Right from the classification of assets, liabilities, equities until principle differences of asset valuations, revenue recognitions IFRS differ from existing GAAP. There were inquisitive analysts, accounting experts who would want to capture the transition difference of the two accounting standards. Hence, it will be of academic interest to study the difference between local
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