Compiled AASB Standard AASB 137 Provisions, Contingent Liabilities and Contingent Assets This compiled Standard applies to annual reporting periods beginning on or after 1 January 2011 but before 1 July 2013. Early application is permitted. It incorporates relevant amendments made up to and including 27 October 2010. Prepared on 26 November 2010 by the staff of the Australian Accounting Standards Board. Obtaining Copies of Accounting Standards Compiled versions of Standards, original
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among these various components. It should be emphasized that the income statement is used by parties other than investors and creditors. For example, customers can use the income statement to determine a company’s ability to provide needed goods or services, unions examine earnings closely as a basis for salary discussions, and the government uses the income statements of companies as a basis for formulating tax and economic policy. 2. Information on past transactions can be used to identify
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Monthly Income Statement? Objectives: 1. To cite Pros and Cons of the chosen costing system 2. To choose and adapt a new costing method that better manages the cost of Landau Company’s Monthly Income Statement Areas of Consideration: 1. The significant Increase of sales in July over June. 2. Lack of control over long run costs that can bankrupt a company. 3. Landau’s margin on products for the months of June and July. 4. The company is looking for a new approach for internal managerial
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it is one of the main purposes of the existence of the IFRS’s: keep up with an ever-flattening, ever-globalizing world. IFRS is already enabling many countries to speak the same business language by using the same set of accounting and financial reporting standards. This set of standards is allowing all these countries a much easier access to foreign capital markets that they otherwise might not have had access to. Due to today’s instant communications and technology, what goes on in other markets
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its purposes, including the objective that is particularly relevant to an audit (i.e. reliability of financial reporting) A process, effected by the entity's board of directors, management, and other personnel, designed to provide reasonable assurance regarding the achievement of objectives relating to operations (effective and efficient operations), reporting (accurate financial reporting) and compliance (compliance with laws and regulations) • Describe the 5 components of internal control,
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unit $20 Variable costs: Direct material used per unit 2 Direct labor cost per unit 5 Variable manufacturing cost per unit 1 Variable selling cost per unit 1 Annual fixed costs incurred: Manufacturing 240,000 Selling and administrative 105,000 The firm began the year with no inventories; 50,000 units were produced and 40,000 units were sold. There were no work in process
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results are truly stunning” He explained the change in a rare appearance on the company´s earnings conference call later that day: I would like to … talk about the non-GAAP financial results, because I think this is a pretty big deal. In addition to reporting an outstanding quarter, today we are also introducing non-GAAP financial results, which eliminate the impact of subscription accounting. Because by its nature subscription accounting spreads the impact of iPhone´s contribution to Apple´s overall
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we seek to reflect the changing topical emphases and content in the advanced accounting course; coverage is completely updated for new developments concerning applicable reporting issues and requirements, including the newest FASB and GASB pronouncements and proposals. We extensively discuss International Financial Reporting Standards where appropriate throughout the book. Second, we write from the perspective of enhancing teachability; many of the topics in this course are complex and require
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Balance Sheet Income Statement Sales Inventory Asset revenue Cost of goods sold Expense 5 Cash Purchase inventory Collect cash from customers Accounts receivable Sell inventory Inventory 6 PERIODIC Goods PERPETUAL Record counted periodically to determine quantity Used by small businesses Less popular now because of computerized inventory systems of quantity of goods is constantly updated Better control of inventory Popular now due to
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Preliminary Requirements Gathering and Scoping Questionnaire [Business Cost Control System/Planning Automation] Introduction The idea of this documentation is to make people familiarize the building blocks of Hyperion Planning, Budgeting and Consolidation process. The document points some important consideration about the first steps towards building a Hyperion Planning process. Understanding the requirement clearly is the first process towards successful
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