international financial reporting standards CERTIFICATE Learning materiaLs Contents FINANCIAL REPORTING CONTEXT..............................................................3 THE IFRS FRAMEWORK ..............................................................................17 PRESENTATION OF FINANCIAL STATEMENTS ........................................35 ACCOUNTING POLICIES .............................................................................49 REVENUE................................
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international financial reporting standards CERTIFICATE Learning materiaLs Contents FINANCIAL REPORTING CONTEXT..............................................................3 THE IFRS FRAMEWORK ..............................................................................17 PRESENTATION OF FINANCIAL STATEMENTS ........................................35 ACCOUNTING POLICIES .............................................................................49 REVENUE................................
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are gaps in budgets and financial plans * Can help in putting together contingency plans 2. What external information might be required in order to construct useful and useable plans for a team? How would you access this data and what reporting processes might external data be required for? Data / information required | Methods of accessing it | Competitors | Research, internet, public feedback | Demographic | ABS | Socio-economic demographic | ABS | Markets / trends | Research
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Financial Reporting Problem Will Griffin ACC/290 March 7, 2014 Professor Makalintal- Torio Financial Reporting Problem The Verizon Company is a Wireless mobile communicator in the United States that provides wireless voice call services, messaging and data products and services to mobile operators. Charles R. Lee and Ivan Seidenberg were the brains behind Verizon. Verizon Wireless was founded in 1995 and is headquartered in Bedminster, New Jersey While Verizon is truly a 21st century company
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communicating financial information needed by management to plan, control, and evaluate a company’s operations * Capital Allocation – process of determining how and at what cost money is allocated among competing interests * Objective of general-purpose financial reporting is to provide financial information about the reporting entity that is useful to present and potential equity investors, lenders, and other creditors in decisions about providing resources to the entity. Those decisions involve
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GLOSSARY OF FINANCIAL TERMS Absorption costing A costing approach in which all manufacturing costs are charged to the product. | Absorption-cost pricing An approach to pricing that defines the cost base as the manufacturing cost; it excludes both variable and fixed selling and administrative costs. | Accelerated-depreciation method Depreciation method that produces higher depreciation expense in the early years than in the later years. | | Account A record of increases and decreases in
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cannot be a cost object. T____ 2. If the cost of an additive is $5,000 + $0.50 for every unit of solvent produced, the cost is classified as a mixed cost. _F___ 3. A variable cost will be an effective cost driver. _T___ 4. Retailers generally have a much lower degree of conversion than do manufacturing or professional firms. __F__ 5. In a service industry, direct materials are usually significant in amount and can be easily traced to a cost object. F____ 6. In an actual cost system, actual
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financial Statements. (a) Explain who the users of financial statements are, and explain whether you believe that different user groups have different information needs. Accounting is the process of recording, classifying, summarizing, reporting business transactions and interpreting their effects on the affairs of a company. It serves as the language of the business, to communicate the affairs with the users. Doing proper accounts is very important for a few reasons. First of all, accounts
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Horizontal Analysis, para. 1). According to the Income Statements Competition Bikes, Inc. was strong in many areas from year 6 to year 7. Net sales increased by $1,495,000 from Y6 to Y7 which is a 33.3% increase. When looked at with the cost of goods sold which increased only 31.8% or $1,048,000 during the same time period you can see that the company was successful in increasing its gross profit. Gross profit increased $447,000 from Y6 to Y7 or 37.5%. Increased profit is a big strength for
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difference between the principles of the Codification and IAS 2, there are a substantial amount of similarities that promote a convergence of the two standards. Both are based on the principle that cost is the primary basis of accounting including costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. Also, they contain similar definitions of inventory: Assets which (1) are held for sale in the ordinary course of business
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