as it is used in IAS 37, is most closely related to the term in U.S. GAA as “Contingent liability”, where the outflow of resource is probable.... Under IAS 18, if four out of five conditions for recognized revenue from the sale of g... are met, ... the entity is contain that 75 % revenue will be 100,000 credit... B (P.108 Ch.3 #16) How has the U.S. SEC policy toward IFRS changed? (P.157 Ch.4 #12) How are internally generated intangibles handled under IAS 38? How does this differ from U
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Role: • An accounting advisor engaged by a lawyer to help with concerns about an earnout arrangement (payment for the purchase of a business based on performance after the sale has closed). Key users: • Ms. Kellett and Mr. Jones are the only relevant users. Ms. Kellett will use the report to assist her in assessing the earnout agreement. Key facts: • Earnout arrangement being proposed for sale of company. • Selling price will depend on earnings after the sale closes and buyer (role is working
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like Relevance (Predictable, confirmable, materiality) and Faithful Representation (Competence, neutrality, free from error). And the enhancing qualities are comparability, verifiability, timeliness, and understandability. And the three levels are recognition and measurement concepts. The basic assumptions are economic entity assumption, going concern assumption, monetary unit assumption, and periodicity assumption.
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...............................................................17 PRESENTATION OF FINANCIAL STATEMENTS ........................................35 ACCOUNTING POLICIES .............................................................................49 REVENUE......................................................................................................61 INVENTORIES...............................................................................................75 PROPERTY, PLANT, AND EQUIPMENT...
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Welcome to WritePoint, the automated review system that recognizes errors most commonly made by university students in academic essays. The system embeds comments into your paper and suggests possible changes in grammar and style. Please evaluate each comment carefully to ensure that the suggested change is appropriate for your paper, but remember that your instructor's preferences for style and format prevail. You will also need to review your own citations and references since WritePoint capability
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University Malaysia Kelantan (UMK) Malaysian Graduate School of Entrepreneurship and Business (MGSEB) Course Name: Financial Reporting & Controlling Course Code: GST 5033 “Revenue Recognition of AirAsia” Submitted To: Prof Dr. Zulkarnain Bin Muhamad Sori Submitted By: Mohammad Osman Goni (Matric No. P13D179F) Hayder Alwan Kadhim – P13D20F Wesam Esam Hamzi - P14D482F Assel Faisal - P14D484 VALUE CHAIN OF AIRAISA To better understand and analyze the specific activities
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...............................................................17 PRESENTATION OF FINANCIAL STATEMENTS ........................................35 ACCOUNTING POLICIES .............................................................................49 REVENUE......................................................................................................61 INVENTORIES...............................................................................................75 PROPERTY, PLANT, AND EQUIPMENT...
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period costs. Alternative 1: Grouping incurred costs by charging all direct manufacturing costs to inventory and all other expenses to expense in the year incurred. Alternative 2 :Separate the other expenses (other than direct manufacturing cost) into product costs(inventory) and period costs. Recommendation: Better choose alternative 2. ACC should separate the other expenses (other than direct manufacturing cost) into product costs and period cost. According to IFRS, product costs are
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Conceptual Framework: Objectives: Provides information – 1. Useful in investment and credit decisions 2. Useful in assessing future cash flows 3. About enterpnse resources. claims to resources, and changes in them Qualitative Characteristics: 1. Primary qualities A. Relevance 1) Predictive value 2) Feedback value 3) Timeliness B..Reliability: 1.Verifiability 2.Representational faithfulness 3..Neutrality Secondary qualities: 1.. Comparability: information
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life. [E11-11], [E11-13] 4. Conduct a recoverability test for impairment. [E11-17] 5. Determine the amount of impairment to be recorded on a fixed asset. [E11-17] 6. Prepare the journal entries to record: a. depreciation expense b. the impairment of a fixed asset c. the restoration of impairments d. impairment and restoration of impairment for an asset held for disposal [E11-17] e. depletion of a natural resource [E11-22] 7. Determine
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