inventories Costs of purchase Costs of conversion Other costs Cost of inventories of a service provider Cost of agricultural produce harvested from biological assets Techniques for the measurement of cost Cost formulas Net realisable value RECOGNITION AS AN EXPENSE DISCLOSURE EFFECTIVE DATE WITHDRAWAL OF OTHER PRONOUNCEMENTS APPENDIX Amendments to other pronouncements APPROVAL OF IAS 2 BY THE BOARD BASIS FOR CONCLUSIONS 1 2–5 6–8 9–33 10–22 11 12–14 15–18 19 20 21–22 23–27 28–33 34–35 36–39 40 41–42
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Chapter One Exercise 3. a. The sales and expenses are recorded in U.S. dollars using the foreign currency rate of BRL to USD at the time of the transaction. This rate fluctuates continuously. As the rate changes, more or less revenue and expenses will be recorded in USD. For example, if the company had a single expense of 500 BRL (Brazilian reals) and the foreign currency translation rate on that day was .3 BRL to USD, the company would record expense of $150 USD. If the same transaction happened
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critical judgements, apart from those involving estimations (see below), that the Group has made in the process of applying the accounting policies and that have the most significant effect on the amounts recognised in the financial statements: Revenue recognition - gross versus net presentation of traded SDFI volumes of oil and gas production As described under Transactions with the Norwegian State (see note 2 - Significant accounting policies to our Consolidated Financial Statements included in this
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PART 1 1. Monash Ltd (Lessor) should classify the lease through AASB 117 par 10-12: In order for the lease to be deemed as a financial lease, based on professional judgement it is deem necessary for at least two of the required standards set in either AASB 117 par 10 or par 11. AASB 117 par 10: a) Ballarat Ltd does not intend to buy the bulldozer at the end of the lease term, thus there would be no transfer of ownership of asset and the ownership of the asset will return back to Monash
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may be not equal to the taxable income in tax reporting. This can be explained by the fact that the rules in accounting and in tax regulations may differ. Often differences in the timing of the recognition of revenues and expenses occur. These differences lead to a gap between tax payable and tax expense and create temporary differences. A temporary difference is called taxable when it creates a future amount of tax payable. It is called deductible on the opposite side. IAS 12 requires that these
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represented by ticker symbol IPGP. IPG is currently headquartered in Oxford, Massachusetts, but was originally founded in Russia in 1990 by physicist Valentin P. Gapontsev, Ph. D., as a small optics company (Wikipedia, 2013). Dr. Gapontsev was given recognition in 2009, by the Laser Institute of America, as "the father of the fiber-laser industry as it is known today," and, in 2010, he was the recipient of the Russian Federation National Award in Science and Technology
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Unit I Introduction to Accounting Overview |Background |The evolution of accounting is attributed to the social and economic needs of society. As business and society | | |become more complex, accounting develops new concepts, methods and techniques to meet the ever changing and | | |increasing needs for financial information. Without the necessary information furnished by accounting, many
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GAAP states that revenues should only be recorded when they are earned (goods are transferred or services are rendered). Our recommendation, in accordance to GAAP, is that WAG not recognizes these sales until the goods are transferred. Recognizing the sales before they are delivered (not in accordance with GAAP) would overstate net income. Revenues from ‘Artwork Sales’ should be restated at $30,600. As a direct result of sales being adjusted due to revenue recognition issues in accordance
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made using available data pertaining to the company’s assets, liabilities, revenue and expenses. Other areas where estimation may occur are future tax liability projections, fair value estimation and impairment calculation on investments. 4. Revenue Recognition Revenue is recognized when a service contract is signed, service is rendered, or evidence of an arrangement exists and collectability is probable. Revenues indicated are net of taxes collected for federal and state purposes and thus
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Generally Accepted Accounting Procedures. D. Generally Accepted Accounting Principles. 7) Which of the following statements is not true? A. Expenses increase stockholders' equity. B. Expenses decrease stockholders' equity. C. Expenses are a negative factor in the computation of net income. D. Expenses have normal debit balances. 8) All of the financial statements are for a period of time except the A. income statement. B.
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