include: I. II. III. IV. V. a. b.* c. d. overseeing the process for the setting of accounting standards of the AASB. determining the AASB’s broad strategic direction. monitoring and reviewing the level of funding for the AASB. directing the AASB in relation to the development or making of a particular standard. the power to veto a standard recommended by the AASB. I‚ II‚ III and V only I‚ II‚ and III only I‚ II‚ IV and V only II‚ III‚ IV and V only 2. The role of the Australian
Premium Balance sheet Generally Accepted Accounting Principles Depreciation
are required to be amortised over their useful lives defined as ‘the period of time over which the asset is expected to be used by the entity‚ or the number of production or similar units expected to be obtained from the asset by the entity’ (Para 8 AASB 138). Amortisation methods based on time would be applied to intangible assets whose lives are limited by time. Same applies to intangible asset’s life limited to the production of a certain number of units of product. Where the pattern of benefits
Premium Balance sheet Generally Accepted Accounting Principles Goodwill
At past AASB 139 provide that the financial assets are classified based on four categories‚ each category apply to different conditions and measurement standards‚ the new standard AASB 9 simplify the classification and measurement of financial assets base on two categories: the objective of the entity’s business model for managing the financial assets; and the characteristics of the contractual cash flow. Under AASB 9‚ the entity’s business model for managing the financial assets is a new accounting
Premium Investment Asset Generally Accepted Accounting Principles
of Contents Executive Summary 2 1. Summary of IPL’s activities and strategies 3 2. Key accounting policies and Accounting Standards 3 2.1 Revenue Recognition – AASB 118 3 2.2 Foreign Currency Translation – AASB 121 3 2.3 Income Taxes – AASB 112 4 2.4 Consolidation – AASB 127 4 2.5 Impairment of Assets – AASB 136 4 3. Management’s flexibility in selecting key accounting policies 4 3.1 Interest Bearing Liabilities 4 3.2 Derivative Financial instruments 5 3.3 Interest Bearing
Premium Balance sheet Generally Accepted Accounting Principles
G.‚ Lambert‚ C.‚ (2007) Corporate Accounting in Australia (4th edition) University of New South Wales Press‚ Sydney. CPA Australia (2007) Accounting Handbook‚ Pearson Education Australia‚ French Forest: · Australian Accounting Standard Board AASB 3 – Business Combinations Williams‚ J.‚ Carcello‚ J.‚ (2006) GAAP Guide Level A (2007) Restatement and Analysis of Current FASB Standards‚ CCH. Reporting requirements for non-reporting entities: ASIC Information Release (Issued on: 20 July
Premium Balance sheet Asset Generally Accepted Accounting Principles
13/08/2012 Topic 3 Property‚ Plant & Equipment The nature of PP&E • AASB 116 defines property‚ plant & equipment (PP&E) as: • tangible items • with a specific use within the entity • that are expected to be used during more than one period AASB 116 specifically excludes assets held for re-sale PP&E is normally divided into classes. Common classes include land‚ buildings‚ machinery‚ motor vehicles. • • 1 13/08/2012 Initial recognition of PP&E • Cost of an item is recognised as
Premium Depreciation Generally Accepted Accounting Principles
markets. This means that the decision maker is usually the investor/owner and they decide the value and the amount of shares they are willing the buy or sell. Users of Accounting Some users of accounting include: Management: To Monitor and Control Creditors: To decide lending amounts and terms Customers: To buy the product or not? (This generally applies to large buyers‚ not the end consumer) Tax Office: To see the assessable income Regulators: To check for compliance with legislation and laws Analysts:
Premium Generally Accepted Accounting Principles Balance sheet
introduced a mandatory requirement for its registrants (except for those that qualify as foreign private issuers) to have quarterly reviews of interim F/S by their independent public accountants. A decade later‚ the Auditing and Assurance Standards Board (AASB) in Canada is considering whether interim F/S should be subject to mandatory reviews. The advantages and pitfalls associated with such a change can each be considered from the perspectives of the client and auditor. Benefits: One of the key benefits
Premium Audit Auditing Financial audit
statements structured that are simple to understand. The objective of the general purpose financial statement is to be able to provide financial information for the reporting entity. Hence‚ it is useful to the existing plus potential investors‚ creditors and lenders for accounting and decision-making purposes‚ (Bart‚ 2007). Financial reporting is not merely an end in itself; its major purpose is to be able to provide critical information that is in every mean user of general purpose financial reporting
Premium Generally Accepted Accounting Principles Balance sheet
time of delivery‚ while the value of support and servicers was recognised as they were performed. Moreover‚ the value of licences was identifiable and separable form the implementation and support services provided. This is not aligned with what the AASB
Premium International Financial Reporting Standards International Accounting Standards Board