following years 2012 net income of $26‚558 million. Walmart has had an continuous increase in net income from the year 2009. Year Net Income Percentage 2009 22‚767 100 2010 24‚002 105 2011 25‚542 112 2012 26‚558 117 2013 27‚801 122 This information important to Walmart investors because most investors invest more to a company earning revenue and growing. Invertores do not like to invest in a company tha is not profiting. What is the ending balance in
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Parliament and the Attorney-General. 2. the Australian Accounting Standards Board (AASB) Body charged with developing a conceptual framework for accounting practices‚ making and formulating accounting standards‚ and participating in and contributing to the development of a single set of accounting standard for worldwide use. 3. the Financial Reporting Council (FRC) Body that oversees the activities of the AASB and the AUASB (Auditing and Assurance Standards Board). 4. the Australian Securities
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Introduction The Australian Accounting Standards Board (2013) makes the Australian Accounting Standards‚ including Interpretations. The neutral Standards was adopted when AASB merged with Public Sector Accounting Standards Board and it is now to be applied to all types of entities that are required to prepare financial reports by the Corporations Act 2011‚ the General Government Sector (GGS) and entities in the for-profit or not-for-profit private or public sectors that are reporting entities. However
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performing quality assurance reviews of audit work. FRC‚ whenever necessary‚ advises or gives feedback to Australian Accounting Standards Board (AASB) on their priorities‚ proposals‚ budgets and even appoint members or arrange the structure of members (other than the Chairs). It also has an effective hand in determining the broad strategic directions of AASB (FRC 2011). Moreover‚ it stretches its hands to monitor the development of single-set of accounting and auditing standards in regards to the international
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in relation to: • accounting concepts • other accounting standards • accounting theory • public interest Reading material › “Issues in Financial Accounting” 14th ed.‚ 2011 › Accounting handbook 2013 › (material can be freely downloaded from the AASB site) it ) › Other readings may be provided through library website (on-line course readings) or as instructed on Blackboard All weekly readings are examinable. 2 5 Overview of ACCT 2011 Overview of ACCT6001 Feedback › Marked midterm test: general
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destroyed. Required: The board of directors has approached you for advice regarding the disclosures‚ if any‚ which are required for this change in accounting policy. As the change in accounting policy was voluntary‚ the provisions of paragraph 29 of AASB 108 are applicable as follows: the nature of the change the reasons that applying the new accounting policy provides reliable and more relevant information to the extent practicable‚ the amount of the adjustment for the current and previous periods
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introduction of main business of AGL and its financial performance. In addition‚ we compare the disclosure of PPE‚ intangible asset and leased assets & liabilities in the annual report 2008 with the AASB. After the analysis‚ it is clear to discover that the rules followed by the AGL comply with the AASB framework. Introduction AGL Energy Limited (AGK) began trading in the Australian Stock Exchange on the 12th of October 2006‚ and is the second largest provider in the gas‚ electricity and
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Accounting Standards Board (PSASB). The main aim was to demarcate the boundaries of financial reporting in that conceptual framework was to deal only with general purpose financial reporting. The ASRB was replaced by Australian Accounting Standards (AASB)‚ and four Statements of Accounting Concepts (SACs) developed in the 1990s. The main function of conceptual framework is to standardise the financial reporting for all business entities. Conceptual Framework There is no ‘absolute’ definition of a
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adopt IFRSS‚ in 1996‚ the AASB issued Policy Statement 6 International Harmonization Policy with objective to ‘pursue the development of an internationally accepted set of accounting standards which can be adapted in Australia’. There were several considerations why government decided to do so: 1. ‘The existing arrangements for accounting standard setting are confusing‚ inefficient and not conductive to stakeholder participation 2. There is duplication between the AASB and PSASB 3. Australian Accounting
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ADVANCED FINANCIAL ACCOUNTING 260 IMPAIRMENT QUIZ QUESTIONS 1. When should an entity conduct an impairment test? (2 Marks) Assets that are consider to have uncertain carrying amounts must be tested every year for impairment. Goodwill acquired in a business combination Intangible assets with an indefinite useful life Intangibles not yet ready for use Impairment testing of all other assets is required only if there is an indication that they might be impaired due to events
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