major five Australian companies Qantas‚ Ten Networks‚ Billabong‚ Bluescope steel and Harvey Norman. This research mainly deals with controversies surrounding the recent introduction and application of ‘fair value’ measurement system by the IASB and AASB. The author refers an article written by Adele Ferguson published in ‘The Age’ newspaper on 14th june 2012. This article refers the possible assets write downs by many Australian companies. And it also refers the Australian accounting standard
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TOPIC 3 – L E CT U R E S 5 & 6 Cash flow reporting and analysis REVISED BY DR SIMONA SCARPARO (FEBRUARY 2013). EARLIER R E V I S E D B Y D R G U S H O S S A R I ( J A N U A R Y 2 0 1 0 ) ‚ B A S E D O N O R I G I N A L M AT E R I A L P R E PA R E D BY GARRY CARNEGIE‚ GRAEME W INE‚ CHRISTINE JUBB AND JUDY NAGY Contents Lectures 5 & 6: Introduction 1 Objectives 1 Learning resources 1 Prescribed text Online readings Glossary CloudDeakin 1 2 2 2 Importance of
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| Abstract This document is concerned with the relationship between the financial crisis and fair value accounting. Its purpose is to make an understanding of the strengths and limitations of fair value accounting. The report also gives some examples of fair value accounting measures used in several Australian companies. In this report‚ City Weat Water LTD and JB HI-FI LTD are used to explain that. Introduction With the modern transportation and communication technology development‚ in the industrial
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prices? • How much profit is owing to outsiders? • Will cash be available to pay debts as they fall due? • What are benefits of owning vs leasing? 1 External Users • Investors • Employees • Lenders • Suppliers and other trade creditors • Customers • Governments and their agencies • Public • External focus Focus (shareholders/stakeholders) • Reporting information • Performance (Income statement flow concept) •
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Radford (2005) Applying International Accounting Standards‚ John Wiley & Sons‚ Australia. 2. Australian Accounting Standards Board (AASB) (2003) ED 124 Released: The definition of reporting entity‚ the IASB framework and revenue and government grant standards‚ Media Release‚ 1 October. Available at http://aasb.com.au. 3. Australian Accounting Standards Board (AASB) (2004) Concepts and policies Available at http://aasb.com.au/pronouncement/policies.htm. 4. Bradbury‚ M. (2003) ‘Implications for the
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contribution of capital by the owner to commence the business. This transaction would increase cash (asset) and increase capital (equity). 2. The purchase of inventory (mobile phones) on credit. This transaction would increase inventory (asset) and increase creditor (liability). 3. The payment of office rent. This transaction would decrease cash (asset) and decrease profit (equity). 4. The purchase of office equipment for cash. This transaction would increase office equipment (asset) and decrease cash (asset)
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licenses are freely transferable‚ they can be revalued to fair value. The requirements of AASB 138 state that intangible assets may be revalued only if there is an ‘active market’. Most of intangible assets will not be able to be revalued as there is no active market for them given that most intangible assets are unique in nature‚ i.e. brands‚ masthead‚ copyright‚ patent or trademark. However‚ as paragraph 78 of AASB 138 states that in some jurisdiction‚ an active market may exist for freely transferable
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ACC00106 Contemporary Issues in Accounting Unit Information Guide Session 2 2012 © 2012 Southern Cross University Southern Cross University Military Road East Lismore NSW 2480 No part of this publication may be reproduced‚ stored in a retrieval system or transmitted in any form or by means electronic‚ mechanical‚ photocopying‚ recording or otherwise without the prior written permission of the publisher. Copyright material indicated in this work has been copied under Part VB of the Copyright Act
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many different levels of government. It is also political in the way in which the outcomes of these standards can affect different stakeholders. Adoption of IFRS in Australia Under paragraphs (1) (a) and (d) of s. 227(1)‚ (the functions of the AASB)‚ we see two of the AASB’s main functions – • “To make accounting standards under section 334 of the Corporations Act for the purposes of the corporations legislation; and • To participate in and contribute to the development of a single
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Chapter 12 – Completion and reporting on the audit REVIEW QUESTIONS 12.1 What is the process of ‘engagement wrap-up’? Why is it important? The process of engagement wrap-up involves the auditor finalising an open items before issuing their audit report. The finalisation process could include completing additional audit procedures to ensure that sufficient and appropriate evidence is held on which to base the audit opinion. The process usually includes work in the following areas: 1
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