| 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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dividends are recognised upon declaration by controlled entities. 2.2 Goodwill (AASB 1013) Goodwill represents difference between fair values of net identifiable assets acquired and related cost. With vague useful life‚ goodwill is systematically tested for impairment at annually balance sheet date. Negative goodwill emerging on an acquisition is recognised in income statement. 2.3 Property‚ Plant and Equipment (AASB 116) Accounting
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invisible forces behind them and the impacts this has had on all stakeholders. There are always winners and losers in a battle for power and self-interests and we will look at what the outcomes for these are. We will also look at the goals of the IASB‚ AASB and FRC as we untangle the web of financial influences over non-financial prey as well as the positive impacts the changes have brought with them. In summary‚ the political nature of setting accounting standards has had many influences and impacts
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Abstract The Financial Reporting Council decided in 2002 that Australian would move to International Financial Reporting Standards (IFRS) in 2005. Prior to that‚ Australia had its own standard-setting processes. The introduction of IFRS in Australia replaced the original accounting standards and brought several brand new standards. Until now‚ Australia was the first country with a tradition of its own standard-setting to implement international accounting standards for general purposes. Therefore
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that for underwritten and other share issue costs? Generally it is recorded as the asset but as it does not have any economic future benefits to the company and it occurs only once so it should be treated as intangible assets. Under paragraph 69 of AASB 138‚ intangible assets does not allow the initial cost to be treated as an asset which needs to be treated as an expense and should be written off immediately as an expense. Underwriting and other issue costs are treated as a contra to the share
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statements. According to accounting practice‚ pay dividends out of profits shall debit the liability account to meet the balance of accounts. Calculate the profits Calculating profits in the financial year is important for the company. According to AASB‚ profits are disclosed by comprehensive income statement. In accounting practice‚ profit is resulted by using income minus expense. In QBE Insurance Group Ltd v ASC (1992) 38 FCR 270‚ the held are influenced by the accounting standards
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BAO3309 Advanced Financial Accounting Semester 2011 Non-Graded Assessment There are 1 Multiple Choice Questions and you have 13 minutes to complete this assessment 1) Which of the following is true about theories in general? A. Theories can include any coherent set of ideas or statements to explain‚ or provide guidance in respect of‚ certain phenomena B. Theories must be empirically based to describe what is‚ rather than what should be C. Theories must be based on
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2102FE Financial Accounting ASSIGNMENT 2: Semester 2‚ 2013 DUE DATES: ASSIGNMENT: 22nd Oct 2013 (5.00pm) Tuesday‚ WEIGHTING: 15% WORD LENGTH: Maximum 1500 words. This assignment requires students to: (i) Prepare an essay relating to the Presentation of Financial Statements‚ (ii) Apply the relevant Accounting Standards and Corporate Legislation to a practical situation‚ and (iii) Analyze and discuss specific problems to associate with changes in accounting policies‚ and changes
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FEDERAL COURT OF AUSTRALIA Australian Securities and Investments Commission v Healey (No 2) [2011] FCA 1003 Citation: | Australian Securities and Investments Commission v Healey (No 2) [2011] FCA 1003 | | | Parties: | AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION v BRIAN HEALEY‚ ANDREW THOMAS SCOTT‚ SAMUEL KAVOURAKIS‚ JAMES WILLIAM HALL‚ PAUL ASHLEY COOPER‚ PETER GRAHAM GOLDIE‚ LOUIS PETER WILKINSON and ROMANO GEORGE NENNA | | | File number: | VID 750 of 2009 | | | Judge:
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The Company Logo—an asset or expense? As the title of this essay suggests‚ it must first be decided whether the company symbol or logo should be recognized as an asset or an expense. An asset is defined as something of value‚ such as cash‚ equipment‚ inventory‚ or buildings‚ while expense is defined as something that has a negative effect on the value of the practice‚ such as accounts payable. The simple question that needs to be answered is “Does the company logo contributes to or takes away from
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