According to the Accounting Standards Board (UK‚ 2006)‚ a heritage asset was defined as ‘an asset with historic‚ artistic‚ scientific‚ technological‚ geophysical or environmental qualities that is held and maintained principally for its contribution to knowledge and culture and this purpose is central to the objectives of the entity holding it’. It also has been defined by Canadian Institute of Chartered Accountants (1989) as ‘fixed assets that a government intends to preserve indefinitely
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Introduction: Naa Gee Pty Ltd is a large proprietary company that is owned by the Ma and Banks families and have been trading in the furniture manufacturing business for over 30 years. The company has 6 shareholders from within the two families and they does not have any shareholder from the outside. The company’s main working force consists of 20 employees and 5 of which are employed regularly. They have little debt (mainly bank loan of $500‚000)‚ more than $15 million of assets and turnover of
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financial position‚ performance and changes in financial position of an entity that is useful to a wide range of users in making economic decisions." What is meant by saying that accounting information should be decision useful’? As stated in the AASB Framework‚ financial statements play an utmost important role to a variety of users‚ which mainly consist of the investors‚ employees‚ lenders‚ suppliers and other trade creditors‚ customers‚ governments and their agencies‚ as well as the public‚ in
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ukessays.com http://www.ukessays.com/essays/accounting/history-of-accounting-traces-to-ancient-civilizations.php History of Accounting -Traces To Ancient Civilizations Various attempts have been made to locate the place and time of the birth of the double-entry system resulting in various scenarios. Most of these scenarios recognize the presence of some form of record keeping in most civilizations dating back to about 3000 BC. Included are the Chaldean-Babylonian‚ Assyrian and Sumerian
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• Accounting is the system that measures business activities and process information into reports. • Accountant maintain‚ audit and prepare financial records for a person or a company. • Main careers in accounting - bookkeeper‚ auditor‚ financial advisor‚ taxation‚ carbon accountant and accountant etc… • Bookkeeping is recording financial recorders and summaries of financial transaction. Accounting is measuring business activities and process information into reports. • Main professional accounting
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For the purposes of AASB standards‚ the parent must be a type of entity required to prepare financial statements that comply with the financial reporting provisions in Part 2M.3 of the Act. In the context of this book parent and subsidiaries are typically companies and
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School of Accounting ACCT 1511: Accounting and Financial Management 1B Session 2‚ 2012 Week 5 Completing the Balance Sheet Student Handout Contents: 1. Learning Objectives 2. Tutorial Questions 3. Lecture Materials Lecturer: Dr Victoria Clout Website: http://telt.unsw.edu.au 1 Introduction and Learning Objectives In this week we are turning our attention towards the remaining major component of the balance sheet – owners’ equity. Like liabilities‚ owners’ equity represents another
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Income statements For the year ended 30 June 2008 : : Consolidated Notes Parent entity 2008 $’000 2007 $’000 2007 $’000 2008 $’000 Revenue from continuing operations 5 1‚354‚419 1‚230‚513 64‚453 208‚833 Cost of goods sold Other income Selling‚ general and administrative expenses Other expenses Finance costs 7 6 7 7 7 (608‚040) --(399‚411) (76‚420) (24‚986) (570‚979) 671 (355‚483) (63‚422) (19‚486) ----(1‚733) (15‚888) (21‚298)
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A nnuAl RepoRt contents peRfoRmAnce summARy Performance Summary 1 Growth Plans 2 Chairman’s Report 10 Managing Director’s Report 12 The Results in Brief 14 Food‚ Liquor and Petrol 16 General Merchandise 22 Hotels 24 Home Improvement 26 Consumer Electronics 27 Discontinued Operations 27 Overheads‚ Expenses and Balance Sheet 28 Capital Management and Outlook 29 Board of Directors 32 Directors’ Statutory Report
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the government. After the corporate collapse‚ accounting body lost the trust of public. Our work was not transparent and therefore‚ was no longer reliable. Regulator body such as ASIC‚ AASB‚ FRC and ASX are formed after the corporate collapse. ASIC is the corporate ‘watch dog’ who monitors FRC‚ AASB and office of AASB. Why we need regulation? Because it is human nature to find loop-hole to go around the regulation and make extra profit. Tutorial: We have done poster presentation in the class and
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