[pic] ATPB 313 / ACTB 423 Accounting Theory & Practice TOPIC 5: ACCOUNTING STANDARD SETTING Chapter 7 SHD Learning Outcomes At the At the end of this lecture‚ students should be able to explain: ✓ The three theories proposed to understand the process of regulation – public interest‚ regulatory capture and private-interest theory ✓ a comparison of the free market and regulatory approaches to standard setting ✓ International standard setting ✓ Standard setting in Malaysia Introduction
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Abstract Discussion on harmonization is started quite long time ago. Its impact on the countries economy is good or bad is the central idea of this essay. This essay is written specifically on the accounting standard used in Australia. This essay starts with introduction on various topics such as conceptual framework‚ IASB‚ Sacs then it discussed the issue of harmonization. Harmonization will have positive impact on the economy because it attracts overseas investors to invest in Australia. This
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Ratio Description The company Inventory turnover An activity ratio calculated as revenue divided by inventory. Rio Tinto PLC’s inventory turnover deteriorated from 2010 to 2011 and from 2011 to 2012. Receivables turnover An activity ratio equal to revenue divided by receivables. Rio Tinto PLC’s receivables turnover improved from 2010 to 2011 but then slightly deteriorated from 2011 to 2012. Payables turnover An activity ratio calculated as revenue divided by payables. Rio Tinto PLC’s payables
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Riordan Manufacturing Finance and Accounting Riordan Enterprise is in need of an upgraded system that will help improve the business performance in the Finance and Accounting department. The issues that is ongoing is within the organization is unacceptable and are in need of solutions as soon as possible. One issue is concerning the software application that is design for plastics processors and more does not include the license for the source code. Another situation is that software
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AASB Standard AASB 101 Presentation of Financial Statements FOR NOT-FOR-PROFIT (NFP) ENTITIES ONLY This compiled Standard applies to annual reporting periods beginning on or after 1 January 2013 but before 1 July 2013. Early application is permitted. It incorporates relevant amendments made up to and including 18 December 2012. Prepared on 10 May 2013 by the staff of the Australian Accounting Standards Board. Obtaining Copies of Accounting Standards Compiled versions of Standards‚ original
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Group 3 In your opinion are accounting standards necessary and to what extent? Do you agree with the view that mandatory regulations stifle innovation ? why? Give reasons? * Accounting standards are necessary to promote high quality financial reporting. The fundamental role of accounting is to communicate economic information about businesses and other organization to various stakeholders (government‚ investors‚ shareholders‚ suppliers‚ lenders‚ customers and the general public). * These
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and establishing an open European standard for hybrid set-top boxes for the reception of broadcast TV and broadband multimedia applications with a single user interface‚ and has run pilot HbbTV services in Spain.[4] Contents [hide] 1 History 2 Current operations 2.1 Europe 2.1.1 Czech Republic 2.1.2 Germany 2.1.3 Ireland 2.1.4 Italy 2.1.5 Slovakia 2.1.6 Spain 2.1.7 United Kingdom 2.2
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lebanon‚ Finance Department. The document contains information about the organization and the responsibilities performed throughout the period between: the 1st of July until 31st of July‚ 2014. The first part of the report offers an overview of the organization‚ and then describe the process which has been implemented by finance department according to the policy which has been approved by the higher management represented by the university president and the Vise president of finance and administration
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Applicability of Accounting Standard (AS) 26‚ Intangible Assets‚ to intangible items 1. Accounting Standard (AS) 26‚ ‘Intangible Assets’‚ came into effect in respect of expenditure incurred on intangible items during accounting periods commencing on or after 1-4-2003 and is mandatory in nature from that date for the following: (i) Enterprises whose equity or debt securities are listed on a recognised stock exchange in India‚ and enterprises that are in the process of issuing equity or debt
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Accounting Standards Boards Increased globalization in the business world has brought to fore some of the issues and challenges that multinational businesses face in financial recording and reporting of foreign based operations. With operations based in different countries that operate under different accounting principles and with varying currencies‚ there has been a need for the accounting principles and standards to be converged. This has in the past nine years seen the accounting policy
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