Case 10-2 1. Ida needs to test the U.S. commercial building for recoverability under both U.S. GAAP and IFRSs. Recoverability test is one of the requirement tests for impairment. As a result‚ we need to verify if impairment should be recognized. 2. The impairement is $600‚000. GAAP methodology of determining impairment uses a two-step recoverability test. Step one‚ requires a company to estimate the future undiscounted cash flows expected from the use of that asset and its eventual disposition
Premium Generally Accepted Accounting Principles Goodwill Depreciation
CAS 11-2 Amerbran Company Amerbran Company was a diversified company that sold various consumer products‚ including food‚ tobacco‚ distilled products‚ and personal care products and financial services. Financial statements for the company are shown in Exhibit 1. The 20X1 financial statements reflect the following transactions (dollar amounts are in thousands): 1. Depreciation and amortization expense was $115‚974. 2. Net income included a loss of $66‚046 resulting from the write-off
Premium Generally Accepted Accounting Principles Dividend Balance sheet
Case the Mystery of the Disappearing Oil Mat Jon Weakness 1. Increases in costs of goods sold (85m) and inventories(18m) disproportionate with growth of sales 2. Current purchasing system contributed to redundant purchasing and high inventory holding costs 3. Siti Aminah (CFO) has no experience in system and technology 4. Internal control weaknesses: Purchasing system Current purchasing system contributed to redundant purchasing and high inventory holding costs and caused increases
Premium Accounts receivable Accounts payable Invoice
JUVENILE DELIQUENCY IN IBADAN‚ NIGERIA CHAPTER ONE 1.1 INTRODUCTION In the 1990s‚ juvenile delinquency has become a major global problem. The rising incidence of juvenile delinquency in many countries may be caused by certain socio-economic problems often associated with development. These includes; poverty‚ rapid population growth‚ unemployment‚ urbanization‚ industrialization‚ inadequate shelter and housing‚ youth unemployment‚ and under employment‚ breakdown of the family unit‚ inadequate
Premium Crime Criminology Juvenile delinquency
PETROLEUM INDUSTRY BILL (PIB) 2012 SUMMARY PETROLEUM INDUSTRY BILL In 2008 under the late President Umaru Yar’Adua‚ Nigeria began the arduous process of changing the institutional framework which governs the nation’s oil and gas industry. The delayed passage of the bill was followed by controversies surrounding the emergence of different versions of the document‚ Goodluck Jonathan‚ on assumption of office ordered a withdrawal of the bill to enable executive address contentious areas and ensure all
Premium Petroleum Petroleum industry
perceived. In an accounting context‚ the sustainability reporting has evolved into a kind of tool for an organization to show and present its Corporation Social Responsibility. Moreover‚ it is also the expectation for the business organization to operate in a sustainable way. In the recent researches‚ there are sufficient evidences show how important the sustainable development to the community? How the conventional accounting evolve into two breeds of accounting‚ which are social accounting and environment
Premium Sustainability
TAKE HOME EXAMINATION MAY 2012 SEMESTER SUBJECT CODE : MAF656 SUBJECT TITLE : ADVANCED ACCOUNTING AND FINANCE LEVEL : DOCTOR OF BUSINESS ADMINISTRATION STUDENT’S NAME : SARAVANAN KOLAN DE VELU MATRIC NO. : M70205120002 PROGRAMME : DBA ACADEMIC FACILITATOR : PROF. DR.MOHAMMAD ADAM BAKAR LEARNING CENTRE : KL-HEAD OFFICE INSTRUCTIONS TO STUDENTS 1) This assignment consists of THREE (3) questions. Answer ALL questions. 2) Plagiarism in
Premium Audit Financial statements Income statement
Creative Accounting AC4001 12/13/2013 ‘Many investors now believe that companies can manipulate their accounts more or less at will‚ with the aim of producing profits that increase steadily over time. Provisions are bumped up in good years and later released‚ or the value of an acquisition is slashed; there are plenty of tricks.’ In your opinion is it possible to eliminate creative accounting? I do not think that creative accounting practice can be eliminated completely. However‚ I do
Premium Enron Audit Accounting scandals
CASE ASSIGNMENT INTERNATIONAL FINANCIAL REPORTING STANDARDS MASTER OF SCIENCE IN BUSINESS EK337EPERSPECTIVES ON INTERNATIONAL ACCOUNTING SPRING 2013 CANDIDATE NUMBERS: 28 32 76 87 UniversitetetiNordland 1 CONTENT Introduction……………………………………………………..3 Theoretical Framework………………………………………….5 Advantages……………………………………………………....5 Disadvantages…………………………………………………....6 Challenges………………………………………………………..6 Analysis………………………………………………………….7 Conclusion………………………………………………………10
Premium International Financial Reporting Standards Financial statements
for you will depend upon your career goals. Earning one of the accounting-related professional certifications is no easy task; however‚ earning and maintaining your certification can increase your chances for advancement and promotion‚ enhance your reputation among colleagues and within the profession‚ and result in salaries that are higher than your non-certified peers as long as you remain ethical. The Profession of Accounting When most people go to college they think of what major would
Premium Certified Public Accountant