INDIAN ACCOUNTING STANDARDS - A PERSPECTIVE The paradigm shift in the economic environment in India during last few years has led to increasing attention being devoted to accounting standards as a means towards ensuring potent and transparent financial reporting by corporate. Further‚ cross-border raising of huge amount of capital has also generated considerable interest in the generally accepted accounting principles in advanced countries such as USA. Initiatives taken by International Organisation
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Universal Accounting Standards Issue The internationalization of business activities has increased exponentially over the past 3 decades. Because the accounting standards and practices of different countries have developed in response to diverse environments‚ accounting has developed with strong national accents . As a result‚ multinationals with branches and investments in a wide array of countries find it difficult to achieve a consolidated financial report. Further‚ investors in these multinationals
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ACCOUNTING IN BUSINESS “Defining the three important financial statements has made analysts’ life simpler by ensuring consistency in reporting”. Analyzing a business’s performance and standing can be adequately done using financial statements. WORD COUNT: -1463 Kunal Sharman SHTM 2012 Institute for international management and technology Oxford Brookes University Ms.Garima Gupta “Defining the three important financial statements has made analysts’ life simpler by ensuring consistency in
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Harmonization of International Accounting Standards Need for Harmonization of International Accounting Standards Introduction As there has been a tremendous growth in the market place with the existing accounting practices‚ this leads us to question why do we need harmonization of International accounting standards‚ what are its advantages and what are the barriers that hinder harmonization? Although accounting may be the "language of business‚" a common language has never been necessary
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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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Problem 1-7/39 Nikolas Benton launched a new business‚ Benton’s Maintenance Co.‚ that began operations on June 1. The following transactions were completed by the company during that first month. 1. N.Benton invested $41.000 cash in the company ( cash‚ equity (owner capital)) 2. The company rented a funitured office and paid $2.200 cash for June’s rent. ( cost‚ cash) 3. The company purchased $1.860 of equipment on credit ( equipment‚ payable) 4. The company paid $780 cash for this
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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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The extent and expanse of the finance and accounting branches have been expanding at a considerable step which has also put load on this ground field. Companies and businesses interface their financial rank by producing few outlines to the exterior world so as to retain the interest of employees‚ shareholders‚ investors‚ customers‚ etc. This statistics is shared in the outline of financial declarations‚ annual reports‚ etc which makes it easier on the decision making procedure as well. Besides‚
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INTRODUCTION Through history and the many years of accounting practice‚ a lot of accounting theories have been developed. Interestingly‚ many of those theories are grounded on the basis of prescribing and proposing how accounting processes should be performed. These are known as normative theories of accounting as they are not built on observation‚ but rather upon the theorist’s deductive judgement‚ and subjective opinion (Goble 2009). Accounting conceptual frameworks are good examples of normative
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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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