Lecture 1 – Corporate Financial Reporting and Revision LECTURE OUTLINE Outline the nature and characteristics of companies Describe the sources of corporate financial reporting in Australia Identify which entities need to prepare financial reports that comply with accounting standards Account for share issues and dividends Account for asset revaluations and asset impairment Nature of Companies Type of organization established under the cooperation’s act 2001 Legal capacity and powers
Premium Balance sheet Generally Accepted Accounting Principles Depreciation
1. The term Accounting Regulation is the application of rules to financial reports of companies and other entities which require them to prepare those reports in ways other than might be chosen freely. In other words accounting regulation are rules that have been developed by an independent authoritative body that has been given the power to govern how companies and entities are to prepare financial statements. However the regulation would be expected to incorporate a basis for monitoring and enforcing
Free Economics Management
EM6602 Accounting for Decision-Making and Control Microsoft’s Financial Reporting Strategy (HBR 9-100-027) Team Members Toh Wei Hong‚ Prashant Trivedi‚ Preethy Varadarajan Question 1 The difference between Microsoft’s market value and book value is primarily due to unrecorded intangible assets such as brand value‚ customer loyalty‚ human capital‚ and commercial advantages such as long-term contracts and market dominance. These intangible assets confer Microsoft a tremendous edge over its
Premium Management Strategic management Marketing
to exposed students to different methods of inventory valuation. Students must know about LIFO and FIFO. Second Objective: The second objective is to introduces the idea that companies have choices about accounting policies to preparing their financial reports. FIFO Method: FIFO involves the assumption that goods sold are the first unit that we purchased that the oldest goods on hand. The remaining inventory is comprised of the most recent purchases. LIFO Method: In LIFO method units sold
Premium FIFO and LIFO accounting Balance sheet Revenue
Fraudulent Financial Reporting Schemes Abstract Routine examinations‚ audits‚ or internal control procedures‚ do not reveal most accounting fraud. Only 20% is revealed by way of auditing‚ however whistle blowing accounts for most revealed accounting fraud. Financial statement fraud will usually occur in such schemes as: fictitious revenues‚ timing differences‚ concealed liabilities & expense‚ improper asset valuation‚ or asset/revenue overstatements (just to name a few)‚ (Frempong‚ 2012)
Premium Balance sheet Generally Accepted Accounting Principles Asset
Answers Fundamentals Level – Skills Module‚ Paper F7 (INT) Financial Reporting (International) 1 (a) December 2008 Answers Pedantic Consolidated income statement for the year ended 30 September 2008 $’000 98‚000 (72‚000) ––––––– 26‚000 (3‚000) (7‚600) (500) ––––––– 14‚900 (5‚400) ––––––– 9‚500 ––––––– Revenue (85‚000 + (42‚000 x 6/12) – 8‚000 intra-group sales) Cost of sales (w (i)) Gross profit Distribution costs (2‚000 + (2‚000 x 6/12)) Administrative expenses
Premium Generally Accepted Accounting Principles Balance sheet
Historical review The Australian financial system evolved in five stages. The first stage was the introduction of financial institutions during the early colonial period in the 19th Century‚ where the influence of British institutions was a key driving force. The end of that period was marked by the 1890s depression which saw a major rationalisation of Australia’s financial institutions. The start of the modern era of financial regulation can be traced back to the introduction of banking legislation
Premium Bank
Exam Number: Word Count: 1961 MSc in Finance & Management Programme 2012/2013 Financial Markets‚ Regulation and Ethics Term 2 Ethics in Finance This assessment is all my own work and conforms to the University’s regulations on plagiarism | | An identical copy of this document has been submitted to the Turnitin system | | Hoople Consultants has won a contract to provide engineering advice and support to a city in a developing country. The contract is funded by an international
Premium Bank Money Interest
Arguments against Corporate Social Responsibility While there may be people who are for the idea of corporate social responsibility‚ there are also others who oppose to it. One of whom‚ as we all know‚ is Milton Friedman. He believes that only individuals can have social responsibilities and that the purpose of a corporation is to provide the highest possible returns to shareholders while obeying all the laws and regulations. There are 5 main arguments against CSR. First of all‚ it lowers economic
Premium Social responsibility Economics Sociological terms
1. Euthanasia : Argument for and against 10-15 pages Introduction Covan (2000) articulated that the word euthanasia is derived from two Greek words eu meaning good or easy and thanatos meaning death. Thus‚ the word Euthanasia plainly means an easy or good death in the sense that it is considered painless. The topic of euthanasia elicits a rather emotional and powerful as it involves choosing between life and death. Euthanasia has been a prohibited medical practice for over two thousand years however
Premium Euthanasia Death Human rights