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
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mid-1970s that analyzed the exit process and created a framework that business decision makers could use to determine when and how to exit. For example‚ Conrad Berenson posited an exit model in 1963 that identified five categories of criteria used to evaluate a product abandonment decision: 1. Financial security‚ which entails determining if the minimum return on investment is being met for the firm; 2. Financial opportunity‚ or calculating the return on alternative uses of the firm’s resources;
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Business Unit 10: Financial Accounting and Financial Reporting Student name Assessor name Date issued Completion date Submitted on 28/03/15 09/05/15 Assignment title Presentation of financial information and Interpretation of Financial Statements (2 of 2) Learning Outcome Learning outcome Assessment Criteria In this assessment you will have the opportunity to present evidence that shows you are able to: Task no. Evidence (Page no) LO3 Be able to present financial information in accepted
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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)
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Week 2: Topic 1: Financial Accounting Theory & the Reporting Environment GHTHH Chapter 2 5. Researchers who develop positive theories and researchers who develop normative theories often do not share the same views about the roles of their respective approaches to theory construction. (a) How do positive and normative theories differ? (b) Can positive theories assist normative theories‚ or vice versa? If yes‚ give an example. If not‚ why not? Normative accounting research makes policy recommendations
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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
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discontinued operations and before the effect of changes in accounting principles Discontinued Operations: A component of a business is defined as a segment for which operations and cash flows can be distinguished both operationally and for financial reporting purposes. It has to be sold in full. Check of impairment of segment if not sold off by the end of the year. Reported net of tax and must restate all previous reports. Asset Impairment: check undiscounted cf and reduce to fair value. Cannot
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COURSE TITLE: MANAGING FINANCIAL PRINCIPLES AND TECHNIQUES NAME OF CANDIDATE: DATE ASSIGNMENT IS DUE: 20th November 2012 TUTOR: S. M. Azeem Please‚ ensure you sign the statement of authentication and follow the notes given at the end of the assignment PREAMBLE Organisations operate in a very competitive and continually changing environment where effective decision making is crucial if an organisation
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Marks Duration Of Exams Ext. Int. Total FM-301 Financial Decision Analysis 70 30 100 3Hrs. FM-302 Foreign Exchange Management 70 30 100 3Hrs. FM-303 International Accounting 70 30 100 3Hrs. FM-304 Corporate Taxation 70 30 100 3Hrs. FM-305 Working Capital Management 70 30 100 3Hrs. FM-306 Management of Financial Institutions 70 30 100 3Hrs. FM-307 Security Analysis and Investment Management 70 30 100 3Hrs. FM-301 Financial Decision Analysis Application of Linear Programming; Goal
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Introduction The Financial Reporting Council (FRC) is a statutory body under the Australian Securities and Investments Commission (ASIC) Act 2001 and its purpose is to oversee the process of setting accounting & auditing standards. One of the many key roles of FRC includes the maintenance of independence functions of auditor by monitoring and assessing the overall adequacy of the procedures followed by the auditors and their compliance with auditor independence requirements (FRC 2011). It also
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