capital is reduced. Shares of the parent are exchanged for shares of the subsidiary in a split-off‚ thereby reducing the outstanding shares of the parent company. Q1-3 The management of Enron appears to have used special purpose entities to avoid reporting debt on its balance sheet and to create fictional transactions that resulted in reported income. It also transferred bad loans and investments to special purpose entities to avoid recognizing losses in its income statement. Q1-4 (a) A statutory
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Introduction In 2002‚ the Financial Reporting Council (FRC) announced that Australia would adopt the accounting standards issued by the International Accounting Standards Board (IASB) from 2005(Baxter 2005). After the first of July 2005‚ the new standards (IFRS) start to use across national border. companies would be required to report current results under IFRS and restate recent results. They will also have to report their latest results under the old accounting standard‚ which should make comparing
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Chapter 1 BE1-1 Briefly define accounting. What are the three main characteristics of accounting? Is accounting static or dynamic? Accounting collects‚ analyzes‚ measures and records financial information about an organization and reports that information to stakeholders and decision makers. Accounting has 3 essential characteristics. Accounting is the (1) identification‚ measurement‚ and communication of financial information about economic entities to interested persons. Like social
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creating the need to unify as many of the financial rules and regulations as possible. The purpose of this paper is to examine how the two types of financial reporting systems began‚ discuss combining the two systems or accepting one as the dominant system‚ and finally explore the major concerns with switching. The International Financial Reporting Standards (IFRS) started out as International Accounting Standards (IAS) and were started in the early 1970’s. These standards are fairly new when compared
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Name: Chi Lan Le Instructor: Dr. Christ Snellgrove Course: ENC1101 – Spring 2015 Date: 01/30/2015 Should tablets replace textbooks? Nowadays‚ with the improvements of technology‚ mobile devices were invented in order to make the world developed‚ connected and managed. One of the newest invention is tablets. With touch-screen display included cameras‚ microphones‚ accelerometer and other utilities as a computer‚ tablets participated to supporting education. People choose tablet because of its proficient
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not directly set accounting standards‚ in the belief that the private sector has better knowledge and resources. US GAAP is not written in law‚ although the U.S. Securities and Exchange Commission (SEC) requires that it be followed in financial reporting by publicly-traded companies. Currently‚ the Financial Accounting Standards Board (FASB) is the highest authority in establishing generally accepted accounting principles for public and private companies‚ as well as non-profit entities. For local
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Chapter 1 An Overview of Financial Management and The Financial Environment ANSWERS TO END-OF-CHAPTER QUESTIONS 1-1 a. A proprietorship‚ or sole proprietorship‚ is a business owned by one individual. A partnership exists when two or more persons associate to conduct a business. In contrast‚ a corporation is a legal entity created by a state. The corporation is separate and distinct from its owners and managers. b. In a limited partnership‚ limited partners’ liabilities‚ investment returns and control
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Notes: IP Address Classes Class A 1 – 127 (Network 127 is reserved for loopback and internal testing) Leading bit pattern 0 00000000.00000000.00000000.00000000 Class B 128 – 191 Leading bit pattern 10 10000000.00000000.00000000.00000000 Class C 192 – 223 Leading bit pattern 110 11000000.00000000.00000000.00000000 Class D 224 – 239 (Reserved for multicast) Class E 240 – 255 (Reserved for experimental‚ used for research) Private Address Class A 10.0.0.0 to 10.255.255.255 Class B 172.16
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financial reporting (GPFR) as edged in the conceptual framework. The essay instigated with a brief history and development of conceptual framework which comprises Statement of Accounting Concepts. Apart from that‚ the essay also clarifies on how the financial information is essential for the users as stated in the SAC 2‚ for decision making purposes. Additionally‚ an illustration of the relationship between the SACs and how they are interrelated to fulfil the objective of general purpose reporting is pictured
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A Report on the Significance of the IASB’s Conceptual Framework and the Exposure Draft ‘Conceptual Framework for Financial Reporting – The Reporting Entity’ Introduction This report is intended to discuss the significance of the IASB’s Conceptual Framework. It will layout the basis of the Conceptual Framework and then discuss its significance and relevance with regards to previous and future accounting industry standards. Findings The IASB’s (International Accounting Standards Board)
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