Case 12-03 - Contingencies Scenario 1 Energy should recognize a provision as of December 31‚ 2011‚ in reporting to its U.K. parent under IFRSs and in reporting to its U.S.-based lender in accordance with U.S. GAAP. IFRS and GAAP follow three steps in order to determine if a provision should be recognized. They are: a) the entity has an obligation
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Under IFRSs IAS 37‚ a provision is recognized for a legal or constructive obligation arising from a past event‚ if there is a probable (more likely than not) outflow of resources and the amount can be estimated reliably (IAS 37.14). In contrast‚ according to FASB ASC 450-20-25-2‚ a contingency (provision) is recognized if it is probable (likely) that a liability has been incurred and the amount is reasonably estimated. Scenario 1 (1) Under IFRSs: According to IAS 37.22‚ the contamination of the
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From: Group 104 Re: Management’s Review Shakespeare Inc. is a privately held book printing and publishing company with a December 31 year-end. There are five accounting issues that management must consider during the course of proper financial statement presentation. This memo will break down the accounting issues and provide guidance per section. 1. Should the information pertaining to actual claims incurred as of the balance sheet date that became available after the balance sheet
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Comparing the theme of The Most Dangerous Game with the theme of The Cask of Amontillado‚ revenge is what i believe‚ the theme of both short stories. Both Simply from the aspect of the number of men that Zaroff has killed‚ "The Most Dangerous Game‚" wins this contest of evil. Where Montressor‚ character from the short story‚ "The Cask of Amontillado‚" certainly shows his evil side when he leads his "friend" Fortunato into the catacombs and to face his death‚ his intentions only concern one man. Montressor’s
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Hoang Thi Thanh Ha - 13200154 Case 12-2 To Recognize or Not to Recognize‚ That Is the Question Shakespeare Inc.‚ a private publishing company issued its F/S on March 20‚ 2012. There were several accruals and events that the management of Shakespeare is considering to determine if they should be recognized or disclosed in Dec 31‚ 2011 F/S. In my opinion‚ the important things to focus on subsequent events are the period they effect and if their influence is material or not‚ so that in conclusion
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Provisions and Contingencies Scenario 1 Fact: Energy Inc. (Energy‚ or the Company)‚ which operates in the oil industry‚ is a U.S. subsidiary of a U.K. entity that prepares its financial statements in accordance with IFRS and U.S. GAAP. A draft law in a country where Energy operates in‚ which requires a cleanup of land already contaminated‚ will possibly be enacted shortly after the year-end. Issues: Should Energy recognize a provision‚ (i) in reporting under IFRSs‚ and (ii) in accordance
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Scenario 1 Energy Inc. has a present obligation (IAS 37-17) and probable liability (ASC 450-20-25-2) on December 31‚ 2011 as a result of a past event‚ the contamination of the land‚ because it is virtually certain that a draft law requiring cleaning up will be enacted. It is probable (more likely than not) that Energy Inc. will be required to transfer economic benefits in settlement which is an outflow of resources embodying economic benefits in settlement (IAS 37-23). The amount of the obligation
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chart below. Day Date Physical Activity Minutes Example: Friday November 28‚ 2014 Jogging 60 Tuesday December 2‚ 2014 Paddleboarding 2 1/2 hrs Thursday December 4‚ 2014 Skateboarding 1 hr 20 min. Friday December 5‚ 2014 Fishing 5 hours Monday December 1‚ 2014 Jogging 1 hr Tuesday December 2‚ 2014 Softball 3 hours Wednesday December 3‚ 2014 Jogging 1 hr Thursday December 4‚ 2014 Jogging 1 hr Friday December 5‚ 2014 Softball 3 hours Using complete sentences‚ answer each of the following questions:
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Name: Leigha Smith Date: 10-22-14 School: Elkmont Facilitator: Roop 3.03 Walden Reading Questions Answer the following questions in complete sentences (18 points). 1. Why did Thoreau go to Walden? He wanted to find the real meaning of life. 2. How did he want to live his life? Without care 3. In the first paragraph you read‚ Thoreau says‚ “I did not wish to live what was not life‚ living is so dear…” In what ways might society “live
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NUMBER does not include the decimal point itself in the total number of digits that can be stored in a column. ANS: T PTS: 1 REF: 57 11. A BFILE column stores a file locator to a binary file stored by the operating system. ANS: T PTS: 1 REF: 58 12. The default size of a VARCHAR2 column is one character. ANS: F PTS: 1 REF: 57 13. The INTERVAL datatype can be used to identify a specific interval‚ or amount‚ of time. ANS: T PTS: 1 REF: 58 14. The default format of a DATE column in Oracle10g
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