SYNTHESIS IFRS FOR SMEs (International Financial Reporting Standard for Small and Medium-sized Entities) INTRODUCTION 1.1 What is the objective of PFRS for SMEs? The objective of PFRS for SME is to develop a set of high quality‚ understandable and enforceable standards for SMEs. Which includes proper accounting practices for the preparation and presentation of financial statements that creates a common understanding between preparers and users of financial statements. PFRS for SME are
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been resolved in the past so that accounting education is only a matter of learning to apply historically prescribed procedures. However‚ in actual practice‚ the only real answer is often the one that provides the fairest representation of the transactions being recorded. If an authoritative solution is not available‚ students should be directed to list all of the issues involved and the consequences of possible alternative actions. The various factors presented can be weighed to produce a viable
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accounting and compare it to the fair value method for equity securities. 5 Describe the accounting for the fair value option. Discuss the accounting for impairments of debt and equity investments. Explain why companies report reclassification adjustments. Describe the accounting for transfer of investment securities between categories. 6 2 7 3 8 4 What to Do? Recently‚ a bank reported an $87.3 million write-down on its mortgage-backed securities for the third quarter of 2008;
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Addenda Summary-2011 Note: Due to the issuance of certain new accounting literature‚ changes in the status of ongoing projects during the past year‚ or evolution of practice‚ the following updates to the existing cases should be noted. Case 03-5a Part I: Trademark Subsequent to the release of the Exposure Draft issued by the FASB and IASB in June 2010 the Boards received a number of comments and is currently reviewing and analyzing these comments. A revised draft of the Exposure Draft is expected
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Revenue Recognition “Revenue recognition” refers to when sales and other revenues are recorded. Recognizing revenue is fundamental to accounting. In theory‚ you recognize revenue when you earn it. It sounds like it should be simple‚ but it isn’t. Until recently‚ revenue recognition in Canada followed a trend of becoming more and more complex and arcane. The problem started in the late 1990s when‚ in response to perceived abuses in the United States‚ the U.S. Securities and Exchange Commission issued
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accounting “gimmickry” that allowed Enron to obscure its true financial position? This paper attempts to answer these questions by examining the two financial reporting issues that contributed to Enron’s most significant accounting restatements: the consolidation of special purpose entities (SPEs) and the issuance of stock for notes receivable. 1 The authors gratefully acknowledge the financial support and resources provided by Villanova University’s College of Commerce and Finance. The authors also
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IFRS US GAAP Swiss GAAP FER Summary of similarities and differences 2007/2008 Edition 1 IFRS – US GAAP – Swiss GAAP FER Summary of similarities and differences 2007/2008 Edition This PricewaterhouseCoopers publication is for those who wish to gain a broad understanding of the key similarities and differences between IFRS‚ US GAAP and Swiss GAAP FER. No summary publication can do justice to the many differences of detail that exist between IFRS‚ US GAAP and Swiss GAAP FER. Even if the guidance
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investments 4. Consolidation subsequent to acquisition 5. Intercompany transactions 6. Issues in ownership interests and joint ventures 7. Foreign activities 8. Translation and consolidation of foreign subsidiaries 9. Financial reporting in the not-for-profit and public sectors 10. Fund accounting 11. Accounting standard-setting environments 12. Financial instruments and income tax allocation 13. Introduction to intercorporate investments 14. Consolidation subsequent
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involve: (1) A selection from generally accepted alternatives; (2) Those peculiar to the industry or field of endeavor; and (3) Unusual or different applications of generally accepted accounting principles. Examples of disclosures are basis of consolidation‚ depreciation methods‚ and inventory pricing. Disclosure of accounting policies assists financial readers in better interpreting a company’s financial statements. Thus
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TERM SHEET FOR POTENTIAL EQUITY INVESTMENT IN [NAME OF CORPORATION] / AND STRATEGIC ALLIANCE This term sheet summarizes the principal terms with respect to a potential private placement of equity securities of [NAME OF CORPORATION] (the “Company”) by [NAME OF INVESTOR] (“Investor”) and related strategic alliance. This term sheet is intended solely as a basis for further discussion and is not intended to be and does not constitute a legally binding obligation. No legally binding obligations
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