Comparing IFRS to GAAP Fair value accounting‚ sometimes known as mark to market accounting‚ has been around for many years and has applied to many types of assets and liabilities accounts. But‚ special attention has been placed on fair value reporting due to expanding use( or misuse) of financial instruments. FASB and IASB have issued exposure drafts focused on differences between international and U.S. Generally accepted accounting principles with respect to fair value accounting. Different
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probable (more likely than not) that an outflow of resources embodying economic events will be required to settle the obligation. 3). A reliable estimate of the obligation can be made. Q2.What is a contingent liability? What is the financial reporting treatment for contingent liabilities? Contingent liabilities are defined in IAS 37 as one of the following: • Possible obligations that arise from past events and whose existence will be con- firmed by the occurrence or nonoccurrence of a future event
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increase the company’s debt ratio and net income. Therefore‚ the company could defer some liabilities until next year in order to increase its debt ratio and net income for the current year. 6. Sometimes‚ the amount of contingent losses could be material. Auditors should figure out any contingent losses that may result in a material effect on the FS. Auditors could seek evidence of
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Case 10-5 Danle Corporation In November 2008‚ Danle Corporation，a public company engaging in the design‚ development‚ manufacture‚ and assembly of motors，was sued because of safety issue of parts it manufactured. Danle made no disclosure of the lawsuit in Form 10-K since it determined that the risk of potential loss was remote and no amount of potential damages could be reasonably estimated. In October 2009‚ Danle was served a second complaint for the same reason. Danle’s external counsel believed
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Alexander Haydon – Essay #2 What came first‚ the chicken or the egg? Philosophers have questioned what came first‚ and the existence of a higher power for thousands of years. Theist‚ Atheist‚ and Agnostic‚ society classifies people based on their answer to the question of the existence of a higher power‚ or God in this case. Aquinas‚ arguably one of the most famous philosophers‚ states that the existence of god can be proven through the five ways‚ an excerpt from his work the Summa Theologica. The
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There are many arguments based around the origins of existence‚ with all of them claiming to be the correct way in which existence came about. These arguments have been disputed through logic and through faith. Out of the readings assigned in class‚ I will be presenting Aquinas’ Five Ways argument. In short‚ this claim simply gives five logical reasons that prove god’s existence‚ which in turn‚ explains the existence as a whole. Within this paper‚ I will invalidate Aquinas’ argument‚ for his reasoning
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element 8‚ estimates and accounting policy judgements under ASIC’s press release. The outline of AASB standards 108 Presentation of Financial Position‚ AASB136 Impairment of Assets‚ AASB138 Intangible Assets and AASB137 Provisions‚ Contingent Liabilities and Contingent Assets are disclosed. Super Retail Group (SRG) Ltd’s accounting practice is determined in regards to the standards examined. From this analysis‚ differences can be determined in the ways SRG applies the relevant standards and the requirements
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could kindly switch your mobile phones to silent mode. Thank you. [2:25 pm] [Diyanah signals NCC contingent commander to get ready. Diyanah signals to MCs that Guard of Honour is ready.] Fatullah: Ladies and Gentlemen‚ please join our hands together to welcome our Guard of Honour‚ the NCC contingent. [NCC contingent marches in. Stand in position. Commander to bring contingent at-ease] [Ashwini waits for GOH at foyer and escorts him up to the hall entrance when he arrives.]
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professional associations that the auditor will encounter when trying to assure such contingencies. The document makes a key point to auditors in that they must remember that the client’s management is responsible for assessing the value of the contingent litigation. This is to be enforced with the practice and knowledge that we as auditors are responsible for assuring that it is valued fairly and that it follows FASB ASC 450. To help organize and apply this practice‚ a supplement to the section
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At some point in our lives people have thought that there is more to life than the material world‚ which surrounds us. For centuries‚ a belief in a God or Gods has been an ongoing debate. As humans‚ we have a natural instinct to find explanations for events that cannot be explained. I‚ like many others look for something transcendent on which to build our lives upon. There are numerous arguments presented to prove the existence of God‚ however the most convincing of those ways begins from the fact
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