Answers Professional Level – Options Module‚ Paper P7 (INT) Advanced Audit and Assurance (International) 1 (a) Briefing notes Subject: Business risks facing Jolie Co Introduction December 2010 Answers These briefing notes evaluate the business risks facing our firm’s new audit client‚ Jolie Co‚ which operates in the retail industry‚ and has a year ended 30 November 2010. Ability to produce fashion items The company is reliant on staff with the skill to produce high fashion clothes ranges‚
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per the same guidance Note‚ Accounting Treatment in respect of RECs may be as follows: Whether REC is a ‘asset’ Upto the stage of Issuance of the REC certificate by National Load Despatch Centre (NLDC)‚ it is a ‘Contingent Asset’ as per AS29. Accounting in respect of Contingent Asset is not required. Once the certificate of REC is issued by NLDC to the generating entity‚ it becomes an ‘Asset’ belongs to the generating entity. Now Accounting is required. What type of assets is a RECs
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Chand Bibi Chand Bibi also known as Chand Khatun or Chand Sultana was an Indian Muslim woman warrior. She acted as the Regent of Bijapur and Regent of Ahmednagar. Chand Bibi is best known for defending Ahmednagar against the Mughal forces of Emperor Akbar. Chand Bibi was the daughter of Hussain Nizam Shah I of Ahmednagar‚ and the sister of Burhan-ul-Mulk‚ the Sultan of Ahmednagar. She knew many languages including Arabic‚ Persian‚ Turkish‚ Marathi and Kannada. She played sitar‚ and painting flowers
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What are the advantages and disadvantages of principles-based accounting? Perhaps the primary benefit of principles-based accounting rests in its broad guidelines that can be applied to numerous situations. Broad principles avoid the pitfalls associated with precise requirements that allow contracts to be written specifically to manipulate their intent. A 1981 study sponsored by FASB found evidence that managers purposefully try to structure leases as operating leases to avoid incurring additional
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St Thomas Aquinas version of The Cosmological Argument Aquinas developed the five ways to prove the existence of God. He based his arguments on what could be observed‚ his observations included that the universe moves and changes. From his observations he reached conclusions about the existence of God. However‚ Aquinas did actually accept the fact that he may not prove that the cause of the universe is the God of classical theism. He also did not accept infinity because he believed that there had
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for the six discoveries in KG Block‚ which when approved will mature significant amount of Contingent Resources to 2P Reserves. Increase the productivity per well through hydrofracing in future DDW development wells through the integrated project management firm. Submit Field Development Plan for Kathalchari discovery in Tripura Block by end 2014‚ approve of which will move significant Contingent Resources to 2P Reserves category. Objective is to fast track production of first gas from
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the business held before the acquisition‚ the consideration transferred and the net assets acquired. • Acquisition-related costs. Acquisition-related costs are generally recognised as expenses (rather than included in goodwill). • Contingent consideration. Contingent consideration must be recognised and measured at fair value at the acquisition date. Subsequent changes in fair value are recognised in accordance with other IFRSs‚ usually in profit or loss (rather than by adjusting goodwill). •
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Rationalism is the principle that maintains that through reason alone we can gain at least some positive knowledge of the world. The three major rationalists‚ Rene Descartes‚ Baruch Spinoza and Gottfried Welhelm Leibniz‚ used this idea in order to defy skepticism and expose the true nature of reality. However‚ each philosopher is frequently in disagreement. The idea for ‘God’‚ and what constitutes substance‚ matter and reality are the four key structural beliefs that aid each rationalist in the forming
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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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Morality is contingent on freedom. Freedom is found by adhering to pure‚ transcendental reason. Our actions can only be said to be free if we elect to abide by moral principles that are of our own design. If we allow ourselves to succumb to our passions then we are not
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