scrutinizing the prevailing accounting standard for the banks and find out the extent of compliance by them. To find out the degree of compliance the study has gone through the annual reports of all the sample banks. Very naturally it is hoped that all of them are required to comply with the standard to uphold the stakeholders’ interest. Banking industry’s nature of operation is totally different .Recognizing this aspect some specific IAS (International Accounting Standard) have been prescribed for them
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Running Head: ACCOUNTING STANDARDS BOARDS PAPER Accounting Standards Boards Paper Lila Alemar ACC 541 Shauki Smith May 24‚ 2010 History of the relationship between IASB and FASB The International Accounting Standards Board (IASB) began operations in 2001. It is an organization committed to developing‚ in the public interest‚ a single set of high quality‚ global accounting standards that require transparent and comparable information in general purpose financial
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solve inconveniences arising from it. In response of these inconveniences‚ the International Accounting Standard Board (IASB) issued International Financial Reporting Standard 15 (IFRS 15) in August 2014‚ which provides guidance on accounting for revenue from contracts with customers and will be effective in 2017. The new standard removes the inconsistencies and weakness of the past standards‚ also increase the comparability and transparency of the revenue recognition practice with a simplified presentation
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The Fair Labor Standards Act Of 1938 by Codey Mitchell The Fair Labor Standards Act‚ or FLSA‚ is a federal statute that applies to the United States. It is sometimes called the Wages and Hours Bill. It helps employees engaged in interstate commerce or those who work for a enterprise who is involved in commerce or in the production of goods for commerce‚ unless the employer can make a claim and be found exempt from coverage. The FLSA established a national minimum wage‚ employees were promised
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national accounting standards in retail industry Evaluating International Company under Abstract This paper analyses the international firms under the national accounting standard in retail industry. The study applies two typically firms which are Woolworths from Australia and Walmart from the United States and compare the two firms in 4 perspectives. Firstly‚ the different in recognition of intangible assets‚ revenue‚ tax‚ inventory under IFRS (Aus) and U.S.GAAP. Secondly‚ describe
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When it comes to legal termination of an employee the Fair Labor Standards Act (FLSA) has no legal requirements for prior notice to an employee regarding the termination of his or her job (Mullin‚ 2002). The legal requirements in layoff situations are detailed in the Worker Adjustment and Retraining Notification Act (the WARN Act). Generally‚ the WARN Act requires that a covered employer provide 60 days’ notice of a plant closing or mass layoff (Mullin‚ 2002). This act is designed to provide
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Solutions Guide: Please reword the answers to essay type parts so as to guarantee that your answer is an original. Do not submit as is Case 1-4 Generally Accepted Accounting Principles At the completion of the Darby Department Store audit‚ the president asks about the meaning of the phrase “in conformity with generally accepted accounting principles‚” which appears in your audit report on the management’s financial statements. He observes that the meaning of the phrase must include more than
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How to Write References Library and Learning Resources Table of Contents Section 1. Preface 2. 3. Introduction – why‚ when & what? The Harvard Referencing System 3.1 How do I cite the item in the text of my assignment? 3.2 General Rules Authors‚ Dates‚ Titles‚ Edition‚ Place‚ Publisher‚ Other information‚ Transliteration of Non-Western Alphabets 3.3 Detailed Examples i. Books (including Electronic Books) ii Journal Articles (including Electronic Journal Articles) iii. Newspaper Articles (including
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its borders and the privatization of many infrastructure industries such as transportation and communication. This paper addresses the adoption and applicability of International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS)‚ issued by the International Accounting Standards Board (IASB) to India.3 Specifically‚ the paper highlights some major areas where the country lacked harmonization with IAS in 1993 and the rapid congruence with IAS in the decade that followed
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Standard Chartered Bank is a British bank headquartered in London with operations in more than seventy countries. It operates a network of over 1‚700 branches and outlets (including subsidiaries‚ associates and joint ventures) and employs 73‚000 people. Despite its British base‚ it has few customers in the United Kingdom and 90% of its profits come from Asia‚ Africa‚ and the Middle East. Because the bank’s history is entwined with the development of the British Empire its operations lie predominantly
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