unreliable in nature or representation that its recognition may be potentially misleading. Constraints -Timeliness -Balancing cost and benefit – Financial information will be sought if the benefit to be derived from the information exceeds its costs. Para 44 -Benefit derived from its information should exceed the cost of providing it General Purpose Financial Reporting Objective SAC 2 – focus on providing info to meet the common info need of users who are unable to command the preparation of reports
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BKAF 3083 ACCOUNTING THEORY AND PRACTICE Individual Assignment 1 1. Explain 8 levels of conceptual framework Level | Elements | Explanation | 1.Border of discipline / authority | * Definition of financial reporting | It defines the financial record of the business activities. | 2. Subject | * Definition of the reporting entity | It defines the reporting entities where the users are dependent on their financial statements to make decision. | 3. Objective | * Objective | It is
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International Financial Reporting Standards (IFRS) are a set of accounting standards that can be used to bring about one set financial reporting in the world basis. The necessary of international accounting standards arises from the increasing globalization of business and the growth of capital markets in the world. Therefore‚ there is a large demand for accounting information which can be comparable across companies in different countries. The IFRS is issued by the International Accounting Board
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Slide 1 ACCOUNTING THEORY & CONTEMORARY ISSUES (AT1) MODULE ONE Slide 2 ACCOUNTING UNDER IDEAL CONDITIONS Part 1 - Foundation items re the course Part 2 - Present value accounting under certainty Part 3 - Present value accounting under uncertainty Part 4 - Reserve recognition accounting Part 5 - Examination question examples Part 6 - Historical cost accounting Lecture by: Dr. A. L. Dartnell‚ FCGA Year 2009 - 2010 2 Slide 3 PART 1 Foundation Items re the Course Different Course
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Student ID: 7608756 FACC Assignment FACC/Jul11/1 Ryan Marc Gonsalves Ryan Marc Gonsalves MBSW 60127 FINANCIAL ACCOUNTING FACC/JULY11/1 Student ID: 7608756 Table of Contents Table of Tables .................................................................................................................... 3 Table of Figures ................................................................................................................... 3 Introduction and Purpose ................
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Theory of Accounts 1. The fundamental qualitative characteristic of faithful representation has the components of a. Predictive value and confirmatory value b. Comparability‚ consistency‚ and confirmatory value c. Understandability‚ predictive value‚ and reliability d. Completeness‚ neutrality‚ and freedom from error 2. The amount reported as “Cash” on a company’s balance sheet normally should exclude a. Postdated checks that are payable to the company b. Cash in a payroll account c. Undelivered
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reputation with the public (exacerbated by Credit Union advertisements etc). By making this voluntary disclosure to the public‚ ANZ is trying to "win over" customers by showing their concerns for the community. This is an example of Positive Accounting Theory (PAT) - a theory which attempts to explain and predict how groups in an organisation (eg. management‚ owners‚ creditors; stakeholders) will interact with one another. In this case‚ ANZ has made a voluntary social disclosure to the public (ie. its customers)
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MIDDLESEX UNIVERSITY 2008/2009 MODULE NUMBER ACC1130 MODULE TITLE Introduction to Managerial Finance Coursework 1 STUDENT NAME ………………………….. STUDENT NO: …………………………... SEMINAR TUTOR …………………………... Introduction Accounting is concerned with providing both financial and non-financial information that will help decision makers to make good decisions. An understanding of accounting therefore requires an understanding of the decision making process and an awareness
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Module 1: Accounting under ideal conditions Ideal conditions; certainty and uncertainty (including differences & similarities)‚ dividend irrelevancy‚ arbitrage‚ accretion of discount‚ abnormal earnings RRA - SFAS69; weaknesses of RRA (relevant but not as reliable) Historical Accounting Revisited mixed measurement model‚ (relatively reliable but lacks relevance)‚ revenue recognition‚ recognition lag Relevance VS Reliability -> tradeoffs (Without ideal conditions‚ complete relevance &
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Reading 1.2 - Accounting theory and development Accounting Theory Construction with Inductive and deductive approach Deductive approach vs. Inductive approach in accounting theory construction Deductive reasoning entails a valid argument in which it is impossible to assert the premises and to deny the conclusion without contradicting oneself. Deductive approach to accounting theory construction begins with establishing the objective of accounting. Once identified‚ definitions and assumption
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