its 20x1 financial statements. ASC 450-20-25-2 provides that “an estimated loss from a loss contingency shall be accrued by a charge to income if (a) information available before the financial statements are issued indicates it is probable that a liability had
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FINANCIAL STATEMENTS DISCLOSURE CHECK LIST FOR MEDIUM-SIZED ENTITIES (MSEs) The Institute of Chartered Accountants of Pakistan FINANCIAL STATEMENTS DISCLOSURE CHECKLIST FOR MSEs NAME OF THE ENTITY _____________________________ FINANCIAL STATEMENTS FOR THE YEAR ______________________________________ NAME OF THE AUDITOR ______________________________ INDEX Introduction and Explanatory Comments Page No. 1 PART I 1.0 2.0 3.0 General General Disclosure Information Fundamental Accounting Assumptions
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that relate to depreciation‚ gains and sales of property and equipment‚ and purchases and sale of property of equipment? What amounts are permitted for inclusion in the capitalized cost of property and equipment? 8 [2] Looking at the footnote disclosures of the company‚ what are the individual components of property and equipment? For example‚ what are the amounts for land‚ building‚ equipment‚ accumulated depreciation‚ and so forth? How do companies account for nonmonetary exchange and dispositions
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International‚ a Swiss nonoperating association. About this document Content This document is an extract from KPMG’s February 2003 publication IFRS compared with US GAAP and French GAAP‚ focusing on recognition‚ measurement and presentation‚ rather than disclosure. This document focuses on the preparation of consolidated financial statements by listed enterprises on a going concern basis. Requirements that are specific to stand-alone financial statements are
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identifiable assets acquired‚ the liabilities assumed and any non-controlling interest in the acquiree 10–31 Recognition principle 10–17 Recognition conditions 11–14 Classifying or designating identifiable assets acquired and liabilities assumed in a business combination 15–17 Measurement principle 18–20 Exceptions to the recognition or measurement principles 21–31 Exception to the recognition principle 22–23 Contingent liabilities 22–23 Exceptions to both
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Leases The accounting treatment of leases has undergone sweeping change over the past three decades. At one time leases were not disclosed in financial statements at all. Gradually lease disclosure was required‚ and appeared first in the footnotes to the financial statements. With only minimal disclosure‚ leasing was attractive to certain firms as an “off-balance-sheet” method of financing. There is‚ however‚ no evidence that such financing had a favorable effect on company valuation‚ all other
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listed on American stock exchanges will adhere to them. The standards are created to ensure a higher level of corporate transparency. These are the publications of Nigerian Accounting Standards Board (NASB). The following are available: SAS 1 - Disclosure of Accounting Policies SAS 2 - Information to be disclosed in Financial Statements SAS 3 - Accounting for Property‚ Plant and Equipment SAS 4 - Stocks SAS 5 - Construction Contracts SAS 6 - Extraordinary items and Prior Year Adjustments. SAS 7 -
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Announcement issued by the Council on ‘Treatment of exchange differences under Accounting Standard (AS) 11 (revised 2003)‚ The Effects of Changes in Foreign Exchange Rates vis-à-vis Schedule VI to the Companies Act‚ 1956’ Accounting Standards (ASs) AS 1 Disclosure of Accounting Policies AS 2 Valuation of Inventories AS 3 Cash Flow Statements AS 4 Contingencies and Events Occuring after the Balance Sheet Date AS 5 Net Profit or Loss for the period‚Prior Period Items and Changes in Accounting Policies AS 6
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MEMO To: Client From: Accounting Firm Re: Lawsuit Pending lawsuits against a company are both expensive and detrimental to a company’s image. The decision to understand the implications of a lawsuit to the company is the first step in minimizing risk and potential loss to the organization. Research was conducted based on the guidelines of the FASB to answer the client’s questions pertaining to the lawsuit. The memo provided to the client will answer the following questions: How are
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there is a contractual liability for the lessee to perform general repair and maintenance‚ the maintenance requirement provision may be assumed as a present economic obligation‚ not just a future commitment. If the fair value estimate of future maintenance expense can be measured with sufficient reliability‚ the provision may lead to recognition of an accrued liability for the repair and maintenance performance obligation at the inception of the lease. The accrued liability for the repair and maintenance
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