financial position‚ financial performance and cash flows of an entity that is useful to a wide range of users in making economic decisions. To meet that objective‚ financial statements provide information about an entity’s: • assets • liabilities • equity • income and expenses‚ including gains and losses • contributions by and distributions to owners • cash flows. That information‚ along with other information in the notes‚ assists users of financial statements in
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For complex institutions such as banks‚ they increase their use of off shore subsidiaries and swap transactions to avoid disclosing liabilities. In other words‚ off balance sheet accounting is a process which a business creates what is practically a debt that it must pay off‚ but the debt is accounted as another type of transaction that does not count as a liability. Similarly‚ this applies to asset too. Operating leasing is the most common form of off balance sheet financing. With leasing‚ on
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Statement of Financial Position: Question 5: a) Using group figures for 2003 year‚ present the accounting equation Assets = Liabilities + Equity. $56712 = $13242 + $43470 b) Explain why the accounting equation holds true. The accounting equation holds true because for every transaction made on the assets side of the equation you must then put the same transaction on the liability/equity side of the accounting equation. So if you purchase some fixed assets on
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2014 IS A CONTENTS N HOW TO USE THIS STUDY GUIDE rU INTRODUCTION INTRODUCTION AND OVERVIEW OF REPORTING ENVIRONMENT TOPIC 2: PRESENTATION OF THE FINANCIAL STATEMENTS TOPIC 3: OTHER DISCLOSURE ISSUES TOPIC 4: EQUITY TOPIC 5: LIABILITIES TOPIC 6: TOPIC 7: ACCOUNTING FOR LEASES ACCOUNTING FOR INCOME TAX TOPIC 8: PROPERTY‚ PLANT AND EQUIPMENT
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short-term liabilities as non-current liabilities (BDO Australia‚ 2011). This classification did not satisfy the requirement of AASB‚ as according to AASB 101 Presentation of financial statement paragraph 60‚ an entity should separate current and non-current liabilities in its financial statement. Moreover‚ under AASB 101 paragraph 66‚ obviously‚ short-term liability is expired‚ settled within twelve months after reporting period‚ therefore‚ it satisfies the recognition of current liability. And AASB
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preparers Illustrative information‚ prepared in accordance with IAS 34‚ for a fictional existing IFRS preparer. Includes a disclosure checklist and IAS 34 application guidance. Reflects standards issued up to 31 May 2006. Measurement Checklist 2006 Outlines the measurement bases required by all IFRSs published up to September 2006. Disclosure Checklist 2007 Outlines the disclosures required by all IFRSs published up to September 2006. Illustrative Consolidated Financial Statements • Investment funds
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Khalia Brewer Accct 555 Week 7 Homework 20-17 A.(2)- have a paymaster who has no other payroll responsibility distribute the payroll checks. B.(3)- Employees might be paid for hours they did not work. C.(3)- authorization of transactions from the custody of related assets. 20-20 TYPE OF TEST TRANSACTION-RELATED AUDIT OBJECTIVE(S) 1. Substantive test of transactions To determine if monthly payroll costs have been correctly allocated (accuracy). 2. Test of control To determine if recorded
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Compendium of Accounting Standards (including Interpretations as on July 1‚ 2006) THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA NEW DELHI COPYRIGHT © THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA All rights reserved. No part of this publication may be translated‚ reprinted or reproduced or utilised in any form either in whole or in part or by any electronic‚ mechanical or other means‚ including photocopying and recording‚ or in any information storage and retrieval system‚ without
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CHAPTER 13 CURRENT LIABILITIES AND CONTINGENCIES IFRS questions are available at the end of this chapter. TRUE-FALSE—Conceptual Answer No. Description F 1. Zero-interest-bearing note payable. F 2. Dividends in arrears. T 3. Examples of unearned revenues. T 4. Reporting discount on Notes Payable. F 5. Currently maturing long-term debt. F 6. Excluding short-term debt refinanced. T 7. Accounting for sales tax collected. F 8. Accounting for sick pay. T 9. Social security
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University of Sunderland BA (Honours) Accounting and Financial Management APC311 International Financial Reporting Version 1.0 International Financial Reporting Published by The University of Sunderland The publisher endeavours to ensure that all its materials are free from bias or discrimination on grounds of religious or political belief‚ gender‚ race or physical ability. These course materials are produced from paper derived from sustainable forests where the replacement rate exceeds consumption
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