PRINCIPLES-BASED VERSUS RULES-BASED ACCOUNTING STANDARDS: THE INFLUENCE OF STANDARD PRECISION AND AUDIT COMMITTEE STRENGTH ON FINANCIAL REPORTING DECISION ------------------------------------------------- BUS 421 ACCOUNTING THEORY E100 ------------------------------------------------- Presented To: Karel Hrazdil ------------------------------------------------- Presented by: Shirley Mi Chen (301069071) ABSTRACT Agoglia‚ Doupnik‚ and Tsakumis (2011) examined two hypothesis in their paper
Premium Enron Financial statements
Topic 1 Accounting and Society Prepared by Graeme Wines. One issue in Topic 1 that can be a little confusing is the distinction between inductive and deductive theories. The example of the topical area of climate change can be used to provide explanations of the distinction which may help your understanding. Inductive theory A descriptive (explanatory/scientific) theory‚ as these terms imply‚ suggest that the theory is attempting to describe or explain a particular phenomenon‚ and that
Premium Scientific method Costs Generally Accepted Accounting Principles
international trade and capital flows that has occurred over the previous two decades has increased the desire to harmonise accounting standards across the globe. The appeal of international accounting harmonization has been extensively discussed. Numerous academics Ali‚ J M (2005)‚ Adhikari and Tondkar (1992)‚ Saudagaran (1997) argue that adopting International Financial Reporing Standards (IFRS) would bring great benefits to society‚ such as comparability of statements between countries‚ progression
Premium International Financial Reporting Standards International Accounting Standards Board Investment
INTRODUCTION The purpose of this assignment is to develop learners’ analytical skills in reviewing the adoption of accounting standards in financial statements. In this assignment we are required to assess the accounting treatment of borrowing costs as per FRS 123‚ by using the latest two years financial statements for two companies listed on the Maldives Stock exchange. Financial Reporting Standard 123 Borrowing Costs (FRS 123) consists of paragraphs 1 to 30. All of the paragraphs in FRS123 have equal
Premium Balance sheet Financial statements Annual report
Accounting can be perfectly explained as a precision tool or language to provide appropriate information with regards to financial position of an organization‚ corporate or business. With this kind of data or information‚ it is always critical for investors as it provides them with relevant and thorough information that could turn out to be the deciding factor on whether to invest or not to invest in a particular business‚ corporate or organization. Therefore‚ nowadays it is very common to find
Premium Business ethics Business Finance
value accounting in IFRS financial statements Considerable attention is currentiy being given to the use of fair vaiues and fair value accounting in financiai statements prepared under internationai Financiai Reporting Standards. This month’s coiumn ciarifies what is meant by fair value accounting and when iFRS require or allow its use. It also identifies the circumstances in which IFRS requires the use of fair value in the application of the historical cost model. In IFRS financial statements
Premium Balance sheet Asset Generally Accepted Accounting Principles
Reporting Practices and Ethics Jason Ellis 01/21/2012 HCS/405 Instructor David Moore Reporting Practices and Ethics The purpose of this essay is to report on health care practices and ethics in finance. This paper will address topics such as Generally Accepted Accounting Principles (GAAP)‚ corporate compliance‚ ethics‚ or fraud‚ and abuse. This paper will include two articles
Premium Health care Finance Health insurance
SOUND FINANCIAL REPORTING IS A GOOD THING FOR BRINGING CONFIDENCE BACK TO THE CORPORATE WORLD Submitted By: Ahmed Shafiul Huq 801414063 Principle of Accounting (EIB505) Section: B Executive Master of Business Administration Submitted To: Mr. Mohammad Rakib Uddin Bhuiyan Assistant Professor Department of
Premium Financial statements Corporate governance Enron
Financial Accounting Assignment Analysis of Financials of Sun Pharmaceuticals Industries Limited Introduction Sun Pharmaceuticals Industries Limited (Sun) is a leading Indian global pharmaceutical company engaged in developing‚ manufacturing and marketing formulations and APIs. Its business is broadly categorized in four segments – India Branded Generics (41% of revenue)‚ US Formulations (39%)‚ International Generics (11%) and active pharmaceutical ingredients (APIs) (9%). The company offers
Premium Pharmaceutical industry Financial ratios Financial ratio
CHAPTER 12 Statement of Cash Flows Study Objectives 1. Indicate the usefulness of the statement of cash flows. 2. Distinguish among operating‚ investing‚ and financing activities. 3. Explain the impact of the product life cycle on a company’s cash flows. 4. Prepare a statement of cash flows using the indirect method. 5. Use the statement of cash flows to evaluate a company. *6. Prepare a statement of cash flows using the direct method. Summary of Questions by Study Objectives
Premium Cash flow statement Generally Accepted Accounting Principles Dividend