Scott‚ Financial Accounting Theory‚ 7th Edition Instructor’s Solutions Manual Chapter 1 CHAPTER 1 INTRODUCTION 1.1 The Objective of This Book 1.2 Some Historical Perspective 1.3 The 2007-2008 Market Meltdowns 1.4 Efficient Contracting 1.5 A Note on Ethical Behaviour 1.6 Rules-Based v. Principles-Based Accounting Standards 1.7 The Complexity of Information in Financial Accounting and Reporting 1.8 The Role of Accounting Research 1.9 The Importance of Information Asymmetry 1.10
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the movement of the finance lease disclosures from footnotes to the body of financial statemetns. I have chosen to examine a Japanese sample because I could obtain enough number of firms which were influenced by the change of accounting standard. The result showed that the market has not reacted on the average about having shifted to recognition from disclosure and the risk of specific industries was revised upward by standard revision. This means that investors were not able to foresee change of lessees’
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versus GAAP Harris‚ P.‚ Stahlin‚ W.‚ Arnold‚ L. W.‚ & Kinkela‚ K. (2013).The Financial Accounting Standard Boards ( FASB) and International Accounting Standard Board ( IASB) are both working on financial instruments that include classification and measurement of the financial instrument and impairment of financial assets. However‚ the boards did not converge and set down different paths. The IASB issued IFRS 9 a financial instrument in July 2014‚ IFRS now introduces a new model for classification
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Comparing IFRS to GAAP Essay In the Accounting industry‚ there are various principles and guidelines by which financial accountants‚ analysts‚ and organizations need to abide by. The International Accounting Standards Board (IASB) issues standards (IFRS) that have been adopted by the United States and several countries outside of the U.S. (Kimmel‚ Weygandt & Kieso‚ 2010). The IFRS along with Generally Accepted Accounting Principles (GAAP)‚ professionals in the accounting industry use these guidelines as
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Lecture 7 – Tutorial Questions Tutorial List: 7-1‚ 7-2‚ 7-3‚ 7-4‚ 7-5‚ 7-6‚ 7-7‚ 7-8‚ 7-9 7.1. Kristen Hope asks your help concerning an NSF check. Explain to Kristen (a) what an NSF check is‚ (b) how it is treated in a bank reconciliation‚ and (c) whether it will require an adjusting entry. 7.2. The bank portion of the bank reconciliation for Brasilia Company at October 31‚ 20X1 was as follows. BRASILIA COMPANY Bank Reconciliation
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Issues With Revenue Recognition within the Software Industry The Isoft Example Financial Controller-SoftWarehouse Ltd This report has been prepared for the Board of Directors of SoftWarehouse Ltd for elucidation about the contentious issues that have given rise to the publication of the article concerning Isoft’s issues with revenue recognition. Finally‚ it will also assess whether or not these issues are likely to affect SoftWarehouse Ltd. TABLE OF CONTENTS Executive Summary: 3
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International Accounting Standard 1 Presentation of Financial Statements This version was issued in September 2007 and includes subsequent amendments resulting from IFRSs issued up to 3 July 2008. Its effective date is 1 January 2009. IAS 1 Presentation of Financial Statements was issued by the International Accounting Standards Committee in September 1997. It replaced IAS 1 Disclosure of Accounting Policies (originally approved in 1974)‚ IAS 5 Information to be Disclosed in Financial Statements
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Accounting Theory * What is an accounting theory? Hendriksen’s definition: …logical reasoning in the form of a set of broad principles that * provide a general framework of reference by which accounting practice can be evaluated and * guide the development of new practices and procedures. * Whether a theory is accepted depends on how: * well it explains and predicts reality * well it is constructed both theoretically and empirically * acceptable
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ride ahead The energy and resources industry can expect a wild ride in coming years as the standard-setters turn their attention to this sector. Story Debbie Smith CA The energy and resources sector‚ despite its status as a globally important industry‚ has received little specific attention over the years from the standard-setters. Recent proposals from the International Accounting Standards Board (IASB)‚ its interpretations committee (IFRIC)‚ and even the Australian Government are making
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1. | Question : | Li Retailing reported the following items for the current year: Sales = $3‚000‚000; Cost of Goods Sold = $1‚500‚000; Depreciation Expense = $170‚000; Administrative Expenses = $150‚000; Interest Expense = $30‚000; Marketing Expenses = $80‚000; and Taxes = $300‚000; Li’s operating profit margin is equal to | | | Student Answer: | | 25.67% | | | | 35.67% | | | | 36.67% | | | | 50.00% | | Instructor Explanation: | Operating Profit Margin = EBIT/Sales
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