Lepanto is a Filipino primary gold producer. The Lepanto mines are located in Mankayan‚ Benguet where the Company has about a thousand employees. From 1948 to 1996‚ Lepanto’s Enargite operations produced 1.58 billion pounds of copper‚ 2.9 million ounces of gold and 12.0 million ounces of silver‚ recovered from 34.4 million MT of ore averaging 2.2% Cu and 3.5 g/t Au. Lepanto suspended its Enargite operations in 1996 and in 1997 commenced its Victoria gold operations. Lepanto presently operates
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Company”) has entered a contract with Farmer Company (“Farmer”) which grants the company the right to mine a specific parcel of land for gold for a three-year period. In addition‚ Digger has also been granted the non-exclusive right to use the access road which is private and currently owned and used by Farmer. Farmer has agreed to maintain the road so that it meets standard conditions of safety and functionality. Issue(s) 1. Should Digger Corporation account for the right-to-use contract as a lease?
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Running Head: ACCOUNTING STANDARDS BOARDS PAPER Accounting Standards Boards Paper Lila Alemar ACC 541 Shauki Smith May 24‚ 2010 History of the relationship between IASB and FASB The International Accounting Standards Board (IASB) began operations in 2001. It is an organization committed to developing‚ in the public interest‚ a single set of high quality‚ global accounting standards that require transparent and comparable information in general purpose financial
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solve inconveniences arising from it. In response of these inconveniences‚ the International Accounting Standard Board (IASB) issued International Financial Reporting Standard 15 (IFRS 15) in August 2014‚ which provides guidance on accounting for revenue from contracts with customers and will be effective in 2017. The new standard removes the inconsistencies and weakness of the past standards‚ also increase the comparability and transparency of the revenue recognition practice with a simplified presentation
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The Fair Labor Standards Act Of 1938 by Codey Mitchell The Fair Labor Standards Act‚ or FLSA‚ is a federal statute that applies to the United States. It is sometimes called the Wages and Hours Bill. It helps employees engaged in interstate commerce or those who work for a enterprise who is involved in commerce or in the production of goods for commerce‚ unless the employer can make a claim and be found exempt from coverage. The FLSA established a national minimum wage‚ employees were promised
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as the state’s "gold village"‚ boasting more than 100 jewellery shops. Their clientele: hundreds of families who have relatives working in the Gulf. The number of gold retailers in Kerala has gone upto 5000 In spite of sky-rocketing prices of the yellow metal-from Rs.4‚395 per 10 gram in 2000 to more than Rs.20‚000 in 2011-its demand has not been seriously affected in Kerala. The South Indian states alone account for 60 per cent of gold sales in India‚ the world’s biggest gold consumer. According
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(aluminum ore)‚ iron ore‚ gold‚ silver‚ and diamonds are just some examples of what is mined. Why mine? Mining is a money making business. Not only do mining companies prosper‚ but governments also make money from revenues. Workers also receive income and benefits. History of Mining in the Philippines First Mining Law: Spanish Royal Decree of 1837 Opening of Lepanto mines for copper and gold in 1864. Second Mining Law: Philippine Bill of 1902 America uses the gold standard system to provide stability
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William Jennings Bryan argues against the gold standard. What arguments does he give against the gold standard and why does it oppress the common people? William Jennings Bryan was against the Gold Standard because it artificially lowered inflation. In today’s times the Federal Reserve can print as much money as it wants and also control how the money circulates in the economy by buying and selling bonds. With the gold standard there was an infinite amount of gold that could be mined and minted‚ which
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A Brief History of the International Monetary System Kenneth N. Matziorinis 1. Introduction The international monetary system is the structure of financial payments‚ settlements‚ practices‚ institutions and relations that govern international trade and investment around the world. To understand the international monetary system‚ we can start by looking at how a domestic monetary system is structured. The Canadian financial system‚ for instance‚ is composed of a) a currency; b) a central
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Group Physical Science Project Topic 1: What is the Impact of Mining on South Africa and its people? GOLD Authors: Michelle Dandara‚ Kirsten Collins‚ Robyn Blench‚ Yumna Badrooien and Sonia Mataramvura Date of Completion: 17 February 2012 Teacher: Mr Altern Abstract Mining plays a very important role in South Africa: it is one of the driving forces behind South Africa’s booming economy and provides employment for millions of South Africans. South Africa boasts world-scale primary mining processing
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