reports of companies in similar fields. This is a challenge the accounting profession has been dealing with for many years. Until there is uniformity one will not be able to really compare companies financial statements accurately. Currently the IASB and FASB are collaborating to develop international standards known as the International Financial Reporting Standards‚ IFRS. However this means there are still two sets of standards accountants much know in depth. Another challenge is deciding which
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Activity-based costing (ABC) is a costing method that assigns value to each activity resource to all products and services according to the cost of its usage. it gives indirect costs (overhead) into direct costs so that an organization can correctly estimate the cost of its individual products and services to identify and eliminate the unprofitable and lower the prices of the overpriced. Normally‚ it is used as a tool for understanding product and customer cost and profitability. But ABC has also
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quick and current liquidity ratios‚ the DuPont ratio‚ profit margin‚ asset utilization‚ and financial leverage of each of the three companies. Write a paper in no more than 1‚050 words discussing how differences in the industries and different IASB and FASB measurement conventions affect presentations. If one of the companies uses the cash basis of accounting‚ how would that differ from the accrual basis? Format your paper consistent with APA standards. WEEK 3: TUTORIAL: This tutorial includes
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International Financial Reporting Standards Jose L. Gomez Accounting Capstone March 26‚ 2015 Abstract The FASB and IFRS continually improve upon accounting standards and rulings in an effort to converge GAAP with international standards. In fact‚ several standard and ruling updates are being contemplated at this moment through pending discussions and through exposure drafts (PWC‚ 2011-2015); we will review a few of these in the next few paragraphs Differences between GAAP and IFRS First we
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Accounting second edition‚ Sussex‚ John Wiley and Sons Ltd Brennan‚ Peirce‚ 1996‚ Irish company accounts – regulation and reporting‚ Dublin‚ Oak Tree Press Melville‚ 2008‚ International financial reporting a practical guide‚ Essex‚ FT Prentice Hall IASB‚ 2011‚ IASB IAS’s (online) Available at http://www.valuebasedmanagement.net/organizations_iasb.html [Accessed on September 2011] Tyrell‚ 2006‚ Accounting for Senior Cycle‚ Edco‚ Dublin Roberts‚ Weetman‚Gordon‚ 2005‚ International Financial Reporting – A
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the History of Accounting’‚ The Accounting Review‚ Vol. 30‚ No. 3‚ 1955. Diller-Haas‚ A.‚ ‘Time to Change Introductory Accounting’‚ The CPA Journal‚ Vol. 74‚ No. 4‚ 2004. 4‚ 1985. at: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1340619‚ 2009. FASB‚ ‘Statement of Financial Accounting Concepts No. 8 – Conceptual Framework for Financial Reporting’‚ Financial Accounting Standards Board of the Financial Accounting Foundation‚ 2010. Fellingham‚ J.C.‚ ‘Is Accounting an Academic Discipline?’‚ Accounting
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Print. Bragg‚ Steven M. Wiley GAAP 2011: Interpretation and Application of Generally Accepted Accounting Principles. Hoboken‚ New Jersey. John Wiley & Sons Inc.‚ 2010. Print. "FASB: Property‚ Plant and Equipment." FASB: Financial Accounting Standards Board. N.p.‚ n.d. Web. 26 Nov. 2012. <http://www.fasb.org/jsp/FASB/Page/SectionPage>. Kieso‚ Daniel E.‚ Jerry J. Weygandt‚ and Terry D. Warfield. "Wiley: Intermediate Accounting‚ 14th Edition." Wiley: Intermediate Accounting‚ 14th Edition. N
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Why Conceptual Framework is considered to be a Normative theory? Do we need conceptual framework? Discuss. A conceptual framework of accounting can be considered to be a normative theory of accounting. A conceptual framework makes prescriptions in regards to what the objectives of accounting are‚ what qualitative characteristics general-purpose financial information should possess‚ how the elements of accounting should be defined and when they should be recognised and how the elements of accounting
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alternative accounting practices in different countries‚ convergence refers to the process of developing a set of high quality financial reporting standards for use internationally (the process of global standard setting). Until the establishment of the IASB in 2001‚ the main objective of the IASC was to achieve international harmonization in accounting standards. Accordingly‚ the focus was to achieve consensus among different countries with regard to accounting standards. In this process different countries
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frequent flyer miles could displace a fare-paying passenger. The Incremental Cost Method does not account for the opportunity cost (i.e. the cash revenue foregone) associated with such a displacement. The U.S. Financial Accounting Standards Board (FASB) considered‚ but never reached authoritative guidance on‚ how to account for airline frequent flyer programs. In contrast‚ airlines reporting under IFRS have been
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