Questions After reading this chapter‚ you should be able to: l explain the nature and purposes of segment reporting; l outline the development of segment reporting from the 1960s onwards; l describe the segment disclosure requirements of the IASB and the United States; l outline the major practical problems met when trying to identify segments or trying to write rules on this subject; and l explain the contributions of research to the understanding of the benefits and costs of segment reporting
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securities laws of U.S.‚ including those that apply to financial reporting. a. Government Accountability Office (GAO) b. Public Company Accounting Oversight Board (PCAOB) c. International Accounting Standards Board (IASB) d. Financial Accounting Standards Board (FASB) e. U.S. Securities and Exchange Commission (SEC) ANS: E 5. The balance sheet of Allhear‚ a communications firm‚ for the year ended December 31‚ 2009‚ showed current assets of $20 million‚ current liabilities of $16 million
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ABBREVIATIONS USED D ADS: American Depository Share CBDT: Central Board of Direct Taxes (of India) FASB: Financial Accounting Standards Board (of the USA) FCCB: Foreign Currency Convertible Bond FIFO: First in‚ first out (a method used in inventory valuation) FSA: Financial Services Authority (of the UK) GDR: Global Depository Receipt IASB: International Accounting Standards Board IASC: International Accounting Standards Committee IASCF: International Accounting Standards Committee Foundation
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Companies that use the same standards to prepare their financial statements can be compared to each other more accurately. This is especially important when comparing companies located in different countries‚ as they might otherwise be using different rules and methodologies to prepare their statements. This increase in comparability has helped investors better determine where their investment dollars should go. Not Globally Accepted The United States has not yet adopted International Financial
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phenomena. For example‚ a researcher may develop a theory that prescribes a particular approach to asset valuation. The theory should not be considered as invalid if people currently do not adopt the prescribed approach to asset valuation. 1.6 The IASB and the FASB are currently developing a revised conceptual framework of financial reporting. If you have been asked to review the framework—which is an example of a normative theory of accounting—why would it be important for you to pay particular attention
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accounting standard used in Australia. This essay starts with introduction on various topics such as conceptual framework‚ IASB‚ Sacs then it discussed the issue of harmonization. Harmonization will have positive impact on the economy because it attracts overseas investors to invest in Australia. This essay covers difference between conceptual framework developed in Australia and IASB framework. There are given lot of difference such as treatment of non for profit entity is same as the public entity in
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Accounting Basics: Introduction Accounting is a glorious but misunderstood field. The popular view is that it’s mostly mind-numbing number-crunching; it certainly has some of that‚ but it’s also a rich intellectual pursuit with an abundance of compelling and controversial issues. Accountants are often stereotyped as soulless drones laboring listlessly in the bowels of corporate bureaucracies. But many accountants will tell you that it’s people skills‚ not technical knowledge‚ that are crucial to
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The International Accounting Standards Board (IASB) issued its “Framework for the Preparation and Presentation of Financial Statements” which was approved by the IASC in April 1989 and then adopted by the IASB in April 2001. The IASB Framework sets out the concepts that shape the preparation and presentation of financial statements for external users. The basic purpose of the IASB Framework is to provide assistance and guidance to the IASB in developing new or revised standards in addition to assisting
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Report prepared for ACCG 224: Intermediate Financial Accounting Changes to ’Lease’ accounting and its impact on the financial position and the performance of Qantas Table of Content 1. Introduction P.2 2. Glossary P.3 3. Discussion P.4 3.1 Description of the current lease contract
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explanatory power u – Stock return X – Earnings Abbreviations: CRSP - Center of Research on Security Prices CFO – Cash flow from operations CFOI - Cash flow from operating and investing activities ERC – Earnings response coefficient FASB - Financial Accounting Standards Board IASB - International Accounting Standards Board IFRS - International Financial Reporting Standards NYSE/AMEX – New York Stock Exchange/American Stock Exchange UK-GAAP – United Kingdom Generally Accepted Accounting Principles US-GAAP
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