Accounting Standards Boards Paper In recent years there has been significant changes made in our understanding of the relationship between the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB). At present both the IASB and FASB are working on a joint venture referred to as the convergence project in hopes of eliminating a variety of differences between International Financial Reporting Standards and U.S. GAAP. Another area covered in this paper besides
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Introduction * Meaning of Standard Costing: Standard costing is simply the name given to a technique whereby standard costs are computed and subsequently compared with the actual costs to find out the differences between the two. These differences are then analyzed to know the causes thereof so as to provide a basis of control. * Standard Costing: According to BROWN and HOWARD “Standard costing is a technique of cost accounting which compares the standard cost of each product or service
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Accounting Standard 10: Accounting for Fixed Assets • Fixed asset is an asset held for producing or providing goods and/or services and is not held for sale in the normal course of the business. • Cost to include purchase price and attributable costs of bringing asset to its working condition for the intended use. It includes financing cost for period up to the date of readiness for use. • Self-constructed assets are to be capitalised at costs that are specifically related to the asset and those
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UVA-F-1299 Rev. Feb. 8‚ 2011 This document is authorized for use only by Mattia Tenaglia at Tecnologico de Monterrey. Please do not copy or redistribute. Contact permissions@dardenbusinesspublishing.com for questions or additional permissions. ENRON CORPORATION’S WEATHER DERIVATIVES (A) Everybody talks about the weather‚ but nobody does anything about it.1 In October 2000‚ Mary Watts‚ the chief financial officer of Pacific Northwest Electric (PNW)‚ a utility servicing the Pacific Northwest
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Financial Accounting Theory (BBAC502) Group Assignment (Group of Four) 25% (Due Session 5.2) “Australia has long recognised that its accounting standards need to be harmonised with standards elsewhere in the world. To ensure consistent application of IFRSs‚ CLERP No. 9 recommended that Australia adopt‚ from January 2005‚ official interpretations of IFRSs issued by the IASB’s International Financial Reporting Interpretations Committee (IFRIC). As noted by CLERP No. 9‚ the comparability
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subordinate. She states that the element of accusation arouses the strongest reactions on the part of leadership. Sissela Bok also suggests that if the facts warrant whistleblowing‚ we each have an individual moral choice and we should think about how to minimize the breach of loyalty. We must be sure that there is a problem in the first place and weigh its injustice before
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1 . FASB Accounting Standards Codification (FASC) This section deals with certain general background considerations and information related to the FASC and the answers can be found by clicking the “About the Codification” and “Notice to Constituents” sections on the FASC Welcome Page. This section is a good general source of information about the FASC and should be reviewed prior to starting to answer the specific questions set forth in all sections. The related research questions that you must
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detailed the rules and regulations of the Generally Accepted Accounting Principles (GAAP) varied in structure‚ format‚ and completeness. These variations led to confusion among users and it became more difficult to determine if they were using GAAP correctly. In response to this problem‚ the FASB developed the Accounting Standards Codification (ASC) whose main purpose is to provide users access to all of the generally accepted accounting principles in one place. The Codification eliminates obsolete
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organization that represents a profession. Professions adopt such codes to encourage moral conduct among their members. Following is a list of the individuals involved in the AMRE case: Robert Levin‚ Chief Operating Officer Dennie Brown‚ Chief Accounting Officer Walter Richardson‚ Vice President of Data Processing Steven Bedowitz‚ Chief Executive Officer Mac Martirossian‚ Chief Financial Officer Edward Smith‚ audit engagement partner Joel Reed‚ senior audit manager My experience has been
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Amortisation of premium or discount on issue of debentures or bonds etc c) Amortisation of ancillary cost i.e stamp duty‚ registration charges‚ issue expenses etc AS -16 deals with how accounting of borrowing cost should be carried out. Applicability: Applicable to all levels of Enterprises Objective: Prescribe accounting treatment for borrowing cost .i.e if loan is borrowed for purchase of Asset‚ whether interest cost should form part of total cost or not.i.e it should be capitalized Important
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