2012 Technical Summary IAS 37 Provisions‚ Contingent Liabilities and Contingent Assets as issued at 1 January 2012. Includes IFRSs with an effective date after 1 January 2012 but not the IFRSs they will replace. This extract has been prepared by IFRS Foundation staff and has not been approved by the IASB. For the requirements reference must be made to International Financial Reporting Standards. The objective of this Standard is to ensure that appropriate recognition criteria and measurement
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Internal Assessment (IA) My topic is “To investigate the Internal Controls practices of K.F.C & K&S Supermarket What is Internal Control? Internal control is the process designed to ensure reliable financial reporting‚ effective and efficient operations‚ and compliance with applicable laws and regulations. Safeguarding assets against theft and unauthorized use‚ acquisition‚ or disposal is also part of internal control. Who have Internal Control? The control environment‚ sometimes referred
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The accounting literature provides broad evidence that managers use discretion in financial statements for purposeful adjustments of earnings figures beyond the true and fair view (Leuz et al. 2003‚ cited by U. Schäffer et al.‚ 2012). There are two methods which are Income Smoothing and Big Bath. “Income Smoothing involves taking steps to reduce the good years and defer them for use during the business down-turn years” (Gin Chong‚ 2006). In comparison‚ Big Bath manipulation in the financial statistics
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Summary of FRS 37: Provisions‚ Contingent Liabilities and Contingent Assets The Standard This standard distinguishes between provisions and contingent liabilities. A provision is included in the statement of financial position at the best estimate of the expenditure required to settle the obligation at the end of the reporting period. A contingent liability is not recognised in the statement of financial position. However‚ unless the possibility of an outflow of economic resources is
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Under IFRSs IAS 37‚ a provision is recognized for a legal or constructive obligation arising from a past event‚ if there is a probable (more likely than not) outflow of resources and the amount can be estimated reliably (IAS 37.14). In contrast‚ according to FASB ASC 450-20-25-2‚ a contingency (provision) is recognized if it is probable (likely) that a liability has been incurred and the amount is reasonably estimated. Scenario 1 (1) Under IFRSs: According to IAS 37.22‚ the contamination of the
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Thus he discovered a wide selection of baskets of bath items‚ but he does not know what to kind basket that suitable for Penny‚ so he bought the entire tray of the baskets. Penny give a handkerchief that have been used and autograph by Leonard Nimoy‚ a person that Sheldon adore the most. The handkerchief contains DNA of Leonard Nimoy and Sheldon happy that he can clone his own “Mr.Spoke”. As a consequence‚ Sheldon gave all the baskets containing the bath items to Penny and the first hug that he gave
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|The Bath – Janet Frame | | | | | |The story centres on the routines of an old woman’s life and the | | |annual preparation for‚ and visit to‚ the
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The Big Four Accounting Firms Financial Accounting September 8‚ 2012 In the world of accounting four global firms take the gold. Those are considered “The Big Four”. Over the past twenty years many financial organizations have been established‚ but only the best have survived long enough to be well known across the world. Those four corporations are Deloitte & Touche‚ Pricewaterhouse Coopers‚ Ernst & Young‚ and KPMG. The biggest name in the industry however‚ is Deloitte & Touche
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Pre-ballot Draft of “Proposed Amendments to IAS 37 Provisions‚ Contingent Liabilities and Contingent Assets and IAS 19 Employee Benefits” Staff contact: Henry Rees‚ +44 20 7246 6466‚ hrees@iasb.org.uk page 1 Exposure Draft of Proposed AMENDMENTS TO IAS 37 PROVISIONS‚ CONTINGENT LIABILITIES AND CONTINGENT ASSETS IAS 19 EMPLOYEE BENEFITS Comment to be received by X MONTH 2004 page 2 Contents Introduction Proposed Amendments to IAS 37 Provisions‚ Contingent Liabilities and Contingent
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National Railroad Passenger Corporation ("Amtrak"): Acela Financing On April 30‚ 1999‚ Arlene’ Friner. CFO of Amtrak‚ instructed her treasury staff to review a leventged-lezise proposal from BNY Capital Funding LLC (BNYCF). Several weeks earlier‚ Amtrak and its adviser‚ Babcock & Brown Financial Corporation‚ had invited financial institutions to submit lease-financing proposals for Amtrak’s planned purchase of locomotives and high-speed train sets.’ The equipment would be utilized on the "Acela"
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