Standards Board (AASB) is implementing the Financial Reporting Council’s policy of adopting the Standards of the International Accounting Standards Board (IASB) for application to reporting periods beginning on or after 1 January 2005. The AASB is replacing relevant existing AASB Standards with Australian Standards equivalent to those of the IASB. Consequently‚ the parts of the existing Australian conceptual framework (SAC 3 Qualitative Characteristics of Financial Information and SAC 4 Definition
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Chapter 1 Lecture Accounting is a service activity. Its function is to provide useful financial information about economic entities to interested parties‚ such as managers‚ investors‚ and creditors. Financial accounting provides information to those decision makers who are outside the economic entity‚ such as investors‚ creditors‚ and governmental agencies. Financial accounting information also is used by managers inside the economic entity. A. What is accounting? 1. Identification
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Solutions Manual to accompany Company Accounting 8e prepared by Ken Leo John Hoggett John Sweeting Jennie Radford [pic] John Wiley & Sons Australia‚ Ltd 2009 Chapter 1 – Nature and regulation of companies REVIEW QUESTIONS 1. Outline the advantages of incorporation over other forms of organisation such as partnerships. The corporate form of organisation permits individuals to have "limited liability". This confers on shareholders a limit on their
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Chapter 1 Environment and Theoretical Structure of Financial Accounting AACSB assurance of learning standards in accounting and business education require documentation of outcomes assessment. Although schools‚ departments‚ and faculty may approach assessment and its documentation differently‚ one approach is to provide specific questions on exams that become the basis for assessment. To aid faculty in this endeavor‚ we have labeled each question‚ exercise and problem in Intermediate Accounting
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of a business. The four main financial governing bodies include the following: • Securities and Exchange Commission (SEC) • Financial Accounting Standards Board (FASB) • Governmental Accounting Standards Board (GASB) • International Accounting Standards Board (IASB) Securities and Exchange Commission (SEC) The Securities and Exchange Commission is a U.S. regulatory agency that has the authority to establish accounting standards for publicly
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Standards Board (FASB) was created and their mission is “to establish and improve standards of financial accounting and reporting for the guidance and education of the public‚ including issuers‚ auditors‚ and users of financial information.” (FASB.org‚ 2009a). The FASB is a private‚ not-for-profit organization whose primary purpose is to develop generally accepted accounting principles (GAAP) within the United States. The Securities and Exchange Commission (SEC) designated the FASB as the organization
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Not-for-profit entities. c. State governments. D. All of these require accounting information. e. None of these requires accounting information. Difficulty: Easy 2. Which of the following is not an objective of financial reporting described in FASB Concepts Statement No. 1? a. To provide information about how management of an enterprise has discharged its stewardship responsibility to owners. B. To measure the current market value of the business enterprise. c. To provide information so potential
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Tutorial 1 Chapter 1 9. Outline the differences between shares and debentures. Ordinary shares attract no fixed rate of dividend‚ carry voting rights and may participate in surplus assets and profits of the company – they represent ownership of x% of the company. Ordinary shares are classified as equity. The company may issue shares either fully paid or partly paid (s. 254A). If partly paid shares are issued‚ the shareholder is liable to pay calls on the shares (except in the case of no liability
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Thus‚ investors use data calculations and ratios to establish how companies measure up to one another. For instance‚ one company’s reported net income may not be equivalent to a business in the same industry if the two differ in size. Conversely‚ a profit margin ratio calculated by dividing sales into net income is equivalent to any other company regardless of size. This paper illustrates the annual report data for three firms in the manufacturing‚ service‚ and retail sectors and portrays the
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01. [pic]Sarbanes–Oxley Act Sen. Paul Sarbanes (D–MD) and Rep. Michael G. Oxley (R–OH-4)‚ the co-sponsors of the Sarbanes–Oxley Act. The Sarbanes–Oxley Act of 2002 (Pub.L. 107-204‚ 116 Stat. 745‚ enacted July 30‚ 2002)‚ also known as the ’Public Company Accounting Reform and Investor Protection Act’ (in the Senate) and ’Corporate and Auditing Accountability and Responsibility Act’ (in the House) and commonly called Sarbanes–Oxley‚ Sarbox or SOX‚ is a United States federal law enacted on July 30
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