CHAPTER 17 Investments LEARNING OBJECTIVES After studying this chapter‚ you should be able to: 1 Identify the three categories of debt securities and describe the accounting and reporting treatment for each category. Understand the procedures for discount and premium amortization on bond investments. Identify the categories of equity securities and describe the accounting and reporting treatment for each category. Explain the equity method of accounting and compare it to the fair value method
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UNIVERSITY OF NAIROBI SCHOOL OF BUSINESS MASTER OF BUSINESS ADMINISTRATION ADVANCED FINANCIAL ACCOUNTING DAC 601 TOPIC: ACCOUNTING FOR LEASES PRESENTED BY: Mbogo Stella Mumbi……………...……...…………….D61/60246/2013 Albert Kalute Maingi……………...……...…………….D61/62221/2013 PRESENTED TO: DR. KAMASARA TABLE OF CONTENTS: 1.0: INTRODUCTION……………………………………………………………………….. 3 1.1: Leasing………………………………………………………………………………….. 3 1.2: Definition of Terms……………………………………………………………………
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to market accounting‚ has been around for many years and has applied to many types of assets and liabilities accounts. But‚ special attention has been placed on fair value reporting due to expanding use( or misuse) of financial instruments. FASB and IASB have issued exposure drafts focused on differences between international and U.S. Generally accepted accounting principles with respect to fair value accounting. Different assets‚ liabilities‚ and equity instruments are measured at fair value
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and structured profession. We trace the development of accounting as a well-recognised discipline and profession‚ and the evolution of accounting thought‚ over many centuries. The practice of accounting today is directed and constrained by the pronouncements of professional bodies and by the requirements of legal statutes in many different jurisdictions around the world. It was not always so: as with all professional and other followings‚ accounting has developed progressively from small beginnings
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A Comprehensive Business Reporting Model Financial Reporting for Investors July 2007 CFA Institute Centre Comprehensive Business Reporting Model Staff Kurt Schacht‚ CFA Managing Director Rebecca McEnally‚ CFA Capital Markets Policy Group Georgene Palacky‚ CPA Director Financial Reporting Group Members of the Comprehensive Business Reporting Model Subcommittee and the Corporate Disclosure Policy Council Gerald I. White‚ CFA‚ Chair Grace & White Inc. New York‚ NY United States
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frauds have brought about stricter governance and financial statement reporting responsibilities on organizations‚ including the government and non for profits organizations. The enactment of the 2002 Sarbanes-Oxley Act; the GASB Statement 34; and the FASB No. 142 has been ways to improve how financial statements are prepared‚ and recorded in a uniformed version. As a result on these stricter requirements‚ stakeholders‚ financial statements prepares and auditors alike must now focus more carefully on
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chapter 1 Conceptual and regulatory framework Contents Introduction Examination context Topic List 1 Financial statements 2 Purpose and use of financial statements 3 Bases of accounting 4 The IASB Framework 5 International Accounting Standards Committee Foundation (IASCF) 6 International Financial Reporting Standards (IFRS) 7 Inherent limitations of financial statements 8 Not-for-profit entities Summary and Self-test Technical reference
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claimed A) The United States of America had agreed to adopt International Financial Reporting standards (IFRS) from 2010 onwards B) China did not need to adopt IRFS at any point in the near future C) The International Accounting standards Boards (IASB) supported the adoption of the ‘gold standard’ for reporting worldwide D) Individual countries should adjust IFRS to suit their needs It’s not part of the role of the financial Reporting council A) To appoint members of the AASB
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Chapter 1 The Government and Not-For-Profit Environment TRUE/FALSE (CHAPTER 1) 1. The main objective of a typical governmental or not-for-profit entity is to earn a profit. 2. A government’s budget may be backed by the force of law. 3. Governmental entities have no need for an accounting system. 4. A government’s internal managers rely on general purpose financial statements for a considerable amount of information about their government. 5. Governments and not-for-profits
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Memorandum To: John J. Morris‚ Department of Accounting From: Group #1 (Anthony Smith‚ Jessica Kolb‚ Jeffrey Brownlee‚ Caleb Dykes) Date: 4/11/13 Subject: ACCTG 642: Case 10-1‚ SolvGen Inc. Statement of Relevant Facts Direct Drugs Inc. (Direct) has created a plan for the acquisition of SolvGen Inc. (SolvGen)‚ which is a publicly owned company. Direct has engaged an audit team to review agreement and procedures dealing with two separate material agreements. The first agreement is a
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