• Case 1-3 Politicalization of Accounting Standards Some accountants have said that politicalization in the development and acceptance of generally accepted accounting principles (i.e.‚ standard setting) is taking place. Some use the term politicalization in a narrow sense to mean the infl uence by governmental agencies‚ particularly the SEC‚ on the development of generally accepted accounting principles. Others use it more broadly to mean the compromising that takes place in bodies responsible
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balance sheet. | | | | |True False | |5. |Both Accounts Receivable and Notes Receivable represent claims that are expected to be collected in cash. | | | |
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[pic] ATPB 313 / ACTB 423 Accounting Theory & Practice TOPIC 5: ACCOUNTING STANDARD SETTING Chapter 7 SHD Learning Outcomes At the At the end of this lecture‚ students should be able to explain: ✓ The three theories proposed to understand the process of regulation – public interest‚ regulatory capture and private-interest theory ✓ a comparison of the free market and regulatory approaches to standard setting ✓ International standard setting ✓ Standard setting in Malaysia Introduction
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2.1 Accounting standard-setters have an expectation that the readers of general purpose financial reports have a ‘reasonable knowledge’ of accounting. Specifically‚ the IASB Framework states that ‘users are expected to have a reasonable knowledge of business and economic activities and accounting and a willingness to study the information with reasonable diligence’. Hence‚ there is an expectation that financial statements are not tailored to meet the needs of people who have not‚ in some way‚ studied
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Suits The C-Suite -- By Veronica R. Pore Accounting for public-private partnerships In order to carry out the challenge and responsibility of developing and improving public infrastructure‚ government intends to collaborate with the private sector through the public-private partnership (PPP) program. RELATED STORIES Wider PPP platform available e-PhilHealth project eyed under PPP scheme PPP projects to cost P740 billion Stable environment promised A PPP is an arrangement between
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Accounting Standards Boards Increased globalization in the business world has brought to fore some of the issues and challenges that multinational businesses face in financial recording and reporting of foreign based operations. With operations based in different countries that operate under different accounting principles and with varying currencies‚ there has been a need for the accounting principles and standards to be converged. This has in the past nine years seen the accounting policy
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On September 28 2010‚ the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) had declared they had completely conducted the first stage of The Conceptual Framework joint project. The purpose of this joint project is to further improve an advanced conceptual framework for International Financial Reporting Standards (IFRSs) and US Generally Accepted Accounting Practices (GAAP) (Norwalk 2010). Basically‚ the conceptual framework is an attempt to express
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Accounting Tutorial Question Topic 2 Week 5 Question 1 Encik Abbul has a sundry shop business registered under the name of Prudential Enterprises. The following is the summarised version of the bad debts‚ doubtful debts and the A/Receivables accounts of his business start in 2011. (The accounting period of the business is similar to the normal calendar year) Year | Account Receivables | Bad debts already written off during the year | Allowance for doubtful debts (percentage of outstanding
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Pantaloons Retail India Limited The Accounting Standards as per their 2011-12 Annual Report are- 1. AS 1: Disclosure of Accounting Policies- * It deals with disclosure of Accounting Principles and policies used for preparation of financial statements of the companies. 2. AS 2: Valuation of Inventories- * It deals with determination of amount of inventory to be shown in financial statements. It is not applicable to shares‚ debentures‚ stock etc. The cost formulae prescribed
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Group 3 In your opinion are accounting standards necessary and to what extent? Do you agree with the view that mandatory regulations stifle innovation ? why? Give reasons? * Accounting standards are necessary to promote high quality financial reporting. The fundamental role of accounting is to communicate economic information about businesses and other organization to various stakeholders (government‚ investors‚ shareholders‚ suppliers‚ lenders‚ customers and the general public). * These
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