ACCOUNTING FOR INCOME TAXES F 1. Taxable income is a tax accounting term and is also referred to as income before taxes. F 2. Pretax financial income is the amount used to compute income taxes payable. T 3. Deferred tax expense is the increase in the deferred tax liability balance from the beginning to the end of the accounting period. T 4. A deferred tax liability represents the increase in taxes payable in future years as a result of taxable temporary differences existing at the end
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P1 revaluation model The revaluation model is an alternative to the cost model for the periodic valuation and reporting of long-lived assets. IFRS permit the use of either the revaluation model or the cost model‚ while under GAAP; only the cost model is permitted. Revaluation model changes the carrying amount to fair value. But the assumption is the fair value can be measured reliably. P2 revaluation model& cost model A key difference between the two models is that the cost model allows
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INTERNATIONAL FINANCIAL REPORTING STANDARDS(IFRS) are designed as a common global language for business affairs so that company accounts are understandable and comparable across international boundaries. They are a consequence of growing international shareholding and trade and are particularly important for companies that have dealings in several countries. They are progressively replacing the many different national accounting standards. The rules to be followed by accountants to maintain books
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Kieso‚ accounting principles 2012 Microsoft Corporation‚ Template http://office.microsoft.com/en-us/templates/pro-forma-income-statement-TC101877359.aspx A Securities and Exchange Commission Staff Paper November 16‚ 2011‚ A Comparison of U.S. GAAP and IFRS http://www.sba.gov/category/navigation-structure/starting-managing-business/starting-business/how-write-business-plan University of Washington‚ Financial Accounting‚ http://f2.washington.edu/fm/fa/internal-controls
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and fraud are elements that pertain to being truthful and doing things that are ethically correct in regards to all parties involved. The last element is compliance and this can be achieved by using the general accepted accounting guidelines or GAAP. The GAAP guidelines are in compliance with the facilities ethical policies giving the facility the means to diminish the possibility of abuse and fraud from happening within the facility. References All Business. (2010). What Are
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existing IFRS preparers. We point out areas where IAS 36 differs from US GAAP and also highlight some of the practical considerations for first-time adopters of IFRS. For further reading‚ we recommend our publication IAS 36: Practical Issues‚ which discusses practical application issues available on ey.com/ifrs. Impairment principle and key requirements IAS 36 deals with impairment testing for all tangible and intangible assets‚ except for assets that are covered by other IFRS. IAS 36
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Activity IFRS/IAS-based Financial Reports Generally‚ cannot be used for the day-to-day d t d goals of the managers. Financial vs Managerial Acctg MANAGERIAL Primary users Focus and emphasis Rules of measurement and reporting Level of detail Managers (Internal) Future-oriented Need not follow GAAP Emphasizes detailed segment reports about departments‚ products‚ and customers. Emphasizes relevance. Emphasizes timeliness. FINANCIAL External users Past-oriented Must follow GAAP Emphasizes
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and the financial analysis are affected by Carrefour’s switch from French GAAP reporting to IFRS reporting in 2005 but specialist knowledge of French GAAP and IFRS (and first-time adoption) is not required. Questions for students 1. 2. Analyze Carrefour’s competitive and corporate strategy. What are the key risks of the company’s strategy? Analyze Carrefour’s accounting (including the effects of Carrefour’s switch to IFRS-based financial reporting). Are any adjustments to Carrefour’s financial statements
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reasons:- 1. Under “non-GAAP measures”‚ Apple’s performance looked much better than that under GAAP measures. Please find below a table1 summarizing the differences of key financial data between GAAP and non-GAAP measures for the fourth quarter of 2008:- Q4 2008 GAAP ($ billions) Non-GAAP ($ billions) % Increase Total sales $7.9 $11.7 48% Total Income 1.1 2.4 115% iPhone Sales 0.8 4.6 475% iPhone as % of Sales 10% 39% This is because under subscription accounting (GAAP)‚ Apple recognized the
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business world throughout the integration of U.S Generally Accepted Accounting Principle (GAAP) and International Financial Reporting Standards (IFRS). The purpose of the following research is to evaluate the project being conducted on financial accounting theory: Investment Property Entities. The FASB project serves as the mediator and as an attempt to resolve the differences being presented between U.S. GAAP and IFRS as it relates to operating leases. Historical Development The Federal Accounting
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