Financial Accounting Standards Board (FASB)‚ 2001a. Statement of financial accounting standards no. 141. Business Combinations. FASB‚ Norwalk‚ CT. Financial Accounting Standards Board (FASB)‚ 2001b. Statement of financial accounting standards no. 142. Goodwill and other intangible assets. FASB‚ Norwalk‚ CT. Financial Accounting Standards Board (FASB)‚ 2005a. Proposed statement of financial accounting standards (Exposure draft). Business combinations‚ a replacement of FASB statement no. 141. FASB‚ Norwalk
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A nonprofit organization is fundamentally different than a for-profit organization. A social mission is at the center of a nonprofit and the organization exists to provide a particular service or services to the community and there is no “bottom line”. A for-profit organization exists primarily to generate a profit for the shareholders/owners. There are numerous differences between nonprofit and for-profit entities in addition to the fundamental differences stated above. The main differences
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Comparison of United States‚ United Kingdom‚ and Chinese Accounting Systems‚ Accounting Standards‚ Accounting Practices This report discusses the accounting practices of the following countries U.K‚ U.S.A and China. An analysis of these different accounting systems will be conducted on issues such as the growth and background‚ social‚ economic and fiscal pressures that have led to each nations current characteristics. Concluding on the direction each nations accounting systems and practices seem
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Same as IFRS | Financial year end date | Required to be 31 December. | Not specified. | Same as IFRS | Complete set of financial statements | Balance sheet‚ income statement‚ equity statement‚ cash flow statement‚ statement of allowance for impairment‚ profit appropriation statement‚ statement segmental information‚ plus
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Machinery +6000(1-30%) Land +8000(1-30%) Equipment =131700 Consideration transferred = 137200 Goodwill =137200- 131700 =5500 2. BCVR entries at 30 June 2010 1) Machinery Depreciation expense-machine Dr 100 Carrying amount Dr 700 Retained earnings
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administration to find out when you will receive your final grades. You are eligible for a Supplementary Exam if you receive a mark between 45-49% for your final grade. Ch6 revaluations and impairment testing of NCA AASB 116 ppe AASB 138 intangible assets AASB 136 impairment of Assets 6.4. Pursuant to AASB 136 impairment of assets‚ AASB 116 Property‚ plant and Equipment and AASB 138 Intangible Assets‚ intangible assets and ppe shall not be disclosed in the financial statements at an amount in excess of
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2011 Semester 2 Intermediate Financial Reporting Final Exam Solution. Accounting standards (5 MARKS) 1. Explain what gives Australian accounting standards authority and how is it enforced? The Corporations Act gives the standards the force of law. ASIC administer the Corps Act. and hence enforce the standards. Failure to comply with the standards can include legal proceedings‚ goal‚ financial penalties and prevention from acting as a manager or director of a company in the future. In addition
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Similarities and Differences A comparison of IFRS and US GAAP October 2007 PricewaterhouseCoopers’ IFRS and corporate governance publications and tools 2007 IFRS technical publications IFRS Manual of Accounting 2008 Provides expert practical guidance on how groups should prepare their consolidated financial statements in accordance with IFRS. Comprehensive publication including hundreds of worked examples‚ extracts from company reports and model financial statements. IFRS News Monthly
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Equity Method If owned shares are 25% or more then Significant influence so Equity Method is used eg. Take 25% of income Investment Income = Less % of Dividends Paid + % of Net Income + Impairment Calculation + Amortization of Excess Payment of FV of Assets Note: Do not record Share Price Increase or Decrease 2013-24‚ 2013M1-31‚ 2008-82 Co. Q’s share of the excess of fair value over book value of the asset should be amortized over the life of the asset and charged
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Consumer Understanding No company in the world has invested more in market research than P&G. We interact with more than five million consumers each year in nearly 100 countries. We conduct over 20‚000 research studies every year‚ and invest more than $400 million annually in consumer understanding. The insights we gain help us identify opportunities for innovation and better serve and communicate with our consumers. Innovation P&G is the industry’s innovation leader. Nearly all organic sales
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