Retail Group Ltd’s 2012 Annual Report is assessed against relevant policies that relate to element 8‚ estimates and accounting policy judgements under ASIC’s press release. The outline of AASB standards 108 Presentation of Financial Position‚ AASB136 Impairment of Assets‚ AASB138 Intangible Assets and AASB137 Provisions‚ Contingent Liabilities and Contingent Assets are disclosed. Super Retail Group (SRG) Ltd’s accounting practice is determined in regards to the standards examined. From this analysis‚ differences
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bases its decisions on patterns that result in facts. A deeper look into the differences between these two methodologies shows that there’s a distinguishable diversity between their approaches for revenue recognition‚ valuation of assets‚ assessing impairment of long-lived assets‚ financial statement presentation‚ and changes in accounting policy and correction of error. When it comes to revenue recognition‚ there are a lot of similarities between GAAP and IFRS; however‚ the differences that exist are
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Writing the narrative: the triumphs and tribulations By Afra Sajjad Introduction In recent years‚ particularly since the advent of the global financial crisis‚ the debate has grown over whether annual reports have relevance to investors and other users‚ and enable them to make proper decisions on companies’ prospects. To bridge the perceived information gap‚ and to satisfy the information requirements of the standard setters‚ narrative reporting has come to the fore. In its various guises – Business Review
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include consolidation‚ financial statement estimates‚ revenue recognition‚ advertising costs‚ compensation from stocks‚ property and equipment‚ goodwill‚ long-lived assets‚ franchise revenues‚ and employee benefit plans. We determined that McDonald’s has a large amount of flexibility in its accounting methods. Their depreciation methods and goodwill impairment practices are very important in their financial statements because the numbers are so substantial. McDonald’s uses a standard accounting strategy
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identify‚ recognize and measure the impairment of a long-lived asset (group) to be held and used: * Indicators of impairment — consider whether indicators of impairment are present. * Test for recoverability — If indicators are present‚ perform a recoverability test by comparing the sum of the estimated undiscounted future cash flows attributable to the asset (group) in question to their carrying amounts (as a reminder‚ entities cannot record an impairment for a held and used asset unless
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Waste Management Case Study April 24‚ 2010 Introduction: Ace Scavenger Service began its journey as a small‚ family owned trash hauling business in 1894. The family business was passed to Dean Buntrock in 1956. Buntrock had the foresight to begin consolidating small trash companies into one large company. He started with the merger of his firm with two other smaller firms in 1968 and created Waste Management‚ Inc. In 1971‚ Waste Management‚ Inc. had its initial public offering and used those
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Tootsie Roll Industries‚ Inc. Annual Report 2009 Corporate Profile Tootsie Roll Industries‚ Inc. has been engaged in the manufacture and sale of confectionery products for 113 years. Our products are primarily sold under the familiar brand names: Tootsie Roll‚ Tootsie Roll Pops‚ Caramel Apple Pops‚ Child’s Play‚ Charms‚ Blow Pop‚ Blue Razz‚ Cella’s chocolate covered cherries‚ Tootsie Dots‚ Tootsie Crows‚ Junior Mints‚ Junior Caramels‚ Charleston Chew‚ Sugar Daddy‚ Sugar Babies‚ Andes‚ Fluffy
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Auditing Complex Estimates: Process‚ Problems‚ and Preliminary Recommendations for Improving Auditor Performance Emily E. Griffith University of Georgia eegriff@uga.edu Jacqueline S. Hammersley University of Georgia jhammers@uga.edu Kathryn Kadous Emory University kkadous@bus.emory.edu April 2011 Preliminary Draft We are grateful to John Fogarty for helpful discussions about this project. We also thank Wendy Bailey‚ Dan Stone‚ Arnie Wright‚ Hal Zeidman‚ and workshop participants
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IAS 38 Intangible Assets outlines the accounting requirements for intangible assets‚ which are non-monetary assets which are without physical substance and identifiable (either being separable or arising from contractual or other legal rights). Intangible assets meeting the relevant recognition criteria are initially measured at cost‚ subsequently measured at cost or using the revaluation model‚ and amortised on a systematic basis over their useful lives (unless the asset has an indefinite useful
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