Property‚ Plant and Equipment Property‚ Plant and Equipment I- Nature of Accounting Issues Businesses purchase and use a variety of fixed assets‚ such as equipment‚ furniture‚ tools‚ machinery‚ buildings‚ and land. These fixed assets are long-term or relatively permanent assets. Also‚ they are tangible assets because they exist physically. They are owned and used by the business and are not offered for sale as part of normal operations. Perhaps the most descriptive titles these assets are
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Introduction‚ Review of Accounting Process & Financial Statements Part I • Generally Accepted Accounting Principles (US GAAP) Generally Accepted Accounting Principles or U.S. GAAP refer to the standard framework of guidelines for financial accounting used in any given jurisdiction; generally know as Accounting Standards. GAAP includes the standards‚ conventions‚ and rules accountants follow in recording and summarizing‚ and in the preparation of financial statements (Wikipedia‚ n.d.). Although
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Choosing Between Generally Accepted Accounting Principles and International Financial Reporting Standards as Basis of Accounting Standards December 14‚ 2011 Research Paper Outline: Thesis Statement: Some experts do not prefer the adoption of IFRS principles because of its incompatibility with US Style Corporate Governance‚ its inefficiency compared to GAAP‚ and its inability to improve the present system. I. Introduction A. Current events about the topic (status quo) B. Definition
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OVERVIEW Accounting is the language of business. As such‚ accountants collect and communicate economic information about business enterprises or other entities to a wide variety of persons. To be useful‚ financial statements must be clearly understandable and comparable so that users may compare the performance of one business with the performance of the same business for a prior period or with the performance of another similar business. Therefore‚ all general purpose financial statements should
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Financial Accounting Standards Board (FASB) started in 1973 to provide standards for private sector companies to prepare their financial statements. The Securities and Exchange Commission (SEC) recognizes the standards given by the FASB as authoritative as long as the FASB fully acts in public interest. FASB standards are used by companies in the United States and IASB standards are used for companies in other areas of the world (Schroeder‚ Clark‚ & Cathey‚ 2011). The International Accounting Standards
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The major regulatory bodies include: Internal Revenue Service‚ Securities and Exchange Commission‚ Financial Accounting foundation‚ Government Accounting Standards Board‚ Federal Accounting Standards Advisory‚ International Accounting Standards Board‚ Public Company Accounting Oversight Board‚ and the American Institute of Certified Public Accountants. The major regulatory body Internal Revenue Service‚ also known as the IRS‚ has a function of enforcing all the internal revenue laws. Each taxpayer
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Discussion: By 2010‚ foreign companies will be able to file on U.S. Stock Exchanges using IFRS standards. With that in mind‚ what are some of the challenges facing the accounting profession‚ and how do you see them affecting you in the future? Provide specific details to support your opinion in your response. Initial Professor and Class‚ Countries using International Financial Reporting Standards rules and guidelines can be somewhat complicated because IFRS sets its own rules how companies
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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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Financial Accounting Standards Board (FASB) which is the largest independent US body that is responsible for establishing and interpreting the accounting standards and practices known as the Generally Accepted Accounting Principles‚ Financial Accounting Foundation (FAF) which is a private sector organization that is mainly responsible for establishing and improving financial accounting and operation standards and educating its residents about those standards. Governmental Accounting Standards Board
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Globalization: The Game Changer for GAAP and IFRS Globalization‚ from a business aspect‚ is the process by which businesses or other organizations develop international influence or start operating on an international scale. Countries have long been involved in business; however‚ there is a concern regarding the lack of consistency in standards that businesses are to follow. The rapid advancement of technology and conducting business from country to country has become common practice‚ creating the
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