of Business‚ Economics & Accounting Department of Business Studies HELP Bachelor of Business (Hons) Year 2 & Year 3 INTERNAL SUBJECT DETAILS Semester 1‚ 2013 Subject: ACC 202 Financial Reporting Subject Lecturer/Tutor: Mr Lye Kok Keong Telephone: 03-20958791 Fax: 03-20957063 Room: 22‚ KPD Block B‚ Level 4 Email: lyekk@help.edu.my Consultation: Please call or email for appointment 1 PRE-REQUISITE(S) ACC101 ACC203 FINANCIAL ACCOUNTING 1 FINANCIAL ACCOUNTING 2 SYNOPSIS ACC202 Financial
Premium International Financial Reporting Standards Balance sheet Financial statements
A REPORT IN DEFENCE OR FAVOUR FOR THE ADVOCATE OF AN INTERNATIONAL STANDARD OF ACCOUNTING PRACTICE. INTRODUCTION Internationalization of economic trade and globalization of businesses is on the ascendency. Consequently‚ financial statements prepared according to a nation’s local accounting system may hardly meet the needs of investors‚ business partners‚ financiers and decision-makers who are conversant with international standards. Meanwhile‚ developing and emerging markets are the target
Premium International Financial Reporting Standards Financial statements
fair value accounting—the practice of measuring assets and liabilities at estimates of their current value—has been on the ascent. This marks a major departure from the centuries-old tradition of keeping books at historical cost. It also has implications across the world of business‚ because the accounting basis—whether fair value or historical cost—affects investment choices and management decisions‚ with consequences for aggregate economic activity. The argument for fair value accounting is that
Premium Balance sheet Asset Generally Accepted Accounting Principles
Many years ago stock options were rarely used as incidental benefits for top executives. Nowadays‚ compensating employee whit stock options has become an increasingly common practice. Before the year 1996‚ only the intrinsic value method was used to record these transactions. This method distorted the issuer’s reported financial condition and results of operations‚ which could lead to inappropriate decisions taken by investors. Followed by the increased use of employee stock options and the surrounding
Premium International Financial Reporting Standards Strike price Put option
GAAP or IFRS. Firstly‚ General Accepted Accounting Principles (GAAP) is a common accounting principle‚ procedure and standard used by United States ’ companies while preparing their financial statements and reporting their information ‚ it is all about what acceptable and unacceptable and it is rely on three basic assumptions: economic entity‚ monetary unit and time period . In 1939‚ American Institute of Accountants (AIA) formed the Committee on Accounting Procedure by issuing many research and some
Premium Lease Finance lease Generally Accepted Accounting Principles
Thao Vu Accounting 303 October 9‚ 2012 US GAAP vs. IFRS The Financial Accounting Standards Board (FASB) developed the United States Generally Accepted Accounting Principles (GAAP) has been used in US corporations for over 75 years. It allows financial statements from all corporations to be compared accurately and efficiently‚ and serves as a guideline for accountants. GAAP is slowly being taken out for the International Financial Reporting Standards (IFRS) as global business goes across the
Premium International Financial Reporting Standards Financial statements Generally Accepted Accounting Principles
What are some of the key differences between IFRS and U.S. GAAP? The International Financial Reporting Standards (IFRS) - the accounting standard used in more than 110 countries - has some key differences from the U.S. Generally Accepted Accounting Principles (GAAP). At the conceptually level‚ IFRS is considered more of a "principles based" accounting standard in contrast to U.S. GAAP which is considered more "rules based." By being more "principles based"‚ IFRS‚ arguably‚ represents and captures
Premium Balance sheet Generally Accepted Accounting Principles Financial statements
edu/ValuationReports/McDonalds.pdf The American Association of Individual Investors Seeking Alpha. (2011). What ’s driving Toyota ’s sale price?. Retrieved from http://seekingalpha.com/article/205941-what-s-driving-toyota-share-price Starbucks Toyota Motor. (2010). Accounting changes. Retrieved fromhttp://www.wikinvest.com/stock/Toyota_Motor_(TM)/Accounting_Changes
Premium International Financial Reporting Standards Financial Accounting Standards Board Income statement
What is a conceptual framework for financial accounting and why is it needed? The purpose of this essay is to address the definition of a conceptual framework (CF) for financial accounting and why it is needed. The CF can be described as a “coherent system of inter-related objectives and fundamentals that should lead to consistent standards that prescribe the nature‚ function and limits of financial accounting and financial statements” (FASB‚ 1976). This suggests that the CF has a very important
Premium International Financial Reporting Standards Financial Accounting Standards Board
MBA 607 – Financial Accounting The Nature and Purpose of Accounting Accounting Purpose and Process 1 MBA 607 – Financial Accounting The Nature and Purpose of Accounting 1. The Need for Accounting Information 2. The Accounting Profession 3. Financial Statements Accounting Purpose and Process 2 MBA 607 – Financial Accounting 1. The need for Accounting Information A. Framework Stakeholders (creditors‚ shareholders‚ regulators) in an entity require quantitative information on the financial
Premium Balance sheet International Financial Reporting Standards Financial statements