a tradition of common law (UK)‚ specific accounting rules are established by the profession or by an independent nongovernmental body representing a variety of constituencies. Thus‚ the type of legal system in a country tends to determine whether the primary source of accounting rules is the government or a nongovernmental organization. Code Law: the accounting law tends to be rather general and does not provide much detail regarding specific accounting practices and may provide no guidance at all
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PROJECT ON ACCOUNTING STANDARDS 1. ACCOUNTING STANDARD 16 2. ACCOUNTING STANDARD 21 SUBMITTED TO: PROF. T.K. NAGPAL SUBMITTED BY: VARUN FN3 FN2 Accounting Standard (AS) 16 (issued
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.......................... TUTORIAL DAY & TIME........………................... TUTOR’S FULL NAME......................................... Test 1 – Version 2 Session 2‚ 2012 Course Code: ACCG 224 Course Name: INTERMEDIATE FINANCIAL ACCOUNTING Time allowed: 55 minutes plus 5 minutes reading time Total No. of questions: Three Questions Instructions 1. You must answer ALL questions in the test booklet. No separate booklet will be provided to answer the questions. 2. This is
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setting of accounting standards of the AASB II. determining the AASB’s broad strategic direction III. monitoring and reviewing the level of funding for the AASB IV. directing the AASB in relation to the development or making of a particular standard V. the power to veto a standard recommended by the AASB. | I‚ II‚ III and V only | | I‚ II‚ and III only | | I‚ II‚ IV and V only | | II‚ III‚ IV and V only | | | 7. The functions of the Australian Accounting Standards Board include:
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Financial Accounting Theory (BBAC502) Group Assignment (Group of Four) 25% (Due Session 5.2) “Australia has long recognised that its accounting standards need to be harmonised with standards elsewhere in the world. To ensure consistent application of IFRSs‚ CLERP No. 9 recommended that Australia adopt‚ from January 2005‚ official interpretations of IFRSs issued by the IASB’s International Financial Reporting Interpretations Committee (IFRIC). As noted by CLERP No. 9‚ the comparability
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in great shape by using the mark-to-market accounting practice. The company would build an asset‚ such as a power plant‚ and immediately claim the projected profit on its books‚ even though it hadn’t made one dime from it. If the revenue from the power plant was less than the projected amount‚ instead of taking the loss‚ the company would then transfer these assets to an off-the-books corporation‚ where the loss would go unreported. This type of accounting created the attitude that the company did
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Presentation of Financial Statements Indian Accounting Standard (Ind AS) 1 Presentation of Financial Statements Contents Paragraphs OBJECTIVE SCOPE DEFINITIONS FINANCIAL STATEMENTS Purpose of financial statements Complete set of financial statements General features Presentation of True and Fair View and compliance with Ind ASs Going Concern Accrual Basis of Accounting Materiality and Aggregation Offsetting Frequency of reporting Comparative Information Consistency of Presentation STRUCTURE
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PhD Course Name: ACCT 3001 v1.0 (Section 3) Module 1: Financial Accounting & Accounting Standards 1. Differentiate broadly between financial accounting and managerial accounting. -Financial accounting measures‚ classifies‚ and summarizes in report from those activities and that information which relate to the enterprise as a whole for use by parties both internal and external to a business enterprise. Managerial accounting also measures‚ classifies‚ and summarizes in report form enterprise
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INTERNATIONAL STANDARD ON AUDITING 315 IDENTIFYING AND ASSESSING THE RISKS OF MATERIAL MISSTATEMENT THROUGH UNDERSTANDING THE ENTITY AND ITS ENVIRONMENT (Effective for audits of financial statements for periods beginning on or after December 15‚ 2009) CONTENTS Paragraph Introduction Scope of this ISA .................................................................................. 1 Effective Date ....................................................................................... 2
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Accounting Standards issued by the ICAI Page 1 of 2 Accounting Standards issued by the ICAI Withdrawal of the Announcement issued by the Council on ‘Treatment of exchange differences under Accounting Standard (AS) 11 (revised 2003)‚ The Effects of Changes in Foreign Exchange Rates vis-à-vis Schedule VI to the Companies Act‚ 1956’ Accounting Standards (ASs) AS 1 Disclosure of Accounting Policies AS 2 Valuation of Inventories AS 3 Cash Flow Statements AS 4 Contingencies and Events Occuring
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