the accrual of a liability if both of the following conditions are met: a. Information available before the financial statements are issued or are available to be issued (as discussed in Section 855-10-25) indicates that it is probable that an asset has been impaired or a liability has been incurred at the date of the financial statements. b. The amount of the loss can be reasonably estimated. 25-2 An entity’s environmental remediation obligation that results in a liability generally does not
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Sell-Soft Company: Disclose Contingent Liabilities? Sell-Soft Company: Disclose Contingent Liabilities? Dana Ferretti ACC 206 Ms. Paula Beiser Chapter 10 Apply Your Knowledge: Case 2 November 7‚ 2010 Sell-Soft Company: Disclose Contingent Liabilities? There are several lawsuits against Sell-Soft Company. The lawsuits claim that they participated in unfair trading. A strong incentive is making the decision to disclose these contingent liabilities a hard one for Soft-Sell Company. Why
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of organization? A major drawback is that there is unlimited liability to the owner. The advantage is simplicity of decision making and low organizational and operating costs. 2. What form of partnership allows some of the investors to limit their liability? Explain briefly. It allows some of the partners to limit their liability. With this arrangement‚ the partners are designated general partners and have unlimited liability for the debts of the firm. The other partners are designated limited
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Restructuring Debt Scenario Understanding the current reporting requirements for long-term liabilities is critical when making the decision to make sacrifices for future economic benefits. Specifically these long term liabilities consist of bonds‚ mortgages‚ capital leases‚ as well as other types of debt. Bonds are one type of long-term liability‚ which are traditionally valued at the present value of the bonds expected future cash flows‚ which are made up of both interest and principal. Bonds
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AASB 112 is based on a balance sheet approach to account for income taxes and it covers: • the accounting treatment of current and deferred tax expenses; • recognition and measurement of current tax assets and liabilities; • recognition and measurement of deferred tax assets and liabilities; • the accounting treatment of the tax consequences of various transactions and events‚ including asset revaluations; • the accounting policies applicable for when an entity has tax losses; and • the disclosure
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Strict liability offences do not require proof of mens rea in respect of at least one element of the actus reus‚ usually the essential one. However‚ proof of mens rea may be required for some of the elements of the actus reus. Absolute liability offences do not require proof of any mens rea element‚ but are satisfied by proof of the actus reus only. Second‚ the distinction can be seen by examining the issue of causation In strict liability‚ the prosecution is required to prove the causation
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be accounted for by applying the purchase method. This involves 3 key steps: a) Identifying an acquirer‚ b) Measuring the cost of the business combinations and c) Allocating the cost of the business combination to the identifiable assets and liabilities acquired. a) Identifying the Acquirer The acquirer should be identified for all business combinations‚ The acquirer is the entity which obtains controls over the other entity‚ There are a number of ways in which control can be achieved‚ Control
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Mohammad Hoque*** This study attempts to examine the impact of asset and liability management on the profitability of commercial banks in Bangladesh. Commercial banks are segmented into high profitable and low profitable and private and public banks. While applying Statistical Cost Accounting (SCA) methods study finds high earning banks experience higher returns from their assets and lower returns from their liabilities than the low earning banks. Results are inconclusive with regard to private
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Commerce English EMBA Program Cohort 5 | | Case Analysis: Kim Park (B): Liabilities By: Khaled M. Motawie Introduction As part of her plan to explore interesting accounting questions with her study group‚ Kim Park prepared a set of short case studies dealing with the recognition and measurement of liabilities. Kim knew from her earlier study group discussions that her fellow students expected her to prepare tentative answers to the questions
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asset‚ provided the entity can control its use by other means. The accounting equation relates assets‚ liabilities‚ and owner’s equity: Assets = Liabilities + Stockholder’s Equity (Owner’s Equity) Assets = liabilities + Capital liabilities = Assets - Capital Capital = Assets - liabilities That is‚ the total value of a firms Assets are always equal to the combined value of its "equity" and "liabilities." The accounting equation is the mathematical structure of the balance sheet. Assets are listed on the balance
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