Recognition & Theories of Accounting The Joint Project Revenue recognition requirements in US generally accepted accounting principles (GAAP) differ from those in International Financial Reporting Standards (IFRSs); the former consists of broad concepts whereas IFRSs contain fewer standards‚ but applying the two main standards to complex transactions were difficult and needed improvement (Australian Accounting Standards Board‚ 2010). Accordingly‚ the International Accounting Standards Board (IASB)
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Accounting Theory Exam Review Part I – 25 MC Part II – 2 marks Part III – 10 marks Part IV – 7 marks Part V – 10 marks Total – 54 marks Chapter: 8 – 5 marks 9 – 16 marks 10 – 6 marks 11 – 5 marks 12 – 10 marks 13 – 5 marks Reading – 7 marks Total – 54 marks Chapter 8 – Economic Consequence If they do not affect cash flow‚ they do not matter. Stock should not change by the change in accounting policy‚ two examples in book where this did not hold (1. employee stock option – authorities
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social responsibility (CSR) reports provide shareholders and stakeholders with useful information on corporate social and environmental performance or are they merely a public relations vehicle? Answer this question by reference to a variety of accounting theories. There are many definitions to Corporate Social responsibility(CSR). One most common definition is that CSR is the consideration and response of the firm to issues that are beyond the regular technical‚ legal‚ and environmental requirements
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great concern that the accounting profession must find a common theory in order to address and put the issue at rest. This therefore‚ has called for the study of this topic under review “the demand for and supply of accounting theories: the market for excuses. As a result of this several questions have been raised. For instance‚ the question of why accounting theories are predominantly normative has been put forward by this article? Secondly‚ why no single theory in accounting profession that is generally
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NORMATIVE ETHICAL THEORIES Objective • Discuss the normative ethical theories L2: Normative Ethical Theories Beliefs about how people should behave can be classified into at least 2 major categories: Teleological theories (Consequentialism) Right actions are those that produce the most or optimize the consequences of one’s choices. Behaviour is ‘ethical’ if it results in desirable behaviour 1. 2. 3. 4. Ethical egoism Ethical elitism Ethical parochialism Ethical universalism Deontological theories
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CHAPTER ONE INTRODUCTION 1.1 BACKGROUND TO THE STUDY This study analyses the effect of the agency theory and accounting choice usually been made by managers of Nigeria listed companies. It (agency theory and accounting choice) can be demonstrated in the modern day companies where management is usually separated from the ownership of business. The professional managers are supposed to make decisions and take actions that are consistent with the objective of maximising shareholders wealth. But this
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MONASH UNIVERSITY SEMSTER 1 – YEAR 2011 AFW 3040 – ACCOUNTING THEORY BY: SARAH WONG Assignment 2 – 1500-word Essay Topic: How social and environmental reporting practices undertaken by companies highlight the limitations of the conceptual framework. Introduction: Accountancy has always been concerned with mainly the accountability of directors to shareholders and companies to creditors. As companies grow larger and become more integrated with the society‚ this call for a focus towards sustainability
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Accounting Theory – Seminar 2 Presentation Briefly describe the accounting profession/What is the role of accountants? Accountants analyse costs of operations‚ products‚ and special projects. Compute taxes owed‚ prepare tax returns. Organize and maintain financial records. Suggest ways to reduce costs‚ enhance revenues and improve profits‚ Improve businesses efficiency. Critically discuss the role of the CFO Andy Fastow in the ENRON scandal Fastow created hundreds/ of "special-purpose entities"–off
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7101AFE Financial Accounting Theory and Practice Tutorial Questions for Tutorials 1- 6: Semester 1 2015 TUTORIAL 1 - Semester 1 2015 Deegan Topic 1: Introduction to financial accounting theory QUESTION 1 – Question 1.2: If you developed a theory to explain how a person’s cultural background influences how they prepare financial statements‚ would you have developed a positive theory or a normative theory? The first of all‚ it is important to understand the mean by a ‘theory’. According to Contemporary
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Questions 1.‘A theory that is purely syntactic is sterile.’ Comment. How can this statement relateto accounting? A syntactic theory is one that is capable of testing on the basis that it is valid in terms of itslogical consistency. Thus the calculation of accounting profit and determination of assetvaluation can be valid in relation to their conformity with rules prescribing the measurementof accounting profit and asset valuations. This can be described as sterile as it does notnecessarily relate
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