understood by the professionals (chartered accountants). Also‚ it has often been called ‘the language of business. Even‚ people in the business world owners‚ managers‚ banks‚ stockbrokers‚ investors‚ human resource managers‚ lawyers‚ to mention a few all uses accounting terms and concepts to describe their resources and the activity of every business they engage in whether large or small. While‚ according to the dictionary of management by Daniel Hartzell ‘Human Resource Accounting’ is defined as a concept
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removed from the tax base by law Deductions- subtracted from the tax base rather than fully excluded. Flat tax- one single rate applied to the entire tax base. Progressive tax- rates increase as tax base increases. (Federal income tax) Tax credit- authorized deduction in gross tax liability Real and personal property taxes- Real (real estate) Personal (difficult to enforce because property is easily concealed or moved‚ with the exception of vehicles which must be registered) Excise tax- imposed on
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Cathy Arrowsmith Crime Reports and Victimization Crime reporting and victimization go hand in hand. Without victims there would be less reports of crime‚ and without crime reporting there would not be a valid way of gaging crime rates and number of possible victims. However‚ not every victim reports the crime‚ making the reporting of all crimes nearly impossible. Crime Reporting A crime report is a way of knowing the amount of crime committed in a city‚ town‚ state
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Deduction under section 33AB is allowable against composite income and not against only 40% of composite income- A case of un-necessary litigation by revenue in case of Tea Companies . Computation provision: Section 33AB is a provision relating to allowing deduction from business income. It falls under Part “D” of Chapter IV of the Income-tax Act‚ 1961. This part consists of various sections from section 28-44DB. As per section 29 the income referred to in section 28 shall be computed in accordance
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Journal of Economic Perspectives—Volume 24‚ Number 1—Winter 2010—Pages 93–118 Did Fair-Value Accounting Contribute to the Financial Crisis? Christian Laux and Christian Leuz I n its pure form‚ fair-value accounting involves reporting assets and liabilities on the balance sheet at fair value and recognizing changes in fair value as gains and losses in the income statement. When market prices are used to determine fair value‚ fair-value accounting is also called mark-to-market accounting
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The Benefits of Adopting International Financial Reporting Standards (IFRS) In The United States by Michelle Minor Accounting 203 5/20/09 Most people believe that the conversion from each country’s GAAP to IFRS is inevitable‚ though there is nothing conclusive of how effective or successful this would be. In short‚ making the switch to IFRS is a great leap of faith by all who participate. Ideally IFRS is designed to be used by all companies worldwide‚ which is highly unlikely unless they
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of Accounting and Public Policy‚ 25‚ no.4: 465-484. ‚ accessed 05/11/2009. Chisnel‚ P.‚ (2001)‚’ Fair value accounting-an industry view’‚ Balance Sheet‚ 9‚ no 1: 27-33. ‚ accessed 05/11/2009. Cosserat‚ G. W.‚ (2008)‚ Modern Auditing‚ 2nd edn‚ Chichester‚ John Wiley & Sons. Elliot‚ B. & Elliot‚ J.‚ (2009)‚ Financial Accounting And Reporting‚ 13th edn‚ Harlow‚ Pearson Education Ltd. Ernest & Young.‚ (2009)‚ International GAAP 2009‚ Chichester‚ John Wiley & Sons. Friedman‚ T.‚ et al‚ (2008)‚’SEC
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Accounting for Income Tax The standard prescribes the accounting treatment for income taxes is AASB 112 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
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1a. How does the market influence financial reporting standard setting? In the December 1978 Journal of Accountancy academic article‚ “The Rise of ‘Economic Consequences‚’” Stephen Zeff talks about how economic consequences – “the impact of accounting reports on the decision making behavior of business‚ government‚ unions‚ investors‚ and creditors” – can often be detrimental and therefore‚ should be taken into consideration when setting financial reporting standards. He mentions how in 1977‚ the
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to recognize Detroit as a vacant metropolitan city with countless empty houses and buildings that have given the surge to the suburbs of America. Detroit is heart of the U.S. auto industry and home to the Detroit Tigers‚ the Red Wings‚ Eminem‚ The White Stripes‚ and even Motown. The Motor City once boasted one of the nation’s highest median family incomes‚ thanks to well-paying jobs connected to the assembly lines of the city. Today however‚ the 313 has experienced major population and industry rise
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