opposed to following a list of rules. True False 8. Under federal securities laws‚ the SEC has the authority to set accounting standards in the United States. True False 9. The primary responsibility for properly applying GAAP when communicating with investors and creditors through financial statements lies with a firm ’s auditors. True False 10. Auditors play an important role in the resource allocation process by adding credibility to financial statements
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53 FAIR PRESENTATION---AN ETHICAL PERSPECTIVE ON FAIR VALUE ACCOUNTING PURSUANT TO THE SEC STUDY ON MARK-TO-MARKET ACCOUNTING Sharon S. Seay‚ Macon State College Wilhelmina H. Ford‚ Macon State College ABSTRACT Fair value accounting has received a significant amount of blame as the cause of the current financial crisis. Fair value accounting does not cause illiquidity or volatility in financial markets. Banks‚ rather than accounting‚ caused the existing crisis‚ ultimately through bad lending
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sound internal accounting controls to safeguard the university assets from loss through unauthorized use or disposition and assume the proper recording of financial transactions in accordance with Governmental Generally Accepted Accounting Principles (GAAP). The Accounting office is situated on the first floor-leftwing of the UEP-Administration building. The unit is headed by a young‚ brilliant‚ and dynamic man‚ with sixteen (16) competent employees under his supervision‚ who in their own way manage
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Management bias in financial reporting. 1 6. Importance of user needs in financial reporting. 1‚ 2‚ 7 7. Need for accounting standards. 6‚ 7 8. Parties involved in standard-setting. 8‚ 9‚ 10‚ 11‚ 12‚ 3‚ 6 13‚ 14‚ 15 9. GAAP. 16‚ 17‚ 18 6‚ 10. Professional judgement. 19‚ 20 6 11. Ethical issues. 21‚ 22‚ 23 5 12. Challenges facing financial accounting 20‚ 24‚ 25 5‚ 7 13. Information Assymetry 4‚ 5 1‚ 2‚ 7 Solutions
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Using a conceptual framework in setting accounting standards Ian Dennis Business School Oxford Brookes University Abstract The paper examines the nature and role of a conceptual framework for financial reporting. Although much has been written about such frameworks and their purported role and the FASB and IASB are currently revising and converging their frameworks there are still questions about the kind of thing it is and how it is used in setting accounting standards. Using insights
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Subject: Negligence Liability of Accountants ______________________________________________________________________ Facts By law‚ accountants may be responsible for customers that hire them in various legal theories‚ including contract‚ fraud and negligence. Accountant malpractice happened when he or she violates the duty of reasonable care‚ knowledge‚ skills and judgment that he or she is due to a client or to the laws to provide auditing and other services. South Asset Management Co hired
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of justice‚ liberty‚ and democracy‚ do ordain and promulgate this Constitution. We‚ the sovereign Filipino people‚ imploring the aid of Divine Providence‚ in order to establish a government that shall embody our ideals‚ promote the general welfare‚ conserve and develop the patrimony of our Nation‚ and secure to ourselves and our posterity the blessings of democracy under a regime of justice‚ peace‚ liberty‚ and equality‚ do ordain and promulgate this Constitution. We‚ the sovereign Filipino
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Scoring level | The depth and quality of the research undertaken by you | The application of the research to the WIL task | The ability to apply appropriate accounting theories to the context of the task | The ability to synthesise information into a coherent and engaging report | The ability to correctly acknowledge sources using the Harvard Referencing system | Score | | 8 marks | 6 marks | 6 marks | 6 marks | 4 marks | | 4- AccomplishedHigh Distinction | * Materials referred to are
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GAAP vs IFRS Diffen › Economics › Business › Business Finance › Accounting GAAP (US Generally Accepted Accounting Principles) is the accounting standard used in the US‚ while IFRS (International Financial Reporting Standards) is the accounting standard used in over 110 countries around the world. GAAP is considered a more “rules based” system of accounting‚ while IFRS is more “principles based.” The U.S. Securities and Exchange Commission is looking to switch to IFRS by 2015. What follows
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International sales accounted for 46 percent of the quarter’s revenue. In accordance with the subscription accounting treatment required by GAAP‚ the Company recognizes revenue and cost of goods sold for iPhone™ and Apple TV® over their estimated economic lives. Adjusting GAAP sales and product costs to eliminate the impact of subscription accounting‚ the corresponding non-GAAP measures* for the quarter are $9.06 billion of “Adjusted Sales” and $1.66 billion of “Adjusted Net Income.” Apple sold 2.22 million
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