affect future periods and also affect the current period‚ disclosures of the effect of the change are required. Correction of errors is a correction of an error in previous financial statements. It also may be viewed as change from one non-GAAP method to GAAP. Corrections of errors are shown as restatement and it is treated retrospectively. This is done by restating comparative financial statements along with prior period adjustment. The nature of the error correction must be disclosed in the year
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Weekly Case Notes--Essar Energy: Indian GAAP‚ U.S GAAP or IFRS Internal issues: The company needs to change their accounting standards to IFRS without sufficient knowledge of IFRS. The company needs to hire new employees that have the adequate IFRS knowledge and sensitive to the differences between IFRS and Indian GAAP. The employees require extra time for training There were huge accounting tasks needs to involve many employees under various departments‚ such as the plant head required
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accounting for changes in estimates and accounting principle is similar between GAAP and IFRS. They both indicate that companies
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Case 1-1 E-Centives‚ Inc.—Raising Capital in Switzerland 1. Possible factors (from Exhibit 1-7) relevant in e-centives decision to raise capital and list on the Swiss Exchange s New Market: a. Ease of raising capital (point 3). The Swiss Exchange s New Market has simple listing requirements designed to appeal to small companies. The contrast with the complex‚ detailed listing and reporting requirements in the United States is striking. b. Availability of capital (point
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information of a company. “GAAP cover such things as revenue recognition‚ balance sheet item classification and outstanding share measurements.” (http://www.investopedia.com) Abercrombie and Fitch’s headquarters is based out of New Albany‚ Ohio. The company has over 300 stores that operate within the United States. Even though the company is headquartered in the US it does have operations abroad. Even though Abercrombie and Fitch have locations abroad they will follow GAAP vice the IFRS. Abercrombie
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Cabochan‚ Mary Angeli Dr. Cruz Assessing the quality of education in the Philippines (as mandated by Art. 14) Education has been one of the top priorities by our government. In the Article 14‚ Department of Education‚ Culture and Sports (DECS) and Commission on Higher Education (CHED) were divided into independent groups to focus on the needs of their own respective level of education. Both departments were mandated to allocate resources for the improvement of education in all levels. Given
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Republic Act No. 1425: An Act to include in the curricula of all public and private schools‚ colleges and universities courses on the life‚ works and writings of Jose Rizal‚ particularly his novels Noli Me Tangere and El Filibusterismo‚ authorizing the printing and distribution thereof‚ and for other purposes. Republic Act No. 1425‚ popularly known as the Rizal Law‚ directs all public and private schools‚ colleges‚ and universities to include in their curricula‚ courses or subjects on the life‚
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Part I. A. Generally Accepted Accounting Principles. GAAP is not a fixed set of rules. It is a guideline or more precisely a group of objectives and concepts that have evolved over 500 years from the basic concepts of Luca Pacioli set forth in the 1400s. It governs how financial statements are prepared and presented in the United States. The Financial Accounting Standards Boards (FASB)‚ the American Institute of Certified Public Accountants and the Securities and Exchange Commission (SEC)
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prevalent in business. In addition to strengthening competition of the combined companies‚ several goals are met such as tax reductions‚ growth and diversification‚ a larger financial base‚ and increase profits. Generally Accepted Accounting Principles (GAAP) does not require separate financial statements of the companies merged. SFAS No.
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Differences between U.S. GAAP and IFRS with regard to errors are that GAAP indicates a generally stricter interpretation of how the error should be handled. Regarding question #1‚ GAAP states that all prior periods affected should be re- stated and balances rolled forward accordingly. IFRS allows in statement IAS 8‚ para 49 for the subjective evaluation of practicality with regard to how far back the re-statement should go. Question # 2‚ GAAP states that the
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