wetlands develop in coastal areas which are subject to periodic inundation by salty water • They are found in estuarine environments in the limits of the tidal range • Previously thought of as mosquito infested wetlands‚ they are now considered highly valued ecosystems which protect the quality of coastal waters and provides breeding grounds and habitats for a variety of marine life‚ are found along tropical and sub-tropical coastlines between 25ْN and 25ْC • Dominated by mangrove trees which can survive
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that are shown in the financial statements at cost. Can these licences be revalued to fair value and‚ if so‚ do they also need to be subject to periodic amortisation? Yes‚ if these taxi licenses are freely transferable‚ they can be revalued to fair value. The requirements of AASB 138 state that intangible assets may be revalued only if there is an ‘active market’. Most of intangible assets will not be able to be revalued as there is no active market for them given that most intangible assets are
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Value is placed based on the usefulness. Value is never inherit‚ all value comes from humans‚ to place value based on how useful it is to value‚ never because something is just “better” Here is a scenario‚ a criminal breaks into your house‚ and steals your favorite‚ say‚ oh I don’t know‚ pet cat. Would you value this random criminal as the same as the police trying to solve your problem? Chances are‚ you wouldn’t‚ but had you never known who stole your stuff but met the person who did‚ they just
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Foreign Branch Meaning of Foreign Branches: Foreign branches are independent branches which are operating in foreign countries. Accounting in respect of Foreign Branches: Accounting in respect of foreign branches is done in the books of the branch as well as in the books of the Head Office. Accounting at Branch: As the foreign branch is an independent branch‚ it keeps a complete set of books on the double entry system‚ prepares all the necessary accounts including the account of
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titled “Depreciation Accounting: A Historical Perspective also extensively discusses the issue of revaluation of assets. Revaluation in other words means an increase in the value of an asset to reflect its current market value. THEME An asset is revalued when management is of the opinion that the prevailing circumstances have caused a non-temporary change to the value of the asset. Usually‚ upward revaluations are made only for long term assets when its expected that the asset value is unlikely to
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Introduction IN1 International Accounting Standard 16 Property‚ Plant and Equipment (IAS 16) replaces IAS 16 Property‚ Plant and Equipment (revised in 1998)‚ and should be applied for annual periods beginning on or after 1 January 2005. Earlier application is encouraged. The Standard also replaces the following Interpretations: • SIC-6 Costs of Modifying Existing Software • SIC-14 Property‚ Plant and Equipment—Compensation for the Impairment or Loss of Items • SIC-23 Property‚ Plant and
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Craig Stroderd 9/27/11 Acct-461V GAAP vs. IFRS Over a decade ago‚ it was believed that the whole world would likely adopt the Generally Accepted Accounting Principles (GAAP). At the point in time‚ the International Financial reporting Standards (IFRS) was only about ten years old. In the last decade‚ the IFRS has been adopted in many growing countries. Currently‚ it is anticipated that the U.S. will converge its GAAP with the international IFRS‚ leaving behind only a modified IFRS. This
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‘What I like so much about contemporary art now is its ambiguity‚ its uncertainty. It is precisely this quality that engages and unsettles us’ – Benjamin Genocchio‚ art critic. How does this view challenge traditional ideas about art? Discuss particular works such as installations‚ happenings and site-specific works. Audiences make pretentious judgements on artworks due to their ambiguity and uncertainty. However‚ traditionally site-specific art was created to exist in a specific place‚ rather
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Chapter 12: Liabilities Suggested Time Case 12-1 Dry Clean Depot Limited 12-2 Darcy Limited 12-3 Homebake Incorporated Assignment 12-1 Liability issues 25 12-2 Liability recognition (W*) 25 12-3 Warranty 10 12-4 Estimated obligations 20 12-5 Liability measurement……………………….. 15 12-6 Measurement of estimated liabilities 20 12-7 Long-term note—borrower and lender 35 12-8 Note with below-market interest rate 35 12-9 Debt issuance‚ fair value
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13/08/2012 Topic 3 Property‚ Plant & Equipment The nature of PP&E • AASB 116 defines property‚ plant & equipment (PP&E) as: • tangible items • with a specific use within the entity • that are expected to be used during more than one period AASB 116 specifically excludes assets held for re-sale PP&E is normally divided into classes. Common classes include land‚ buildings‚ machinery‚ motor vehicles. • • 1 13/08/2012 Initial recognition of PP&E • Cost of an item is recognised as
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