Slide 1-1 Chapter 1 Accounting in Action Financial Accounting‚ IFRS Edition Weygandt Kimmel Kieso Slide 1-2 Study Objectives 1. 2. 3. Explain what accounting is. Identify the users and uses of accounting. Understand why ethics is a fundamental business concept. 4. 5. 6. 7. 8. Explain accounting standards and the measurement principles. Explain the monetary unit assumption and the economic entity assumption. State the accounting equation‚ and define its components. Analyze
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Emerald Group Publishing. gross profit margin ratio. (n.d.). Retrieved May 02‚ 2014‚ from investopedia: http://www.investopedia.com/terms/g/gross_profit_margin.asp Heath‚ J IFRS and US GAAP: similarities and differences. (n.d.). Retrieved April 12‚ 2014‚ from PW: http://www.pwc.com/us/en/issues/ifrs-reporting/publications/ifrs-and-us-gaap-similarities-and-differences.jhtml Jackson‚ S LIQUIDITY RATIOS. (n.d.). Retrieved April 12‚ 2014‚ from .midcapcpas: http://www.midcapcpas.com/liquidity_ratio.htm Peavler
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covered under IAS 19‚ Employee Benefits. /1 1/1 Question 4 Under U.S. GAAP‚ interest on loans secured to acquire fixed assets must be _______. a. Expensed in the period they are incurred Selected: b. Capitalized as part of the fixed asset costThis answer is correct. c. Either expensed currently or capitalized as part of the fixed asset cost d. Charged against revenue in the year the asset is put into service Under U.S. GAAP‚ interest on loans secured to acquire fixed assets must be capitalized as
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***When visiting Prof. MacIver he said to do “Questions for review of key topics” (Q-Ch. - # questions) to study for conceptual questions on exam. *** Ch 16 - Accounting for Income Taxes: The objective of accounting for income taxes is to recognize a deferred tax liability or deferred tax asset for the tax consequences of amounts that will become taxable or deductible in future years as a result of transactions or events that already have occurred. Deferred tax assets result in deductible
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The Effect of Sarbanes-Oxley (SOX) and the Public Companies Accounting Oversight Board (PCAOB) on Auditing Practice In business‚ there should have various rules and regulation governing in order to avoid mismanagement and frauds associated. In the United States‚ several bodies have been put in place to oversee‚ create registration‚ reporting and‚ providing transparency. Such bodies include‚ the Sarbanes-Oxley (SOX) which eventually resulted in the creation of the Public Company Accounting Oversight
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the difficulty of comparing US based firms and international firms. In the United States the guidelines that govern accounting are US Generally Accepted Accounting Principles or GAAP. Recently the Securities Exchange Commission or SEC has begun the process of switching to the International Financial Reporting Standards or IFRS.(SEC 2010) By doing this it will allow international companies the convenience of not switching their financial reports to US Generally Accepted Accounting Principles but rather
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ACCA APPROVED CONTENT PROVIDER ACCA Passcards Paper P2 Corporate Reporting (International and United Kingdom) Passcards for exams up to June 2015 ACP2(INT)PC14.indd 1 29/05/2014 17:30 (000)ACP2PC14 Int_FP_Ricoh.qxp 5/16/2014 2:06 AM Page i Professional Paper P2 Corporate Reporting (International and UK ) (000)ACP2PC14 Int_FP_Ricoh.qxp 5/16/2014 First edition 2007‚ Ninth edition June 2014 ISBN 9781 4727 1130 4 e ISBN 9781 4727 1186 1 British Library Cataloguing-in-Publication Data A
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MODULE 10 CASE SOLUTION CRITIQUE Venus Cellular COMPREHENSIVE INCOME Question 1: Identify whether the analysis of expenses in profit or loss is presented by nature or function. In accordance with IFRS‚ presentation of financial information in the statement of profit or loss requires that expenses be classified based on either their nature or function within the operation. IAS 1.99 states that “an entity shall present an analysis of expenses recognized in profit or loss using a classification
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Case 11-6 Lessee Ltd. Case 11-6 deals with Lessee Ltd.‚ a company that operates in Britain and uses IFRS. The question in this case is how to classify a lease that Lessee‚ Ltd. acquired from Lessor Inc. The accounting standard that deals with leases under IFRS is IAS 17. IAS 17 was originally issued in September 1982 and was reissued in December 2003. It classifies leases as either finance leases or operating leases. Finance leases make it so that the lessee recognizes an asset and a liability
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Because of the value in use is higher than the fair market value less costs to sell‚ the recoverable amount would be $900‚000. The impairment loss is the difference between the carrying amount of $1‚100‚000‚ and the recoverable amount of $900‚000. Under IFRS‚ the building is impaired by $200‚000 as of December 21‚ 2010. 2. According to ASC 360-10-35-17‚ “ An impairment loss shall be recognized only if the carrying amount of a long-lived asset (asset group) is not recoverable and exceeds its fair
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