Robert Neal Chapter 2 & 3 Problems and Case Studies GM506: Strategic Financial Analysis Professor Zhenhu Jin Kaplan University September 30‚ 2014 Alleg‚ Inc. Balance Sheet December 31‚ 2012 Assets Current Assets: Cash $13‚000 Marketable Securities $17‚000 Accounts receivable $26‚000
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References: Deloitte Touche Tohmatsu (2008). IFRS and U.S. GAAP A Pocket Comparison. Retrieved on November 7‚ 2011 from: http://www.iasplus.com/dttpubs/0809ifrsusgaap.pdf FASB (1981).Statement of Financial Accounting Standards No. 51. Retrieved on November 7‚ 2011 from: http://www.fasb.org/pdf/fas51.pdf
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DigitalCommons@UConn Honors Scholar Theses Honors Scholar Program 5-10-2009 Analysis of the LIFO inventory valuation method during the onset of IFRS Joseph Louis Romeo University of Connecticut - Storrs‚ joseph.romeo@uconn.edu Recommended Citation Romeo‚ Joseph Louis‚ "Analysis of the LIFO inventory valuation method during the onset of IFRS" (2009). Honors Scholar Theses. Paper 79. http://digitalcommons.uconn.edu/srhonors_theses/79 This Article is brought to you for free and open access
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Professor Beckman December 10‚ 2012 Differential Factors Between Private Companies and Public Companies Generally speaking Financial Accounting Standard Board (FASB)’s primary purpose is to develop General Accepted Accounting Principles (GAAP). GAAP might not concern the whole areas of accounting criteria‚ FASB look up and adjust accounting standard to make sure standards have been updated to follow current situation. On July 31‚ 2012‚ FASB issued an Invitation to Comment‚ which reviewed key
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CMA DEFINITIONS-PART2: Why to look at financial statements? • It helps to analyze trends in data and operating results. • Trends are important because they may point to basic changes in the nature of the business. • With the use of ratios they help to evaluate a company’s past performance and are useful in projecting its financial future and also reflects a company’s performance compared to industry averages. Why ratios advantageous? • Measurement of economic events and transactions and
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To: Carminho Building Products Ltd From: Rodrigues Accounting Dear Sir/Madam‚ We are submitting herewith our report entitled UK Subsidiary Expansion. The main purpose of this report is to help Carminho Building Products Ltd decide the potential and suitable site for the formation of a public listed subsidiary. This report will include United Kingdom’s current financial reporting environment and other information that Carminho Building Products Ltd would need in order to make a sound decision
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1. An Accounting Information System (AIS) * collects and processes transaction data and disseminates the information to interested parties. * Helps management answer such questions as: * How much and what kind of debt is outstanding? * Were sales higher this period than last? * What assets do we have? * What were our cash inflows and outflows? * Did we make a profit last period? Basic Terminology (see Textbook for definitions) * Event * Transaction * Account
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from comparability that leads to relevant and reliable financial reports • Current example of work in progress include the FASB and IASB converging US GAAP and IFRS as well as the announcement by the US SEC that it will accept without reconciliation financial statements from foreign private issuers that are prepared in accordance with IFRS and issued by the IASB. • The key themes regarding convergence: • Preference for principles based standards rather than rules based
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Accepted Accounting Principles (US GAAP) is a set of rules‚ methods‚ processes and procedures used by companies across all industries in order to prepare standardized financial statements. They maintain consistency and reduce the risk of fraud and error. If US GAAP didn’t exist‚ companies would not be able to provide accurate and consistent financial information to investors‚ creditors‚ and stakeholders of a company. International Financial Report Standards (IFRS) are standards issued by the International
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CHAPTER 24 FULL DISCLOSURE IN FINANCIAL REPORTING IFRS questions are available at the end of this chapter. TRUE-FALSE—Conceptual Answer F T T F F T F T F T F T F T F T F T T F No. Description 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Items affected by FASB standards. SEC reporting requirements. Definition of accounting policies. Related party transactions disclosure. Post-balance-sheet disclosures. FASB 131 requirements Allocation of joint or common costs. Disclosure
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