Financial Accounting and Accounting Standards ASSIGNMENT CLASSIFICATION TABLE Topics 1. 2. 3. 4. 5. Subject matter of accounting. Environment of accounting. Role of principles‚ objectives‚ standards‚ and accounting theory. Historical development of GAAP. Authoritative pronouncements and rulemaking bodies. Role of pressure groups. Ethical issues. Questions 1 2‚ 3‚ 29 4‚ 5‚ 6‚ 7 8‚ 9‚ 10‚ 11 12‚ 13‚ 14‚ 15‚ 16‚ 17‚ 18‚ 19‚ 20‚ 21‚ 22‚ 23 23‚ 24‚ 25‚ 26‚ 27‚ 28 30 Cases 4 6‚ 7 1‚ 2‚ 3‚ 5 8 3‚ 9‚ 11‚
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report will explain the current effects of IFRS on the pension reporting for Coca Cola and PepsiCo at 2009 year-end‚ the funding levels and capital gains experienced by Coca Cola and PepsiCo in their respective pension funds. Also‚ I will evaluate which of the two companies had a more secure pension fund and how the status of the pension fund effect’s the level of risk that must be reported in the annual report. International Reporting Standards (IFRS) are standards that are aimed as a global language
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CHAPTER 4 INCOME STATEMENT AND RELATED INFORMATION IFRS questions are available at the end of this chapter. TRUE-FALSe—Conceptual Answer No. Description T 1. Usefulness of the income statement. F 2. Limitations of the income statement. F 3. Earnings management. T 4. Transaction approach of income measurement. T 5. Single-step income statement. T 6. Revenues and gains. F 7. Multiple-step vs. single-step income statement. F 8. Multiple-step income statement. T 9. Multiple-step
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Significant Differences (Ernst & Young‚2011): US GAAP IFRS Financial periods required Generally‚ comparative financial statements are presented; however‚ a single year may be presented in certain circumstances. Public companies must follow SEC rules‚ which typically require balance sheets for the two most recent years‚ while all other statements must cover the three-year period ended on the balance sheet date. Comparative information must be disclosed with respect to the previous
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Corporate governance Two definitions: ASX CGC: rules‚ relationship‚ systems and processes help a company to monitor and assess risk‚ optimize performance‚ create value and provide accountability. A narrow definition which consistent with agency theory focuses on relationship between company and shareholders. OECD: a system a company can be directed and controlled‚ specify rights‚ responsibilities and rules; set and achieve objectives and monitor performance. A board definition consider relationship
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References: AcSB. (2005). IFRS/Canadian GAAP comparison.http://www.acsbcanada.org/download.cfm?ci_id=33412&la_id=1&re_id=0 AcSB AcSB. (2007). Comparison of IFRSs and canadian standards.http://www.acsbcanada.org/download.cfm?ci_id=32785&la_id=1&re_id=0 AcSB CICA HANDBOOK‚ 1581‚ 1600‚ 3062 from Knotia from http://edu.knotia.ca/Knowledge/Browse/BrowseToc.aspx?productID=1 CICA CICA. (2006). The CICA ’s guide to IFRS in canada.http://ocaq.qc.ca/pdf/ang/6_presse/infoca/2007/InfoCA1185_Guide_EN
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Accounting 381 Reading Assignment 1: Accounting and Professionalism Due: Tuesday‚ January 12‚ 2010 (at beginning of class). Please be prepared to discuss the questions and your responses in class on this date. Required: Answer the following questions based on your examination of the readings listed below. This should be completed on an individual basis. Your discussion should be no more than 2 pages in length‚ single-spaced. You do not need to use a particular format to prepare your
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examples‚ provide an explanation to your assistant of how IFRS presentation and disclosure requirements can assist the predictive role of historically prepared financial statements The International Financial Reporting Standards or better known as IFRS‚ are generally principal-based standards‚ interpretations‚ and framework which is taken up by the International Accounting Standard Board (IASB) (Accounting Standards‚ 1997). The IFRS financial statements include the presentation of a set
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(SEC) The Securities and Exchange Commission is a U.S. regulatory agency that has the authority to establish accounting standards for publicly traded companies. The SEC provides financial reporting requirements both form and content - including GAAP - as well as regulation of various financial services entities and market mechanisms. The SEC retains the right to overrule FASB pronouncements‚ and it occasionally exercises this right. The SEC would appear to have the most legal power in response
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2. There are two major types of legal systems used around the world: common law and code law. Code Law countries generally have corporation law which establishes the basic legal parameters governing business enterprises. On the other hand‚ in countries with a tradition of common law (UK)‚ specific accounting rules are established by the profession or by an independent nongovernmental body representing a variety of constituencies. Thus‚ the type of legal system in a country tends to determine whether
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