References: Deloitte. (2004‚ June 22). IAS PluS. Key Differences Between IFRSs and US GAAP. Retrieved November 28‚ 2012‚ from http://www.iasplus.com/iasplus/0406ifrsus.pdf. Harrison‚ W.‚ Horngren‚ C.‚ & Thomas‚ W. (2010). Financial Accounting (8th edition). Upper Saddle River‚ NJ: Pearson Prentice Hall. Jae‚ J. (2011‚ March 27). FIFO
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Department of Accounting and Business Studies (DITEA)‚ University of Genova‚ Genova‚ Italy and ∗ ∗ Department of Computer and Management Science (DISA)‚ University of Trento‚ Trento‚ Italy (Received September 2008; accepted February 2010) ABSTRACT The IFRS mandatory adoption in European countries is an excellent context from which to assess the validity of accounting choice theory‚ which postulates that information asymmetry‚ contractual efficiency (agency costs) and managerial opportunism reasons
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Nov. 2012. <http://www.fasb.org/>. "IAS 1." IAS Plus. Global Services Limited‚ June 2011. Web. 04 Nov. 2012. <http://www.iasplus.com/standard/ias01.htm>. "IFRS vs. GAAP Financial Statement Presentation." Jesse Ebert ’s Blog. Word Press‚ 2011. Web. 04 Nov. 2012. <http://aftertheperiod.wordpress.com/2011/11/28/ifrs-vs-gaap-financial-statement-presentation/>. "Shaking Up Financial Statement Presentation." Journal of Accountancy. AICPA‚ 2008. Web. 04 Nov. 2012. <http://www.journalofaccountancy
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ACCT116 Management Accounting Spring Semester 2012/13 Course Instructor Dr Emad AWADALLAH Library Building Basement Room B161 Email: emad.awadallah@qu.edu.qa Contact Details O Course Instructor: Dr Emad AWADALLAH My Office room: Library Building‚ Basement‚ Room B161 Office Hours: Sunday Female 9:30-10:30 am Office Hours: Thursday Male 9:30-10:30 am E-mail: emad.awadallah@qu.edu.qa Core Text Book By Garrison‚ Noreen and Brewer‚ 14th edition‚ 2011. Assessment Grading First Exam Second
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EXERCISE 13-25 (20-25 minutes) (a) 1. | Current ratio = | $773‚000 | = 3.22 times | | | $240‚000 | | 2. | Acid-test ratio = | $52‚000 + $198‚000 + $80‚000 | = 1.38 times | | | $240‚000 | | 3. Accounts receivable turnover = $1‚640‚000 | $80‚000 + $198‚000 | = 11.8 times | | 2 | | (or approximately every 31 days) | 4. Inventory turnover = $800‚000 | $360‚000 + $440‚000 | = 2 times | | 2 | | (or approximately every 183
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that the asset should be reported at it cost (cash or cash equivalent amount) at the time of exchange and should include all cost necessary to get the asset in place and ready for use. Fair value is the market value of asset or liability. According to GAAP(Generally Accepted Accounting Principles) it is the amount at which asset could be bought and sold in current transaction between willing parties other than liquidation sale. In fair value accounting companies are to report asset and liabilities at
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The FASB should consider economic consequences in the standard setting process; “The Board cannot cease to be concerned about the cost-effectiveness of its standards. To do so would be a dereliction of its duty and a disservice to its constituents”. (SFAC No.2 P. 144) FASB member Victor H. Brown identified the economic costs to consider: “The costs of introducing a new standard‚ of course‚ include the out of pocket costs of converting to the new standard‚ the costs of processing and reporting the
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requiring the use of different principles accordingly within companies’ jurisdiction. In some cases‚ companies are required to keep two sets of accounting records. For example‚ publicly traded companies are required to use GAAP by the U.S. Securities and Exchange Commission. But GAAP and IFRS depreciation rules don ’t always match up. Companies routinely account for earnings and expenses differently on their annual reports‚ compared with their tax returns . A contributing factor to keeping separate records
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CHAPTER 5 BALANCE SHEET AND STATEMENT OF CASH FLOWS IFRS questions are available at the end of this chapter. TRUe-FALSE—Conceptual Answer No. Description F 1. Liquidity and solvency. T 2. Limitations of the balance sheet. T 3. Definition of financial flexibility. T 4. Long-term liability disclosures. T 5. Reporting restricted cash. F 6. Land held for speculation. T 7. Balance sheet format. F 8. Purpose of statement of cash flows. F 9. Statement of cash flows reporting. T 10. Financial
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• Accounting and capital allocation •Stakeholders Objective of Financial Reporting •Management bias •Users’ needs Standard Setting • Need to develop standards • Parties involved in standard setting • Standard setting in a political environment GAAP • GAAP hierarchy •Professional judgement • Role of ethics Challenges Facing Financial Reporting • Globalization of companies and capital markets • Impact of technology • Changing nature of the economy • Increased requirement for accountability 2 The
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