Introduction The Financial Reporting Council (FRC) is a statutory body under the Australian Securities and Investments Commission (ASIC) Act 2001 and its purpose is to oversee the process of setting accounting & auditing standards. One of the many key roles of FRC includes the maintenance of independence functions of auditor by monitoring and assessing the overall adequacy of the procedures followed by the auditors and their compliance with auditor independence requirements (FRC 2011). It also
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24/07/2013 Overview of ACCT2011 Institutional and Conceptual Framework for Financial Reporting Week 1 Lecture Schedule of weekly topics › UoS Outline Assessment › Mid-semester test (7 Sep 2013) 40% 60% › Final exam (final exam period) ACCT2011 Financial Accounting A Dr Eagle Zhang › Please note: You must achieve at least 40% in the final exam to pass the unit AND get an overall mark of 50% or more. 1 4 Overview of ACCT 2011 1. Applying specific accounting standards: • interpreting
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Reporting Practices and Ethics Paper HCS/405 November 25‚ 2013 Jay Christensen Reporting Practices and Ethics Financial Management is a fundamental part of successful healthcare financial planning. Financial decisions are a necessary part of day to day operations of any size or type of health care facility. These decisions are made in accordance with the facilities fiscal objectives and accounting practices. It is important that the individuals making these decisions follow proper reporting
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Spain Received 13 February 2009 Abstract After adoption of International Financial Reporting Standards (IFRS) for consolidated financial statements by European-listed companies‚ a number of European countries still require the use of local standards in the preparation of legal entity financial statements. This study investigates whether this requirement can be explained by a low demand for high-quality financial reporting and an orientation of accounting toward the fulfilment of regulatory needs in these
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the amount Disney paid to acquire Marvel Entertainment. In a less than 100 percent acquisition‚ because of the 29 percent premium‚ the non-controlling shares are likely differ from the per share consideration given by Disney. The non-controlling interest is measured as the fair value given by Disney and the fair value of the non-controlling shares. d. If Marvel is dissolved (a merger)‚ Disney will record goodwill and Marvel’s assets and liabilities in its own financial records. Therefore‚ the
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Uniform Crime Reporting (UCR) program is a collaboration of law enforcement agencies reporting crime and arrests statistics (About the Uniform Crime Reporting (UCR) program‚ n.d.). The FBI generates a yearly report with statistical crime rate information regarding Part I offenses involving persons and property. The agencies contributing to the statistical data compiled by the FBI include local‚ state‚ federal‚ tribal‚ as well as colleges and universities (About the Uniform Crime Reporting (UCR) program
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Ch 8: Financial Reporting and Management Reporting System GL master ledger: the principal file in the GLS database. Based on chart of accounts. FRS draws upon GL master to produce the firm’s financial statements General ledger history file and journal voucher history file- prior period info Responsibility center file: contains revenues‚ expenditures‚ and other resource utilization data for each responsibility center in the organization (used for responsibility reports) Budget master file: contains
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Priceline.com 1. At the moment Priceline recognizes revenue using the gross method whereby the offered price $250 net of taxes and fees is recognized as revenue and $200 is recognized as cost of goods sold. The alternative would be to use the net method where only the 20% commission is recognized as revenue. It is important to distinguish between who bares the risks and benefits of the transaction. (SEC Staff Accounting Bulletin #101‚ Q10). Despite Priceline being the merchant of record‚ they
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and Interim Reporting Multiple Choice Questions Wakefield Company uses a perpetual inventory system. In August‚ it sold 2‚000 units from its LIFO-base inventory‚ which had originally cost $35 per unit. The replacement cost is expected to be $45 per unit. The company is planning to reduce its inventory and expects to replace only 1‚500 of these units by December 31‚ the end of its fiscal year. The company replaced 1‚500 units in November at an actual cost of $50 per unit. 1. Based on the preceding
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Accounting Reporting Criteria (GM and Toyota) Team B Megan Wooliver September 7‚ 2010 Accounting Reporting Criteria In order to keep up with the times most organizations of today are finding themselves consistently coming up with different ways to keep accounting information personal as well as accurate. Providing good accounting information not only leads to better decisions but also increase in profit. Even two different organizations that provide a similar product or service have
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