History of International Financial Reporting Standards (IFRS) …………… 2 2. Advantages and Disadvantages of Adopting IFRS ……………….. 4 2.1. Advantages…………………………………………………………………………4 2.2. Disadvantages………………………………………………………………………………..5 3. Similarities and Differences between IFRS and U.S.GAAP......6 3.1. Similarities between IFRS and U.S. GAAP.......................................7 3.2. Differences between IFRS and U.S. GAAP……………………………………..10 4. International Accounting Harmonization…………………………
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Lesson 1: The Accounting Process (Textbook Libby et al. Chapters 1 and 2). Objectives: When you have successfully completed this lesson‚ you will be able to... Define accounting and explain its purpose Define business and identify the different types of businesses Explain the accounting equation: Assets = Liabilities + Owner’s Equity Visualize the start of a business‚ create accounting transactions for it‚ and prepare simple financial statements Reading Assignment Please read chapters
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Table of Content * INTRODUCTION...................................................................08 1.0 INFORMATION SYSTEM (IS)………………………………......08 2.0 ACCOUNTING INFORMATION SYSTEM (AIS)…..................08 3. O History OF AIS……………………………………………………‚.08 4.1 TYPES OF AIS…………………………………………………......09 4.1 MANUAL SYSTEM…………………………………………………….. 09 4.2 LEGACY SYSTEM……………………………………………………....09 4.3 REPLACEMENT OF LAGACY…………………………….……..……10 5.0 COMPONENTS OF AIS…………………………………………..10 5.1 PEOPLE………………………………………………………………
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AAAJ 12‚3 ``Interests ’ ’ and accounting standard setting in Malaysia Faculty of Business and Accountancy‚ University of Malaya‚ Kuala Lumpur‚ Malaysia Keywords Accounting profession‚ Malaysia‚ Standards Abstract This paper offers insights into the conflicts and tensions within the Malaysian accounting profession and the power struggle therein to dominate the accounting standard setting process‚ within the context of a rapidly developing country. It shows how interest groups and parochial interests
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In accounting literature‚ the notion of conservatism is to employ a less optimistic attitude towards handling accounting transactions or events when varied alternatives are present. The basic implication of the convention was traditionally to anticipate not profits but all losses. Therefore‚ a series of accounting procedures based on conservatism have been developed to account for provisional expenses and potential losses in accounting practice‚ such as allowances for doubtful accounts‚ reserves
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................................................ 22 Accounting changes and prior period adjustments ............................................................ 24 4. Comprehensive income ................................................................................................ 31 5. Balance sheet and disclosures overview .......................................................................... 36 6. Interim financial reporting ..........................................
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Chapter 1 Accounting Information Systems and the Accountant True-False Questions 1. The acronym AIS stands for “Accounting Information Standards.” 2. Accounting information systems must be computerized to be effective. 3. It is best to view an AIS as an accounting system that must be computerized. 4. AISs often create information that is useful to non-accountants. 5. In order to be useful‚ raw accounting data must be processed by a computer. 6. The path that data follow in an AIS‚ for
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intangible assets must be amortized and will reduce equity-method income over the remaining economic lives of the underlying assets. Amounts attributable to other items such as land or inventories must be treated as a reduction of income in the period in which
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criminal justice system in the United States has traditionally operated under two fundamentally different theories. One theory is the Crime Control Model. This theory is characterized by the idea that criminals should be aggressively pursued and crimes aggressively punished. The other theory is the Due Process Model. This theory is characterized by the idea that the rights of the accused need to be carefully protected in any criminal justice investigation. (Levy‚ 1999) The Due Process Model emphasizes
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Financial Accounting: Introductory Section Pretest Introduction Welcome to the pre-assessment test for the Financial Accounting Online Course: Introductory Section. This test will allow you to assess your knowledge of basic and advanced financial accounting. All questions must be answered for your exam to be scored. Navigation: To advance from one question to the next‚ select one of the answer choices or‚ if applicable‚ complete with your own choice and click the “Submit” button. After submitting
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