Accounting Standards and Their Importance AS-1: DISCLOSURE OF ACCOUNTING POLICIES The following is the text of the Accounting Standard (AS) 1 issued by the Accounting Standards Board‚ the Institute of Chartered Accountants of India on ’Disclosure of Accounting Policies’. The Standard deals with the disclosure of significant accounting policies followed in preparing and presenting financial statements. AS-2: VALUATION OF INVENTORIES A primary issue in accounting for inventories is the determination
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Water Quality Standards | How are water quality standards determined? | | In this 1-2 page passage I will explain how water quality standards are determined and distinguish between water quality criteria pollutants and maximum contaminant levels. | | Kaghi Williams | 9/29/2012 | | How are water quality standards determined? Distinguish between water quality criteria pollutants and maximum contaminant levels. Water quality standards are determined by the Environmental Protection
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documents. The guiding documents: The Code of Ethics; The Code of Professional Conduct; The registered nurse standards of practice; The Nurses’ guide to professional boundaries and The Social Media Policy‚ were all created to direct and guide Registered Nurses and Nursing Students of Australia‚ throughout their practices and on clinical placements. In doing this‚ it set a certain type of standard that needs to be followed and used throughout everyday practices in the Nursing line of work. According to
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• Case 1-3 Politicalization of Accounting Standards Some accountants have said that politicalization in the development and acceptance of generally accepted accounting principles (i.e.‚ standard setting) is taking place. Some use the term politicalization in a narrow sense to mean the infl uence by governmental agencies‚ particularly the SEC‚ on the development of generally accepted accounting principles. Others use it more broadly to mean the compromising that takes place in bodies responsible
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Harmonization of International Accounting Standards Need for Harmonization of International Accounting Standards Introduction As there has been a tremendous growth in the market place with the existing accounting practices‚ this leads us to question why do we need harmonization of International accounting standards‚ what are its advantages and what are the barriers that hinder harmonization? Although accounting may be the "language of business‚" a common language has never been necessary
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Group 3 In your opinion are accounting standards necessary and to what extent? Do you agree with the view that mandatory regulations stifle innovation ? why? Give reasons? * Accounting standards are necessary to promote high quality financial reporting. The fundamental role of accounting is to communicate economic information about businesses and other organization to various stakeholders (government‚ investors‚ shareholders‚ suppliers‚ lenders‚ customers and the general public). * These
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RESEARCH: Accounting Standard Codification (ASC) 1. FASB had four primary goals in developing the codification. List these four goals: 1. Simplify user access to all authoritative U.S. GAAP by putting them all in one place with codification 2. Assist FASB with the research and international convergence efforts required during the standard-setting process 3. Become the authoritative source of literature for the completed extensible business reporting language (XBRL) taxonomy 4. Clarify that
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Applicability of Accounting Standard (AS) 26‚ Intangible Assets‚ to intangible items 1. Accounting Standard (AS) 26‚ ‘Intangible Assets’‚ came into effect in respect of expenditure incurred on intangible items during accounting periods commencing on or after 1-4-2003 and is mandatory in nature from that date for the following: (i) Enterprises whose equity or debt securities are listed on a recognised stock exchange in India‚ and enterprises that are in the process of issuing equity or debt
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Emerging Standards of Care Paper The population of diversity continues to grow rapidly and the importance of cultural competence plays a major role in healthcare. According to the National Center for Cultural Competence (2014) “ Organizations must have the capacity to value diversity‚ conduct self assessment‚ manage the dynamics of difference‚ institutionalize cultural knowledge and adapt to the diversity and the cultural context of the communities they serve”. This paper will discuss and
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families. They have societal standards to live up to. The most amazing part about these standards is that wealthy upper class creates them‚ and the rich upper class complain about their self-made standards. The same applies for social pressures. Most are created by us‚ based on the world around us. The Cuban Swimmer‚ Saga Volume 1‚ “The New‚” and The Lawsuit all portray different standards and pressures in their storyline. The Cuban Swimmer is a story about standards. The main character puts pressure
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