Accounting for Income Tax Under IFRS‚ Income Tax is taxes based on taxable profits‚ and taxes that are payable by a subsidiary‚ associate or joint venture on distribution to investors. U.S GAAP defines income tax as all domestic federal‚ state and local taxes based on income‚ including foreign income taxes from an entity’s operations that are consolidated‚ combined or accounted for under the equity method‚ both foreign and domestic. In IFRS‚ the guidance about accounting for income taxes
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THE RELATIONSHIP BETWEEN PERSONALITY TRAITS‚ EMOTION AND FACIAL RECOGNITION Empathy is generally known to be the ability to synthesize someone else’s emotions or experience. This not only involves the inferred experience of another’s emotional state but also a degree of recognition and understanding of this emotional state (Andréasson 2010). This recognition is done through discriminating between different emotions and labeling them correctly and has somewhat to do with the individuals emotional
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IFRS Questions Review the Preface. Include the applicable paragraph citation with your response. . USA IFRS; What is the jurisdiction status of adoption? – When a foreign company is trading on a US stock market they can and are allowed to use current IFRS standards and not US GAAP standards 1) When was the International Accounting Standards Board (IASB) established? 2001 Review the standards and interpretations. For each of your responses‚ identify the applicable paragraph. 2) Review
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| 40 000 | Accounts payable | ( 25 000 ) | SA Revenue Service | ( 15 000 ) | Sales | ( 380 000 ) | Dividends received | ( 10 000 ) | Inventory (31/12/2007) | 90 000 | Purchases of goods | 185 000 | Depreciation – office equipment | 12 000 | Depreciation – vehicles | 8 000 | Other operating expenses | 25 000 | Administrative expenses | 10 000 | Distribution expenses | 15 000 | Interest paid | 12 000 | Salaries
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Case Study Analysis Case 11-4 Functional Currency Determination — IFRS 2009: Sparkle Company is a Nigerian diamond mining company. (Nigerian currency is the Naira (NGN).) Sparkle is a joint venture‚ 50 percent owned by Shine and 50 percent owned by Brighten. Both Shine and Brighten are U.S.-based companies with US$ functional currency. This year‚ Sparkle had several transactions with its joint venture owners and outside parties. The details of Sparkle’s transactions are as follows: Loans
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IFRS 9 vs MFRS 139 – COMPLEXITIES TO SIMPLICITY‚ IS IT A FACT? Introduction On year 2005‚ MFRS 139 was introduced to prescribe unified rules for reporting of the financial instruments so that companies presented them in a transparent and a consistent way. However‚ it is found that the MFRS 139 is too complicated to the users to understand‚ interpret and apply. They prefer something that is principle-based and less complex. International Accounting Standard Board (IASB) agreed to rewrite and replace
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|101 | |270 | | Dec28 |Dividends Pay. |245 | |1000 | |Dec30 |Revenue Received in Advance |210 | |200 | |Dec30 |Prepaid Rent |140 |900
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James Sandoval TCCA 230 10/5/14 Paper Assignment 1 The United States of America is one of‚ if not the most diverse country in the entire world. There are members of almost every culture that live in the United States. The United States also has a distinct set of cultural values that it is known by. So I was interested in comparing the people and culture of the United States to the people and culture of a different country‚ this country is Ecuador. I chose to compare the United States to Ecuador
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Abstract As the convergence of IFRS and GAAP continues to impose new personal and professional challenges on U.S. auditors‚ it also presents new career opportunities for those who embrace the continuous‚ accelerating change that characterizes globalization. U.S. auditors who recognize the opportunities and prepare to take advantage of them have little to fear from the convergence. In contrast‚ auditors who are in denial about the convergence’s inevitable effects face a very different future.
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intangible must meet the criteria of asset to be recognized – Controlled by entity as a result of past event – Probable future economic inflow (revenue or cost saving) Recognition • Must meet the definition of asset • Must meet criteria set by IAS 38 – Cost of asset reliably measured – Probable economic inflow Recognized at cost!! Recognition – Internally generated • The standard states that expenditure on internally generated brands‚ mastheads‚ publishing titles‚ customer lists and
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