Conceptual framework for financial reporting Objectives 2.1 Why a conceptual framework? 2.2 IASB Framework for the Preparation and Presentation of Financial Statements 2.2.1 The objective of financial statements 2.2.2 Stewardship as an objective of financial statements: the current debate 2.2.3 Underlying assumptions 2.2.4 A note on the ‘going concern’ assumption 2.2.5 Qualitative characteristics of financial reporting information 2.2.6 Constraints on financial reporting 2.3 Elements of financial statements
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Reporting Contingencies and the Financial Statement When faced with a lawsuit you have to know whether or not to consider contingencies. According to Schroeder‚ Clark‚ and Cathey (2005) a contingency is a future event that could possibly have an impact on the firm. There are four different ways a contingency should come to view and they are income tax disputes‚ notes receivable discounted‚ accommodation endorsements‚ and what this company is dealing with a pending lawsuit. When a gain is possible
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EM6602 Accounting for Decision-Making and Control Microsoft’s Financial Reporting Strategy (HBR 9-100-027) Team Members Toh Wei Hong‚ Prashant Trivedi‚ Preethy Varadarajan Question 1 The difference between Microsoft’s market value and book value is primarily due to unrecorded intangible assets such as brand value‚ customer loyalty‚ human capital‚ and commercial advantages such as long-term contracts and market dominance. These intangible assets confer Microsoft a tremendous edge over its
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goods sold while the most recent cost remain in inventory. Over the last fifty years we have lived in inflationary economy which means that most prices tend to rise over time. Bt assigning lower cost to the cost of goods sold‚ FIFO for financial reporting purpose because their goal is to report the highest net income possible. For income tax purpose however
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Festival was a complete failure in comparison to the Woodstock Festival’ is accurate to a high extent. Although both festivals were similar in nature‚ intentions and time frame (both occurring in 1969)‚ the two demonstrate a contrast‚ and are often compared on the overall success‚ the Woodstock Festival named one of ‘The Top 50 Moments That Changed Rock and Roll’ by The Rolling Stone‚ and the Altamont Festival described as “a funeral of sorts” (D Talbot‚ 2012). The Altamont Festival was a free concert
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Reporting Practices and Ethics Paper Jackie Melendez HCS/405 Aug 1st‚ 2011 Donna Nanovski Reporting Practices and Ethics Paper Managers who are managing health care organizations must be attentive to the accounting practices and must obey and practice the financial management procedures to be able to solve any issues if any should arise. With the continuation of the high costs of health care managers as well as consumers must know how to budget carefully. According to All Business
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and cash flows can be distinguished both operationally and for financial reporting purposes. It has to be sold in full. Check of impairment of segment if not sold off by the end of the year. Reported net of tax and must restate all previous reports. Asset Impairment: check undiscounted cf and reduce to fair value. Cannot reverse in following years. Usually will be included in operating income and needs to be separate and clear. CF Statement Why is it important? BK‚ manipulation‚ DCF. A lot use FCF
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live-ness and immediacy raises significant problems with 24hr news channels. With such channels‚ news judgment has to be consistently providing materials for the screen‚ commentary on events as they happen‚ leading to a tendency for speculation over knowledge with the aid of appropriate examples. Discuss this statement as a major criticism of 24hr news channels The main function of 24 hour news channels is to collect news stories from around the world‚ or from particular regions‚ and broadcast
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Reporting Practices and Ethics HCS 405 May 07‚ 2012 Reporting Practices and Ethics Ethical standards and reporting practices are incorporated into the financial reporting and management of health care. Reporting financial data fairly and factually is quintessential to this. Responsible financial planning can prevent capital loss through investments‚ employees‚ and customers. Financial reporting offers assistance in calculating: amounts‚ cash flow‚ timing‚ and other data essential to organizational
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The Globalization of Latin America Louis O. Rollins Excelsior College- Albany‚ NY BUS 506- Information Technology 15 March 2015 Dr. Bonnie Kincaid Abstract: Globalization is the big buzz word in the world of business. Countries now seemingly depend on each other more and more these days to get the goods and services that they can’t get in their own countries. These goods and services‚ over the years‚ have become an integral part of the daily lives of the people all over the world. The fact that
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