Intangibles and Impairment of Assets Learn | Consult | Research Intangibles • Identifiable non-monetary asset without physical substance • IAS 38 prescribes special criteria for an asset to be recognized as intangible asset • Tangible or 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
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position at the end of that period - Limited liability companies are required by law to prepare and publish them - IFRS are issued by International Accounting Standards Board (IASB) - IAS 1 Presentation of Financial Statements: requires them to present fairly (representing faithfully the effects of transactions) the financial position and performance of an entity. - departures from IFRS only allowed: extremely rare cases where compliance misleading 2 Purpose and use of financial statements Used
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Us and Them The short story "Us and Them" by David Sedaris shows different aspects about the relationship between two families. Sedaris was pointing about the people who don’t have TV in their houses‚ and how their life’s it looks like without TV as in Tomkey’s family who don’t believe in TV and his family‚ and he described his neighbor as his new TV show . The simple thing of not watching TV is presenting that the family should be much closer to each other as in Tomkey’s family‚ and better
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His works named �The Principles of Scientific Management� was published in the early 1900s. In the initial stage‚ Taylor was being affected by some moral principles; therefore‚ he had a profound respect for the following principles: • Brought up scientific working methods for basic formative section of each staff�s job. • Scientifically selected‚ trained‚ fostered and cultivated the workers. • Cooperated with staffs enthusiastically so that ensuring jobs done are suitable to scientific
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JOLLIBEE FOOD CORPORATION 118 Pasong Tamo Makati City Jollibbe@yahoo.com Febuary 7‚ 2013 Mr. Edgardo Maercial Area Manager Jollibee Food Corp. Makati City Dear Mr. Marcial. This is in reference to the product that we purchased from you thee days ago. We found that some of the quantity that we order are wrong. We order (50 kg) of chiken‚ (20 pcks) of buns‚ (50 kg) of french fries‚ (50 kg) of jolly hotdogs.The chicken
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Is well disciplined with a very supportive family. Father owns a business and mother works in a bank as a specialist. Has no physical or mental issues beyond current diagnosis. Faith-based family with a strong emphasis on religious beliefs. Hispanic origin from Mexico. Client maintained outstanding academic performance and parents are very proud of her. Client is aware of family dysfunction‚ depression and aggressiveness issues and is willing to develop actions for amelioration. Noelie’s Weaknesses
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Comparing IFRS to GAAP Paper There are several differences between the International Financial Reporting Standards (IFRS) and the U.S. Generally Accepted Accounting Principles (GAAP). The IFRS is considered more of a "principles based" accounting standard in contrast to U.S. GAAP which is considered more "rules based." By being more "principles based"‚ IFRS‚ arguably‚ represents and captures the economics of a transaction better than U.S. GAAP. As a team me collaborated to answer the following seven
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THE ROLE OF AN ACCOUNTANT IN THE IMPLEMENTATION OF IFRS It is often said that an organization without an accountant is not a serious organization as it has no credibility. This is because the accountant is seen as the financial “gatekeeper” whose presence within an establishment underlines a commitment to sound financial principles and good business values. It is known that almost all aspect of human activities have undergone changes globally as a result of improvements in hi-tech Information and
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IFRS 13 Fair Value Measurement applies to IFRSs that require or permit fair value measurements or disclosures and provides a single IFRS framework for measuring fair value and requires disclosures about fair value measurement. The Standard defines fair value on the basis of an ’exit price’ notion and uses a ’fair value hierarchy’‚ which results in a market-based‚ rather than entity-specific‚ measurement. IFRS 13 was originally issued in May 2011 and applies to annual periods beginning on or after
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American Greetings Corporation IFRS Implementation Property‚ Plant‚ and Equipment is the largest asset account for American Greetings‚ with a 2011 net balance of $241‚649‚000. American Greetings carries its property‚ plant and equipment at cost. Depreciation and amortization of buildings‚ equipment and fixtures are computed principally by the straight-line method over the useful lives of the various assets. The cost of buildings is depreciated over 40 years; computer hardware and software over
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