ACTG2011 MIDTERM Exam-AID Review Package Tutor: Balpreet Singh (bsingh13@schulich.yorku.ca) York SOS 1 Preface This document was created by the York University chapter of Students Offering Support (York SOS) to accompany our ACTG2011 Exam-AID session. It is intended for students enrolled in any sections of 2012/2013 INTRODUCTION TO FINANCIAL ACCOUNTING II-ACTG2011 course who are looking for an additional resource to assist their studies in preparation for the exam. References
Premium Balance sheet Generally Accepted Accounting Principles Inventory
of creative accounting? CASE STUDY 2 (50 marks) Title: Is IFRS for SMEs For Your Company? Miller‚ R.S. (June 2010). Is IFRS for SMEs For Your Company?‚ financial executive‚ 16. Retrieved from www.financialexecutives.org (assessed on 1 November 2013). Required: 1. Summarize the differences between Full IFRS and IFRS for SME. 2. Discuss FIVE (5) key challenges that might be faced by the Malaysian key players in adopting the IFRS for SMEs. 3. In your opinion‚ how does this adoption influence
Premium Accounting scandals Fraud Audit
Table of Contents Particulars | Page number | Facts about FASB and IASB | 3 | Similarity and differences between FASB and IASB‚ Efforts to resolve differences in the standard between FASB and IASB‚ | 4 | Convergence of FASB and IASB | 5 | Issues | 6 | The needs of harmonization of internal accounting standards | 7 | Obstacles of harmonization of accounting standards‚ discussion and evaluation on whether it will be accepted by all users | 8 | Conclusion | 9 | Reference List |
Premium International Financial Reporting Standards Financial Accounting Standards Board Financial statements
Generally Accepted Accounting Principles ( U.S. GAAP) and the International Financial Reporting Standards (IFRS) (Schroeder‚ Clark‚ & Cathey‚ 2005). U. S. GAAP are the laws of accounting in the United States. They govern how accountants measure‚ process‚ and communicate financial information about companies to the majority of Americans (Horngren‚ Harrison‚ Jr.‚ & Bamber‚ 2005). Similarly‚ IFRS are principles‚ standards‚ interpretations‚ and the framework adopted by the IASB‚ stating how particular
Premium International Financial Reporting Standards Certified Public Accountant Financial Accounting Standards Board
Purchase Method of Accounting All business combinations must be accounted for by applying the purchase method. This involves 3 key steps: a) Identifying an acquirer‚ b) Measuring the cost of the business combinations and c) Allocating the cost of the business combination to the identifiable assets and liabilities acquired. a) Identifying the Acquirer The acquirer should be identified for all business combinations‚ The acquirer is the entity which obtains controls over the other entity‚ There
Premium Balance sheet Goodwill Generally Accepted Accounting Principles
States. Since 2002‚ the IASB and FASB have been working together to improve and converge U.S. GAAP and IFRS. The United States is not the only country working toward convergence‚ as of 2009‚ Japan and China were both working toward convergence of IFRS as well as their accounting standards. In February 2010 the Securities Exchange Commission (SEC) issued statements of support of the convergence in IFRS and U.S. GAAP. The FASB intends to analyze each of the differences within the scope and either (1)
Premium International Financial Reporting Standards Financial Accounting Standards Board Financial statements
is unlikely to become the primary valuation method for illiquid non-financial assets on a voluntary basis. Keywords: Fair value‚ IFRS‚ non-financial assets‚ illiquid assets. JEL Classification: M4‚ M41 This version: 4 November 2012 This paper previously circulated under the title: "Who uses fair -value accounting for non-financial assets after IFRS adoption?" This research was funded in part by the Initiative on Global Markets at the University of Chicago Booth School of Business
Premium Balance sheet Generally Accepted Accounting Principles Asset
Spain. Ida is a U.S. subsidiary of a U.K. entity and prepares its financial statements in accordance with U.S. GAAP for reporting to its U.S.-based lender and in accordance with IFRS in reporting to its parent. Ida owns and operates a commercial building that at year-end 2010 represents a a cash-generating unit (CGU) under IFRS and a long-lived asset classified as held and used under U.S. GAAP. One of Ida’s competitors sold its commercial building for an amount significantly less than its asking price
Premium Generally Accepted Accounting Principles Asset Balance sheet
to the the question 1‚ 2‚ and 3 change under IFRS? Explain your answer supported by the reference from IFRSs. Differences between U.S. GAAP and IFRS with regard to errors are that GAAP indicates a generally stricter interpretation of how the error should be handled. Regarding question #1‚ GAAP states that all prior periods affected should be re- stated and balances rolled forward accordingly. IFRS allows in statement IAS 8‚ para 49 for the
Premium Balance sheet Generally Accepted Accounting Principles Financial statements
during the year 1973. IASB was chaired by Sir David Tweedie. (IFRS ‚ 2014) In precise‚ the “primary mandate of the IASB is to promulgate IFRSs”. (Paul & Burks‚ 2010‚ p2) As a matter of fact‚ “Australian companies complying with Australian Accounting Standards (AASB) had adopted IFRSs for application entities reporting under Corporations Act 2001 beginning on or after 1 January 2005”. (Australia Accounting Standard Board‚ 2014) Adoption of IFRS is to ensure that
Premium International Financial Reporting Standards Financial statements Balance sheet