Financial Accounting Theory (BBAC502) Group Assignment (Group of Four) 25% (Due Session 5.2) “Australia has long recognised that its accounting standards need to be harmonised with standards elsewhere in the world. To ensure consistent application of IFRSs‚ CLERP No. 9 recommended that Australia adopt‚ from January 2005‚ official interpretations of IFRSs issued by the IASB’s International Financial Reporting Interpretations Committee (IFRIC). As noted by CLERP No. 9‚ the comparability
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SEC Classification The SEC Classification the classification of Indian consumers on the basis of parameters. Traditionally the two parameters used to categorize consumers were: Occupation and Education of the chief wage earner (Head) of the households.The SEC classification‚created in 1988‚ was ratified by Market Research Society of India (MRSI)‚ is used by most media researchers and brand managers to understand the Indian consuming class.Originally developed by IMRB International as a way of understanding
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When I think of a financial manager‚ accountant quickly comes to mind. The role of accountant and financial manager are similar in several ways and often times they work closely together on various projects. The role of an Accountant is to ensure that their organization is run efficiently‚ make sure their records are accurate‚ and that their taxes are paid properly and on time. Accountants perform a broad range of accounting‚ auditing‚ tax‚ and consulting activities for their clients. They record
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In recent years‚ the range of accounting application is expanding rapidly‚ along with the increasing demand of economic market. As is well known‚ accounting is a key aspect of business. And in the accounting profession‚ there has been already existed interpenetration and overlapping among the different kinds of accounting. Cost accounting and financial accounting are two main components of accountancy. The former one is a part of accounting. In cost accounting‚ it dramatically researches the variable
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just react to it. The role of the financial officer‚ thus‚ becomes crucial to meet these technological‚ economic and political‚ changes. In today ’s business world what is the role of a financial manager? We have all heard at one time or another that "a financial managers wears many hats." The role of the financial manager has expanded beyond traditional responsibilities related to company ’s finances. A financial manager though his/her understanding of the company ’s financial health‚ the current
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Role of the Financial Manager The role of the financial manager has changed drastically during recent years. Previously‚ financial managers were seen as the stewards of the organization‚ since they were responsible to ensure the accountability of all organizational assets and to generate accurate financial reports. Today‚ their main goal is to maximize shareholder value. In order to achieve this goal‚ they have to be information managers‚ cost managers‚ controllers‚ consultants‚ and risk managers
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What is the role of “hedge funds” in the financial market? “Hedge fund” is a term used to describe a diverse group of financial institutions‚ which play an important role in our financial system. There is a wide variety of definitions given for a hedge fund. Money Central Investor defines it as “a risky investment pool…that seeks very high returns by taking very great risks”‚ and Goldman Sachs & Co. adds that they “use of investment and risk management skills to seek positive returns regardless
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of professional supervision. Supervision is a process in which a worker is given responsibility to work with another to meet organisation‚ professional activities. The objectives are competent‚ accountable performance‚ continuing professional development and personal support. The purpose of professional supervision gives the opportunity for employer and worker to come together to reflect on work practise and reflect and evaluate their work through discussion‚ report and observation. When as a manager
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Fair value or false accounting 1. How are assets and liabilities measured under IAS 39? Answer: According to IAS 39‚ Financial Instruments: Recognition and Measurement‚ financial instrument are to be stated at their ‘fair value’- defined as ‘the amount for which an asset could be exchanged‚ or a liability settled‚ between knowledgeable‚ willing parties in an arm’s length transaction’. ‘If the market for a financial instrument is not active‚ an entity establishes a fair value
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Part A: DIFFERENCES BETWEEN MANAGEMENT ACCOUNTING & FINANCIAL ACCOUNT 1. Managerial Accounting: The activity involves ‘decision making’ whether to purchase parts already assembled or individual parts. 2. Financial Accounting: It shows that the President is reminding Aminah to prepare a presentation stating an income statement and balance sheet information for last year‚ which the information already exist. 3. Managerial Accounting: Planning‚ controlling‚ evaluating and continuous
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