Introduction The parade of corporate accounting scandals of the last decade‚ with lion’s share occurring in 2002‚ has developed deep antipathy and distrust towards corporations and their reporting practices‚ and casted doubts on the opinions of audit firms. As majority of these accounting frauds occurred in the US (See Appendix)‚ there was a widely-held view that rules-based accounting standards have allowed failure of large corporations like Enron and World Com‚ since US GAAP is perceived to
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Accounting Standards Boards Leslie Brian ACC/541 November 14‚ 2011 Delphine Agnor Wolsker Accounting Standards Boards The field of accounting is constantly evolving. This is true not only for the theory of accounting itself but also the entities that govern its theory and practice. Presently‚ the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) are faced with some of the biggest challenges to date. To understand the significance
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Reporting Council (FRC) announced that Australia would adopt the accounting standards issued by the International Accounting Standards Board (IASB) from 2005(Baxter 2005). After the first of July 2005‚ the new standards (IFRS) start to use across national border. companies would be required to report current results under IFRS and restate recent results. They will also have to report their latest results under the old accounting standard‚ which should make comparing results on a like-for-like basis
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CODEX STAN 247 Page 1 of 19 CODEX GENERAL STANDARD FOR FRUIT JUICES AND NECTARS (CODEX STAN 247-2005) 1. SCOPE This Standard applies to all products as defined in Section 2.1 below. 2. 2.1 DESCRIPTION PRODUCT DEFINITION 2.1.1 Fruit Juice Fruit juice is the unfermented but fermentable liquid obtained from the edible part of sound‚ appropriately mature and fresh fruit or of fruit maintained in sound condition by suitable means including post harvest surface treatments applied in accordance with
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public accounting firms and the U.S public company boards are all affected by the Sarbanes-Oxley Act. Arranged in 11titles‚ but as far as compliance the important sections are considered 302‚401‚404‚409‚ 802 and 906. The SOX Act not only has an impact on the financial side of corporations but also the IT departments that store the corporations records that are
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Introduction Offer and Acceptance Introduction: For a contract to be legally binding there needs to be 4 ingredients: 1. Offer 2. Acceptance 3. Intention to create legal relations 4. Consideration Building on this‚ in order to prove that a contract is legally binding 5 things need to be proven: 1. That an agreement has been reached. This is usually done by demonstrating that one of the parties has made an offer which the other accepted. 2. The agreement has been
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determined by the Governmental Accounting Standards Board (GASB). Accountants generally apply GAAP through the use of FASB pronouncements referred to as Financial Accounting Standards (FASs)‚ which are periodically published in industry bulletins. There are more than 100 FASs that have been issued over the years. They are supplemented by formal opinions and generally accepted assumptions in a particular sub-segment of the industry. For example‚ there exists a general assumption that financial statements
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Introduction Schipper (2003) who is a member of FASB conducted a study on the rules-based and principles-based accounting standards. The aim of this article is to discuss the attributes and potential effects of transferring from rules-based standards to principles-based standards. To some extent this article is critical‚ but several limitations need to be discussed‚ such as implementation guidance. Summary Schipper (2003) demonstrated that there was a long-running debate on whether U.S. GAAP
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anniversary of the demise of the old Department of Education and the birth of the Department for Children‚ Schools and Families. Now names themselves‚ especially names of Whitehall departments‚ are far less important than what goes on in their name – Titles‚ as Lord Mandelson could tell us‚ are far less important than the substance of policy. But the renaming of the old Department was no idle exercise in empty rebranding – it reflected a philosophical shift in how Government sees its role. Under Gordon
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Independance‚ Identity‚ and Acceptance is essential in everyday life‚ it has always had a significance‚ a meaning to us adults as we try to understand it. From the first day we’re born‚ our minds are always active‚ leading us to our independence‚ acceptance‚ and our identity. Independence has always been a reason for us to better ourselves‚ it’s dealing with real life problems‚ to make sure we are ready for the world and not rely on someone other than yourself. While our identity is to find yourself
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