3101AFE TUTORIAL 1 – Semester 1 2014 Deegan Topic 1 Introduction to financial accounting theory 1.1 What is the difference between a positive theory of accounting and a normative theory of accounting? 1.6 The IASB and the FASB are currently developing a revised conceptual framework of financial reporting. If you have been asked to review the framework—which is an example of a normative theory of accounting—why would it be important for you to pay particular attention to how the objective
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Question 1: Although the adoption of a single set of globally accepted accounting standard has become a need to the globalised capital markets nowadays‚ however the international differences in financial reporting practices between countries still exists mainly due to the setting of national accounting standards in different countries by their own respective government. Looking at this issue in a world-wide view‚ we can notice that every country in the world regardless of whether it is a developed
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Assignment 1 Review of Accounting Ethics Eric Christian Strayer University ACC-557 Winter 2013 Dr. Jacob Angima Assignment 1 Review of Accounting Ethics In the wake of recent‚ enormous corporate scandals and financial market upheavals‚ is the current business and regulatory environment more conducive to ethical behavior‚ or not? The answer is not that easy to arrive at‚ but there is evidence to say yes. Certainly‚ there has been an increase in awareness‚ vigilance‚ and disclosure. New
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compared. The responsibility of the Financial Accounting Standards Board (FASB). The result of input from SEC‚ FASB‚ Congress‚ the White House‚ other government agencies‚ public hearings and letters from interested parties. Rules based International Financial Reporting Standards (IFRS) Accounting standards used in more than 100 other countries. The responsibility of the International Accounting Standards Board (IASB). Becoming more accepted in the United States. Principle based According
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increased or decreased. Recognition in the Balance Sheet 4. Recognition is the process of formally recording and reporting an element in the financial statements. To be recognized‚ an item must (a) meet the definition of an element as specified in FASB Statement of Concepts No. 6‚ (b) be measurable‚ (c) be relevant‚ and (d) be reliable. Elements of the Balance Sheet 5. The elements of the balance sheet are the broad classes of items comprising it. These items and their definitions are: a) Assets:
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generally accepted accounting principle to another generally accepted accounting principle‚ or changing the method of application of a particular principle. A change should only be made when the new principle is preferable over the former. When the FASB issues a new pronouncement that expresses preference for a particular principle‚ justification for a change is demonstrated; otherwise the burden of justification is on the entity. To report higher net income is not justification! CHANGE IN AN ACCOUNTING
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| US | JAPAN | CHINA | GERMANY | NETHERLAND | FRANCE | PROFESSIONALISM | Regulation environment:1. accounting is regulated by private-sector body(FASB)‚ but government underpins the authority of its standards. 2. no legal requirement for the publication of FS3. each state has its own corporate statutes and not rigorously enforced. Reports rendered to local agencies are often unavailable to the public4. only listed companies have compulsory requrirements for FR at the federal level as specified
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Financial Analysis & Management Assignments 1. Discuss the extent to which the legal and professional regulatory framework of accounting ensures that corporate reports provide reliable‚ relevant‚ objective‚ and comparable information to users. 2. Critically evaluate the importance of discounted cash flow techniques in investment decisions. Illustrate your answer with your examples. 3. Discuss the relative importance profitability and liquidity for the survival of a business and explain how the
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been amended by: MFRS 9 Financial Instruments* (IFRS 9 Financial Instruments issued by IASB in November 2009) MFRS 9 Financial Instruments* (IFRS 9 Financial Instruments issued by IASB in October 2010) MFRS 10 Consolidated Financial Statements* MFRS 12 Disclosure of Interests in Other Entities* MFRS 13 Fair Value Measurement* MFRS 119 Employee Benefits* (IAS 19 Employee Benefits as amended by IASB in June 2011) Presentation of Items of Other Comprehensive Income (Amendments to MFRS 101)†
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Financial Reporting under IFRS and US GAAP | | | University of Economics in Prague | | | Financial Reporting under IFRS and US GAAP | Property‚ Plant and Equipment Content Introduction - The companies 2 Specific Questions 5 Sources 19 Introduction - The companies AUTOMOTIVE INDUSTRY GENERAL MOTORS as representative of U.S. GAAP General Motors from the U.S. Detroit is‚ together with Toyota‚ the largest car manufacturer in the world. The company was established in 1908
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