CASH FLOW STATEMENT and its ANALYSIS Cash flow statement • A cash flow statement presents information about the cash flows associated with the company’s main operations and those associated with its investing and financing activities of the period • A cash flow statement functions in conjunction with both the income statement (performance dimension) and the balance sheet (financial position) • IAS 7 Cash Flow Statements Statement of Cash Flows • Provides information about cash inflows and outflows
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Chapter 1 The Canadian Financial Reporting Environment Prepared by: Dragan Stojanovic‚ CA Rotman School of Management‚ University of Toronto The Canadian Financial Reporting Environment Role of Financial Reporting • Financial statements and financial reporting • Accounting and capital allocation •Stakeholders Objective of Financial Reporting •Management bias •Users’ needs Standard Setting • Need to develop standards • Parties involved in standard setting • Standard setting in a political
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December 31‚ 2013‚ and December 31‚ 2014‚ and income statements‚ cash flow statements‚ and statements of changes in stockholders’ equity for the years ended on December 31‚ 2012‚ 2013‚ and 2014. In addition‚ the International Accounting Standards Board (IASB) requires companies adopting IFRS for the first time to present the beginning balance sheet as of the date of transition (i.e.‚ January 1‚ 2012). Therefore‚ IFRS adoption by 2014 really means a transition starting as early as January 1‚ 2012. Is it
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enforce this new standard‚ which is January 1‚ 2015‚ according IASB would not be possible‚ because there is not enough time for companies to prepare and apply for new standard‚ due to impairment phase is not yet completed by the IFRS. The board on November 15‚ 2011 considered makes limited modifications to IFRS 9‚ but also on November 28‚ 2012 the IASB issued draft classification and measurement where mention limited amendments to IFRS 9. IASB finalized in February 2014‚ all regarding on limited amendments
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Research and compare the role of AASB both before and after the changes referred to the above. This report analyses and sets out the role of the Australian Accounting Standards Board and also considers the main aims and purpose of AASB and hence drawing a conclusion as to whether AASB is a significant player or a toothless tiger. The Australian Accounting Standards Board is an Australian Government Agency and according to Deegan (2010)‚ AASB is defined as the “body charged with developing conceptual
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Inventory?Answer | | | | | Selected Answer: | $9‚000 | | | | | * Question 2 2.5 out of 2.5 points | | | How should the cost of borrowing funds to acquire or construct property‚ plant‚ and equipment be accounted for under IASB rules‚ as revised in 2007?Answer | | | | | Selected Answer: | It should be added to the other costs of acquiring fixed assets to determine the amount for the balance sheet. | | | | | * Question 3 2.5 out of 2.5 points | |
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chapter 1 Conceptual and regulatory framework Contents Introduction Examination context Topic List 1 Financial statements 2 Purpose and use of financial statements 3 Bases of accounting 4 The IASB Framework 5 International Accounting Standards Committee Foundation (IASCF) 6 International Financial Reporting Standards (IFRS) 7 Inherent limitations of financial statements 8 Not-for-profit entities Summary and Self-test Technical reference
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IFRS: ITS RELEVANCE‚ CHALLENGES AND BENEFITS. Dr. J.Bordoloi‚ Associate Professor‚ Haflong Govt. College bordoloijyotish27@gmail.com Ms. B.Bordoloi‚ Assistant Professor‚ Lakhimpur Commerce College bohnisikha.bordoloi@yahoo.com Key Words: Harmonize‚ Convergence‚ Comparability‚ Reliability‚ Credibility‚ Understandability. Abstract: The accounting standards are the ideal and standardized practice of accounting which aims to harmonize the accounting language. However the
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has become an important issue and an on going public concern. IASC was first founded in June 1973 in London and was later replaced by the International Accounting Standards Board (IASB) on April 1‚ 2001. International Accounting Standards (IAS) was first introduced in 1973 by IASC‚ until it was adopted by IASB in 2001 for further development‚ calling the new standards IFRS. At that time of formation‚ the board of IASC consists of Australia‚ Canada‚ France‚ Germany‚ Japan‚ Mexico‚ Netherlands
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References: IASB Framework‚ 2012‚ http://www.ifrs.org/current-projects/iasb-projects/conceptual-framework/Pages/Conceptual-Framework-Summary.aspx (Cited 23 December 2012) Deloitte IAS Plus‚ History of IASB Framework‚ http://www.iasplus.com/en/standards/standard4 (Cited 23 December 2012) Steven Bragg‚ 13 March 2011‚ What is the prudence concept in accounting
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