Running Head: How Ethically Responsible Should Companies Be For the Adverse Affects They Have On Countries They Enter To Do Business How Ethically Responsible Should Companies Be For the Adverse Affects They Have On Countries They Enter to Do Business Name of Student Name of University/College Name of Professor Course Abstract Changes in the business environment have presented a number of challenges to establish ways of doing business. Thus‚ managers realized that the survival and
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Accounting Standards issued by the ICAI Page 1 of 2 Accounting Standards issued by the ICAI Withdrawal of the Announcement issued by the Council on ‘Treatment of exchange differences under Accounting Standard (AS) 11 (revised 2003)‚ The Effects of Changes in Foreign Exchange Rates vis-à-vis Schedule VI to the Companies Act‚ 1956’ Accounting Standards (ASs) AS 1 Disclosure of Accounting Policies AS 2 Valuation of Inventories AS 3 Cash Flow Statements AS 4 Contingencies and Events Occuring
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Accounting Standards-18 (AS-18): AS-18 deals with disclosure requirements in the Financial Statements in respect of the transaction with Related Party. As per AS-18‚ “Parties are considered to be related if at any time during the reporting period one party has the ability to control the other party or exercise significant influence over the other party in making financial and/or operating decisions” and Related Party transaction means “a transfer of resources or obligations between related parties
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setting of accounting standards of the AASB II. determining the AASB’s broad strategic direction III. monitoring and reviewing the level of funding for the AASB IV. directing the AASB in relation to the development or making of a particular standard V. the power to veto a standard recommended by the AASB. | I‚ II‚ III and V only | | I‚ II‚ and III only | | I‚ II‚ IV and V only | | II‚ III‚ IV and V only | | | 7. The functions of the Australian Accounting Standards Board include:
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Accounting Standard 10: Accounting for Fixed Assets • Fixed asset is an asset held for producing or providing goods and/or services and is not held for sale in the normal course of the business. • Cost to include purchase price and attributable costs of bringing asset to its working condition for the intended use. It includes financing cost for period up to the date of readiness for use. • Self-constructed assets are to be capitalised at costs that are specifically related to the asset and those
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of premium or discount on issue of debentures or bonds etc c) Amortisation of ancillary cost i.e stamp duty‚ registration charges‚ issue expenses etc AS -16 deals with how accounting of borrowing cost should be carried out. Applicability: Applicable to all levels of Enterprises Objective: Prescribe accounting treatment for borrowing cost .i.e if loan is borrowed for purchase of Asset‚ whether interest cost should form part of total cost or not.i.e it should be capitalized Important
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+17% $435‚994Pg. 78In your opinion‚ are the trends in Sales and Net Income good or bad? Please briefly explain your opinion.Both sale and net income trends are good. Both trends increase from 2009 to 2010 as well as 2010 to 2011 showing that sales and net income are increasing. | The Current Ratio is defined on page 59. Please give a brief definition of the current ratio here.Current Ratio is the
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between Governmental Accounting Standards Board (GASB) and Financial Accounting Standards Board (FASB) I realized that both play an important role in the accounting field. There are different objectives for each board and I will explain the similarities and differences. I will describe the role of government regulation in the application of accounting standards and reporting requirements. Finally‚ I will present a situation in a governmental accounting environment in which FASB standards would apply. The
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On September 28 2010‚ the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) had declared they had completely conducted the first stage of The Conceptual Framework joint project. The purpose of this joint project is to further improve an advanced conceptual framework for International Financial Reporting Standards (IFRSs) and US Generally Accepted Accounting Practices (GAAP) (Norwalk 2010). Basically‚ the conceptual framework is an attempt to express
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Question 1 Critically evaluate the need for accounting standards and the need for a set of principles on which they are based. Accounting Standards Accounting standards contain a set of rules and governing practices for the treatment of all financial transactions. The main objective of accounting standards is to establish recognition‚ measurement‚ presentation and disclosure requirements dealing with financial transactions and key events which are important in the financial statements of companies
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