Does Fair Value Accounting for Non-Financial Assets Pass the Market Test? Hans B. Christensen and Valeri V. Nikolaev The University of Chicago Booth School of Business 5807 South Woodlawn Avenue Chicago‚ IL 60637 Abstract: The choice between fair value and historical cost accounting is the subject of longstanding controversy among accounting academics and regulators. Nevertheless‚ the market based evidence on this subject is very limited. We study the choice of fair value versus historical
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Introduction to Accounting Accounting is a profession used to make financial and business decisions. Billions of dollars exchange hands every day‚ in millions of separate business transactions. These are recorded and reported on using a comprehensive set of guidelines‚ referred to as Generally Accepted Accounting Principles (GAAP). Brief History of Accounting Accounting was born before writing or numbers existed‚ some 10‚000 years ago‚ in the area known as Mesopotamia‚ later Persia‚ and today the
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relationship 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
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William Shakespeare-Twelfth Night or What You Will The comedy in Twelfth Night is largely generated by episodes involving mistaken identity. How far do you agree? Coursework Plan Description of play and contextual information (twelfth night festival‚ how the plays themes/elements of inversion link to the festival) possibly performed on the same day as festival though first recorded 6th February. (Reference- “our copy of book”) AO1- Argument point 1- That Viola is the catalyst for comedy
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Lecture 2: Study Week 2 The Accounting Equation & the Double Entry System Objectives for today 1. Analyzing transactions using the Accounting Equation 2. Next Week: How do firms actually measure Income?: Accrual vs. Cash Accounting g 3. Next Week: Determine when a company should record revenues and Expenses: The Matching Principle The Operating Cycle Start with cash and end with more cash Collect cash from customers Purchase inventory Make sales to customers The Recording
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ACCA F3 FINANCIAL ACCOUNTING International Stream TUITION CLASS NOTES Appendix The following notes are suitable for both the international and UK streams. There will some terminology differences between the two streams. These are summarised below: |International |UK | |Statement of comprehensive income |Profit and loss
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organisational plan and all the related measures that an entity adopts to: * safeguard assets * encourage adherence to company policies * promote operational efficiency * ensure accurate and reliable accounting records. It is either an administrative control or an accounting control Characteristics of an effective internal control system include: * Competent‚ reliable‚ and ethical personnel * Assignment of responsibilities * Proper authorisation * Separation of duties
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Personal Response (Twelfth Night) O time‚ thou must untangle this‚ not I!/It is too hard a knot for me to untie! (2.2.39-40) The book Twelfth Night by William Shakespeare contains some interesting quotations that may seem unreasonable in this present era‚ but was totally normal when this book was written. In that time period people use to leave certain things to fate‚ such as William Shakespeare. This is an ideal demonstration of his belief in fate. Viola’s realization of Lady Olivia
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return their love‚ things turn sour. In the Elizabethan romantic comedy Twelfth Night‚ William Shakespeare uses the motif of love as a catalyst for madness to show how love can take even the most level headed and prudish person and put them into a lunacy driven haze for requite‚ which‚ if not found‚ often leads to bitterness. No man can escape the thorny tendrils of love. Malvolio seems very unsentimental at the beginning of Twelfth Night‚ described by Maria as “a kind of puritan” (II. iii. 139). Often
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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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