UK. It describes the key factors in the business environment which influenced accounting system development as well as the regulatory frameworks. It tabulates and compares significant accounting rules and methods prescribed by both UK and Nigerian GAAPs‚ using the Financials of Dangote Cement Plc‚ a hugely market capitalized indigenous Nigerian company (10% of Nigerian stocks exchange) with factory footprints across Africa. FACTORS INFLUENCING ACCOUNTING SYSTEM IN NIGERIA. There is a unanimous
Premium Generally Accepted Accounting Principles Financial statements International Financial Reporting Standards
Studies‚ Dharmsinh Desai University‚ Nadiad. Contents Page 1. Introduction Indian Accounting Standards 1 Need for Universal GAAP 4 2. Overview What is IFRS? 6 Why IFRS? 6 Benefits of Adopting IFRS 7 IFRS Challenges 8 List of IFRS 9 List of IAS 10 3. IFRS and Indian GAAP 12 4. IFRS -A Comparison with Indian GAAP (Detail) 15 Agenda for Discussion 15 General Approach 15 Accounting Policy Change 16 Consolidation Policy
Premium International Financial Reporting Standards Financial statements
external reporting purposes based on this timeline. d. Who is responsible for the financial statements? Discuss the potential users of the General Mills financial statements and the type of information they are likely interested in. The management of General Mills‚ Inc. is responsible for the fairness and accuracy of the consolidated financial statements. Potential users of these financial statements could be shareholders‚ creditors‚ suppliers‚ employees‚
Premium Income statement Balance sheet Generally Accepted Accounting Principles
Managerial accounting need not be GAAP compliant. Financial accounting—focus on reporting to external users including investors‚ creditors‚ and governmental agencies. Financial statements must be based on GAAP. © 2012 Pearson Education. All rights reserved. 2 Major Differences Between Financial and Managerial Accounting Managerial Accounting Financial Accounting Purpose Decision making Communicate financial position to outsiders Primary Users Internal managers External users Future‐oriented
Premium Management accounting Management Decision theory
1. Which of the following is conducted as a follow up to a system’s recent implementation? A) Troubleshooting B) a systems survey C) a post-implementation review D) systems maintenance Points Earned: 1.0/1.0 Correct Answer(s): C 2. After the conversion is completed‚ the systems development project team writes the project completion report. A) True B) False Points Earned: 0.0/1.0 Correct Answer(s): True 3. Which of the following is not a task required to complete structured systems analysis
Premium Financial statements International Financial Reporting Standards Balance sheet
Accepted Accounting Principles (United States) In the U.S.‚ generally accepted accounting principles‚ commonly abbreviated as US GAAP or simply GAAP‚ are accounting rules used to prepare‚ present‚ and report financial statements for a wide variety of entities‚ including publicly-traded and privately-held companies‚ non-profit organizations‚ and governments. Generally GAAP includes local applicable Accounting Framework‚ related accounting law‚ rules and Accounting Standard. Similar to many other countries
Premium International Financial Reporting Standards Financial Accounting Standards Board Generally Accepted Accounting Principles
identify and vote on proposed modifications and exceptions to U.S. GAAP for private companies as well as advise the Financial Accounting Standards Board (FASB) on private company considerations for the FASB’s projects. The overarching intent of the PCC is improve the process of setting accounting standards for private companies by modifying Generally Accepted Accounting Principles (GAAP) to better accommodate private companies and the users of their financial statements. To ensure that the PCC
Premium Financial Accounting Standards Board Financial statements
to borrow money‚ legal obligations‚ and the business laws that have to be followed. Financial Accounting is a course that introduces basic concepts and methods of corporate financial statements that are most commonly used by internal and external users to students. To explain basic accounting concepts and business structures‚ this material will identify and describe the sources of generally accepted accounting principles. The source the hierarchy will be identified and the importance of it will be
Premium Corporation Limited liability company Types of business entity
Homework - EARNINGS MANAGEMENT – due Monday‚ 4/8/13 (read & bring Sec. 6) (answers are in Section 6 material) 1. What does the term Managing Earnings refer to? • The use of accounting methods to produce financial information that present an overly positive image of the company’s financial performance 2. What is SAB 99 and 108 about? SAB 99 – is about materiality SAB 108—is about quantifying financial statement misstatements What is the FASB codification reference
Premium Finance Investment Management
Financial Accounting and Accounting Standards ASSIGNMENT CLASSIFICATION TABLE Topics 1. 2. 3. 4. 5. Subject matter of accounting. Environment of accounting. Role of principles‚ objectives‚ standards‚ and accounting theory. Historical development of GAAP. Authoritative pronouncements and rulemaking bodies. Role of pressure groups. Ethical issues. Questions 1 2‚ 3‚ 29 4‚ 5‚ 6‚ 7 8‚ 9‚ 10‚ 11 12‚ 13‚ 14‚ 15‚ 16‚ 17‚ 18‚ 19‚ 20‚ 21‚ 22‚ 23 23‚ 24‚ 25‚ 26‚ 27‚ 28 30 Cases 4 6‚ 7 1‚ 2‚ 3‚ 5 8 3‚ 9‚ 11‚
Premium Financial Accounting Standards Board