Standard with the permission of the IFRS Foundation. Copyright in the International Financial Reporting Standards (including International Accounting Standards and SIC and IFRIC Interpretations)‚ International Accounting Standards Board (IASB) Exposure Drafts‚ and other IASB publications belong to the IFRS Foundation. All rights are reserved. No part of this publication may be reproduced‚ stored in a retrieval system or transmitted in any form or by any means without the prior permission in writing to MASB
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Deegan & Unerman – Financial Accounting Theory 2e Chapter 4 Answer 4.1: Chapter 4 has provided a number of factors which have been suggested to explain why different countries use different systems of accounting. These include: o The extent of economic development within a country. It is argued that as countries become more ‘wealthy’ they tend to develop their own accounting standards (which can be costly). Less developed countries often adopt accounting standards issued by the IASC (which
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GAAP vs IFRS Diffen › Economics › Business › Business Finance › Accounting GAAP (US Generally Accepted Accounting Principles) is the accounting standard used in the US‚ while IFRS (International Financial Reporting Standards) is the accounting standard used in over 110 countries around the world. GAAP is considered a more “rules based” system of accounting‚ while IFRS is more “principles based.” The U.S. Securities and Exchange Commission is looking to switch to IFRS by 2015. What follows
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can be simple and effective with the FASB Codification database. To access the database‚ login the user name and the password at the access of the Accounting Standards Codification following the
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approach to financial reporting9 Conclusions 10 Can the decision usefulness approach make financial reporting be more useful? Introduction A decision usefulness approach underlies Section 1000 of the CICA Handbook‚ and the Conceptual Framework of the FASB in the United States. The essence of this approach is that investors should be supplied with information to help them make good investment decisions. One has only to
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Kieso‚ Weygandt‚ Warfield‚ Young‚ Wiecek‚ McConomy Intermediate Accounting‚ Tenth Canadian Edition CHAPTER 1 THE CANADIAN FINANCIAL REPORTING ENVIRONMENT ASSIGNMENT CLASSIFICATION TABLE Topic Brief Exercises Writing Assignments 1. Financial statements and financial reporting. 2. Capital allocation. 1 4 3. Stakeholders. 2 4 4. Objectives of financial reporting. 3 5. Management bias in financial reporting. 1 6. Importance of
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Required Texts 1. Scott‚ W.R.‚ Financial Accounting Theory‚ 5th edition‚ Prentice Hall (Pearson Education Canada‚ Ltd) 2009 (ISBN 978-0-13-207286-1) 2 Concepts Statement #7‚ Using Cash Flow Information and Present Value in Accounting Measurements‚ FASB‚ February 2000. 3. Optional; The Wall Street Journal. You are expected to read the financial pages of the news media and to generate discussions on current topics as they develop. Term: Fall 2009 Contents of this document Section A: Contact information
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Print Form 00-1 2009 General Audit Engagement Checklist 20‚401 Section 20‚400 General Audit Engagement Checklist Checklist for Review of Audit Engagements Contents Section I. The Auditor’s Report With Regard to the Auditor’s Report............................................................................................... II. General Audit Procedures With Regard to Client Acceptance .................................................................................................. With Regard
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differences will strengthen the user’s interpretation of the financial statement(s)‚ making for better business decisions. Fair value measurements give the users of financial statements a precise view of the value of a given company’s assets. The FASB and IASB have both taken some necessary steps to attain the fair value measurement‚ but they have some varying aspects in their approach as well. Both the IFRS and GAAP require that firms provide information about fair value measurement practices in the
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Quiz 1: 50 points – Due November 8‚ 2008 at Midnight Each question is worth 3.33 points 1. Financial statement ratios support informed judgments and decision making most effectively: a. when viewed for a single year. b. When viewed as a trend of entity data. c. When compared to an industry average for the most recent year. d. When the trend of entity data is compared to the trend of industry data. 2. When comparing entity financial ratios with industry ratios: a. it should be assumed
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