following GAAP Proposed ASU help entities determine how to use liquidation basis of accounting and associated disclosures Background: Health and Welfare Benefit Plans Health and welfare benefit plans part of this proposed amendment‚ as well as defined benefit and contribution pension plans New accounting treatments applied to determine measurement Assess how changes will effect affect recognition and disclosures of financial reporting Recognition: New Provision Current GAAP New ASU
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Table of Contents Particulars | Page number | Facts about FASB and IASB | 3 | Similarity and differences between FASB and IASB‚ Efforts to resolve differences in the standard between FASB and IASB‚ | 4 | Convergence of FASB and IASB | 5 | Issues | 6 | The needs of harmonization of internal accounting standards | 7 | Obstacles of harmonization of accounting standards‚ discussion and evaluation on whether it will be accepted by all users | 8 | Conclusion | 9 | Reference List |
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4. – Why are revenue and expense accounts called temporary or nominal accounts? Revenue and expense accounts are referred to as temporary or nominal accounts because each period they are closed out to Income Summary in the closing process. Their balances are reduced to zero at the end of the accounting period; therefore‚ the term temporary or nominal is sometimes given to these accounts. 7. Indicate whether each of the following items is a real or nominal account and whether it appears in the
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Corporate governance Two definitions: ASX CGC: rules‚ relationship‚ systems and processes help a company to monitor and assess risk‚ optimize performance‚ create value and provide accountability. A narrow definition which consistent with agency theory focuses on relationship between company and shareholders. OECD: a system a company can be directed and controlled‚ specify rights‚ responsibilities and rules; set and achieve objectives and monitor performance. A board definition consider relationship
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1.1 Origin of the Report As part of the term paper of Evening Masters of Business Administration (EMBA) course requirement‚ we are assigned the topic “Carbon Accounting” by our course teacher for accomplishing our report. 1.2 Objectives of the report To attain the skill of report writing. To achieve deep knowledge about Carbon Accounting. To fulfill the partial requirement of our course of Accounting for Managers. 1.3 Methodology of the report This study was a descriptive research where
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Is goodwill impaired in the same way under IFRS? Does IFRS also employ a two-step approach for goodwill impairment testing? If not‚ how is goodwill tested for impairment under IFRS? (Refer to IAS 36 Impairment of Assets.) Both U.S. GAAP and IFRS require goodwill to be written down when impaired. There are some differences between U.S. GAAP and IFRS in recognizing and recording impairment‚ but in principle‚ the ultimate goal is the same. Both
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Assignment #1: You Are an Entrepreneur Student life does not generally afford a great deal of free time to pursue your personal interests; however‚ at one point‚ you may have considered turning a personal interest or hobby into an official enterprise. Today‚ you have finally decided to turn that hobby into a business but have realized that you need start-up capital from a lender or investor. To obtain funding‚ you need to convince a lender / investor that your business is more than a hobby. You need
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GAAP and IFRSs by undertaking projects that both boards would address contemporaneously with the encouragement of the respective bodies to coordinate the activities and also its progress. The goal of the project was to attain compatibility by identifying
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accounted for as either a capital lease or an operating lease. I will be limiting my discussion to the accounting treatment of leases by the lessee. This paper will discuss the current accounting treatment for the two types of leases according to Canadian GAAP and will tie in elements of the conceptual framework to the treatment of leases from CICA handbook section 1000‚ followed by a discussion on accounting theories related to lease treatment‚ and finally current issues outlined in academic research concerning
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Case 1-1 E-Centives‚ Inc.—Raising Capital in Switzerland 1. Possible factors (from Exhibit 1-7) relevant in e-centives decision to raise capital and list on the Swiss Exchange s New Market: a. Ease of raising capital (point 3). The Swiss Exchange s New Market has simple listing requirements designed to appeal to small companies. The contrast with the complex‚ detailed listing and reporting requirements in the United States is striking. b. Availability of capital (point
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