and the financial analysis are affected by Carrefour’s switch from French GAAP reporting to IFRS reporting in 2005 but specialist knowledge of French GAAP and IFRS (and first-time adoption) is not required. Questions for students 1. 2. Analyze Carrefour’s competitive and corporate strategy. What are the key risks of the company’s strategy? Analyze Carrefour’s accounting (including the effects of Carrefour’s switch to IFRS-based financial reporting). Are any adjustments to Carrefour’s financial statements
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reasons:- 1. Under “non-GAAP measures”‚ Apple’s performance looked much better than that under GAAP measures. Please find below a table1 summarizing the differences of key financial data between GAAP and non-GAAP measures for the fourth quarter of 2008:- Q4 2008 GAAP ($ billions) Non-GAAP ($ billions) % Increase Total sales $7.9 $11.7 48% Total Income 1.1 2.4 115% iPhone Sales 0.8 4.6 475% iPhone as % of Sales 10% 39% This is because under subscription accounting (GAAP)‚ Apple recognized the
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business world throughout the integration of U.S Generally Accepted Accounting Principle (GAAP) and International Financial Reporting Standards (IFRS). The purpose of the following research is to evaluate the project being conducted on financial accounting theory: Investment Property Entities. The FASB project serves as the mediator and as an attempt to resolve the differences being presented between U.S. GAAP and IFRS as it relates to operating leases. Historical Development The Federal Accounting
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Chapter 1 BE1-1 Briefly define accounting. What are the three main characteristics of accounting? Is accounting static or dynamic? Accounting collects‚ analyzes‚ measures and records financial information about an organization and reports that information to stakeholders and decision makers. Accounting has 3 essential characteristics. Accounting is the (1) identification‚ measurement‚ and communication of financial information about economic entities to interested persons. Like social
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operations of international corporations are transnational. In addition‚ more and more investing takes place on a global level. Historically‚ different countries have developed their own national accounting standards. Before the introduction of the IFRS‚ the accounting principles of neighbouring countries were similar in many respects but used different financial reporting standards. Numerous accounting standards can lead to confusion and large complications for preparers and users of financial statements
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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
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Department of Jobs‚ enterprise and employment‚ 2011‚ Companies Acts 1963 – 2009 ( online) PricewaterhouseCoopers‚ 2009‚ Simplified IFRS represents the end of Irish GAAP as we know it (online) Available online http://www.accountingnet.ie/financial_reporting/Simplified_IFRS_represents_the_end_of_Irish_GAAP_as_we_know_ PricewaterhouseCoopers‚ 2011‚ The Future of Irish GAAP‚ Good news from the ASB[pdf]‚ (online) Available online http://download.pwc.com/ie/pubs/2011_the_future_of_irish_gaap_good_news_from_the_a5b_by_fion
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by the evolution of the IASB. At the conclusion‚ I suggest five challenges facing the IASB. Keywords: IASC; IASB; IAS; IFRS; standard setting; regulation I.INTRODUCTION In the past several years‚ most accounting academics have been paying close attention to the International Accounting Standards Board (IASB) and its production of International Financial Reporting Standards (IFRS). In its short life‚ since 2001‚ the IASB has vastly reshaped the world map of company financial reporting. But it was
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The mission of the IASB is to develop a set of high quality‚ enforceable‚ and global accounting standards that require transparent and comparable information . The IASB sets accounting standards called the International Financial Reporting Standards (IFRS) and through the creation of these national standards‚ the IASB hopes it can create uniform accounting standards for all countries. International Financial Reporting Standards are now the world ’s dominant regime‚ used in more than 90 countries across
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America difficult as they often have to prepare financial statements using IFRS and another set using American Generally Accepted Accounting Principles. More Flexibility IFRS uses a principles-based‚ rather than rules-based‚ philosophy. A principles-based philosophy means that the goal of each standard is to arrive at a reasonable valuation and that there are many ways to get there. This gives companies the freedom to adapt IFRS to their particular situation‚ which leads to more easily read and useful
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