CHAPTER 3 INTERNATIONAL CONVERGENCE OF FINANCIAL REPORTING Answers to Questions 1. The ultimate goal of both harmonization and convergence is to achieve international comparability in financial reporting‚ and both are processes that take place over time. However‚ while harmonization refers to the reduction of alternative accounting practices in different countries‚ convergence refers to the process of developing a set of high quality financial reporting standards for use internationally (the process
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Do financial statements tell the truth? Financial statements are often referred to as “reports”. As you scan the pages‚ you will find neat columns of precise numbers. Financial statements look objective. Looks can be deceiving. The questions that financial statements are intended to address do not have objectively true answers. Suppose a firm builds a factory‚ with custom-built machinery designed to specifically to produce the firm’s product. That factory would become an asset on the left-hand
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Causal reasoning in financial reporting and voluntary disclosure This paper examines causal reasoning‚ applying the theories to financial reporting. Causal reasoning involves diagnosis (determining the cause of an effect) and prediction (vice versa). These are important and commonplace amongst analysts‚ investors and management regarding company earnings and share prices. However‚ there is very little recent research employing causal reasoning theories to this field. Attribution theory describes
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Journal of Basic and Applied Sciences‚ 5(11): 2092-2096‚ 2011 ISSN 1991-8178 The Impact of Professional Ethics on Financial Reporting Quality 1 1-2 Mahdi Mahdavikhou‚ 2Mohsen Khotanlou Young Researchers Club‚ Hamedan Branch‚ Islamic Azad University‚ Hamedan‚ Iran. Abstract: This research aims to study the impact of professional ethics on promoting quality of financial reporting. The statistical population in this study includes 440 listed companies in Tehran Stock Exchange (TSE) in 2010. Using
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1.0 RATIONAL UNIFIED PROCESS (RUP) The Rational Unified Process (RUP) is a Software Engineering Process. It provides a disciplined approach to assigning tasks and responsibilities within a development organization. RUP is based on an interactive‚ incremental approach to systems development. The goal is to ensure the production of high-quality software that meets the needs of its end users‚ within a predictable schedule and budget. The Rational Unified Process is also process product‚ developed
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NAME: CLASS PERIOD: Memoir Unit Two Versions of One Memory Lesson Directions: You will read two texts about the same incident by the same author. One version is in prose and the other is in poetry. As you listen to both read aloud‚ visualize the incident and take notes on the graphic organizers below. Think about which version paints the most vivid picture for you. Prose Version: “Always Running” by Luis J. Rodriguez (Prose is ordinary written or spoken language‚ using sentences and paragraphs
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21. General-purpose financial statements are the product of a. financial accounting. b. managerial accounting. c. both financial and managerial accounting. d. neither financial nor managerial accounting. 22. Users of financial reports include all of the following except a. creditors. b. government agencies. c. unions. d. All of these are users. 23. The financial statements most frequently provided include all of the following
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Revenue recognition is a very important component of financial accounting and reporting. The accounting principles governing revenue recognition can have a big impact on corporate accounting and the way contracts are structured with customers. As a part of ongoing discussions to converge U.S. Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS)‚ some proposals to change revenue recognition have been discussed. The following will discuss revenue
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In capital market‚ the financial reporting and corporate disclosure are important since
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Financial Reporting Problem‚ Part 2: Nike ACC/290 Financial Reporting Problem‚ Part 2: Nike When determining the overall financial strength of a company‚ businesses rely on their current assets to show value. Current assets are defined as assets that can or will be converted into cash quickly. The value of the asset’s will vary and may be used at any time as collateral for loans or other investment business development plans. Current assets will include‚ of course‚ cash and cash equivalents
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