for Financial Reporting The Conceptual Framework was issued by the IASB in September 2010. It superseded the Framework for the Preparation and Presentation of Financial Statements. © IFRS Foundation A21 Conceptual Framework CONTENTS paragraphs FOREWORD THE CONCEPTUAL FRAMEWORK FOR FINANCIAL REPORTING INTRODUCTION Purpose and status Scope CHAPTERS 1 2 3 4 The objective of general purpose financial reporting The reporting entity to be added Qualitative characteristics of useful financial information
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Current ethical issue analysis Due to the sheer size of its market and exposure‚ the juggernaut that is Wal-Mart faces a multitude of ethical issues of a wide variety in today’s market. The company touts having three main points in its code of ethics: respect for the individual‚ service to the customer‚ and striving for excellence. It is estimated that Wal-Mart is the largest U.S. importer of Chinese products‚ and that Chinese manufactured goods actually make up around 70% of the company’s total
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1. Sources of GAAP and basic framework and concepts ........................................................... 3 2. Reporting net income ................................................................................................... 14 3. Income statement: Income from continuing operations ................................................................................ 17 Discontinued operations ...............................................................................
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Ethical and Unethical issues about Coca Cola http://www.bigbrummie.co.uk/ The company has come under fire in the last few months for the way in which its workers are treated in Guatemala. On February 25‚ 2010‚ Coke was sued by those Guatemalan labourers‚ who claim that they‚ “endured a campaign of violence” from the people who worked for the bottling or processing plants owned by Coke. (Unethical) In 1998‚ Coca-Cola set up a bottling plant in Perumatti in the southern state of Kerala. Since
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A. The main purpose is to of the (IASB) develop and issue International Financial Reporting Standards and Exposure Drafts‚ and Approve Interpretations developed by the International Financial Reporting Interpretations Committee (IFRIC). B. How is the IASB made up IASB is originally made up of 14 members from different countries with experience covering wide areas of accounting and business. The objectives of the ISAB are: (a) to develop‚ in the public interest‚ a single set of high
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MFRS 111 Malaysian Financial Reporting Standard 111 Construction Contracts This version includes amendments resulting from MFRSs with effective dates no later than 1 January 2012. 495 MFRS 111 CONTENTS paragraphs Preface MALAYSIAN FINANCIAL REPORTING STANDARD 111 CONSTRUCTION CONTRACTS OBJECTIVE SCOPE 1–2 DEFINITIONS 3–6 COMBINING AND SEGMENTING CONSTRUCTION CONTRACTS 7–10 CONTRACT REVENUE 11–15 CONTRACT COSTS 16–21 RECOGNITION OF CONTRACT REVENUE AND EXPENSES 22–35 RECOGNITION
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Framework for Financial Reporting I am from England‚ and here in the UK‚ unlike most countries‚ our system of government has no comprehensive written constitution. Many countries do have such constitutions and in these circumstances the laws of the land are shaped and influenced by the constitution. Now while the International Accounting Standards Board (IASB) is not a country it does have a sort of constitution‚ in the form of the Conceptual Framework for Financial Reporting (the Framework)
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History When people first started to get involved in environmental ethics‚ the choices were based on “how does it benefit humans”. Most ethical perspectives were anthropocentric‚ human interests at the expense of nonhuman things. Such as clear cutting‚ or burning because we as humans can benefit more from the wood or the land‚ than the animals can benefit from it. The value of nonhuman things would depend on what the human needed the nonhuman thing for. In the early 1970’s some members
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and childhood obesity and the ethical arguments over obesity has greatly increased over the last 10 years. Health problems that occur from this deadly disease is something that no one wants to talk about. When people think about health‚ what usually is discussed is cancer or heart disease. Not many people really think about one of the biggest issues out there that is really not taken very seriously and that is obesity.
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5. What ethical issues have you witnessed or heard about on this company? State your opinions on what should have been done to deal with these ethical issues. a) Conflict on human rights Nokia has been involved in conflict-minerals which engaging in human rights abuses. For example‚ the conflict-minerals took place in Democratic Republic of Congo‚ Central of Africa in July of 2010. The illegal activities involved the extraction and trade of minerals which controlled by warlords. The head of the
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