Accounting has been around since the beginning of civilization. ¡§Accountants participated in the development of cities‚ trade‚ and the concepts of wealth and numbers.¡¨ (Giroux) The importance of accounting cannot be overemphasized. Equally important are the standards used to guild the application of accounting practice. Without principles and standards‚ financial reporting would not fairly present the financial position of a company. Accounting has changed and evolved vastly over time and continues
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ACCRUAL SWAPS AND RANGE NOTES PATRICK S. HAGAN BLOOMBERG LP 499 PARK AVENUE NEW YORK‚ NY 10022 PHAGAN1@BLOOMBERG.NET 212-893-4231 Abstract. Here we present the standard methodology for pricing accrual swaps‚ range notes‚ and callable accrual swaps and range notes. Key words. range notes‚ time swaps‚ accrual notes 1. Introduction. 1.1. Notation. In our notation today is always t = 0‚ and (1.1a) D(T ) = today’s discount factor for maturity T. For any date t in the future‚ let Z(t; T ) be the
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Introduction IN1 International Accounting Standard 16 Property‚ Plant and Equipment (IAS 16) replaces IAS 16 Property‚ Plant and Equipment (revised in 1998)‚ and should be applied for annual periods beginning on or after 1 January 2005. Earlier application is encouraged. The Standard also replaces the following Interpretations: • SIC-6 Costs of Modifying Existing Software • SIC-14 Property‚ Plant and Equipment—Compensation for the Impairment or Loss of Items • SIC-23 Property‚ Plant and
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enterprise goes for Expansion .i.e it enters into new line of business or goes into new product line or set up new plant‚ funds are required Incase of well established firms/ Entities‚ funds are financed via internal accruals‚ but there is time gap between funds/ cash generation and funds/ cash requirement. Therefore even well established firms/ business entities and other entities resort to external financing which is enumerated below a) Debentures b) Bonds c) Loans from banks and financial Institution
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ACG6026 Boot Camp Quiz Fall 2013 1. Which of the following is the fundamental accounting equation? a. Current assets + Current liabilities = Owners’ equity b. Assets + Owners’ equity = Liabilities c. Cash = Debts + Common stock d. Assets = Liabilities + Owners’ equity 2. Which one of the following best describes a balance sheet? a. A description of the entity’s operations over a period of time b. A snapshot at a point in time of an entity’s assets‚ liabilities and owners’ equity
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Kong Accounting Standard 27 Consolidated and Separate Financial Statements* * This HKAS 27 is applicable for annual periods beginning on or after 1 January 2005 but before 1 July 2009. HKAS 27 (Revised) issued in March 2008 is applicable for annual periods beginning on or after 1 July 2009 and supersedes this HKAS 27. 1 HKAS 27 COPYRIGHT © Copyright 2008 Hong Kong Institute of Certified Public Accountants This Hong Kong Financial Reporting Standard contains International Accounting Standards
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Application of Accounting Concepts Matching Principle & Accrual Concept Accrued / Prepaid Expense & Accrued or Advance Revenue To ensure an accurate matching of expenses and revenue under the accrual basis‚ it is necessary to include all revenue earned but not received and expenses incurred but not paid. Such adjustments comprise adjustments for : Accrued Revenue Accrued Expenses On the other hand‚ many recorded costs and revenues benefit more than one accounting period. Therefore‚ adjusting
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Financial Accounting Theory (BBAC502) Group Assignment (Group of Four) 25% (Due Session 5.2) “Australia has long recognised that its accounting standards need to be harmonised with standards elsewhere in the world. To ensure consistent application of IFRSs‚ CLERP No. 9 recommended that Australia adopt‚ from January 2005‚ official interpretations of IFRSs issued by the IASB’s International Financial Reporting Interpretations Committee (IFRIC). As noted by CLERP No. 9‚ the comparability
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PROJECT ON ACCOUNTING STANDARDS 1. ACCOUNTING STANDARD 16 2. ACCOUNTING STANDARD 21 SUBMITTED TO: PROF. T.K. NAGPAL SUBMITTED BY: VARUN FN3 FN2 Accounting Standard (AS) 16 (issued
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MCQs in lecture from ch 2 1. Accounting theories should be A. Inductive B. Deductive C. Descriptive D. None of the given options is correct 2. Which of the following statements is true about accounting measurements such as profits and assets? A. They are subject to professional judgment B. They would not vary if prepared by different accountants‚ providing they were based on the same set of accounting standards C. They are based on hard‚ objective‚ evidence
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