setting of accounting standards of the AASB II. determining the AASB’s broad strategic direction III. monitoring and reviewing the level of funding for the AASB IV. directing the AASB in relation to the development or making of a particular standard V. the power to veto a standard recommended by the AASB. | I‚ II‚ III and V only | | I‚ II‚ and III only | | I‚ II‚ IV and V only | | II‚ III‚ IV and V only | | | 7. The functions of the Australian Accounting Standards Board include:
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PhD Course Name: ACCT 3001 v1.0 (Section 3) Module 1: Financial Accounting & Accounting Standards 1. Differentiate broadly between financial accounting and managerial accounting. -Financial accounting measures‚ classifies‚ and summarizes in report from those activities and that information which relate to the enterprise as a whole for use by parties both internal and external to a business enterprise. Managerial accounting also measures‚ classifies‚ and summarizes in report form enterprise
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Accounting Standards issued by the ICAI Page 1 of 2 Accounting Standards issued by the ICAI Withdrawal of the Announcement issued by the Council on ‘Treatment of exchange differences under Accounting Standard (AS) 11 (revised 2003)‚ The Effects of Changes in Foreign Exchange Rates vis-à-vis Schedule VI to the Companies Act‚ 1956’ Accounting Standards (ASs) AS 1 Disclosure of Accounting Policies AS 2 Valuation of Inventories AS 3 Cash Flow Statements AS 4 Contingencies and Events Occuring
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Accounting Standard 10: Accounting for Fixed Assets • Fixed asset is an asset held for producing or providing goods and/or services and is not held for sale in the normal course of the business. • Cost to include purchase price and attributable costs of bringing asset to its working condition for the intended use. It includes financing cost for period up to the date of readiness for use. • Self-constructed assets are to be capitalised at costs that are specifically related to the asset and those
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Accounting Standards-18 (AS-18): AS-18 deals with disclosure requirements in the Financial Statements in respect of the transaction with Related Party. As per AS-18‚ “Parties are considered to be related if at any time during the reporting period one party has the ability to control the other party or exercise significant influence over the other party in making financial and/or operating decisions” and Related Party transaction means “a transfer of resources or obligations between related parties
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detailed the rules and regulations of the Generally Accepted Accounting Principles (GAAP) varied in structure‚ format‚ and completeness. These variations led to confusion among users and it became more difficult to determine if they were using GAAP correctly. In response to this problem‚ the FASB developed the Accounting Standards Codification (ASC) whose main purpose is to provide users access to all of the generally accepted accounting principles in one place. The Codification eliminates obsolete
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Introduction * Meaning of Standard Costing: Standard costing is simply the name given to a technique whereby standard costs are computed and subsequently compared with the actual costs to find out the differences between the two. These differences are then analyzed to know the causes thereof so as to provide a basis of control. * Standard Costing: According to BROWN and HOWARD “Standard costing is a technique of cost accounting which compares the standard cost of each product or service
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1 . FASB Accounting Standards Codification (FASC) This section deals with certain general background considerations and information related to the FASC and the answers can be found by clicking the “About the Codification” and “Notice to Constituents” sections on the FASC Welcome Page. This section is a good general source of information about the FASC and should be reviewed prior to starting to answer the specific questions set forth in all sections. The related research questions that you must
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of premium or discount on issue of debentures or bonds etc c) Amortisation of ancillary cost i.e stamp duty‚ registration charges‚ issue expenses etc AS -16 deals with how accounting of borrowing cost should be carried out. Applicability: Applicable to all levels of Enterprises Objective: Prescribe accounting treatment for borrowing cost .i.e if loan is borrowed for purchase of Asset‚ whether interest cost should form part of total cost or not.i.e it should be capitalized Important
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Marketing Strategies In Different Countries Customer Description: I need to write about advertising and marketing strategies in different countries; I need to take at least 2 countries (one has to be Russia) and the other can be any country. I should speak about marketing strategies. They are not the same in all countries. I should state why they are different and clarify the differences. Paper Body: Marketing is the process of identifying the goods and services that consumers need and want
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