government mandate and therefore has to follow a due process system that entails steps like placing an item on the agenda‚ performing research and issuing a discussion memorandum‚ having a public hearing on the DM‚ performing more research and issuing an exposure draft‚ providing additional time to receive input from the public‚ and passing a final standard. CA 1-2 · The objective of financial statements emphasizes a stewardship approach for reporting financial information. True · The purpose of
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TYPES OF BUSINESS SECTORS There are three types of business sectors in an economy. Primary‚ secondary and tertiary. Primary sector comprises of agricultural based or small scale industries in which investment is very low. For eg. Farming. It involves production of raw materials. The secondary sector consists of industries which focuses on manufacture of certain products and the output of the primary sector serves as the input for this sector. Whereas‚ the tertiary sector is mostly service based
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Since the barrage of scandals in the early 2000’s‚ regulatory bodies like the Federal Accounting Standards Board (FASB)‚ Securities and Exchange Commission (SEC)‚ and law reform like the Sarbanes-Oxley Act 2002 have worked to improve the standards and principles used in accounting and financial reporting. The FASB is “the designated organization in the private sector for establishing standards of financial accounting that govern the preparation of financial reports by nongovernmental organizations‚”
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appropriate for him. Proprietary company unlimited by shares capital‚ public company unlimited by shares capital‚ public company limited by guarantee and public company with no liability are the companies which are not appropriate for Ted. As‚ the companies have unlimited liabilities which Ted do not want to establish and also no liability company is done for mining purpose only. Whereby‚ proprietary company limited by shares and public company limited by shares are the companies which can be set up by
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Executive Summary Retail Context for Innovation Study Objectives & Approach Key Learnings from the Innovation Study Implications for Retailers About RAI and Booz & Company The Indian Retail industry is today at cross-roads – many challenges threaten the true potential for “profitable growth” Projected Organized Retail in India US$ Billion 731 116 455 33 422 615 Key Challenges faced by Indian Retailers % responses‚ RAI – Booz Retailers Survey 2013¹ Organized Retail Unorganized Retail
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A & AUDIT international accounting CCOUNTING ING Accounting for Small Businesses: The Role of IFRS By Nancy Christie‚ John Brozovsky‚ and Sam Hicks F or decades‚ U.S accountants in all fields have recognized a need for a simpler set of financial reporting standards for small businesses‚ but regulators have not been willing to provide a second set of standards. Now‚ for the first time‚ there may be an answer for small firms desiring relief from the onerous reporting requirements
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: In an age where a distinct premium is placed on looking and feeling good‚ the desire to be attractive is on the rise. Not surprising then that both men and women are seeking the services of beauticians‚ hairstylists and dermatologists to improve their looks. As this number swells‚ there is also a perceptible shift happening in the marketplace. The beauty services industry‚ largely unorganised and pegged at over Rs 12‚000 crore by some observers (others peg it as low as Rs 2‚000 crore)‚ is slowly
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tendency of low labor charges is the key reason for the transfer of garment manufacturing in Bangladesh. Bangladesh Garment Sector and Global Chain The cause of this transfer can be clarified by the salary structure in the garment industry‚ all over the world. Apparel labor charge per hour (wages and fringe benefits‚ US$) in USA is 10.12 but it is only 0.30 in Bangladesh. This difference accelerated the world apparel exports from $3 billion in 1965‚ with developing nations making up just 14 percent of the
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Brief Exercise 11.1 Alpha Company Stockholders Equity section of the Balance Sheet Issued and outstanding common stock (10‚000 * 10) 100‚000 Additional paid-in capital (10‚000 * 3) 30‚000 Total paid-in capital 130‚000 Retained Earnings 75‚000 Total Stockholder Equity 205‚000 Brief Exercise 11.2 Beta Company Stockholders Equity section of the Balance Sheet Issued and outstanding common stock (10‚000 * 25) 250‚000 Issued and outstanding preferred stock (10‚000 * 100) 100
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analyzing the relationship between Governmental Accounting Standards Board (GASB) and Financial Accounting Standards Board (FASB) I realized that both play an important role in the accounting field. There are different objectives for each board and I will explain the similarities and differences. I will describe the role of government regulation in the application of accounting standards and reporting requirements. Finally‚ I will present a situation in a governmental accounting environment in which FASB
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