ROLE OF ‘IASB’ IASB replaced the old regime of International Accounting Standards Committee (IASC) in standard setting. The IASC was issuing International Accounting Standards (IAS). So far there were forty one IAS which had been issue before IASB replaced IASC in 2001. As one of the major weaknesses of IASC was that the standards it was issuing contained many objectives thereby defeating the purpose of consistency in recognition‚ measurement and presentation of transactions. IASB intends to limit
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it sold‚ and that units left unsold at the end of the season were sold at a loss that average 8 percent of wholesale price. Therefore‚ the stock out probability equal to 8%/(24%+8%)=25% so there are 75% probability of being less than mean+0.67*SD (standard deviation). According to z table‚ z equal to 0.67 when probability is 0.75. Therefore‚ we can calculate quantity for each style include the risk of stock out by using formulate Q*=mean+z*SD. Therefore‚ we can get the maximum order units for each
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Generally Accepted Auditing Standards Maxx Mayeux ACC/490 February 22nd‚ 2012 Linda Carr Generally Accepted Auditing Standard • Describe how these standards apply to financial‚ operational‚ and compliance audits. • Explain the effect that the Sarbanes-Oxley Act of 2002‚ and the Public Company Accounting Oversight Board (PCAOB)‚ will have on audits of publicly traded companies. • Discuss the additional requirements that are placed on auditors from this act and the actions
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financial statements. In order to make these methods and principles uniform and comparable to the extent possible – standards are evolved.What are Accounting Standards? Accounting Standards are the statements of code of practice of the regulatory accounting bodies that are to be observed in the preparation and presentation of financial statements. In layman terms‚ accounting standards are the written documents issued by the expert institutes or other regulatory bodies covering various aspects of measurement
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The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) are undertaking the Conceptual Framework project jointly in order to create a sound foundation for the new accounting standard by revising the existing conceptual framework. The International Accounting Standards Board (IASB) is the dependent standard-setting body of the IFRS foundation. The IASB adopted the FASB in its framework as guidelines for the preparation IFRS that it published in 1989
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Customer Service Standards Planning customer service standards is important for both the company and the customer as it ensures that the service received is consistent throughout the company. It is important to show consistency throughout the company as it ensures that everybody knows the standard of the service to be given and prevents poor customer service from being carried out which can affect the company. Another reason why it is important to set customer service standards is to compare to
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be taught the same way as students who have no learning disabilities. Indiana‚ which adopted the Common Core State Standards (CCSS)‚ is now eliminating those standards because‚ the state asserts‚ Common Core “takes control of educational content and standards away from parents‚ taxpayers‚ local school districts‚ and states” (Volsky). The Indiana legislators want to write new standards‚ which are governed locally‚ not at the federal level. NEED A TRANSITION?? Forty-five American states‚ the District
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Generally Accepted Auditing Standards Catherine Harris ACC491 December 15‚ 2012 Stephen Russell Generally Accepted Auditing Standards Generally Accepted Auditing Standards are set forth‚ so an auditor’s performance can be judged against something. Since 2002 and the introduction of the Sarbanes-Oxley Act auditing requirements have undergone many changes. As the times and technology change so must the profession. Generally Accepted Accounting Standards (GAAS) have 10 elements and are divided
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Reporting Council include: I. II. III. IV. V. a. b.* c. d. overseeing the process for the setting of accounting standards of the AASB. determining the AASB’s broad strategic direction. monitoring and reviewing the level of funding for the AASB. directing the AASB in relation to the development or making of a particular standard. 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 2. The
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Standard English Vs. The World It seems today that Standard English is taking over the world. Standard English is the main language many countries call their national language. Even foreign countries are starting to use the English language more often. The University even offers English Second Language classes so that foreigners can learn English. Everyone in today’s society as we know‚ speak English. It’s almost universal. The way I see it‚ is there are 2 kinds of people in this world
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