Fiat Group’s first-time adoption of IFRS Course: Corporate valuation Authors: Hanlin Wang David Řeha Jin Zhang Joy Nguyen On Wednesday‚ February 24‚ 2010 the SEC reiterated its support for International Financial Reporting Standards (IFRS)‚ this was conditional upon the accomplishment of a number of milestones. The SEC staff had developed a comprehensive work plan that would help to keep the process moving forward. Including Fiat‚more and more huge cooperations are adopting IFRS
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Allowed • Silent‚ cordless calculators (financial calculators are permitted) • Translation dictionaries QUESTION 1- 24 MARKS- 43 MINUTES Please answer all parts of this question in your answer booklet PART A- MULITPLE CHOICE Select the Best Answer 1. Which of the following criteria must be met before an event or item should be recorded for accounting purposes? a. The event or item can be measured objectively in financial terms. b. They are probable.
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IFRS‚ there are the rules accounts has to be followed. GAAP is an accepted set of rules‚ conventions‚ the standard framework of guidelines and procedures for reporting financial information‚ as defined by the Financial Accounting Standards Board. “It includes the standards‚ conventions‚ and rules accountants follow in recording and summarizing transactions‚ and in the preparation of financial statements” (American Institute of Certified Public Accountants‚ website). GAAP include Business Entity Concept
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Preparation and Presentation of Financial Statements and the FASB’s Statements of Financial Accounting Concepts). Rationale for the Project and Project Objective A conceptual framework is basically a foundation serving as a guide to standard setters to help them establish the principles and concepts. Therefore‚ the conceptual framework project is to develop an improved common conceptual framework that provides a foundation for developing future accounting standards. In this sense‚ the framework is
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*Accounting records—The records of initial accounting entries and supporting records‚ such as checks and records of electronic fund transfers; invoices; contracts; the general and subsidiary ledgers‚ journal entries and other adjustments to the financial statements that are not reflected in formal journal entries; and records such as work sheets and spreadsheets supporting cost allocations‚ computations‚ reconciliations and disclosures. Agreed-upon procedures engagement—An engagement in which
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Introduction It was not so long ago that the mention of International Financial Reporting Standards (IFRS) immediately conjured up thoughts of convergence with United States Generally Accepted Accounting Principles (US GAAP)‚ which then evolved into the four major projects that is financial instruments‚ insurance‚ leases and revenue. But today‚ the key words are ‘comparability’ and ‘consistency’. Comparability of information prepared under USGAAP and IFRS‚ instead of convergence of the two
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978-2094 Email – mldavis@alaska.edu TEACHING INTERESTS‚ RESEARCH INTERESTS Primary teaching interests – graduate or undergraduate – focus on financial‚ intermediate‚ advanced‚ financial statement analysis and accounting theory Research concentrates primarily on contentious merger and acquisition issues and troublesome financial reporting topics PROFESSIONAL OVERVIEW Professor of Accounting‚ Accounting & Information Systems Program‚ University of Alaska‚ Fairbanks (2004-current;
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Definition of accounting Accounting is an information science used to collect‚ classifies‚ and manipulates financial data for organization and individuals. Accounting is instrumental within organizati0n as a means of determining financial stability. Accounting are responsible for determining an organization overall wealth‚ profitable and liquidity. Without accounting organization would have no basis if foundation upon which daily and long term decisions could be made. The budgets for marketing activities
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INTERNATIONAL UNIVERSITY COLLEGE Sofia “Earnings management‚ in exchange listed companies‚ is not fraud but a case of caveat emptor for investors” Coursework in BUSINESS FINANCIAL CRIME Student registration No: 479866 Program: International Finance and Trade‚ Level 2 Lecturer: A. Paparizov “Earnings management‚ in exchange listed companies‚ is not fraud but a case of caveat emptor for investors” With the development of the stock markets and the huge grow in the volume of money traded
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Protection on Earnings Quality Around the World” by Houqe et al. In the paper “The Effects of IFRS Adoption and Investor Protection on Earnings Quality Around the World” Houqe et al. study the interaction of two fundamental factors that influence financial reporting. So‚ the authors developed an empirical model that tested whether the quality of earnings is a function of mandatory IFRS adoption‚ the country’s investor protection and the interaction of these two variables. For the purpose of having accurate
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