2.1 Accounting standard-setters have an expectation that the readers of general purpose financial reports have a ‘reasonable knowledge’ of accounting. Specifically‚ the IASB Framework states that ‘users are expected to have a reasonable knowledge of business and economic activities and accounting and a willingness to study the information with reasonable diligence’. Hence‚ there is an expectation that financial statements are not tailored to meet the needs of people who have not‚ in some way‚ studied
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a) In your opinion‚ why do standard setters require measurement methods other than traditional historical cost accounting? At the beginning‚ traditional historical cost accounting practice were designed to allocate financial results across reporting periods and record the outcome of transactions. Under this approach‚ revenue is recorded when it is realized while expenses are matched in the same reporting period as revenue. However‚ in 1980s accounting standard setters began to shift away from this
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Black Death was an ecological disaster on a global scale. The effects of the plague on human and certain animal populations from East Asia to as far west as Greenland were catastrophic. All facets of society‚ from peasant to king were affected; no one was safe. All of society was affected; nothing would ever be the same. Thus‚ there were many economic‚ social‚ and political effects of the Black Death. Before one can understand the effects of the Black Death‚ one must understand precisely what is and
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accounting standards accounting standards Introduction to Accounting Standards Accounting is the art of recording transactions in the best manner possible. Accounting Standards are the policy documents issued by recognized expert accountancy bodies relating to various aspects of measurement‚ treatment and disclosure of accounting transactions and events. Every country has its own standards. Accounting Standards in India are issued by the Institute of Chartered Accountants of India (ICAI)
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Prompt: What were the long-term economic‚ social‚ and political effects of Reconstruction? The United States was challenged with many issues after the Civil War like crop lien work contracts‚ segregation‚ and unresolved problems with the seceded states. This period was called Reconstruction. After the Civil War‚ African Americans were free but with no place to live in or to work at‚ they settled with their former ‘masters’. African Americans were technically free‚ but no one wanted to hire a colored
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Compendium of Accounting Standards (including Interpretations as on July 1‚ 2006) THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA NEW DELHI COPYRIGHT © THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA All rights reserved. No part of this publication may be translated‚ reprinted or reproduced or utilised in any form either in whole or in part or by any electronic‚ mechanical or other means‚ including photocopying and recording‚ or in any information storage and retrieval system‚ without
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The political process of the adoption of IAS’s and harmonising these standards with the AAS’s has had far reaching impacts. This may be due to the influences of the government‚ boards‚ corporations and regulatory bodies involved in dominating the process‚ which can be seen through a brief look at the history of the actions taken by each of these parties to change the accounting world. There are visible benefits to the parties who influenced the changes in both economical and social ways. Along with
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Case 3-6 Accounting Standards A. Given the income statement effects of LIFO versus FIFO‚ how will the balance sheet inventory amounts differ between General Motors and Ford versus Honda and Daimler-Benz? In other words‚ will inventory be reported amounts representing recent costs or older historical costs? In your opinion‚ which balance sheet amounts would be more useful to financial statement users in making decisions to buy or sell shares of a company’s stock? Inventory is an asset that
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Singapore Thomas Sandlin ANT 103 Prof. Jodi Stoneman May 30‚ 2011 Singapore I will be conducting my research paper Singapore Political‚ Economic‚ and Social Organization. The method that I will use to gather my information will be ethnology. Ethnology is Comparative study of cultures with the aim of presenting analytical generalizations within the context of that society. Singapore is a postindustrial society that has a parliamentary republic with a Westminster system of unicameral
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How successful were the economic‚ social and political policies of the Tsar’s government from 1894-1914? In 1894‚ Nicholas II ascended to the throne following the death of his father‚ Alexander III. Woefully unprepared for such a role‚ Nicholas II has been characterized as a naive and incompetent leader. At a time of enormous social and political change in Russia‚ Nicholas held fast to the outdated‚ autocratic policies and opposed reform of any kind. His inept handling of the military matters and
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