INTERNATIONAL FINANCIAL REPORTING STANDARDS(IFRS) are designed as a common global language for business affairs so that company accounts are understandable and comparable across international boundaries. They are a consequence of growing international shareholding and trade and are particularly important for companies that have dealings in several countries. They are progressively replacing the many different national accounting standards. The rules to be followed by accountants to maintain books
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The Role of Conservatism in Financial Reporting Table of Contents Introduction 3 Applications of Conservatism in Accounting 4 Advantages associated with Conservatism 7 Disadvantages associated with Conservatism 11 Recommendations and conclusions 14 References 17 Introduction This report investigates the application of conservatism in accounting and its role in financial reporting. We also examine and compare the advantages and disadvantages associated with conservatism and provide our opinion
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time periods. The two stories both have their pros and cons of the society that is being portrayed in the text. The pros of the societies in the stories are found more in “The Voter” than in “Tribal Scars”. This mainly has to do with the fact that the society in Achebe’s story was based in a more recent time which allowed for the society to be more far and democratic and this would be the most noticeable pro throughout the stories. Another pro for “The Voter” would be that almost all of the
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Pros and Cons of Economic Growth Fostering economic growth remains at the heart of any national government’s agenda. As such‚ governments have embraced numerous strategies aimed at promoting economic growth‚ such as forging alliances‚ signing business treaties‚ and becoming members to business alliances. Economic growth refers to an increase in a country’s real Gross Domestic Product (GDP) or the value of the country’s national expenditure or output. While increasing economic growth has several
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CHAPTER 24 Full Disclosure in Financial Reporting ASSIGNMENT CLASSIFICATION TABLE Topics Questions Brief Exercises Exercises Problems Cases * 1. The disclosure principle; type of disclosure. 2‚ 3‚ 4‚ 24 * 2. Role of notes that accompany financial statements. 1‚ 5‚ 6 1‚ 2 * 3. Subsequent events. 7 3 1‚ 2 1 5‚ 13 * 4. Segment reporting; diversified firms. 8‚ 9‚ 10‚ 11‚ 12 4‚ 5‚ 6‚7 3 2 6‚ 7‚ 8 * 5. Discussion and analysis. 13‚ 14 * 6. Interim reporting. 17‚ 18‚ 19‚ 20 * 7.
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Group Case Study “Microsoft’s Financial Reporting Strategy” Microsoft’s Financial Reporting Strategy ABSTRACT 2 This case study examines the factors explaining the difference between Microsoft’s market value of equity to book value of equity and overall financial reporting strategies employed at the firm. We analyzed financial information dating from 1985 to 1999 and 2011 annual report provided by Microsoft. We found factors explaining market value of equity are perceived risk and future cash
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Regulatory Environment of Financial Reporting Nicholas Vujnich Accounting 561 September 25th‚ 2014 Chelsea Bjorkman Regulatory Environment of Financial Reporting Over the last 100 years‚ there have been significant changes to the regulatory environment that shaped financial reporting requirements. The Securities Act of 1933‚ The Securities Exchange Act of 1934‚ and the Sarbanes-Oxley Act of 2002 are the most notable laws enacted to ensure transparency and accuracy in reporting. Each new law subsequently
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Exercise 2‚ page 27 a. I think women are better listeners than men. | Pro (yes‚ for‚ good) | Con (no‚ against‚ bad) | 1. Women are nurturing by nature. | 1. Tend to get too emotional. | 2. Like to listen and be supportive. | 2. Don’t see a problem in sharing your personal issues with others. | 3. Care to know all details and facts‚ no matter how long it takes. | 3. Will tend to feel they know it all. | 4. Will give advice based on personal experiences. | 4. Can often talk endlessly
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PROS AND CONS English Comp 1 7/17/2014 Firearms‚ are they good‚ or are they a safety hazard to everyone in this world? Are they so dangerous that no one should be allowed to own them or are they so necessary that we can’t live without them? Are we to strict on the laws involving firearms? This argument has been going on for many years. Controversial‚ of course. Beneficial lifesaver‚ definitely. Easy to control‚ no way. Guns are useful. Every day‚ they are responsible for killing
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for Financial Reporting The Conceptual Framework was issued by the IASB in September 2010. It superseded the Framework for the Preparation and Presentation of Financial Statements. © IFRS Foundation A21 Conceptual Framework CONTENTS paragraphs FOREWORD THE CONCEPTUAL FRAMEWORK FOR FINANCIAL REPORTING INTRODUCTION Purpose and status Scope CHAPTERS 1 2 3 4 The objective of general purpose financial reporting The reporting entity to be added Qualitative characteristics of useful financial information
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