financial statements to accurately determine MML’s debt/equity ratio‚ going concern‚ and other important ratios/factors. Angela may be biased towards keeping her current balance sheet numbers as they most likely overvalue assets and undervalue liabilities‚ making the sale of her ownership a better deal for her‚ but not necessarily a better deal for John. As John’s accountants we must approach this conservatively in order to ensure that he is not overpaying for the company‚ focusing primarily on
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1. What guidance does the Codification provide on the classification of current liabilities? (reference & brief explanation) - Reference: FASB ASC 210-10-45-5 through 45-12 Explanation: Current liabilities are obligations due within a year. On the balance sheet the listing of current liabilities start with obligations that arise from the operating cycle such as payables incurred in the acquisition of materials and supplies‚ collections received in advance of the delivery of goods or performance
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Income statements For the year ended 30 June 2008 : : Consolidated Notes Parent entity 2008 $’000 2007 $’000 2007 $’000 2008 $’000 Revenue from continuing operations 5 1‚354‚419 1‚230‚513 64‚453 208‚833 Cost of goods sold Other income Selling‚ general and administrative expenses Other expenses Finance costs 7 6 7 7 7 (608‚040) --(399‚411) (76‚420) (24‚986) (570‚979) 671 (355‚483) (63‚422) (19‚486) ----(1‚733) (15‚888) (21‚298)
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Globalization of Environmental Accounting Jingyi Wang (MAcc) December 1st‚ 2010 Abstract As environmental issues have received much concern‚ more and more companies realize the importance of environment-related financial issues‚ especially environmental accounting. Many countries like US and Japan have made significant progress in this field‚ while China is facing difficulty in the development of environmental accounting. The objective of this essay is to discuss the international trend of
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the concerned like: a. Aged AR to the Top Management. b. AR-Customer details to the sales/marketing people for collection and other purposes. c. AR-Customer detailed ledger to the Customer for reconciliation purpose. 5. Bad Debts provisions are also maintained and updated regularly. 6. Also the General Ledger Control Account is matched to the sub ledger on periodical basis. Activities in Accounts Payable Function 1. Recording of the vendor invoices on daily basis matching
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to ASC 450-20-50-5‚ “Disclosure shall be made of those contingencies for which there is a reasonable possibility that a loss may have been incurred even though information may not indicate that it is probable that an asset had been impaired or a liability had been incurred at the date of the financial statements.” Here reasonably possible means that the chance of the future event or events occurrence is more than remote but less than likely. Danle’s external counsel believed that Danle could potentially
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Pantaloons Retail India Limited The Accounting Standards as per their 2011-12 Annual Report are- 1. AS 1: Disclosure of Accounting Policies- * It deals with disclosure of Accounting Principles and policies used for preparation of financial statements of the companies. 2. AS 2: Valuation of Inventories- * It deals with determination of amount of inventory to be shown in financial statements. It is not applicable to shares‚ debentures‚ stock etc. The cost formulae prescribed
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Implementing IFRS Extract from: IFRS compared with US GAAP and French GAAP Assurance Services The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information‚ there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without
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Scenario 1 Energy Inc. has a present obligation (IAS 37-17) and probable liability (ASC 450-20-25-2) on December 31‚ 2011 as a result of a past event‚ the contamination of the land‚ because it is virtually certain that a draft law requiring cleaning up will be enacted. It is probable (more likely than not) that Energy Inc. will be required to transfer economic benefits in settlement which is an outflow of resources embodying economic benefits in settlement (IAS 37-23). The amount of the obligation
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a wild ride ahead The energy and resources industry can expect a wild ride in coming years as the standard-setters turn their attention to this sector. Story Debbie Smith CA The energy and resources sector‚ despite its status as a globally important industry‚ has received little specific attention over the years from the standard-setters. Recent proposals from the International Accounting Standards Board (IASB)‚ its interpretations committee (IFRIC)‚ and even the Australian Government
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