Accepted

external audits of balance sheets, income statements, quarterly reports, and earnings reports. Public accountants must evaluate their clients ' financial statements based on GAAS (Generally Accepted Auditing Standards) and ensure that the statements have been prepared in accordance with GAAP (Generally Accepted Accounting Principles).The use of the word “public” in the term public accounting highlights the importance of the services these professionals provide to the general populace when…

What is the meaning of GAAP and IFRS? GAAP is the abbreviation for generally accepted accounting principles. Which is the values and guidelines pointed out by the Financial Accounting Standards Board (FASB). IFRS stands for International Financial Reporting Standards which intel’s the accounting standards developed by the International Accounting Standards Board (IASB). Which is the global standard for the planning of shared company financial statements. The start of the U.S. GAAP and IFRS was…

team has a borrowing guaranteed by the audit client - Richardson which is not a bank or similar institution, then according to APES 110. 290.120, a self-interest threat is created. In accordance with APES 110.290.120, if a member of the audit team accepted a loan which is guaranteed by an audit client that is not a bank or similar institution, the self-interest threat to independence would be so significant that no safeguards could decrease the threat to an acceptable level. The firm should…

The case of MJB and Defence Construction revolves around a tender that Defence set forth and bidders responded with unit pricing for the work. Out of four, Sorochan was the lowest bidder while MJB was the second lowest. Submitted bids were required to have a single unit price for all types of trench fill, regardless of amounts actually required for the job. Sorochan had submitted a price for one type of fill and noted in the bid that pricing may change if another type of fill were to be used.…

The portfolio managers aim in the hedging process is to obtain minimum expected costs of the consumption load, hence the lowest or minimum possible forward hedge price, within the companies accepted risk levels. In How can a company define a risk level which is acceptable and what is acceptable? Once a standardized product is hedged in the wholesale market, the price risk is no risk any more, because it has been transferred to the seller of that contract, only a fractional part which could be…

guided within the Principles of the Code of Professional Conduct. In order to maintain faith of the public that reposes in them and allow members to continually demonstrate their dedication to professional excellence.(AICPA 2014 p. 5) The Generally Accepted Accounting Principles(GAAP), is a common set of accounting principles, authoritative standards and procedures that companies use to gather their financial reports. GAAP is the standard industry for accountants to record and report accounting…

The General Accepted Accounting Principles (GAAP) requires cash flow activity from blended component units to be presented in the statement of cash flows, however, the statement does not display the cash flow activity of discretely presented component units (Washington…

Analysis of Profit of Sampling Units Table 6.6: Profit of Sampling Units Profit Kudumbashree M.E’s NGO M.E’s No Mean. SD No Mean. SD Below 20000 5 8800 748.33 1 20000 - 20000-40000 28 35143 6605.78 13 31308 15411.41 40000-60000 15 48067 5543.36 20 52750 5356.1 Above 60000 2 70000 5000 16 121563 15882.25 50 50 Source: Primary Data Table 6.6 portraits the profit generated by Kudumbashree and NGO’s assisted micro…

fantasy sports, took a more proactive approach toward the regulatory procedures being imposed in the US. In February, the Boston-based company expanded the market and launched its services in the UK. To ensure that the operations will be legally accepted, DraftKings applied for a gambling license in the region, a move that was questioned since the online fantasy sports service stand by its claim that playing fantasy sports is a game of skill rather than a game of chance. With the ongoing…

EXTERNAL ANALYSIS General characteristics of the environment To understand how and why Netflix operates the way it does we are going to analyze the environment of the business in which the firm operates. The performance of the company is not affected only by its particular actions but it changes depending on different factors such as: The demographic structure: The population is rising nearly 77 million people per year, at a rate of 1.15 % per year; it is over 6.9 billion people. The five most…