International Accounting Standards Board

Christmas Carnival will bring all the excitement and atmosphere of a traditional and enjoyable, with interesting games booths, kid zone, and outdoor ice-skating rink, international food and beverages,…

1. Legal aspects A. The first question to analyze is whether Blooms Inc. has consent to collect the data of customers under the General Data Protection Regulation (GDPR). According to Article 7(1) GDPR, the fundamental condition for the data processing based on consent is the ability of the data’s controller to demonstrate that the data subject (i.e. the customer) has consented to the processing of his or her personal data. In the present case, the customers, namely Steven and John, freely and…

Background One of the many enduring puzzles in corporate finance has been the need and outcome of the M&A (merger and acquisition) activities during different times. Generally, history is not discussed in detail for corporate finance owing to the changing market dynamics; however, M&A activities are different in terms of learnings they bring forward. A merger involves a combination of two existing companies into one single entity. Mergers attract consolidation of the industry since it is…

Elements of Territoriality Elements of Territoriality 1. Are the pedestrian routes clear and legible? 2. Are entry points into the area visible and well-defined? 3. Are there signs to locate where you are? 4. Are there sufficient way-finding maps / signs to key destinations? 5. Are there confusing levels/zones?* 3.7.1.3.2 Elements of Surveillance In this second element there are 6 items being tested. The items are as shown and presented in Table 3.2 below. Table 3.2 Elements of…

As the result, the Appeals Council Office Disability Adjudication Review (ODAR) headquarters is located in Falls Church, Virginia. This is one of last levels for an administrative decision for Appeal Council issues. However, the Social Security Administration’s (SSA) will be the final action for claims. This is the final action for claims filed under Title II and Title XVI under Social Security Act. Appeals Council Office Disability Adjudication Review For the most part, Appeals Council…

Specific Identification Method My wife manages Stark Carpet’s San Francisco showroom. Their offerings include antique Oriental and Persian rugs with retail values in the tens to hundreds of thousands of dollars. This kind of inventory fits the specific identification method’s criteria i.e., high-end/price, low volume sales that track each inventory item individually as either a cost of goods sold on the income statement or a remaining asset on the balance sheet. Dr. Walther presented specific…

Revenue Recognition Changes Caused Fraud Revenue Recognition standards as we all know has been codified or updated several times in an effort to improve the usefulness and relevance of the reporting information. The trial and error concept of identifying what criteria works across business industry in recognizing revenue instigate several opportunities. The fact that there is not going to be a general standard on recognizing revenue that is commonly suitable to all business types turn out to be…

Kyle Kakalia International Accounting Case #2 Ruckman, Inc In his assessment of Ruckman, Inc, Chris should recommend many of the following conversion implementations take place. We will start with the differences between IFRS and US GAAP in capitalization of development costs. For IFRS, there are six requirements that need to be met in order to capitalize a development cost, and a development cost can only be capitalized if it meets all of these six requirements. First of the criteria is a…

Walter P. Schuetze, the Chief Accountant to SEC and the Chief Accountant of the SEC’s Division of Enforcement, published an article entitled “What are assets and liabilities? Where is true north? (Accounting that my sister would understand) in 2001. Mr. Schuetze addresses what are assets and liabilities? He asserts that “the FASB’s definition of an asset is so complex, so abstract, so open-ended, so all-inclusive and so vague that we cannot use it to solve problems” (p. 12). In my opinion, that…

of management’s implicit assertion is they described in their article that of long-term assets and liabilities requires validity for the going concern assumption to effectively work as without this the financial statements based on accrual-basis accounting is misleading. Second, with going along with the topic on management’s explicit disclosure is talked about as they present three scenarios in which management is required to validate their going concern with their financial statements under…