865 October 14th, 2014 IFRS Impact on AIS As more companies are going global, the need for an internationally comparable and understandable financial reporting system increased exponentially. IFRS becomes the most acceptable financial reporting standards worldwide. The trend of converging with IFRS has been driven by the demand of global investors, because a single set of financial reporting system will facilitate their decision-making process in the global context. In 2002, all European…
allowances even if the sales result in short positions. The intangible asset method does not recognize third party buyers of emission allowances. The cash flow classifies the inflow and outflow as investment. The Statement of Financial Accounting Standards defines emission allowances as Goodwill and Intangible Assets. This is because they do not meet the definition of financial asset, although, they lack in physical substance. Emission allowances are considered an asset because they are…
The accounting standards that Sears should use for decision making are the Generally Accepted Accounting Principles (GAAP). According to GAAP, accounts receivable must be reported on the balance sheet at net realizable value. This means the item should be listed at the amount the company can reasonable assure…
These are not tangible and therefore another standard may be applied for these incorporeal assets, IAS 38 Intangible assets (IASB, 2014). The standard’s objective is prescribing an accounting treatment for intangible assets. This entails criteria for recognition as well as how to measure the carrying amount of intangible assets. Lastly this standard requires certain disclosure for any recognised intangible assets (IASB, 2014). IAS 38 defines intangible…
a) The committee on accounting procedure, CAP, that has been in operation from 1939m to1959, was a natural development of the AICPA(then known as AIA)Committee, that was in existed during 1933 to 1938. The committee was formed as a result of the financial crisis that were experienced during 1929 and the years after that. The power to issue pronouncements on matter of accounting principles and procedure was based on the grounds that AIPCA had the power to establish practices that would be…
As we know, directors are appointed by shareholders to manage a business. According to the law, directors have general power of management and members cannot override the decisions of the board. Directors have great power to control business activities. The law designs a series of directors’ duties to make sure the directors manage the company responsibly basic on interests of the company. However, whether those duties are effective in legal practice is a debate. In my opinion, the duty to act…
2.7 CONCEPTS OF HOUSING FINANCE 2.7.1 FINANCIAL INCLUSION The definition of Financial inclusion differs from individuals and enterprises according to a dichotomous division as either included or not according to Trike and Faye (2013).In addition Joshi (2008), defines financial inclusion as the process of ensuring access to appropriate financial products and services needed by all groups of people (weaker sections and low income) at an affordable cost in a fair and transparent manner. Table 2. 1.…
and the USA have already been relatively low. However, differences in standard setting and regulation policies weaken imports and exports between the two countries. In Appendix A it can be seen that certain industry sectors face significantly higher restrictions and therefore also higher costs due to non-tariff barriers. Many of these trade barriers should be removed by generating regulatory…
INTRODUCTION Money measurement concept is an important concept of accounting. There are so many advantages and disadvantages are existed in this concept. In the beginning of accounting history there is a problem exist in this accounting field, which is the qualitative aspects and quantifiable units are not recorded in the books of accounting of the firms. On the other hand the adherence to the money measurement concept makes it difficult to compare the monetary values of one period to…
by the system. • Tighter loan approval system is required by TRGB. • It is an expensive system. SP3: Identify factors that contribute to the problems or opportunities Answer: The points to show the factors are as given below: • Lax credit standards for loan portfolio. • Risky loan approval leads to interest income for…