International Financial Reporting Standards

Australian airspace is currently following the airspace act of 2007 and the airspace regulations 2007. The office of Airspace Regulation exercise powers under the airspace regulations (2007) are to regulate and administer Australian airspace, including danger, prohibited and restricted areas where certain types of actions take place that may present a risk to aviation activities. Australian airspace administration is generally aligned with ICAO airspace classes and associated air traffic…

AASB 15 in place of the existing revenue standards (118, and 111); and
 Importance of Revenue recognition Revenue information remains paramount in accordance with the financial functioning of an entity. Thus, information centred on the “nature, timing, amount” and “ambiguity of revenue and cash flows” from “customer contracts” provides users of financial statements comparability on the performance/position of entities within the period. Need For Standards Conversely, limitations and…

ACCOUNTING FOR INTANGIBLES—U.S. GAAP I. GENERAL PRINCIPLES The broad principles governing the accounting for Intangible assets are laid out in APB 17. According to APB 17, Paragraph 9, a company should record costs of intangible assets acquired from others, including goodwill, as an asset. All costs incurred to develop intangible assets that are not specifically identifiable should be recorded as expenses. Where an intangible asset has been recorded, its cost should be amortized by systematic…

What is Sears’ management trying to achieve through decisions with respect to financial reporting for uncollectible accounts? Management’s objective was to find alternatives to better manage the way credit card charges were collected. The new system that was being used allowed the company to charge off customers’ accounts that neglected to make a payment within eight billing cycles. The intention of the new system was to assist the company in better managing their collection efforts giving them…

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…

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. Dimensions of Financial…

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…