International labour standards

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…

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.…

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…

is entity’s management. Black and Radler serviced as (CEO) and (COO) at Hollinger International. Therefore, because their position in the company, we can say that the non- compete payment in the case describe as “related party transaction”. Unusual transactions, related party transactions, and transactions with its executive officers are the three critical areas in the new standard according to AS 18. The new standard addressed those areas in order to reduce the risks of material misstatement of…

3. Recognize the transaction price. The transaction price mostly refers to the amount of consideration that an entity expects to receive from the customers or contract. It includes the estimate of consideration with the following variables, such as rebates and bonus, that by using a “probability-weighted” measure on the expected transaction price, the amount can be identified. It is affected by the time-value of money and non-cash consideration in order measure the fair amount of the…

Q1: The AASB 138 had been adopted by the reporting entities in Australia after the introduction in the International Financial Reporting Standards (IFRS). It became effective for reporting companies on or after 1 January, 2005. This introduction would completely change the way it is recognized and measured for accounting purposes as per the Australian standards. The main motive behind the introduction of this section is to identify how the non-monetary assets shall be represented in the…

I will be looking at the Tesco Plc Annual Report and Financial Statements 2014 in this week’s learning journal since it is the company I chose in my week 1. Before I delve into discussing whether I think they use accrual-based account or cash-based accounting I will like to define the terms. Accrual basis accounting simply means the process of recording revenue and expenses as they take place even though there has not been an exchange of cash, while, cash basis accounting as the name typifies is…

What has caused the failure to converge IFRS and GAAP? Culture, gender, and demographics play a big role in the failure of convergence according to the articles I found. Gender has always had an impact on industries around the world but one industry we cannot afford to have bias or favoritism in is accounting. Businesses, investors, and citizens of the community rely heavily on the honesty and unbiased opinion of companies they give their money to. With the controversy over these two practices…