Public Company Accounting Oversight Board

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    reporting and IASB is working on them. International Accounting Standard Board (IASB) issues accounting standards known as IFRS. Previously, International Accounting Standard Committee (IASC) was producing the…

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    Various accounting bodies establish their own ethics board that is in charge of creation and implementation of ethical standards. In America, these guidelines are established by the ethics committee of the American Institute of Certified Public at domestic level, with contribution of state level establishments. Execution of these ethical guidelines is performed by these bodies and by other legal bodies including SEC. Many accountants and firms have been punished by these bodies for their…

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    Question 1 Accounting standards The accounting standards used by the organization in Australia, to prepare financial report under Corporations Act 2001 s296, are set by the Australian Accounting Standards Board(AASB). The accounting standard contains the matters to be disclosed in the financial statement. All the public and private sectors should apply these accounting standards to prepare the general purpose financial reports. Whenever the general purpose financial report is prepared,…

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    Revenue Recognition

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    means of generating profits and increasing equity. Revenue recognition is an accounting principle under generally accepted accounting principles (GAAP) that determines the specific conditions under which revenue is recognized or accounted for. Generally, revenue is recognized only when a specific critical event has occurred and the amount of revenue is measurable. The FASB has accepted that current Generally Accepted Accounting Principles (GAAP) involve complex and disparate revenue recognition…

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    Introduction The following research paper is about the new joint revenue recognition principles that were unveiled by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB), which standardizes generally accepted accounting principles (GAAP) and international financial reporting standards (IFRS) on recognition of revenue in the United States. The new joint revenue recognition principle was created to increase the financial transparency and the…

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    Air Force Flyer

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    ACCOUNTING FOR AIRLINE FREQUENT FLYER PROGRAMS: MANAGEMENT INCENTIVES AND FINANCIAL REPORTING IMPACTS May 2012 Brian J. Franklin, BBA Accounting ‘12, College of Business and Public Policy, University of Alaska Anchorage, 3211 Providence Drive, Anchorage, AK 99508, 907-268-4233 Ext. 401, bfranklin@frontiertutoring.com ABSTRACT The obligation to provide free or reduced-fare travel to passengers who redeem their accrued frequent flyer program (FFP) benefits represents a significant liability on…

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    policies, course expectation and requirements. It is a valuable source for the students and teachers to assess their readiness, performance and procedure for the course. Dr. Jan Williams is one of the honored accounting professor in University of Baltimore. Her syllabus of advanced accounting reporting class is no exception. She has full detail of events and activities that she is going to organize during the period of semester.…

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    Duane Case Summary

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    depreciation or impairment losses. The second method is the revaluation model. The revaluation model can be used to carry the building at fair value, if it can be measured reliably, less any accumulated depreciation and impairment losses. If the company chooses the revaluation model, IAS 16-39 states that the $10 million increase in value would be recognized through comprehensive income under the heading “Revaluation Surplus”. 4. According to Ernst & Young’s IFRS/GAAP comparison guide, if the…

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    AASB 138 Essay

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    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 financial…

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    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 going on there is less and less reliability success in them. With the gender role it is obvious men have always…

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