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Financial accounting College - Assignment Example

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Guidelines for preparing and presenting the annual reports are outlined in the document Requirements for Annual Reports for Departments, Executive Agencies and FMA Act Bodies, which is issued by the Department of the Prime Minister and Cabinet. Section 14 (2) of these guideposts states "Annual reports must also include information on discretionary grants" - this is a requirement later explained as: "The annual report must contain a list of discretionary grant programs administered by the department…
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Financial accounting College

Download file to see previous pages... Such grants can be shown either individually or under a sub-heading which is a heading and is general in nature like "Other income"; or else, they are subtracted in accounting the connected expense.
In the afterthought to paragraph 9 of IAS 18, sales of Real estate is stated as: "Revenue is normally recognized when legal title passes to the buyer. However, in some jurisdictions the equitable interest in a property may vest in the buyer before legal title passes and therefore the risks and rewards of ownership have been transferred at that stage. In such cases, provided that the seller has no further substantial acts to complete under the contract, it may be appropriate to recognize revenue".
At the present time, real estate creators understand IFRSs otherwise and record revenue for the sale of the estates at different times. Some real estate creators document revenue only after they have passed on the finished unit to the buyer, while others record revenue in advance, as construction progresses, by indication to the stage of completion of the real estate for sale.
This explanation p
This explanation proposes to standardize accounting pattern amongst real estate creators for sales of units, like apartments or houses, 'off plan', that is prior to construction being completed. As of now, real estate creators adopt the option of either to record the revenue only after they have actually handed over the finished unit to the buyer or before, as construction progresses, by referring to the stage of finishing construction of the development. The understanding suggests that revenue should be entered as construction builds up only if the creator is rendering construction services, and not only selling goods (for example completed real estate units). It also suggests features that suggest that the vendor is giving construction services.
The accounting treatment would not have been different even if there was rent guarantee on only some of the flats.
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It is essential that particulars of all monies received either as advance or otherwise are identified and properly recorded so that collections on or before the due date becomes easier. Also if refund takes place then the company has to record it as and when it takes place. Such refund ...Download file to see next pagesRead More
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Advanced Financial Reporting & Regulation

The researcher states that in August 2004, the Securities Exchange Commission (SEC) announced a USD 150 million’s penalty levied against BMS. This was part of an agreement to settle charges by the SEC that the company had engaged in a fraudulent scheme to inflate sales and earnings in order to meet analysts’ earnings forecasts.

11 Pages(2750 words)Assignment
Finance and accounting assignment: Advanced financial reporting and regulation
The research delves on stuffing the channels’ marketing strategies. The research focuses on the Vodafone and Peugeot asset impairment topics. All companies must present realistic financial reports. Question 1: a. Discussion of the incentives why managers would resort to extreme earnings management technique.
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ess). Though option D is also the correct answer but manufacturing accounts include direct as well as indirect manufacturing costs incurred during the year and these costs are further summed up together and transferred to the trading account. Hence it can easily be said that manufacturing accounts serves to calculate the costs of finished goods produced in a manufacturing business.
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Question 1 By upholding ethics in their auditing exercise, I think independent certified public accountants can maintain an independent audit engagement even if their fees are paid by the entity. By adopting the aspect of objectivity, that excludes prejudice, compromise and bias, auditors gives fair view of the company financial position.
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In addition, the contributions from the rating from the participants also increase. In the cases mentioned for the transactions in the IBI Ryan Plc Company, certain amount should be included in revenue for the year ended 31 March 2013. The cost of the electrical good worth ?
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It is important to note that the time revenue is recognized has an effect on the financial statement of the period. According to the International Accounting Standard 18, revenue should be recognized when earned or when it becomes realisable (ACCA, Para. 9).
5 Pages(1250 words)Assignment
Financial accounting
Revenue recognition Revenue is “the gross inflow of economic benefits during the period arising in the course of the ordinary activities of an entity when those inflows result in increases in equity, other than increases relating to contributions from equity participants.” An income can be described as a gross inflow of financial benefits, less cost of sales or /and other expenditures such as operating costs and tax liabilities.
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If the values of the mean, median, and mode are not the same, discuss what this suggests about the shape of the distribution. Construct a Graphic of the distribution of this data using StatCrunch to prove your point. Copy and Paste your graphic from
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Analyzing profit margin of the company, it can be determined the company had highest growth in profits during 2009-2011. This is because of the reason that during the period an increase of .80 percent in the net profit
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Islamic accounting & Financial reporting assignment
As a result, there are other arrangements that help banks or even individuals to gain economically even when they lend their money out to people. This takes a contract of lease that is called ijarah. Ijarah means rent or wage in Arabic. This kind of financing is different
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