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There are few assumptions of a financial statement. Such as, a business entity is assumed to carry on its operation forever which refers to a going concern concept. Financial statements should be prepared periodically, basically after a specified interval which is termed as ‘accounting period’. All the transaction recorded in a statement should be at cost, not market price. As per the money measurement concept, the information recorded in the statement should be in monetary terms. The business entity concept says that the legal entity of a corporate business should be different from the owners. The method or the practice that has been adopted by a company initially for presenting an event should be followed life long in order to maintain the consistency.
Preparation of financial statements is subject to quite a few regulations. For the purpose, Accounting Standards should be followed. Accounting Standards are issued by Accounting Standard Board (ASB). ASB is a part of Financial Reporting Council (FRC). It is a self -regulatory body in UK and is responsible for promoting quality corporate governance. ASB collaborate with the International Accounting Standard Board (IASB) to ensure the acceptance of Accounting Standard at the international level. UITF plays major role of assisting the ASB while solving a conflicting and unsatisfactory interpretation regarding the requirements of Companies Act. Financial Reporting Review Panel (FRRP) is also a part of FRC, which check the financial statement of private and public companies to ensure that statements are presented as accordance with Accounting Standards and Companies Act, 2006.
Accountability and transparency are absolute necessity for maximising long term share holder’s value. The rules and procedures of gathering data must be flexible and consistent; otherwise a scope of misinterpretation of data will
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The first issue was the credit crisis which had spread from US banks to Korea and Russia. The core of the problem is that many companies have failed to provide fair and accurate description of financial standing. Besides credit crisis other issues which are included in this article is off-balance-sheet financing and pension fund accounting.
Paul wants what he wants without understanding how to get it, and yet thinking that he deserves it. He despises common people, so to speak, including his own family, all the while hungering for money and all the fine things it can buy. His inability to attain this, and even his closeted sexuality, lead him to depression and, eventually, to kill himself.
4 Earnings per Share 5 Basic and diluted EPS 5 Explain why the regulators have been so concerned about the way the published EPS value is calculated? 5 Why should diluted EPS be calculated? 6 Why should comparative year EPS values be restated? 6 Explain what disclosures must be made.
The government of any country needs to introduce and support efficient accounting system, monitor its correspondence with the actual financial situation, with the demands of political and economical situation within the country.
One of the international bodies that deal with interaction of different accounting standards is the International Accounting Standards Committee (IASC); this institution uses the system of International Financial Reporting Standards (IFRS).
Had there been no framework, accounting standards would adopt the easier solution for a particular issue. A solution which is coherent with an interconnected theory of accounting would never be the choice. The Conceptual Framework
Performance appraisal: this is done to determine if the objectives and goals of a given job are met. It assists in determination of performance standards, individuals’ outputs and overall evaluation criteria. The overall performance for personnel is
The colonialists were awarded the rights to control the appointments of clerics in these newly discovered regions. In fact, direct contact between the clerics and Vatican was prohibited, thereby giving states express authority over the church. This kind of control did not go
We live in a world full of technology and these help us to communicate as we use emails, facebook, and date online among other activities (Turkle). Due to the development and advancement of the internet, social networks such as facebook, MySpace, twitter, chat, email,
nance code and accounting professional ethics as well as provide an analysis of the company’s performance vertically, horizontally and determine the trend analysis. Also, the report includes ratio analysis of the three companies. The three companies are in the same industry
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