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Accounting Profession Balance Sheet
1,243 wordsAbstract The changes to the trilogy standards which comprise of AASB 1018 Statement of Financial Performance, AASB 1034, Financial Report Presentations and Disclosures and AASB 1040 Statement of Financial Position created confusion within the accounting profession and business community. The changes were designed for the purposes of international harmonisation and for a paradigm of change away from the profit and loss approach. Many of the issues that arose are being addressed by Exposure Drafts...
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Net Profit Balance Sheet
1,313 words... r friendliness and utility have been sacrificed on the alter of harmonisation with international standards. To be more particular with respect to changes Ravlic (2002) discovered from Prentice that items, such as abnormal items were hardly being reported on the face of the Statement of Financial Performance, therefore companies were not truly showing the impact of these items. Moreover, what profit after tax was in comparison to sustainable cash flows. A more specific example why the trilogy...
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Terrorist Attacks Financial Statements
1,371 wordsAccounting Report is the leading provider of competitive intelligence for accounting firms. It is renowned for its straight reporting and analysis of the news, developments, and trends that have defined the profession for over 20 years. Topics covered include breaking news, in-depth firm profiles, mergers and acquisitions, office closings, auditor changes, key personnel moves, legal and regulatory issues, competitive intelligence, niche practices and product launches, and much more. Here are sev...
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Political And Social Accounting Standards
1,137 words'The view that accounting standard setters consider the economic, political and social consequences of accounting standards is consistent with the view that accounting reports, if compiled in accordance with accounting standards and other generally accepted principles, will be neutral and objective's YNOPSIS Objectivity and neutrality are the ultimate goals of general purpose financial reporting. However there are many factors involved that make this goal almost impossible to attain. Economic, p...
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Accounting Standards Social Consequences
1,165 words... it mean that the report is essentially objective. It is a complex task, which is in need of on-going and sophisticated refinement by the individual and the profession. Every policy choice represents a trade off among differing individuals preferences, and possibly among alternative consequences, regardless of whether the policy makers see it that way or not. In this sense, Accounting policy choices can never be neutral (Committee on Social Consequences, 1978, pg. 24). Users of information ex...
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Percent Earned Vice President
552 wordsThe nature of the work of a financial manager varies a lot with their specific titles, which include controller, treasurer, credit manager, etc. Controllers direct the establishment of financial reports that sum up and predict the organization's financial position, such as income statements, balance sheets, and analyses of future earnings or expenses. Controllers also are responsible for preparing special reports required by regulatory authorities. Often, controllers superintend the accounting, ...
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Conceptual Framework Financial Accounting
1,610 wordsLaw and Economics Agency theory is a good explanation for costs of capital. Agency theory defines contracts as under which one party called principal engages another party called the agent to perform service on the principals behalf. Concluding, the principal delegates decision-making authority to the agent. Both sides of the contract are utility maximises and the agent will not necessarily act in the principals best interests. This leads to the rise of agency costs. Agency costs are the welfare...
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