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"International Financial Reporting Standards (IFRS) are designed as a common global language for business affairs so that company accounts are understandable and comparable across international boundaries. They are a consequence of growing international shareholding and trade and are particularly important for companies that have dealings in several countries. They are progressively replacing the many different national accounting standards. The rules to be followed by accountants to maintain books of accounts which is comparable, understandable, reliable and relevant as per the users internal or external".
Required:
a) Based on the above statement, Students are required to do research and write an essay of 1500 words (with proper references) which demonstrates their understanding about the Topic, outline the justifications and controversy of IFRSs. Journal Articles, Newspapers, Magazines and Websites will be valuable sources of information for this assignment.
b) Students are also required to choose and comment on a relevant IFRS standard either related to capital market or social accounting or environmental accounting.
The Draber Company uses the allowance method based on the aging method to determine the estimated allowance for doubtful accounts- Given the above information, determine the estimated allowance for doubtful accounts at the end of the period.
Develop an alternative costing system to use for bids to overcome this problem and write a report to Susan Sharma identifying the reasons why the company has been losing bids to its competitors
At year-end 2013, Wallace Landscaping’s total assets were $1.7 million and its accounts payable were $420,000. Sales, which in 2013 were $2.0 million, are expected to increase by 30% in 2014. What was Wallace's total long-term debt in 2013? Round you..
Prepare the Trading and Profit and Loss Account for the year ended on Mar 31, 2009 and a Balance Sheet on that date
The Allowance for uncollectible accounts currently has a debit balance of $900. After analyzing the accounts in the accounts receivable subsidiary ledger using the aging-of-accounts method, the company's management estimates that uncollectible accoun..
Find the activity rate for each activity cost pool. Also compute the amount of overhead cost that would be applied to each product.
Discuss the above quotation. Explain and evaluate the arguments for and against regulation. What is your opinion of the current level of accounting regulation?
The inventory of Product PIT and data on purchases and sales for a two-month period follow. The company closes its books at the end of each month. It uses the periodic inventory system. Compute the cost of ending inventory of Product PIT on April 30 ..
The balance scorecard is designed mostly for shareholders as a means to continuously monitor a manager's performance. A balance scorecard (BSC) has four perspectives; vendors, internal processes, innovation and learning, and financial.
determine the cost of capital for Zygo using the Build-up Method as of June 30, 2011. Evaluate the various adjustments the best you can from the available resources.
Assume that during the second year of operations Mack’s Plumbing Supply Co. had sales of $4,100,000, wrote off $34,000 of accounts as uncollectible using the direct write-off method, and reported net income of $600,000. Determine what the balance of ..
Evaluate amount of units must be sold in order to realize an operating income of $50,000?
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