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Importance of Conceptual Accounting FrameworksPrinciple based standards is a flexible method of preparation of financial report where predetermined goals have been set out for the purpose of disclosing financial statements efficiently and effectively. Except rules based standards, principle based standards can be adjusted in variety of ways and its goals supports various different examples which can be used as a supervision to those examples. ...
Causes of the Global Financial CrisisThe financial crisis of 2007 and 2008 is seen as the worst financial crisis after the great depression of 1929. The financial decline in the mortgage market in United States is considered as the starting point of the financial crisis (Erkens, Hung & Matos, 2012). The accounting rules and principles had a role to play in this crisis. Many accountants all over the world believe that the process of f...
Focus and approach followedThe present report deals with the context and application of AAS 15 (Accounting for revenue from the contract with customers). The standard was an amendment to all the previous standards which dealt with the revenue from contracts. The standards which were replaced by this new standard were AASB 111 (Construction contracts), AASB 118 (Revenue) and AASB 1004 (Contributions). The report explains the major dissimilariti...
Article Analysis1. The IASB (International Accounting Standards Board) develop accounting standards to be used by business entities for developing the financial reports. The accounting standards have undergone several changes in past decade. In this context, this section of the report undertakes an analysis and examination of an accounting article related to the emergence of global accounting standards. The article selected is ‘Global ac...
Calculation of Planning Materialitya) As per the Australian Auditing Standard 320 Para 9, it is mentioned in the standard that the auditor should consider materiality at the time of determining the nature as well as timing and extent of audit procedure (William Jr, Glover and Prawitt 2016). Addition to that, the materiality concept has to be taken into consideration when it is required to evaluate the effect of misstatement of financial stat...
Importance of the true and fair view conceptThis study deals with analyzing several methods of accounting that are used by an organization while they operate or function in this competitive world (Skyrms, 2014). It is essential for business organization to obey or follow with the accounting standards that is linked with IFRS and GAAP for presenting a good and fair financial report for their business. The current segment explains true and fair ...
Confidentiality Related EthicsEthics – it will hamper the ethics related to disclosure of confidential information of the client as the auditor disclosed some important details regarding the products and services of the client to the intended buyer of the business. Recommendation – the principle related to confidentiality is keeping the information of the client confidential and take all the necessary steps for preserving the confid...
History Of Lehman Brother And Its CollapseThe study is prepared describing the Auditing Issues involved in Lehman Brother and the impact of these issues on the collapse of Lehman Brother along with the reasons for introduction and taking effect of ASA 701-Key matters in the audit report of the company. At the start of the study History of Lehman Brother has been discussed to understand the working and practices of the company with the causes beh...
Similarities and Differences between Financial Accounting and Managerial AccountingMemorandum To: Susan Thompson From: Department Manager Date: May 19, 2017 Subject: Financial Accounting Viz a Viz Management Accounting Hi Susan!First, I would like to congratulate you on being joining us as assistant in the management accounting department. We know that you have experience in the field of financial accounting and you can prepare t...
Current Organizational Structure: Supreme CoffeeThe aim of this research report is to present an account of strategic significance of information systems in context of critical organisational factors that may determine the success or failure of the organization’s investment in the system. The report used a wide variety of secondary resources including relevant books, journals and professional magazines to present an analysis of usefulnes...
Advantages and Disadvantages of Auditors Providing Non-Audit ServicesPart A The Assurance services refer to the professional service that has been provided by a CPA or Chartered Certified Accountant with an intention of improving the information context so that the information can be relied on by the decision makers in a better way. There are different assurance services that can be provided by the auditor. Some of them are as follows: A...
Background Of FirmThe firm came into existence in the early period of eighteen centaury when businesses were started growing. The founder of the firm Henry Lehman started selling the dry goods to farmers in United State of America in his name. After six years of trading, two brother of Henry Lehman become the partner in the firm and the name of firm changed to Lehman Brothers. With new persons new ideas came in the firm and firm started sellin...
Article SummaryThe main purpose of this paper is to critically evaluate an article in the context of accounting research in order to develop understanding about accounting theory and current issue. The selected article is "Half a defence of positive accounting research" by Dunmore (2010). This article is mainly based on positive accounting research in terms of identifying the main deficiencies in its current use. The author defined positive ...
Background of the CompaniesThe following report aims to present the discussion on the strength and weakness of the company’s capabilities together with the discussion on relevant issues in the theory used by the companies. In order to present the discussion, Coca- Cola Amati and Pacific diaries beverage companies have been selected that incorporates identification of relevant accounting theory. The assignment covers the discussion based ...
Conceptual Framework and its ApplicabilityConceptual framework can be thought of as the foundations of the term accounting as it defines it. On an attempt to potentially strengthen the accounting levels it is necessary that this framework analyses both the theoretical and the practical points attached to the financial report and explains it logically and on a steady basis. A lot of information on this topic has already been constructed and bro...
Calculation of cost per unit using conventional approachCalculation of cost per unit using conventional approach FRED: $166 MARTHA: $249 Table 1: Table presenting calculation of cost per unit and total labour hours Particular FRED MARTHA (Amount in $) (Amount in $) Direct Material 40 60 Direct Labour 30 45 Manufacturing Overhead 96 144 T...
Identified Issue 1: Lack of Computer Literacy Skills in Accounting EducationAccounting is one of the major subjects studied by the students in Australia. The demand for the accounting course is increasing in the students because of the growing market is providing job opportunities in the profession of accounting. There is a wide range of the professional opportunities in the field of accounting (Work.chron.com., 2017). However, not only the st...
Project ObjectivePatricia Arnold has argued that the bankers are often charged and blamed for their bonuses for the ongoing global financial crisis. However, the economic ruin digs out one more fundamental questions pertaining to the economic organism and the institutions upon which the entire threat is based. The following paper forages how difficult it is to consider accounting in the global organisations. It also penetrates to a...
Traditional vs Activity Based Costing A. DDT Ltd. Statement Showing computation of Cost of Product X, Y, Z (Based on the traditional approach of accounting overheads) Product X Product Y Product Z Units 5,000 8,000 7,500 Prime Cost (£) 64,000 64,000 72,000 Overheads (£) 249,600 124,800 ...
Threats Affecting the Independence of the AuditorThe success of any operating business enterprise is defined by conducting auditing practices. Auditing is simply defined as the examination of the financial report of a business organization as presented in the organization annual report, an independent person and organization normally perform the audit practices (Arens, et al., 2012). It is also outlined as the systemic and impartial exami...
This is a report for Melbourne Cricket Club asset management and will be defined by many factors .ISO55000 is not a standard for asset management; is a standard for management systems. It does not provide details of how to manage assets, but simply provides the elements that must be carried out for a management system (for example, it is a characterization of a business management system that casually has to do with management of the teams),...
Manufacturing Overheads(a) It is important to have a brief description of manufacturing overheads first. Also known as production cost, factory overhead & factory burden, manufacturing overheads are incurred in a factory’s manufacturing processes. The cost incurred in the factory for the production purpose other than direct Labour and direct materials cost is termed as manufacturing overhead cost. This is why, it is often...
Introduction of ReportEvery individual has some savings with his or her. They save some amount form their income or other sources to keep the amount for urgency or for raising the worth of that amount. In this report, the share market has been analyzed in which the individual could invest the amount and get back the amount whenever needed. This report has been prepared over the comapny, Genetic technologies limited. This company’s financ...
Organizational Structure of Pitcher PartnersThe accounting software is application software which is used to record and process the different types of accounting transactions (Machado 2016). They are often categorized under the functional modules such as accounting receivable, accounts payable, payroll, general ledger and trial balance (Quinn and Kristandl 2014). This can be termed as accounting information system that can be developed “...
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