his professional judgement because he was under pressure from his senior. He continued making false figures in order for a positive reflection of the financials even though he knew what he was doing was wrong and unethical. Having worked for an accounting firm as big as Ernst & Young and for such a long period, Myers should have known and followed his moral
Uniformity of accounting principles had been an issue of debates among Accounting Professionals for a couple of years. This quest gave birth to the modification of existing Accounting Standard and establishment of International Financial Reporting Standards (IFRS). An Accounting Standards is a rule or sets of rules, which prescribes the methods by which accounts should be prepared and presented. This regulatory framework of accounting is issued by the international accounting body of the accounting profession
goals and live free under a government body that protects those principles. One goal or ‘dream’ that many Americans have is to work on one’s own terms. This concept can be achieved by owning your own business. At the center of a business whether it be a flower boutique, a mechanic shop, or a grocery store, at the center, every business will handle finances. This makes financial accounting practices are important. Financial accounting can drive a business to success and can show an owner where there
implications of having a good responsibility accounting system at an organisation: • It helps to establish a sound system of control. The authority is delegated to each responsibility centres and the overall control is retained at the top management. • It enables decentralised decision making. It thus helps in placement of responsibility and tracking the unfavourable results. • Budget is easily set in an organisation with a responsibility accounting system in place. It encourages comparison of results
know what’s the difference between IFRS and GAAP. IFRS: stipulate on the general principles of economic transactions accounting principles. It is simple and clear, and emphasize the content of understanding and application. It emphasis on substance does not stick to the form, which will help to truly reflect the financial status and business performance. It possesses forward-looking, withstand the trial of space-time evolution and transaction innovation. GAAP: specific detailed content and strong operability
In matric accounting, we learn mainly about companies as a form of ownership as in previous years we learnt about sole proprietorship and partnerships. A company is a form of a business enterprise which is created by a group of people that all share a profit motive. A company can either be public or private, and for it to operate it must be registered with CIPC. I will be discussing a few concepts that are unique to companies. 1. The Companies Act The purpose of the companies act is to promote compliance
BHP Billiton, which is known to be one of the world’s largest resource groups dealing in mineral exploration and production. The company has marked a distinction due to its deep inventory o f growth projects, quality of assets, focused-marketing and diversified markets across the countries. The operating assets have been grouped into customer sector including diamonds, petroleum, aluminium, iron ore, base metal and energy coal. Understanding all the argot of the financial market that migrates in
According to IAS 16, the financial statement using their carrying amount for the year, “The objective of IAS 16 is to prescribe the accounting treatment for property, plant, and equipment. The principal issues are the recognition of assets, the determination of their carrying amounts, and the depreciation charges and impairment losses to be recognised in relation to them." The machines
INTROUCTION Working capital is a financial metric which represents operating liquidity available to a business, organization or other entity, including governmental entity. Along with fixed assets such as plant and equipment, working capital is considered a part of operating capital. Gross working capital equals to current assets. Working capital is calculated as current assets minus current liabilities. If current assets are less than current liabilities, an entity has a working capital deficiency
UNIVERSITY FACULTY OF BUSINESS DEPARTMENT OF ACCOUNTING A report done in partial fulfillment of the course required Financial Accounting (ACCT 111) Question: Explain the IAS and the IFRS. Presented By: Abigail P. Ebel ID: 2015050155 Lecturer: B. Ndiweni First written in 1973, International Accounting Standards (IAS) are issued by International Accounting Standard Board (IASB) since 2001, and its predecessor, International Accounting Standard Committee (IASC). IAS are a set