Accounting standards are an integral part of the accounting process. If properly implemented, they can create business expansion and facilitate the flow of user-friendly information to several different users including investors, banks, regulators and the public. This is a cyclical process and if accounts of a business are properly prepared in accordance with accounting standards, it encourages confidence in the business and this in turn boosts trade. In order to allow investors to make informed
set of accounting standards and interpretations issued by the International Accounting Standards Board These standards aim to develop operations and calculations where the standards become more quality and effectiveness and be understood and participants have the ability to apply them in the global capital market, Depends are so many countries in the world standards and some other countries abandoned uncle statehood and international standards adopted. And due to the importance of standards in the
competent human resources, it can give investors a reasonable assurance that their money is put into a good investment. So, information about company’s human resources is valuable and should be disclosed to the stakeholders. However, under the current accounting principles there is a lack of both correct measurement and correct disclosure of human resources in the financial reports. Although firms devote significant investments in its human resources; the problem is that these investments are immediately
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
deal in Successful way and Accounting is also an integral part of our life. This Research provides the Methodology of Islamic Accounting, discussed the features, the objectives and the principles of Islamic accounting, the differences between Islamic and conventional accounting, the different Islamic accounting practices and the way it is presented in the balance sheet. The objective of the research is to increase the knowledge of the readers about the Islamic accounting and to know the extent of
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 of standards stating how
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 of standards stating how
auditing, forensic accounting, corporate finance, business recovery and insolvency, or accounting systems and processes.” (Prospects) The job requires dedication and hard work, and can be extremely rewarding in a person’s future if done so carefully. It involves all types of writing, formal, semi-formal, and informal writing, as it all varies to who you are writing to, and what you are
greatly interested in knowing the position of the firm. The accounts are the basis, the management can study the merits and demerits of the business activity. Thus, the management is interested in financial accounting to find whether the business carried on is profitable or not. The financial accounting is the “eyes and ears of management and facilitates in drawing future course of action, further expansion etc.” iii. Creditors: Creditors are the persons who supply goods on credit, or bankers or lenders
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