With the implementation of MASB, it adopted 24 of the extant International Accounting Standards (IAS) and Malaysian Accounting Standards (MAS). From there on, MASB started issuing a number of new standards as well as revised ones. These were known as MASB Standards. MASB was changed to Financial Reporting Standard (FRS) in 2005. MASB introduced a 2-tier
calculation of both economic profit and accounting profit and also
are very crucial to Billabong because the company has acquired more than 5 companies in 2013 financial year, and this had brought substantial financial instability to the company. (Annual Report, 2013) Hence, the company follows the conservative accounting policy to minimise the earning expectations so that the potential investor can estimate their return of investment in a conservative point of
profit, and different heads of expenses and incomes from one period to another. The significant points to be measured in this analysis are: a) The effect of inflation on value of the currency needs to be considered as absolute changes without accounting for real price changes may not accurate results. b) It involves only horizontal comparisons. Comparative statements pay no attention to the interrelationship
further explanations on the lectures. Since Accounting is requires technical skills it is essential for accounting educators to respond to the progressive diversity and complexity of accounting practice. (Doney&Lephardt, 1993) Essential teaching strategies for accountants focuses on the ability of understanding and has the ability to think critically which leads to understanding and adapting concepts in favor of the variety of requirements needed in the accounting
the accounting standards, which are facilitated and continuously codified by the boards. The boards was designated and developed an accounting guidelines now called the U.S. Generally Accepted Accounting Principles (GAAP), which are common to both public and private companies. U.S. GAAP rule-based principles includes recognizing financial items, measuring financial items to be reported, presenting and aggregating financial line items and disclosing financial information. However, accounting of public
audit report that brought the CUC fraud to light. The report concluded that CUC and Cendant fabricated roughly $500 million in revenue and pretax income from 1995 to 1997 and also overstated its earnings by another $200 million through improper accounting. The fraud was detected by HFS executives and disclosed by Cendant just days after the $14 billion merger. The fabricated revenue came from a few sources. The report found that operating income of CUC had been inflated in 17 of their 22 operating
engineering degree and he teaches financial statement analysis and accounting in EMBA programme. He is also a reviewer of academic journals and contributed to publishing newspaper and business magazines. BIKKI JAGGI who has a PHD in Accounting and is a professor of information system and accounting, his expertise includes financial, social and international accounting. Journal articles regarding to accounting review, international journal accounting and public policy was published by him. Dr. Beixin Lin is
1. Explain the difference between implicit and explicit costs. Give two examples of when an explicit cost is different from an implicit cost. Explicit Costs cover all expenses connected with production and the daily operation of a business. Explicit Costs are the costs being released from the business in order to keep it functional. These costs include factors of production such as land, labor, capital, etc. These would be categorized as rent, salary, material, wages, and other expenses like electricity
earnings to match investor expectations, Scrushy and his company committed a plethora of fraudulent accounting entries (Washington Post, 2004). Perhaps with proper checks and balances and a culture that trusts rather than hushes whistleblowers, accounting fraud such as this would be avoided or at least stopped in its early stages. In 2003, the Federal Bureau of Investigation looked into the accounting