ACCT2542 Corporate Financial Reporting & Analysis Semester 2 – 2009 Version 1.0.3 Contents Page 3 Accounting for Income Tax Page 7 Consolidation Accounting – Principles Page 10 Consolidation Accounting – Wholly Owned Subsidiaries Page 15 Consolidation Accounting – Intragroup Transactions Page 19 Consolidation Accounting – Minority Interests Page 24 Consolidation Accounting – Indirect Ownership Page 26 Accounting for Asso Associates – The Equity Method
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Definition of ‘Lease’ A legal document outlining the terms under which one party agrees to rent property from another party. A lease guarantees the lessee (the renter) use of an asset and guarantees the lessor (the property owner) regular payments from the lessee for a specified number of months or years. Both the lessee and the lessor must uphold the terms of the contract for the lease to remain valid. Leases are the contracts that lay out the details of rental agreements in the real estate market
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Course Outline ACCO 310/1 Financial Reporting I Summer 2013 Session 2 General Information Course Number: ACCO 310 3 credits | | | | | | |Section |Professor Robert B. Campbell | | |
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Reporting Contingencies and the Financial Statement When faced with a lawsuit you have to know whether or not to consider contingencies. According to Schroeder‚ Clark‚ and Cathey (2005) a contingency is a future event that could possibly have an impact on the firm. There are four different ways a contingency should come to view and they are income tax disputes‚ notes receivable discounted‚ accommodation endorsements‚ and what this company is dealing with a pending lawsuit. When a gain is possible
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discontinued operations and before the effect of changes in accounting principles Discontinued Operations: A component of a business is defined as a segment for which operations and cash flows can be distinguished both operationally and for financial reporting purposes. It has to be sold in full. Check of impairment of segment if not sold off by the end of the year. Reported net of tax and must restate all previous reports. Asset Impairment: check undiscounted cf and reduce to fair value. Cannot
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MFRS 111 Malaysian Financial Reporting Standard 111 Construction Contracts This version includes amendments resulting from MFRSs with effective dates no later than 1 January 2012. 495 MFRS 111 CONTENTS paragraphs Preface MALAYSIAN FINANCIAL REPORTING STANDARD 111 CONSTRUCTION CONTRACTS OBJECTIVE SCOPE 1–2 DEFINITIONS 3–6 COMBINING AND SEGMENTING CONSTRUCTION CONTRACTS 7–10 CONTRACT REVENUE 11–15 CONTRACT COSTS 16–21 RECOGNITION OF CONTRACT REVENUE AND EXPENSES 22–35 RECOGNITION
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United and Continental merge to create world’s biggest airline United and Continental Said to Agree to Merge United is buying Continental‚ and the combined company will keep the United name and be based in Chicago. Jeffery A. Smisek‚ Continental’s chief executive‚ would run the company. If the deal wins antitrust approval‚ the merged airline would replace Delta Air Lines as the top carrier. WORLD’S BIGGEST AIRLINES * 1 - American Airlines * 2 - United Airlines * 3 - Delta Air Lines
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1.0 Introductory part 1.1 Introduction: Financial statements are a structured representation of the financial position and financial performance of an entity. The objective of financial statements is to provide information about the financial position‚ financial performance and cash flows of an entity that is useful to a wide range of users in making economic decisions. Financial statements also show the results of the management’s stewardship of the resources entrusted to it. BRAC Bank is one
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REGULATIONS OF FINANCIAL REPORTING IN NIGERIA INTRODUCTION Regulation of accounting information is aimed at ensuring that users of financial statements receive a minimum amount of information that will enable them take meaningful decisions regarding their interest in a reporting entity. The bodies responsible for these regulations are often statutory agencies such as the Financial Reporting Council‚ Securities and Exchange Commission and the
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A. The main purpose is to of the (IASB) develop and issue International Financial Reporting Standards and Exposure Drafts‚ and Approve Interpretations developed by the International Financial Reporting Interpretations Committee (IFRIC). B. How is the IASB made up IASB is originally made up of 14 members from different countries with experience covering wide areas of accounting and business. The objectives of the ISAB are: (a) to develop‚ in the public interest‚ a single set of high
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