[pic] ATPB 313 / ACTB 423 Accounting Theory & Practice TOPIC 5: ACCOUNTING STANDARD SETTING Chapter 7 SHD Learning Outcomes At the At the end of this lecture‚ students should be able to explain: ✓ The three theories proposed to understand the process of regulation – public interest‚ regulatory capture and private-interest theory ✓ a comparison of the free market and regulatory approaches to standard setting ✓ International standard setting ✓ Standard setting in Malaysia Introduction
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Accountants use generally accepted accounting principles (GAAP) to guide them in recording and reporting financial information. GAAP comprises a broad set of principles that have been developed by the accounting profession and the Securities and Exchange Commission (SEC). Two laws‚ the Securities Act of 1933 and the Securities Exchange Act of 1934‚ give the SEC authority to establish reporting and disclosure requirements. However‚ the SEC usually operates in an oversight capacity‚ allowing the FASB
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Quality in Primary Care 2011;19:317–23 # 2011 Radcliffe Publishing Discussion paper Health promotion and ill-health prevention: the role of general practice Stephen Peckham BSc MA (Econ) Reader in Health Policy‚ Department of Health Services Research and Policy‚ London School of Hygiene and Tropical Medicine‚ London‚ UK Alison Hann BA(Hons) PhD Lecturer in Public Health and Health Policy‚ School of Health Sciences‚ Swansea University‚ Wales‚ UK Tammy Boyce PhD National Centre
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Ethical concerns were respected in every phase of development and implementation of this study. For example‚ the principles of the Belmont Report (U.S. DHEW‚ 1979)—which include respect‚ justice‚ and beneficence—were adhered in all phases of this study. Moreover‚ the investigator received permission to perform research in compliance with federal regulations (Hall‚ Prochazka‚ & Fink‚ 2012; Stoljar‚ 2011). Also‚ the investigator submitted the application form requesting an expedited review for this
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Discuss the accounting principles and concepts that were violated in the case. Explain the appropriate accounting treatments that should be used. Accounting is a systematic recording of business transactions and statements relating to assets‚ liabilities and summarizes the financial events that occur in a business. There are certain accounting principles and concepts to preparing reports on financial statements. These accounting principles and concepts are usually referred to as General Accepted
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CHAPTER 1 FInANCIAL ACCOUNTING AND ITS ECONOMIC CONTEXT ISSUES FOR DISCUSSION ID1–1 Security analysts and stockholders: These users would use financial statements to try to estimate the future earnings and cash flow potential of the company‚ which would be used to project a value for the company’s stock. Bank loan officers: These users would use the financial statements to determine the ability of a company to repay loans to the bank. A company’s
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Accounting Practice: It is the routine manner in which the day-to-day financial activities of a business entity are gathered and recorded. A firm’s accounting practice refers to the method by which its accounting policies are implemented and adhered to on a routine basis‚ typically by an accountant and auditor or a team of accounting professionals. Accounting in Bangladesh: In Bangladesh‚ the profession of Accountancy developed during the British colonial period. Today it is represented by two professional
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‘Uniform Accounting Standards Produce Uniform Financial Reporting’ Inro Why is the question important? In an increasingly interconnected world‚ the operations of international corporations are transnational. In addition‚ more and more investing takes place on a global level. Historically‚ different countries have developed their own national accounting standards. Before the introduction of the IFRS‚ the accounting principles of neighbouring countries were similar in many respects but used different
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Greece Culture Families are very important in Greece. Elders are highly respected‚ and children care for their elderly parents. Children are disciplined firmly‚ but parents (even those who are poor) spend a great deal of their income on feeding‚ clothing and educating their children. Men consider it a personal honor and responsibility to care for their family. In Greece‚ when they meet or greet people they shake hands with everyone – men‚ women‚ and even children at a business or
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Chapter 02 Worldwide Accounting Diversity Multiple Choice Questions 1. What is the equivalent of U.S. balance sheet common stock on the balance sheet of a British company? A) Capital redemption reserve B) Share premium account C) Own shares held D) Called-up share capital Answer: D Level: Medium LO: 1 2. Which of the following is not a problem caused by accounting diversity? A) Lack of qualified international
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