share some similarities in their accounting systems. Being strongly influenced by the individualism culture‚ both countries exercise a high level of professionalism among accountants. There is a common tendency to follow accounting standards bodies in both countries. In the UK this would be the Accounting Standards Board (ASB) which helps to set the Financial Reporting standards (FRS) used in the UK‚ whereas in the Netherlands the Dutch Generally Accepted Accounting Polices (GAAP) are provided by the
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Letter for Accounting Services: February 19th‚ 2015 This letter is meant to state the responsibility of services that will be provided to your organization‚ City of Lakes‚ a public non-profit: The services provided to your organization consist of a Summary of General Accepted Accounting Procedures (GAAP). This will outline the basic principles of GAAP that relates to public non-profits and how it may differ from for-profit businesses. Following‚ will be a basic overview of Accounting Practices that
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of a two course sequence focused on financial accounting rules for corporations. It includes application and use of financial accounting in a decisionmaking framework and emphasizes corporate financial reporting strategies‚ preparation of financial statements‚ and interpretation of financial statements by external users. The course examines issues related to investments‚ non-current liabilities‚ equities‚ the statements of cash flows‚ and the accounting for changes and error corrections. Within these
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Comparative Analysis Andrew Eubanks ACC/291 Principles of Accounting II May 18th 2015 Lee Guillory Taking a Closer Look at IFRS & GAAP: A Comparative Analysis There has been a big debate brewing about the acceptable accounting standards used in the US‚ also known as the GAAP or General Accepted Accounting Principles and whether or not the US should adopt the International Financial Reporting Standards used by many international companies. The following is an answer to some of the most
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owns. The client is uncertain how long the relationship with the customer may last‚ but the deal has the potential for significant growth. Your supervisor has asked you to research leases and lease structure issues on the Financial Accounting Standards Board (FASB) website‚ in particular the current practice and thought related to direct financing‚ sales type‚ and operating leases. Write a 700- to 1‚050-word memo addressed to your supervisor that summarizes your FASB research results
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Intermediate Accounting 1 -- Spring 2012 Financial Accounting Standards Codification Research Assignment Questions In order to complete this assignment‚ you will need to access the Financial Accounting Standards Board (FASB) Financial Accounting Standards Codification database. The related information for this is posted on Blackboard for this course. The UH copy of the FASB Financial Accounting Standards Codification (FASC) can be accessed at: http://aaahq.org/ascLogin.cfm. The FASC is the one
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variables such as foreign exchange risk‚ political‚ economic‚ cultural diversities‚ etc. that need to be taken into deliberation in making investment judgment. A significant variable in the analysis of foreign securities is various accounting standards. The accounting standard of United States (US) and United Kingdom (UK) and identifies the major differences that materially impact the Tangible Assets‚ Goodwill‚ Inventory‚ Auditing‚ and financial statements. The study is helpful in evaluating the financial
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Client Understanding Paper When accounting professionals work with clients outside the profession‚ there is a lessened understanding of the rules and regulations required by the Financial Accounting Standards Board (FASB). Clients will ask questions when they do not understand the reasoning behind the information needed. Adjusting costs‚ determining capitalization‚ asset disposal‚ and goodwill are often harder to understand concepts in accounting and the accountant needs to be able to explain
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PolyMedica capitalizes and amortizes its direct- response advertising cost‚ generally over a 2-4 year period‚ in accordance with American Institute of Certified Public Accountants (AICPA) Statement of Position (SOP) 93-7. Under the Financial Accounting Standards Board (FASB) guidelines‚ this rule allows such cost to be capitalized when; (a) the advertising generates sales to customers who respond explicitly to the advertisement and (b) the advertisement results in a likely future benefit. To understand
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Kong Accounting Standard 27 Consolidated and Separate Financial Statements* * This HKAS 27 is applicable for annual periods beginning on or after 1 January 2005 but before 1 July 2009. HKAS 27 (Revised) issued in March 2008 is applicable for annual periods beginning on or after 1 July 2009 and supersedes this HKAS 27. 1 HKAS 27 COPYRIGHT © Copyright 2008 Hong Kong Institute of Certified Public Accountants This Hong Kong Financial Reporting Standard contains International Accounting Standards
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