Estimates and Errors ” PAS 10 “ Events after the Balance Sheet Date ” PAS 12 “ Income Taxes ” PAS 16 “ Property and Equipment ” PAS 18 “ Revenue ” PAS 32 “ Financial Instruments: Disclosure and Presentation “ PAS 37 “ Provisions‚ Contingent Liabilities and Contingent Assets “ PAS 39 “ Financial Instruments: Recognition and Measurement “ * PAS 1 “ Presentation of Financial Statements “ – provides a framework within which an entity assesses how to present fairly the effects of
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Facts Big Bear Power (Big Bear) must determine what factors should be included in the minimum lease payments for the lease of a combustion turbine from Goliath Co. For each of the following three provisions‚ we determine what components should be included in “minimum lease payments” per ASC 840. Provision 1 Facts At the beginning of the lease‚ Big Bear pays $500‚000 to its legal counsel as well as $1 million in legal fees incurred by Goliath Co. The Company is required to pay the latter expense‚
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ABC SDN. BHD. (Incorporated in Malaysia) INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF ABC SDN. BHD. Report on the Financial Statements We have audited the financial statements of ABC SDN. BHD.‚ which comprise the balance sheets as at 30 September 2010 of the Group and of the Company‚ and the income statements‚ statements of changes in equity and cash flow statements of the Group and of the Company for the year then ended‚ and a summary of significant accounting policies and other explanatory
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to its maximum ability or is no longer functioning or irreparable. This is when the company scraps or salvages the truck and the truck is then recorded as a Depreciation Expense because the company will no longer get any use out of it. Contingent liabilities will be discussed in detail
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Memo 1: eVade Pays Up 1. present obligation defer of liability 2. state law‚ so not a contingency 3. legal liability On March 31‚ 2012 Doing nothing: reason: yes there is a new tax rule of amnesty program‚ but it’s contingent on voluntarily resgister on prospective basis. If they didn’t file the paper work‚ they still may subject to $60 million. No legal reduction on the liability yet. Code: gain contingency‚ derecognition of liability extinguish405-40-1 On June 15‚ 2012 Memo 2: Talking
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189 19.24 18.93 4‚822‚913‚148 5‚822‚368‚057 2‚659‚051‚866 3‚728‚887‚570 3‚884‚813‚778 1‚867‚834‚766 Others Loans and Advances Loans‚ Cash Credit‚ Overdrafts‚ etc. Other Assets Non-Banking Asset Total Property and Asset Liabilities and Capital Borrowing from other Banks‚ Financial Institutions & Agents Deposit and Other Accounts Current Deposit & Other Accounts Bills Payable Savings
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Accounting Regulation in Australia Today we discover: 1. Why accounting regulation is becoming a bigger issue for business and society. 2. What are ‘Accounting Standards’? 3. What is the ‘conceptual framework’ and what is its purpose? 4. Which entities need to produce GPFRs? 5. What criteria must be met before an item is included on a GPFR? Regulation and the Development of Accounting Standards Accounting practice has evolved to meet society’s need to record and report financial transactions
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identifiable assets acquired‚ the liabilities assumed and any non-controlling interest in the acquiree 10–31 Recognition principle 10–17 Recognition conditions 11–14 Classifying or designating identifiable assets acquired and liabilities assumed in a business combination 15–17 Measurement principle 18–20 Exceptions to the recognition or measurement principles 21–31 Exception to the recognition principle 22–23 Contingent liabilities 22–23 Exceptions to both
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Overview of the Chapter Current and Noncurrent Liabilities Lease Obligations Pension Liabilities Contingent Liabilities & Commitments Deferred credits or income Off-Balance-Sheet Financing Liabilities at the Edge of Equity Equity Financing Book Value per Share Analysis of Liabilities Areas of observations: We need to make sure that companies account for all of them with proper details as to their amounts‚ due dates including conditions‚ encumbrances and limitation Most
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1980 | |1994 |IAS 19 (1978) was reformatted | |August 1997 |Exposure Draft E59 Provisions‚ Contingent Liabilities and Contingent Assets | |September 1998 |IAS 37‚ Provisions‚ Contingent Liabilities and Contingent Assets | |1 July 1999 |Effective Date of IAS 37‚ which superseded those portions of IAS 19 (1978) dealing with | |
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