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annual report 2015-16
annual report 2015-16

... Pursuant to the provisions of Section 205A and 205C and other applicable provisions if any, of the Companies Act, 1956 (which are in force) all unclaimed / unpaid dividend, application money, debenture interest and interest on deposits as well as principal amount of debentures and deposits as applic ...
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Charities Accounting Standard (CAS)
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... apply the requirements in the CAS to comparative information that relates to financial periods beginning before 1 July 2011 (or for a prior period for which it was not required to apply the CAS) if it is impracticable to do so. In such a case, the charity shall disclose that fact. ...
Accounting Fraud: Booms, Busts, and Incentives to Perform
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... In this paper, I examine whether macroeconomic conditions influence the propensity to commit accounting fraud. I find that the incidence of observed accounting fraud is increasing in GDP and is at its highest in the periods leading up to an economic peak. In addition, the incidence of observed accou ...
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... Based on my knowledge, the financial statements, and other financial information included in this annual report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this annual report; ...
Personal Financial Statements, Pro Forma
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... performance and the reliability of information systems, to be used by the client’s management and other third parties. Examples include systems reliability, electronic commerce and services to the health care and education industries, and financial management efficiencies. Example: A company establi ...
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... few years, to serve 2 billion potential new consumers worldwide and we aim to face this challenge with great enthusiasm and determination. Simplicity and speed, along with an ability to adapt and evolve rapidly, have always represented Luxottica’s core characteristics and will continue to be key to ...
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... Classification of lease a matter of professional judgment, i.e. depends on economic substance of the lease agreement Leases that do not appear to satisfy any of the criteria of AASB 117 (paragraphs 10–12) will typically be classified and accounted for by the lessee as ‘operating’ leases They will no ...
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... The purpose of using both market prices and uniform reporting is to facilitate a rational allocation of resources for individual investing, policy making for both social and economic requirements, and international trade (AARF 1992, 1997, IASC 1996, Hill 1996). Whatever mechanisms exist, they do not ...
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... 85. Donner Company is selling a piece of land adjacent to their business premises. An appraisal reported the market value of the land to be $220,000. The Focus Company initially offered to buy the land for $177,000. The companies settled on a purchase price of $212,000. On the same day, another piec ...
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... unrealised gains and losses (for example the Revaluation Reserve), where amounts would only become available to provide services if the assets are sold; and reserves that hold timing differences shown in the Movement in Reserves Statement line ‘Adjustments between accounting basis and funding basis ...
sample - Testbankonline.Com
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... a. The company sells a machine. b. The company acquires inventory. c. The company receives a bank loan. d. The company increases accounts payable. ANS: B PTS: 1 DIF: E NAT: Reflective thinking LOC: acquire knowledge of financial analysis and cash flows 5. Which of the following is a liquidity ratio? ...
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... Long-term capital items are not reported on the fund-based balance sheet, but are scheduled and reported in the government-wide financial statements. Reports only those liabilities that have become due and will require current financial resources to liquidate. Long-term debt principal not due within ...
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Financial Accounting and Accounting Standards
Financial Accounting and Accounting Standards

... IFRS and GAAP differ in the criteria used to derecognize (generally through a sale or factoring) a receivable. IFRS is a combination of an approach focused on risks and rewards and loss of control. GAAP uses loss of control as the primary criterion. In addition, IFRS permits partial derecognition; G ...
Financial Accounting and Accounting Standards
Financial Accounting and Accounting Standards

... IFRS and GAAP differ in the criteria used to derecognize (generally through a sale or factoring) a receivable. IFRS is a combination of an approach focused on risks and rewards and loss of control. GAAP uses loss of control as the primary criterion. In addition, IFRS permits partial derecognition; G ...
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... Identify in the balance sheet or in the notes each major type of receivable. ...
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... financial records of a company or a business. However, recent auditing has begun to include non-financial subject areas, such as safety, security, information systems performance, and environmental concerns. With nonprofit organizations and government agencies, there has been an increasing need for ...
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... The detailed discussions in this guidance focus in particular on aspects of accounting where interpretative difficulties may arise when attempting to determine the full extent of a company‟s profits available for distribution. The discussions address the principles concerned in analysing any given t ...
Chapter 2: Financial Statements and the Annual
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... 44. Which statement is trueconcerning gains and losses? A. Gains and losses are reported on the balance sheet in the Assets and Liabilities sections, respectively. B. Gains and losses are special types of revenues and expenses that are reported on the income statement. C. The amounts of gains and l ...
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International Financial Reporting Standards

International Financial Reporting Standards (IFRS) are designed as a common global language for business affairs so that company accounts are understandable and comparable across international boundaries. They are a consequence of growing international shareholding and trade and are particularly important for companies that have dealings in several countries. They are progressively replacing the many different national accounting standards. They are the rules to be followed by accountants to maintain books of accounts which is comparable, understandable, reliable and relevant as per the users internal or external.IFRS, with the exception of IAS 29 Financial Reporting in Hyperinflationary Economies and IFRIC 7 Applying the Restatement Approach under IAS 29, are authorized in terms of the historical cost paradigm. IAS 29 and IFRIC 7 are authorized in terms of the units of constant purchasing power paradigm.IFRS began as an attempt to harmonize accounting across the European Union but the value of harmonization quickly made the concept attractive around the world. However, it has been debated whether or not de facto harmonization has occurred. Standards that were issued by IASC (the predecessor of IASB) and are still within use today go by the name International Accounting Standards (IAS), while standards issued by IASB are called IFRS. IAS were issued between 1973 and 2001 by the Board of the International Accounting Standards Committee (IASC). On 1 April 2001, the new International Accounting Standards Board (IASB) took over from the IASC the responsibility for setting International Accounting Standards. During its first meeting the new Board adopted existing IAS and Standing Interpretations Committee standards (SICs). The IASB has continued to develop standards calling the new standards ""International Financial Reporting Standards"".In the absence of a Standard or an Interpretation that specifically applies to a transaction, management must use its judgement in developing and applying an accounting policy that results in information that is relevant and reliable. In making that judgement, IAS 8.11 requires management to consider the definitions, recognition criteria, and measurement concepts for assets, liabilities, income, and expenses in the Framework.Criticisms of IFRS are (1) that they are not being adopted in the US (see GAAP), (2) a number of criticisms from France and (3) that IAS 29 Financial Reporting in Hyperinflationary Economies had no positive effect at all during 6 years in Zimbabwe's hyperinflationary economy. The IASB offered responses to the first two criticisms, but has offered no response to the last criticism while IAS 29 is currently (March 2014) being implemented in its original ineffective form in Venezuela and Belarus.
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