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Millions of dollars have been spent adopting IFRS to help investors make like-for-like comparisons between companies in global capital markets. But CFOs say they are useless and have driven financial disclosures to unmanageable levels. The criticism comes as the United States, the world's largest capital market, decides whether to retire its domestic accounting standard (US GAAP) and adopt IFRS. "In seven years I never got one question from fund managers or investment analysts about IFRS adjustments," former AXA head of finance Geoff Roberts said. "Investors . . . rely on investor reports and management briefings to understand companies' numbers." If analysts did delve into IFRS accounts, they would most probably misinterpret them, according to Wesfarmers finance director Terry Bowen. "Once you get into the notes you have to be technically trained. If you're not, lot of it could be misleading," Mr. Bowen said. Commonwealth Bank chief financial officer David Craig said IFRS numbers were disregarded by investors because they could actually obscure an institution's true position.
Problem a) Refer to the opinions in the quoted comments above and discuss the qualitative characteristics [released by the Conceptual Framework for Financial Reporting] that have not been satisfied under IFRS.
Problem b) Specifically, examine the views given above on financial reporting and explain whether it will satisfy the objective of financial reporting under the Conceptual Framework for Financial Reporting.
Explain the budgeting process and its importance to a business, identifying the components of different budgets, forecast estimates for inclusion in the budgets.
Prepare a retained earnings statement for the year and Prepare a stockholders' equity section of given case.
Prepare a master budget for the three-month period.
Construct the company's direct labor budget for the upcoming fiscal year, assuming that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced.
Evaluate the Predetermined Overhead Rate
Determine the company's bid if activity-based costing is used and the bid is based upon full manufacturing cost plus 30 percent.
Complete the schedule to compute the pool rates for the different activities.
Prepare Company financial statements
This individual assignment is based on the TerraCycle Inc.
Discuss the ethical issues
Calculate the GDP in Income Approach and Expenditure Approach
A new plant accountant suggested that the company may be able to assign support costs to products more accurately by using an activity based costing system that relies on a separate rate for each manufacturing activity that causes support costs.
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