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Under US. GAAP, property, plant, and equipment are reported at historical cost net of accumulated depreciation. These assets are written down to fair value when it is determined that they have been impaired. A number of other countries, including Australia, Brazil, England, Mexico, and Singapore permit the revalation of property, plant and equipment, to their current cost as of the balance sheet date. The primary argument favoring revelation is that the historical cost of assets purchased ten, twenty or more years ago is not meaningful. A primary argument against revelation is the lack of objectivity in arriving at current cost estimates, particularly for old assets that either will or cannot be replaced with similar assets or for which no comparable or similar assets are currently available for purchase.
a. Discuss the qualitative concept of comparability. In your opinion, would the financial statements of companies operating in one of the foreign countries listed above be comparable to a US company's financial statements. Explain.
What are bad debts in dollars currently and under the proposed change? Calculate the cost of the marginal bad debts to the firm.
Discuss how can an organization best use its internal complaint process to forego the need for external resolution? When might a professional moderation be useful? Provide an example.
Which of the following procedures would an auditor most likely include in the initial planning of a financial statement audit?
Objective of the audit is to assess the clinical coding in Curtin Hospital and evaluate the quality and the accuracy of the coding data;
toady.com is a new public phone and internet company heavily financed by the eastpac bank. during your audit of
Identify and explain how some parts of the Corporations Act allow certain business conducted at company meetings to stand notwithstanding that the meeting has not strictly complied with all the legal requirements of the Act.
When a company is deciding whether to undertake an investment (from a number of possible options), what is the general procedure for the submission of proposals and the subsequent audit of investment?
the subsequent internal controls for the acquisition and payment cycle were selected from a standard internal control
A revised or final acceptable level of detection risk is determined for each assertion after (1) assessing inherent risk, (2) performing analytical procedures in audit planning
taskto prepare a report on a criteria audit conducted at curtin hospital.part 1nbsp you are to prepare and submit the
Compare the relationships among auditor, client, and external users. How do professional standards for CPAs govern these relationships?
Jog Road Company's cost system assigns MSDA expenses to customers using a rate of 33% of sales revenue. The new CFO has discovered that Jog Roads's customers differ greatly in their ordering patterns and interaction with the company's sales force.
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