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Point 1: The accounting standard setting process in the U.S. has gone through a transformation over the years. Many organizations have been involved in the development of the generally accepted accounting principles. Several accounting scandals of high profile companies led to the passing of the Public Company Accounting Reform and Investor Protection Act of 2002, commonly referred to as the Sarbanes-Oxley Act or SOX. Over the years there has also been political pressure to develop accounting standards that would be accepted worldwide. This lead to the creation of the International Financial Reporting Standards known as IFRS.
Question 1: Talk about the different organizations that have developed the accounting standards over the years.
Question 2: How has the passing of the Sarbanes-Oxley Act changed the accounting profession?
Question 3: As a future CPA, how are you impacted by the International Financial Reporting Standards?
Financial Statement Analysis and Preparation
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An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.
Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.
This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited
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Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.
Explain the IASB Conceptual Framework's perspective of users and their decisions.
T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .
Computation of Free Cash Flow
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