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"International accounting standards are 'unusable" from an investor's viewpoint and make 'global allocation of capital more complex instead of simplifying it". Chief financial officers at large listed entities say. Millions of dollars have been spent adopting international financial reporting standards to help investors make like-for-like comparisons between companies in global capital markets. But CFO's say they are useless and have driven financial disclosures to unmanageable levels...... Investors don't open the 60-70 pages of IFRS account, they rely on investor reports and management briefing to understand a company's numbers....... 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". Australian Financial Review,In the light of the above statement; 1. Describe the IASB Conceptual Framework's perspective of users and their decisions. 2. Which qualitative characteristics of financial reporting, as per the IASB Conceptual Framework, appear not to be satisfied by current reporting practices as per IFRS. 3. In your opinion, do corporate financial reports satisfy the central objective of financial reporting as identified in the Conceptual Framework? Discuss and give example to support your opinion.
What are some of the new tools information technology has given that contribute to unethical behavior?
Advantage of this allocation scheme over allocating actual costs based on actual usage, Compute the variable utility cost per unit, to the nearest cent
Find how many equivalent units are in the ending inventory and find how many physical units are in the ending inventory?
Axis uses periodic inventory system. Using FIFO method, evaluate the amount of cost of goods sold for the month?
Use the absorption costing approach to evaluate the markup required to make the desired return on investment based on the subsequent information.
The loader is predictable to have a four-year life and a $20,600 salvage value. Loader costs are recorded in Equipment account. Evaluate what is the journal Entry?
Evaluate the amount of Milt's income that is subject to income tax by each state. Make sure to evaluate the full taxable income and show all calculations.
Purpose a schedule showing the determination of goodwill,
Prepare journal entry to record the acquisition of the land - Fielder company obtained land by issuing 2,000 shares of its $10 par value ordinary shares.
Describe the role of cost accounting in helping management plan, make decisions, and control the organization.
Find cost relevant in deciding whether to move the manufacturing facility to a different location - Brown Manufacturing Company
Find a statement of cash flows using the indirect method for the Windsor Corp for the year 2008 - Show the Analysis of the Retained Earnings
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