The Framework of FRS F.R.A SS7 Two systems worldwide R22: Financial Statement Analysis: An Introduction R23: Financial Reporting Mechanics R24: Financial Reporting Standards The Financial Accounting Standards Board (FASB) The Statement of Financial Accounting Standards (SFAS) R25: Understanding the I/S R26:Understanding the B/S R27: Understanding the C/F R28: Financial Analysis Techniques R29: Inventories R30: Long-Lived Assets R31: Income Taxes R32: Long-Term Liabilities
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in local currency and foreign currency (USD, EURO). Time period (7 days/1 month/3 months/6 months/ 1 year-5 years). Rates are not fixed. Payment on maturity (when time periods over then). It can be rolled over with profit and untimely encashment forfeit applies. Alfalah Mahana Amdan (AMA): It deals in local currency only. Time period (1 year/3 years) Payment by bank each month. It cannot be rolled over with profit and premature encashment penalty
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QUESTION 1 ( MARKS ) Compensation balances are frequently a part of revolving lending arrangements with banks, yet they add to the cost of financing for the borrower. Why, then, borrowers agree to such terms? What other types of alternative financing are available? The borrowers agree to such terms because they use the compensating balance to pay for non credit bank sources such as cash management services must major firms have now negotiated for banks to use the corporations collected funds
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MEMORANDUM Subject: Share-Based Payment Reporting and SPE Reporting Special Purpose entities (SPE) within publicly traded companies have special accounting rules that one must follow to be compliant with the Generally Accepted Accounting Principles (GAAP). When auditing a company that uses share-based payments and SPE’s this firm needs to be familiar with the proper standards of reporting. To ensure an efficient audit this memo will discuss the treatment of share-based payments as well as the accounting
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Liability recognition in the balance sheet depends upon it is probable that economic benefits will flow from the entity; and the value of the liability can be reliably measured. If the entity can determine whether any a future sacrifice of economic resources should take place or not, then there appears to be no present obligation and a liability does not exist. An update for liabilities| PRBA003 | Slide 3 1 Contingent liabilities cannot be recognised by an entity on the balance sheet but will be disclosed
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Credit Cards, Excess Debt, and the Time Value of Money: The Parable of the Debt Banana Timothy Falcon Crack and Helen Roberts University of Otago, New Zealand The parable of the debt banana is an analogy between the accumulation of excess personal debt and the accumulation of excess body weight. We created this parable to grab student attention and to then serve as a springboard for discussion of personal debt, time value of money mathematics, the mechanics of credit cards, personal bankruptcy
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accountants to answer the following types of questions: • Is the company profitable? • Is there enough cash to meet payroll needs? • How much debt does the company have? • How does the company's net income compare to its budget? • What is the balance owed by customers? • Has the company consistently paid cash dividends? • How much income does each division generate? • Should the company invest money to expand? Accountants must present an organization's financial information in clear, concise
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the same for the entire enterprise. Purchasing data is created at the purchasing organization level. MRP’s are created at the plant level. * A company code is the smallest organizational unit for which accounting can be carried out. The balance sheet and income statement are generated at this level. With no cost center, there would be no accounting data. * The Organizational Structure for Financial Accounting (FI) consists of Client (entire enterprise), Company Code, and Credit Control
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divided between on–balance sheet activities and off–balance sheet activities. The off–balance sheet activities consist primarily of fee-based activities for services rendered that do not create an asset or a liability. These create no problem for the cash flow presentation because they appear on the income statement and flow directly through the operating section of the cash flow statement. The major problems are created by activities that have significant impact on the balance sheet. They are: 1)
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and compound interest? c. Name three liabilities that we would probably accrue at the end of the accounting period? d. What is “current portion of long term debt”? e. When should a contingent liability be reported (recorded) on the balance sheet? What two requirements must be met? f. How do we determine what an amount deposited today will be worth in five years? What things do we need to know to calculate the amount in five years? g. Is “f” above a present value problem
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