IAS 40 International Accounting Standard 40 Investment Property This version includes amendments resulting from IFRSs issued up to 31 December 2010. IAS 40 Investment Property was issued by the International Accounting Standards Committee in April 2000. In April 2001 the International Accounting Standards Board (IASB) resolved that all Standards and Interpretations issued under previous Constitutions continued to be applicable unless and until they were amended or withdrawn. In December 2003
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Employee Benefits MFRS 119 define employee benefits as to prescribe the accounting and disclosure by employers for employee benefits. Thus, it replaces MASB Approved Accounting Standard IAS 19 Accounting for Retirement Benefits in the Financial Statements of Employees. The major changes from old IAS 19 are set out in the Basis for Conclusions. The Standard does not deal with reporting by employee benefit plans (see FRS 126 Accounting and Reporting by Retirement Benefit Plans ). From MFRS 119, there are
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Case 4.5 Xerox Corporation 1. Xerox VS. HP Xerox Corporation has been calling itself “the document company” in its annual reports. The company is a leader in global document market. HP has been one of the major competitors of Xerox. HP is a provider of computing and imaging solutions and services for business and home. Through the period of 1997 to 2000, Xerox provide a full line of product and maintenance services of printing and copying equipment to businesses. Its document technology segment
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FINANCIAL REPORTING (FRS 108 ACCOUNTING POLICIES, CHANGES IN ACCOUNTING ESTIMATES AND ERRORS) ASSIGNMENT Question 1: Sycamore Bhd arranges to lease a machine from Oak Bhd starting on 1 July x3. The terms of the lease are that Sycamore will make three annual payments to Oak of RM30,000 each. The first payment will be made on 1 July x3. The purchase price of the machine for cash, and the cost to Oak is RM74,746. The interest rate implicit in the lease is 22%. Each company makes up its accounts
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Subject: Lease Structure & Lease Issues The company’s client, a trucking company, currently has 100 trailers. However, a new project requires the client to have 120 trailers. The relationship on the project is uncertain, which may affect the financial position of the client. The additional trailers needed for this project can be obtained through a lease option or by direct financing. In making the decision for a lease structure, the client needs to understand more about lease structure
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on the accounting standards set forth throughout the world in the global economy. The United States follows the Financial Accounting Standards Board (FASB) which has created a large number of accounting standards that are interpreted and accepted by international companies and by the International Accounting Board (IASB). The IASB plays a similar role like the FASB for the rest of the global economy. The IASB is located in London, England and is an independent, privately funded accounting standard-setter
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Financial Statement Analysis of salesforce.com, inc. Prepared by Michael J. Bennett For DeVry University’s ACCT305 Intermediate Accounting II Table of Contents: Introduction ................................................................................... 3 Report- Property and Equipment ................................................... 4 Report- Intangible Assets and Goodwill ......................................... 5 Report- Depreciation .........................................
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owns and operates a shopping center in Valencia, California. 3. On February 28, 2003, McClain agreed to lease commercial space in the shopping center for five years and two months. 4. The contract has an option to extend the lease for two more five-year terms. 5. The lease is a standard form agreement prepared by the American Industrial Real Estate Association. 6. Paragraph 1.2(a) of the lease says the size of the unit leased to McClain is “approximately 2,624 square feet” with a diagram attached
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revenue, advance payments, taxes payable, postretirement liabilities, and other accruals of operating expenses Operating Liabilities Obligations that arise from financing activities--examples are short- and long-term debt, bonds, notes, leases, and the current portion of long-term debt Financing Liabilities 3-6 3-7 Liabilities Classification Current (short-term) Liabilities Obligations whose settlement requires use of current assets or the incurrence of another current
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CHAPTER 15 LEASES Overview In the previous chapter, we saw how companies account for their long-term debt. The focus of that discussion was bonds and notes. In this chapter we continue our discussion of debt, but we now turn our attention to liabilities arising in connection with leases. Leases that produce such debtor/creditor relationships are referred to as capital leases by the lessee and as either direct financing or sales-type leases by the lessor. We also will see that some leases do not
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