Financial Statements ACC497 Financial Statements Paper Consolidated Statement of Earnings The Consolidated Statement of Earnings presents the financial position of the parent company and its subsidiaries. This enables the reader to compare the overall financial position of the company as a whole versus any one of its subsidiaries. The income statement shows how much and where the company spends and receives its income
Words: 1111 - Pages: 5
FFA PAPER F3 FINANCIAL ACCOUNTING BPP Learning Media is the sole ACCA Platinum Approved Learning Partner – content for FIA and ACCA qualifications. In this, the only FFA/F3 study text to be reviewed by the examiner: We highlight the most important elements in the syllabus and the key skills you will need We signpost how each chapter links to the syllabus and the study guide We provide lots of exam focus points demonstrating what the examiner will want you to do We emphasise key
Words: 166751 - Pages: 668
different functional currency. This subsidiary will have to be translated to the functional currency of its parent for the purpose of consolidation. The article discussed about the 3 most common mistakes by accountants in translating the financial statements of subsidiary with a different functional currency. The first mistake mentioned in the article is when accountants hide the foreign currency gains or losses in other comprehensive income instead of presenting it in the net income. An example
Words: 655 - Pages: 3
AUDITING CASH AND INVESTMENTS 1. CASH Audit objects : - existence recorded cash balances exist at the balance sheet date. - completeness recorded cash balances include the effects of all cash trans-actions that have occurred; year – end transfer of cash between banks are recorded in the proper period. - rights and obligations the entity has legal title to all cash balances shown at the balance sheet date. - valuation recorded cash balances are realizable at the amounts stated on
Words: 1397 - Pages: 6
international financial reporting standards CERTIFICATE Learning materiaLs Contents FINANCIAL REPORTING CONTEXT..............................................................3 THE IFRS FRAMEWORK ..............................................................................17 PRESENTATION OF FINANCIAL STATEMENTS ........................................35 ACCOUNTING POLICIES .............................................................................49 REVENUE................................
Words: 174858 - Pages: 700
to: Dr. Jonathan Stanley from: Christopher Michael Yelvington subject: IFRS v. US GAAP: Business COMBINATIONS and Financial Statements. date: April 21, 2015 ------------------------------------------------- Dr. Stanley, When acquiring a foreign subsidiary, there are accounting differences that one must consider. Looking at the big picture U.S. GAAP is more rule based and IFRS is more principles based. Under IFRS, more emphasis is on the substance of transactions and more judgment is used. In this
Words: 1829 - Pages: 8
basis of accounting in the preparation of the annual financial statements where expenditures incurred in the old financial year but not yet paid will be paid in January of the new financial year and are reported as expenses for the old financial year. As for the Local Government, Statutory Bodies and Government Linked Companies, they have been adopting accrual basis of accounting in the preparation of the general purpose financial statements. Public Sector Accounting Standards The Accountant
Words: 1343 - Pages: 6
California Public Employees Retirement System, China Airlines Users of accounting information What is financial reporting? Generally accepted accounting principles Accounting organizations Investment return Accounting terminology Accounting organizations Financial and management accounting Management accounting information Accounting organizations Purpose of an audit Audits of financial statements Ethics and professional judgment Careers in accounting Home Depot, Inc. general information Learning
Words: 7422 - Pages: 30
accounting and audit failures associated with Enron and Arthur Andersen happen in the US where auditing is sophisticated, accounting principles are strong, and disclosure is emphasized? This is a teaching case for persons outside the US to review the financial reporting and auditing issues related to Enron and to explain the regulation of accounting and auditing in the US. It has broad implications for corporate governance and accounting regulation in other countries as well. n the years after the Enron
Words: 9861 - Pages: 40
