XXX Date: 28/10/2014 Subject: The accounting requirements for leases BACKGROUND | As per our discussion, I have reviewed the consolidated financial statement of the GCL-Poly Energy Holdings Limited for the last year ended 31 December, 2013. For your reference, I would like to answer your question to facilitate your decision of lending the money as an investment that why the leased assets do should be recorded as the company’s assets under the accounting standard even the assets are not under
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Generally Accepted Accounting Principles HCS/571 Generally Accepted Accounting Principles Health care organizations are required to have financial records audited or examined at least once a year by a certified public accountant (CPA). During the audit, the CPA is looking for substantial errors, evaluating the hospital’s accounting system, and making certain that financial statements are being prepared in accordance with generally accepted accounting principles (GAAP). GAAP is a set
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Career Fair Mike Russell AIU Online Abstract Accurate accounting and the understanding can make or break your company or organization; not to mention possible jail time in the worse cases. The first way of ensuring accurate accounting is understanding the objectives. The second way is to understand the terminology of the accounting process and in the financial reporting aspects. The third way is to understand the ethics behind the accounting and reporting process. The forth way is to impement
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Proposed Accounting Standards Update (Revised) Issued: May 16, 2013 Comments Due: September 13, 2013 Leases (Topic 842) a revision of the 2010 proposed FASB Accounting Standards Update, Leases (Topic 840) This Exposure Draft of a proposed Accounting Standards Update of Topic 842 is issued by the Board for public comment. Comments can be provided using the electronic feedback form available on the FASB website. Written comments should be addressed to: Technical Director File Reference No
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to the Coca Cola statement, we have determined that through the owner’s equity the corporation had three categories: capital stock, additional paid in capital, and reinvested earnings. As we discussed in chapter 15, common stock can be issued par value, no-par, lump-sum sales, and noncash transactions. We have determined that the Coca Cola Company did not issue preferred stock. If Coca Cola were to issue preferred stock it would give features to the holders that differs from those who were issued
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Memo To: Supervisor From: Samantha Papa Date: November 21, 2011 Subject: FASB Lease Practices and Client Recommendation I have researched and analyzed the different Financial Accounting Standards Board (FASB) practices related to lease options, which our trucking client may want to consider in his or her new business opportunity. Leases are a way in which companies can finance a business project. According to the official FASB website, a lessor may record a lease transaction as a sales
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compensation and that their value be included in financial statements as part of the costs of employee services. The rule requires that all types of stock options be recognized as compensation based on the fair value of the options. Fair value for public companies would be estimated using an option-pricing model. No adjustments after the grant date would be made for changes in the stock price—either up or down. For both public and nonpublic companies, the value of the award would be charged
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Consolidated Financial Statements NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 1. Nature of Operations Tropical Pool Cleaning Corporation (henceforth refer to as the “Company,” “we” or “us”) provides pool cleaning, maintenance and repair services to individuals and corporations nationwide. Our headquarters are in New York City however we maintain a significant presence in Florida, California and Texas. 2. Accounting Principles and Presentation The Consolidated Financial Statements
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warehouses, which is they do not need to recognize any liabilities related to these obligations because it has asserted that the obligations are not probable or that it does not have sufficient information available. KEY CONSIDERATIONS INVOLVED IN THE ACCOUNTING QUESTION 1. Should LOI recognize an ARO of the two warehouses in states that have special handling and disposal of the asbestos laws? 2. Should LOI recognize an ARO of the ten warehouses containing asbestos that reside in state with
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for others to use (but excludes land and building for capital appreciation or hiring purposes) 1.2 Measurement This refers to placing a value on the transaction to qualify as an element of financial statement.1AS 16 allows two ways of measuring PPE. They are; * Cost model- This is where the PPE is measured at its historical cost and as historical cost accounting demands through matching concept, the historical cost is depreciated over the estimated useful life of the asset. According to the standard
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