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Financial Accounting
IntroductionAdvancing the interests of shareholders only as suggested by the shareholder theory embrace Milton Friedman’s perspective that suggests that businesses are socially accountable to enhance business and ensure the interests of the shareholders in terms of value in their shares are basis for the goals and the objectives of the organization (Sumanjeet, 2011, p.1). Although stakeholder theory suggest that the management should consistently and fairly favor all the interests of all stakeholder ...
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Financial Accounting
Financial AccountingThe interest of shareholders is paramount when dealing with accounting and financial statements. The essence of preparing any documents dealing with accounts and/or finance is to arrive at the ultimate outcome of either profit or loss at any accounting period (Avis 98). The financial statement for a particular period would provide the basis upon which decisions would be made. It is on this premise that the directors of a company should endeavour to achieve profitable margins in ...
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Advanced Financial Accounting
“AUSTRALIAN ACCOUNTING STANDARDS BOARD FRAMEWORK with a detailed analysis of the different Measurement Bases.”(word count: 2,485)ABSTRACTThe conceptual framework provided for by the Australian Accounting Standards Board (AASB) addresses the preparation and presentation of general purpose financial statements which caters to a wide array of users. Users of financial information include investors, employees, lenders, suppliers and other trade creditors, customers, government and its agencies and the ...
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Advanced Financial Accounting
The theories of regulation People usually have different feelings concerning business regulation. The general public recognizes the great economic power possessed by the business and hence the need to regulate it. On the other hand, the public at times view the governmental bureaucracy as being too intrusive and controlling especially when it puts in restrictions that are not welcome by the public. Why does regulation exist then? Generally, there are three theories of regulation which include the ...
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Theories of Financial Accounting
The paper 'Theories of Financial Accounting' is a great example of a Finance and Accounting Assignment. Dennis (2003) defines regulation as the imposition of limitations upon the preparation, form, and of external reports by bodies other than the report preparers or the individuals or the organizations for which reports are prepared. Based on this definition, regulation can be carried out by different bodies. There are three major theories of regulation. Public-Interest Theory The public-interest ...
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Financial Accounting Advanced
1) Trace the development of financial reporting approaches to valuation / measurement from the debate over the shortcomings of historic cost (in the context of attempts to deal with inflation accounting in the 1970s) to present.In the 19th and early 20th century, valuation methods were primarily based in fair value, which is also known as replacement cost or current cost accounting. However, when the Great Depression hit the world in the 1930s, values which had been overstated during the 1920s were ...
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Financial Accounting Australia
The paper 'Financial Accounting Australia' is a great example of a Finance and Accounting Case Study. This report is written based on the AASB policies. These policies have been constantly applied to all the years existing, except if not stated. The financial report includes details for G8 Education Limited as an individual entity and the consolidated entity consisting of G8 Education Limited and its subsidiaries. (a) Basis of preparation This general purpose financial report has been prepared ...
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IAS 16 - Financial Accounting
Executive SummaryThe report presents the way IAS 16 is being used by business units and the way it will help business units value their assets. The report presents the scope IAS 16 has for business units. It also presents the how the non current assets value will be found, situations when the assets need to be treated as long term, the treatment relating to deficiencies and surplus and impairmentThe report thus shows the way it will help business value their assets correctly which will act as a guide ...
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Financial Accounting Assignment
The Difference between Accrual and Cash AccountingThe two methods of accounting are acceptable but companies select the method to be used in their business. The bottom line results are at times very different when the two methods are compared. The cash method is a method mainly used in the small businesses. In this method, expenses and income are not counted until the transactions are done i.e. a check or cash is received for income and money is paid for the expenses. Since the cash method is easy ...
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Financial Accounting Issues
The paper "Financial Accounting Issues" is a good example of finance and accounting assignment. A proprietary company under the Australian laws is defined under section 45A (1) of the corporation's activities. The Acts puts some restrictions such as barring such companies from having more than 50 members and engaging in fundraising. A proprietary company should not engage in fundraising that would require disclosure of documents such as the prospectus, profile statement or offer any information ...
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Intermediate Financial Accounting - Accounting scandals
Enron’s accounting scandal Corporate governance is a term used in business organizations to define the overall direction of the enterprise and method of control used by the executives. This involves the use of proper management techniques by the chief executive officers and major shareholders of the company, who must act in the best interests of the company. Failure to follow through with effective governance will automatically lead to the collapse of a vibrant business venture. One such example ...
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Financial Accounting at ExxonMobil Corporation
The paper "Financial Accounting at ExxonMobil Corporation " is a perfect example of a finance and accounting case study. ExxonMobil Corporation is the United States of America-based multinational firm that engages in the exploration, distribution, and marketing of both oil and gas-related products. It is headquartered in Irving, Texas. The firm is a result of a merger that took place in 1999 between two well-known companies; Exxon and Mobil. Presently, the firm is rated as the world’s 7th largest ...
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The Main Feature of Australian Financial Accounting
The following paper under the title 'The Main Feature of Australian Financial Accounting' is a great example of a financial and accounting term paper. AASB 138 recognized intangible assets when its potential monetary benefit will be received by the entity and the value of the asset can be determined reliably. When the software is purchased externally this recognition criterion is met. The standard also highlights the requirements that necessary in order for the internally generated software to be ...
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Financial Accounting of Fanatarra Dairy Company
The paper " Financial Accounting of Fanatarra Dairy Company" is a great example of a case study on finance and accounting. Environmental and social concerns have made industries bear corporate responsibilities. Industries are now moving towards CSR (corporate social responsibility) due to environmental and social responsibilities (Eugénio, Lourenço & Morais, 2010). Companies are now having shifted to using social and environmental accounts since they need to allocate funds for such ...
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Financial Accounting or Practice and Principles
The paper 'Financial Accounting or Practice and Principles' is a great example of a Business Case Study. Bunzl plc was formed and incorporated in 1940; in 1957 the company was listed on the London stock exchange. With time, the business has grown and become an international distribution company. Bunzl plc started as a small haberdashery in the capital of Slovakia. The company has expanded its markets to South America acquiring Brazil; it has further grown to acquire Chile, Argentina, Colombia, and ...
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Financial Accounting of Sambal Pty Ltd
The paper "Financial Accounting of Sambal Pty Ltd" is a perfect example of a finance and accounting assignment. Jim and Peter are directors of Sambal Pty Ltd. Sambal Pty Ltd has a constitution that restricts the amount of money the company can borrow at any one time to $10m. The company already has a bank loan outstanding from the bank for $10m. The company recently took out another $2m loan from ABC Bank. The loan contract was signed by two of the company's directors and had been authorised by the ...
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Analysing Intermediate Financial Accounting Australian Securities and Investment Commission (ASIC)
Specific requirements of the accounting standards are highly considered in the report. This includes the write-downs of the various indefinite and life intangible assets which comprise of goodwill, impairment testing, identification, and allocation of the cash-generating units as well as goodwill to cash some generating units. There is also a report on the application of unrealistic assumptions used in the calculation of recoverable amounts such as discount rates and the expected growth rates. The ...
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Advanced Financial Accounting Problems In Australia
The paper “Advanced Financial Accounting Problems In Australia”  is an actual example of a case study on finance & accounting.  According to Burritt, & Schaltegger, (2010), corporate reporting is one of the ways through which organizations practice ethical responsibility. It enables an organization to ensure the environmental, social, and economic responsibility of the area and people surrounding their premises. Sustainability reports are presented as required in the ...
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Regulation of Financial Accounting Being Political in Nature
The paper 'Regulation of Financial Accounting Being Political in Nature' is a great example of a Fiancee and Accounting Assignment. The European Union entered into an agreement to adopt unified accounting standards that would help boost investments in the European Union countries. The commission announced the move to standardize and regulate the International accounting standards (IAS). Reliability, transparency, and comparison were the main reasons as to why the Union proposed the unification of ...
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Advanced Financial Accounting - the Annual Report of Stockland
The paper “Advanced Financial Accounting - the Annual Report of Stockland” is a fascinating example of a report on finance & accounting. Stockland is a renowned Australian diversified property group. Additionally, it develops, manages, and owns retail centers, logistic centers, residential communities, office buildings, and retirement living apartments. Moreover, Stockland was established in the year 1952 with a defined vision not only to realize profits and growth but to contribute ...
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