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How legislation and accounting concepts affect an organization accounting policies?


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Answered 2009-11-18 22:06:16

Describe how the legislation and accounting concepts affect an organisation's accounting policies

Reporting methods, measurement systems, and disclosures used by a specific company. The accountant should evaluate the appropriateness of accounting policies employed by management. A description of the company's accounting policies should be presented in a separate section preceding the footnotes to the financial statements or as the first footnote. Disclosure of accounting policies should include Accounting Principles and methods of application that involve: (1) a selection from generally accepted alternatives; (2) those peculiar to the industry or field of endeavor; and (3) unusual or different applications of Generally Accepted Accounting Principles (GAAP). Examples of disclosures are basis of Consolidation, depreciation methods, and inventory pricing. Disclosure of accounting policies assists financial readers in better interpreting a company's financial statements. Thus it results in fair presentation of the financial statements.

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How the legislation and accounting concepts affect an organization's accounting policies?

Reporting methods, measurement systems, and disclosures used by a specific company. The accountant should evaluate the appropriateness of accounting policies employed by management. A description of the company's accounting policies should be presented in a separate section preceding the footnotes to the financial statements or as the first footnote. Disclosure of accounting policies should include Accounting Principles and methods of application that involve: (1) a selection from generally accepted alternatives; (2) those peculiar to the industry or field of endeavor; and (3) unusual or different applications of Generally Accepted Accounting Principles (GAAP). Examples of disclosures are basis of Consolidation, depreciation methods, and inventory pricing. Disclosure of accounting policies assists financial readers in better interpreting a company's financial statements. Thus it results in fair presentation of the financial statements.


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What legislation in administering medication?

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Responsibilities of accounting department?

The responsibilities of an accounting department are to handle all financial transactions in the organization. These includes bookkeeping, filing returns advising on various monetary policies and so much more.


The difference between accounting policies and accounting bases?

The difference between accounting and auditing?"


Is the Polyproc Accounting Policies and Procedures compatable with all operating systems?

Polyproc Accounting Policies and Procedure will work on windows 200, nt, xp or vista.


What is accounting nationalism?

Accounting nationalism is a situation where by each country has a national sovereinty †☺ establish her own accounting rules and policies.



What has the author James Oscar McKinsey written?

James Oscar McKinsey has written: 'Organization and methods of the Walworth Manufacturing Company' -- subject(s): Boston Walworth Manufacturing Company 'Adjusting policies to meet changing conditions' -- subject(s): Industrial management 'Accounting principles' -- subject(s): Accounting 'Organization problems under present conditions' -- subject(s): Industrial organization


Difference between accounting and book keeping?

Bookkeeping is more-or-less the mechanics of Accounting. Accounting would include the development of accounting policies and procedures, the design of reports, compliance with tax laws. Bookkeeping would be the daily recording of business transactions in financial records in accordance with company policies and procedures.



What political organization directs the policies of government?

What political organisation directs the policies of government?"


What is the difference between legislation codes of practice and work place policies?

Legislation is written in law. Codes of practice are things companies follow informally. Work place policies are written in company regulations.


Why is it important to provide information to the work-group about policies and procedures?

1. Why is it essential to provide information on legislation and policies to the workgroup?


What Protects workers from discrimitory hiring and firing policies?

The employment laws legislation of the country. It should be noted that not all countries have employment legislation.


What are the importance of employees in an organization?

Employees are so important in any organization. The employees are the ones who implement the policies of an organization and help in the day to day running of an organization.


Factors which can cause accounting ratios to be misleading when used for comparison?

1.Window Dressing2.Different accounting policies3.InflationSam.


What is the importance of accounting theory?

Accounting theory is very important in helping people to understand the basis and policies in accounting. From understanding the rules of GAAP to exploring the origins of accounting, being a good accountant involves understanding the theories that support the practice.


Short note on accounting policies?

They are specific procedures used by a company to prepare its financial statements.



Significant accounting policies are described in the explanatory notes to the financial statements because?

The reader must be aware of which of the alternative generally accepted accounting practices have been used.


What has the author Barry J Pourer written?

Barry J. Pourer has written: 'Terrorism issues, policies, and legislation' -- subject(s): Terrorism, Law and legislation, Prevention


Why is consistency important in accounting?

In order to achieve comparability of the financial statement of an enterprises through time, the accounting policies are followed consistently from one period to another; a change in an accounting policy is made only in certain circumstances.


What is the difference between legislation and policy?

Legislation refers to laws which serve to legally prohibit certain actions and ensure others are carried out. Policies are like a plan of action which guide towards making sure legislation is complied with.


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