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Whether international harmonisation of accounting standards is a good idea?
Wiki User
∙ 14y ago
Wiki User
∙ 14y ago
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What is different between auditing and international accounting standard?
The international accounting standards are standards to which the accounting procedures for organisations must comply with. It specifically relates to the preparation of reporting, such as the preparation of the financial statement, cash flow statement and the balance sheet. Auditors are professionals who analyse whether the organisation has prepared all the statements in accordance with the accounting standards, and any errors are reported to the related governing body, which in Australia is ASIC. For more details, please look up the Corporations Act which has a large section related to financial statements and auditors.
What this ISO in Computer Networking stands for?
whether networks or anywhere else, iso stands for International Organisation for Standards... One of the most famous ISO international body organization that focuses on publishing ISO standards relating to computer network standards is the American National Standards Institute or simply ANSI.
What is specific accounting principle?
Accounting principles differ throughout the world. Whether you are an accounting student or an investor, you should be aware of the accounting principles that apply in your region.
Why do investors need accounting information?
Investors need the accounting information to see that how company is performing to decide whether to invest or not in company.
What is specificity principle?
Accounting principles differ throughout the world. Whether you are an accounting student or an investor, you should be aware of the accounting principles that apply in your region.
What is the Main objective of an auditor?
To detect fraud or otherwise inaccurate accounting and financial statement information of a company, internally or externally. Auditors are a kind of watchdog for shareholder and consumer interests among corporations. Currently in the US, public companies are subject to adhering to Generally Accepted Accounting Principles (GAAP) in preparing financial statements (Auditors are responsible for making sure public companies are properly following GAAP). However, because of the global push for a universal and standardized set of accounting standards, the US (publically traded companies) will soon start using International Financial Reporting Standards (IFRS) instead of GAAP for financial reporting. The main objective of auditors, whether by IFRS or GAAP, is to investigate and ensure that publically traded companies' financial statements accurately portray what actually happened to the company and have been prepared using the accepted and lawful standards.
What is a delay of recognition of an expense already paid or of a revenue already received is?
Delay of recognition is an accounting term that refers to the practice of delaying the reporting of an expense or revenue until a later reporting period. The accounting industry has developed certain standard and acceptable accounting practices that businesses should follow. Under an audit, the accountant can determine whether the company is following the standards, or is using misleading accounting practices, in violation of the standards. According to an alert issued by the AICPA, (American Institute of Certified Public Accountants) "A substantial portion of litigation against accounting firms and a number of SEC Accounting and Auditing Enforcement Releases involve revenue recognition issues. Many of these issues result from alleged improper accounting treatment of sales recorded in the ordinary course of a client's business. Such improper accounting treatment ranges from allegedly stretching the accounting rules to falsifying sales in an effort to manage earnings." While there can be an accepted use of this practice, the manager has to be very careful to follow the proper standards when he decides when to use the delay method.
What universities offer accounting degree programs?
Many schools have accounting programs, so the questions you need to ask involve whether you are willing to move or whether you want to find a school near you; whether you're looking for a full-time program or a part-time one; how important the reputation of the school is to you; whether a particular school offers the type of accounting degree you're seeking; and what your budget is. Identifying some of your needs and goals will help you find the ideal school from which to pursue an accounting degree.
Duties and responsibilities of accounting department?
The accounting department is responsible for analyzing and tracking numbers. Their accuracy is a significant factor to whether the business will succeed or not.
How does accounting assist business?
Accounting plays a vital role in the development of a business. Accounting is said to be the language of business i.e. it depicts the picture of a business in figures. Accounting involves recording, interpreting, classifying, summarizing and presenting of monetary transactions. It exhibits the past performance in case of financial accounting and present and future performance in case of cost and management accounting. Accounting tells whether or not the business has performed well. It suggests which product to be launched which may probably capture the market,which branch to be closed which has been showing far less profits for several years,whether or not to do downsizing, whether or not to expand the business considering the probable high demand in entity's products etc.
Whether Patna airport comes under international airport?
whether Patna air port comes in the category of international airport
How is accounting is said to be political in nature by analysing public interest theory with private interest theory?
Accounting is political in nature as final information from accounting reports has impact on the general public, whether it be a public or private company.
