Accruals and the going concern concept
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The accruals and going concern concepts are regarded as fundamental in the preparation of financial statements. Discuss the advantages and disadvantages of these concepts, explaining the reasons why these concepts may be difficult to apply or may be inconsistent with other concepts.
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Financial statements are not perfectly reliable for investors due to several issues:
1. Inconsistencies between accounting standards like US GAAP and IFRS make comparisons difficult.
2. Estimates and judgments in financial reporting can be significantly inaccurate, even when made in good faith.
3. Managers have strong incentives to deliberately misrepresent financial statements through fraudulent reporting.
While standards boards are working to address issues like revenue recognition and fair value measurement, investors still need to carefully examine assumptions and estimates used in financial statements. Fraudulent reporting also continues to evolve in harder to detect ways like manipulating operations rather than direct reporting. Vigilance from investors remains important.
IFRS challenges from IT industry perspective
- International Financial Reporting Standards (IFRS) provide a single set of accounting standards that are used by over 100 countries, including members of the European Union and parts of Asia. India is also moving companies towards adopting Ind AS, which are converged with IFRS.
- Transitioning to Ind AS/IFRS can be a long and complex process with many challenges. It requires changes to financial reporting, policies, processes, systems, and controls that may impact organizations. It also requires the retroactive restatement of historical periods.
- For the IT industry, key challenges of adopting Ind AS/IFRS include changes to revenue recognition, share-based payments, income taxes, and additional disclosure requirements. Proper planning is
IFRS challenges from it industry perspective
The document discusses the challenges that companies in the IT industry will face when transitioning to Indian Accounting Standards (Ind-AS), which are based on International Financial Reporting Standards (IFRS). Some of the key challenges include changes to revenue recognition, share-based payments, income taxes, and first-time adoption requirements. Revenue recognition under Ind-AS/IFRS may differ from current Indian standards. Share-based payments also have retrospective implications and complex measurement requirements. Adopting Ind-AS will also impact tax accounting and require companies to restate historical financial statements. The transition process will be long and require changes to financial reporting, systems, controls and other business processes.
New UK GAAP article Sep 2015
1) Financial reporting standards 101 and 102 take effect on January 1, 2015, representing a significant change to UK accounting standards.
2) Businesses need to identify all differences between the new and old standards and quantify the impact, which can be complex for groups with many subsidiaries.
3) Key areas that will be impacted include treasury, accounting, tax, and distributable reserves, and it is important for businesses to address these changes now to avoid additional costs and risks later.
study objectivesAfter studying this chapter, you should be a.docx
study objectives
After studying this chapter, you should be able to:
1 Explain the revenue recognition principle and the expense
recognition principle.
2 Differentiate between the cash basis and the accrual basis of
accounting.
3 Explain why adjusting entries are needed, and identify the
major types of adjusting entries.
4 Prepare adjusting entries for deferrals.
5 Prepare adjusting entries for accruals.
6 Describe the nature and purpose of the adjusted trial balance.
7 Explain the purpose of closing entries.
8 Describe the required steps in the accounting cycle.
9 Understand the causes of differences between net
income and cash provided by operating activities.
chapter
ACCRUAL ACCOUNTING
CONCEPTS
4
● Scan Study Objectives
● Read Feature Story
● Scan Preview
● Read Text and Answer
p. 175 p. 180 p. 185 p. 189
● Work Using the Decision Toolkit
● Review Summary of Study Objectives
● Work Comprehensive p. 197
● Answer Self-Test Questions
● Complete Assignments
● Go to WileyPLU S for practice and tutorials
● Read A Look at I FR S p. 224
● the navigator
Do it!
Do it!
✓
162
c04AccrualAccountingConcepts.qxd 8/3/10 1:50 PM Page 162
feature story
163
The accuracy of the financial reporting system de-
pends on answers to a few fundamental questions. At
what point has revenue been earned? At what point
is the earnings process complete? When have ex-
penses really been incurred?
During the 1990s, the stock prices of dot-com com-
panies boomed. Many dot-com companies earned most
of their revenue from selling advertising
space on their websites. To boost re-
ported revenue, some dot-coms began
swapping website ad space. Company
A would put an ad for its website on company B’s web-
site, and company B would put an ad for its website on
company A’s website. No money ever changed hands,
but each company recorded revenue (for the value of
the space that it gave up on its site). This practice did
little to boost net income and resulted in no additional
cash flow—but it did boost reported revenue. Regula-
tors eventually put an end to the practice.
Another type of transgression results from compa-
nies recording revenue or expenses in the wrong year.
In fact, shifting revenues and expenses is one of the
most common abuses of financial accounting. Xerox
admitted reporting billions of dollars of lease revenue
in periods earlier than it should have been reported.
And WorldCom stunned the financial markets with its
admission that it had boosted net income by billions
of dollars by delaying the recognition of expenses un-
til later years.
Unfortunately, revelations such as
these have become all too common in
the corporate world. It is no wonder that
the U.S. Trust Survey of affluent Ameri-
cans reported that 85 percent of its respondents be-
lieved that there should be tighter regulation of finan-
cial disclosures, and 66 percent said they did not trust
the management of publicly traded companies.
W.
Finance for strategic managers day 1- 1
This document provides an overview of Parag Tikekar's background and qualifications, including degrees in electronics and business. It then outlines the agenda for a finance course, including introductions to bookkeeping, accounting, accounting methods, trial balances, debits and credits. The document defines key accounting terms and describes the processes of single and double entry bookkeeping systems and cash versus accrual accounting methods. It emphasizes the importance of accurate bookkeeping for preparing financial statements.
Accounting
Accounting standards provide guidelines for preparing financial statements in a standardized way. Some key points covered in the standards discussed in the document include: standardizing accounting policies, improving reliability of financial statements, provisions for inventory valuation, treatment of cash flows, depreciation calculation methods, disclosure of related party transactions, deferred tax, treatment of intangible assets, and disclosure requirements for financial instruments. The standards aim to bring uniformity and transparency to financial reporting.
Xay dung dong tien p2-E0
This document discusses different approaches to constructing free cash flows (FCF) from financial statements for valuation purposes. It presents the author's methodology from Part I for deriving FCF, cash flow to equity (CFE), and cash flow to debt (CFD) from projected pro forma financial statements. It then compares this approach to methods described in textbooks by Damodaran and others. For an example project, it calculates the cash flows using the author's method and the textbook methods to identify differences in results. The author notes implicit assumptions in the textbook approaches regarding reinvestment of cash flows that can lead to inconsistencies if not accounted for explicitly.
Accounting theory
SFAC documents are issued by the FASB to provide broad accounting concepts and definitions that serve as a framework for establishing financial accounting standards. SFAC No. 1 discusses the objectives of financial reporting for business enterprises as providing useful information for economic decision making. SFAC No. 2 addresses the qualitative characteristics of accounting information such as relevance, reliability, and neutrality. SFAC No. 5 and 7 provide guidance on recognition criteria, measurement attributes, and using present value and cash flow information in financial statements.
98C H A P T E R3 Measuring Business IncomeI ncome, o.docx
98
C H A P T E R
3 Measuring Business Income
I ncome, or earnings, is the most important measure of a com-pany’s success or failure. Thus, the incentive to manage, or mis-
state, earnings by manipulating the numbers can be powerful, and
because earnings are based on estimates, manipulation can be easy.
For these reasons, ethical behavior is extremely important when
measuring business income.
L E A R N I N G O B J E C T I V E S
LO1 Define net income, and explain the assumptions underlying
income measurement and their ethical application. (pp. 100–104)
LO2 Define accrual accounting, and explain how it is
accomplished. (pp. 104–106)
LO3 Identify four situations that require adjusting entries, and
illustrate typical adjusting entries. (pp. 107–116)
LO4 Prepare financial statements from an adjusted trial
balance. (pp. 116–119)
LO5 Use accrual-based information to analyze cash flows.
(pp. 119–120)
Making a
Statement
Revenues
– Expenses
= Net Income
INCOME STATEMENT
STATEMENT OF
OWNER’S EQUITY
Beginning Balance
+ Net Income
– Withdrawals
= Ending Balance
BALANCE SHEET
Assets Liabilities
Owner’s
Equity
A = L + OE
STATEMENT OF CASH FLOWS
= Ending Cash Balance
Operating activities
+ Investing activities
+ Financing activities
= Change in Cash
+ Beginning Balance
Adjusting entries affect the
balance sheet and income
statement but not the
statement of cash flows.
# 103261 Cust: CENGAGE Au: Needles Pg. No. 98
Title: Principles of Accounting Server: Jobs
C/M/Y/K
Short / Normal / Long
DESIGN SERVICES OF
S4CARLISLE
Publishing Services
37744_03_ch03_p098-141.indd 9837744_03_ch03_p098-141.indd 98 12/4/09 11:51:01 AM12/4/09 11:51:01 AM
Copyright 2010 Cengage Learning, Inc. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part.
99
� What assumptions must Reliable
Answering Service make to
account for transactions that
span accounting periods?
� How does Reliable assign its
revenues and expenses to the
proper accounting period so
that net income is properly
measured?
� Why are the adjustments that
these transactions require
important to Reliable’s financial
performance?
DECISION POINT � A USER’S FOCUS
RELIABLE ANSWERING
SERVICE
99
Reliable Answering Service takes telephone messages for doctors,
lawyers, and other professionals and relays them immediately when
they involve an emergency. At the end of any accounting period,
Reliable has many transactions that will affect future periods. Exam-
ples appear in the company’s trial balance on the following page.
They include office supplies and prepaid expenses, which, though paid
in the period just ended, will benefit future periods and are there-
fore recorded as assets. Another example is unearned revenue, which
represents receipts for services the company will not perform and
earn until a future period. If.
Accounting Updates You Need to Know from Q3 2017
The third quarter was all about hedging and complex financial instruments. Two accounting standards updates will simplify accounting for entities and the users of their financial statements.
Accounting Cash Flow Statement
This document provides information about cash flow statements, including how they are prepared and their importance. It discusses:
- Cash flow statements show cash receipts, payments, and changes in cash balance over a period of time, usually quarterly or annually. They show how a company generates and uses cash.
- The key difference between a cash flow statement and funds flow statement is that cash flow statements only consider cash, while funds flow statements use a broader definition of funds that includes current assets and liabilities.
- Cash flow statements are important for short-term financial planning as they show if a company will have enough cash to pay debts, dividends, and maintain operations. They also allow comparison of a company's
Blog 2016 15 - Effective Interest Rate - Solving the riddle
The blog provide some key insights on the subject – as to how to compute EIR for fixed or floating rate instruments, how to compute EIR for products which involves both interest income and fee income, what are the challenges which banks might face while computing EIR, what are the operational simplifications which banks might consider while computing EIR.
Revenue Recognition: Are You Ready
What every tech company needs to know to prepare for the new revenue accounting standards. The new revenue recognition standard ASC 606 represents the most widespread change to revenue recognition rules in recent years. The transition from a rules-based approach for rev rec to a principle-based approach has significant implications for the entire organization. Software and other high tech companies must ready themselves for numerous impacts across systems, processes and policies as they work toward compliance.
Assignment accounts
This document contains information about an MBA program session from July/August 2021, including course details and student responses to assignments. The assignments include discussing 5 accounting concepts with examples, preparing a trading account, and distinguishing between management accounting and financial accounting. It also includes the balance sheet of a company and calculations of debt-equity and proprietary ratios based on the information provided. The purpose of a cash flow statement is to analyze changes in a company's cash position and the sources and uses of cash. Examples of cash flows include receipts from customers and payments to suppliers for operating activities.
Problem based learning (repaired) (autosaved) (2)
Zaki runs a sole proprietorship business and keeps incomplete accounting records. This makes it difficult to determine profits and prepare proper financial statements. An accountant is hired to analyze Zaki's transactions and prepare accurate statements applying relevant accounting concepts. Key concepts include the duality, historical cost, materiality and periodicity concepts. The accountant recommends the reducing balance depreciation method over the straight-line method currently used by Zaki. Financial statements are prepared showing the business's assets, liabilities, equity, income and expenses for the year ended.
1 Creating A Successful Financial Plan
1. The document discusses the importance of preparing basic financial statements including the balance sheet, income statement, and statement of cash flows for managing a small business. It explains key components and terms related to each statement.
2. It emphasizes that entrepreneurs must understand and use the information in their financial statements to effectively manage their business and work towards profit objectives. Regular analysis can help owners identify trends, cut costs, and make strategic decisions.
3. The example of Development Counsellors International shows how having all employees present and discuss the company's monthly financial reports helps foster a shared understanding of finances and links the bottom line to employee compensation.
Balance Sheet And Income Statement
The document discusses balance sheets and income statements for four companies over two years. It provides financial information for each company, including revenue, costs, expenses, profits/losses, assets and liabilities. The document analyzes trends in the companies' financial positions based on their balance sheets and income statements. It examines changes in accounts receivable balances, collection periods, carrying costs and strategies to reduce receivables costs.
Accountingconceptsconventions
This document discusses key accounting concepts and conventions. It explains 12 major accounting concepts including business entity, money measurement, going concern, accounting period, historical cost, dual aspect, revenue recognition, matching, accrual, objectivity, timeliness and cost benefit. It also outlines 4 major accounting conventions: full disclosure, consistency, conservatism and materiality. Finally, it distinguishes between concepts and conventions by noting concepts are established by law and applied uniformly, while conventions are based on customs and allow for some bias and lack of uniform adoption.
Accounting Concepts & Conventions
1) The document discusses key accounting concepts and conventions. It defines 11 accounting concepts including business entity, money measurement, going concern, and historical cost.
2) It also explains 3 common accounting conventions: full disclosure, consistency, and conservatism. Conventions represent generally accepted practices adopted through agreement, while concepts provide a theoretical foundation.
3) The main difference between concepts and conventions is that concepts cannot involve personal bias and are not uniformly adopted, while conventions are uniformly adopted based on customs or legal guidelines.
Similar to Accruals and the going concern concept (20)
study objectivesAfter studying this chapter, you should be a.docx
study objectivesAfter studying this chapter, you should be a.docx
98C H A P T E R3 Measuring Business IncomeI ncome, o.docx
98C H A P T E R3 Measuring Business IncomeI ncome, o.docx
Blog 2016 15 - Effective Interest Rate - Solving the riddle
Blog 2016 15 - Effective Interest Rate - Solving the riddle
More from Lewis Appleton
Business website analysis
The document discusses the design elements of several websites, including their use of color schemes, fonts, graphics, layouts, and consistency across pages. The Howard School website uses a blue and white color scheme. Tesco also uses consistent colors (red, blue, white) throughout their site. They work for you uses a simple grayscale scheme. All sites strive for consistency in navigation, fonts, and styles while tailoring content and layout to different page purposes.
Health and safety legislation
This document summarizes several key health and safety acts and regulations that The Howard School must comply with, including: the Management of Health and Safety at Work Regulations 1999, which require risk assessments and safety measures; the Health and Safety at Work, etc Act 1974, which provides a framework to ensure staff and student safety; the Workplace Regulations 1992, which concern building standards; and regulations regarding accident reporting, hazardous substances, electricity safety, display screen equipment, and manual handling. The acts and regulations require risk assessments, safety controls, staff training, and other measures to protect health and safety.
Team log
The team set an objective to profit from operating a tuck shop event. They expanded on this objective by setting profit goals of £100, £250, and £500 along with some stretch goals. The team leader was chosen based on their previous experience leading a team. Roles and tasks were assigned by the team leader to spread the workload evenly. The author's workload included planning the layout of the event space and creating posters and a price list. Conflicts were resolved by listening to both sides and finding compromises. Constructive criticism was used to address underperformance in a suggestive rather than negative way to prevent conflicts. Identifying and addressing potential conflicts helped prevent issues between members with different work styles.
Team leadership
This document outlines the key responsibilities of a team leader, including communicating effectively with both internal and external stakeholders, planning objectives and monitoring progress, building team strengths, leading by example, providing and receiving feedback, motivating team members, solving problems, supporting others, maximizing talents, preventing conflicts, fostering creativity, and adapting leadership style to different situations. The team leader must set clear objectives, listen to team concerns, and make decisions based on received feedback to guide the team in achieving its goals.
Team cohesion
A cohesive team has members that focus on both task functions and process maintenance roles. Task functions include proposing objectives, clarifying goals, seeking information and opinions, keeping the group on track, summarizing ideas, and suggesting ways forward. Process maintenance roles involve supporting other members, ensuring inclusion, reconciling disagreements, making suggestions for compromise, and monitoring the group. Together, a focus on both task functions and process maintenance helps create a cohesive team that works well toward its goals.
Types of teams
Formal teams are created for specific, important purposes and have structured operations to achieve goals within set constraints like budgets and timelines. Examples include job interviewing teams and event planning teams. Informal teams form more casually to improve work processes in less important ways without constraints, like sports teams discussing game tactics. The optimal team size is around five members, large enough for diverse skills and perspectives but small enough for involvement and efficiency. Temporary teams work together just for one project, while permanent teams collaborate continuously as part of an organization. Benefits of teams include setting and monitoring goals, reviewing performance, sharing expertise, fostering innovation, and identifying talents.
Event report
The document discusses evaluating the success of a recent event and planning improvements for future events. Key details include:
1) The event made a profit of over £2,000 according to financial analysis, and feedback from questionnaires and interviews was largely positive, indicating the event was successful.
2) Areas for improvement identified were unexpected high demand for some tuck shop items causing stock outs, and the tuck shop area being too crowded and noisy.
3) For future events, the document proposes improving task allocation based on team strengths, better predicting popular tuck shop items, and relocating the tuck shop to a larger, quieter area outside side exits.
Hairspray contract
The contract outlines 9 conditions for the school production of Hairspray: 1) it must be performed on school grounds, 2) all performers must be 19 or under and regular members of the school group, 3) the cast must be full-time students, 4) no payment can be provided to the cast or orchestra, 5) no cast members can be in an actors' union, 6) the event cannot be recorded, 7) the production cannot tour other venues, and 9) specifics must be included in the titles and credits. The school met all the conditions of the contract for their student performance of Hairspray.
The interview process
The documents outline the stages of the hiring process from application to post-interview. They describe:
1) The application process where candidates submit application packs with details to help employers determine eligibility, and are provided information about job requirements.
2) The shortlisting process to select the most qualified candidates for interviews from a large applicant pool.
3) The interview stage where candidates are asked questions and evaluated based on characteristics. Interviewers use checklists to assess candidates.
4) The post-interview process of informing candidates of hiring decisions, providing feedback, and conducting reference and background checks before finalizing employment.
The stages are presented to inform applicants of what to expect and help move the process
New position checklist
This document outlines the checklist for the Ashton Sixth Form job application process. It describes the 12 key stages: 1) advertising the job, 2) receiving job applications, 3) shortlisting candidates, 4) sending interview letters, 5) preparing the selection panel, 6) informing candidates of interview details, 7) preparing interview questions, 8) printing questions and documents, 9) conducting interviews, 10) informing candidates of the hiring decision, 11) notifying unsuccessful candidates, and 12) informing the successful candidate of the job details.
Selection memo
Lewis created criteria lists to aid in shortlisting applicants for apprenticeships at Ashton Sixth Form. The essential criteria include having the potential to achieve the apprenticeship, not being in education with higher qualifications, ability to work in a team, and having good planning and organization skills. Desirable criteria include interest in business/administration and effective computer/ICT skills. Shortlisted applicants are needed by December 1st as interviews will begin the following week.
Sample invitation to interview
The candidate Anthony Hickson has been shortlisted for a Business and Administration Apprenticeship position and invited to an interview on October 24th at 9:30am at The Howard School in Rainham, Kent. The interview will last 10-15 minutes, involve answering the same questions from the selection panel, and scoring each response to determine the best candidate.
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你做代理，可以改变自己，改变他人，给他人和自己一个机会美景更增添一份性感夹杂着一份纯洁的妖娆毫无违和感实在给人带来一份悠然幸福的心情如果说现在的审美已经断然拒绝了无声的话那么在树林间飞掠而过的小鸟叽叽咋咋的叫声是否就是这最后的点睛之笔悠然走在林间的小路上宁静与清香一丝丝的盛夏气息吸入身体昔日生活里的繁忙与焦躁早已淡然无存心中满是悠然清淡的芳菲身体不由的轻松脚步也感到无比的轻快走出这盘栾交错的小道眼前是连绵不绝的山峦浩荡天地间大自然毫无吝啬的展现它的达
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一比一原版(GWU,GW毕业证)加利福尼亚大学|尔湾分校毕业证如何办理
GWU,GW毕业证录取书【微信95270640】一比一伪造加利福尼亚大学|尔湾分校文凭@假冒GWU,GW毕业证成绩单+Q微信95270640办理GWU,GW学位证书@仿造GWU,GW毕业文凭证书@购买加利福尼亚大学|尔湾分校毕业证成绩单GWU,GW真实使馆认证/真实留信认证回国人员证明
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国外毕业证学位证成绩单如何办理：
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6快递给客户（国内顺丰国外DHLUPS等快读邮寄）。口水苦涩无比山娃一边游泳一边念念不忘那元门票尤令山娃气愤的是泳池老板居然硬让父亲买了一大一小二条巴掌般大的裤衩衩走出泳池山娃感觉透身粘粘乎乎散发着药水味有点痒山娃顿时留恋起家乡的小河潺潺活水清凉无比日子就这样孤寂而快乐地过着寂寞之余山娃最神往最开心就是晚上无论多晚多累父亲总要携山娃出去兜风逛夜市流光溢彩人潮涌动的都市夜生活总让山娃目不暇接惊叹不已父亲老问山娃想买什么想吃什么山娃知道父亲赚钱很辛苦在
Independent Study - College of Wooster Research (2023-2024)
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
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Accruals and the going concern concept
- 1. Lewis Appleton Module code AC300 Seminar Leader: Mr D Finn 1 SeminarGroup02 The accruals and going concern concepts are regarded as fundamental in the preparation of financial statements. Discuss the advantages and disadvantages of these concepts, explaining the reasons why these concepts may be difficult to apply or may be inconsistent with other concepts. To start I will introduce the conceptof accrualsand goingconcern,accrualsare incomesorexpenses that have been usedforbutnot yetbeenpaidfor,thiscan include thingssuchascustomers purchasingoncreditor phone billsthatare invoicedatthe endof a givenperiodsuchasquarterly, Financial ReportingStandards18paragraph 27 states "The accrual basisof accountingrequiresthe non-casheffectsof transactionsandothereventstobe reflected,asfaras is possible,inthe financial statementsforthe accountingperiodinwhichtheyoccur,andnot, forexample,inthe periodin whichanycash involvedisreceivedorpaid”(FRC,2000). The goingconcernconcept is that the companywill continue tooperate until the foreseeable future.The FRS18 paragraph 21 states“An entityshouldprepare itsfinancial statementsonagoingconcernbasis,unless(a) the entityisbeing liquidatedorhasceasedtrading,or (b) the directorshave norealisticalternativebuttoliquidate the entityorto cease trading,inwhichcircumstancesthe entitymay,if appropriate,prepare itsfinancial statementsona basisotherthanthat of goingconcern” (FRC,2000). The main advantage of usingaccrual basedaccountingis thatthe accrualscan show thatthe businessisn’tactuallylosingmoney,if all thatwasrecordedwasthe flow of cash thensalesmade on creditmay be seenasa loss,byshowingthe accruedamountit ispossible forthose outsidethe business,forexample potential investors,tosee thatthe businessisexpectedtobe received(based on the assumptionthe customerwill pay) andisexpectedtoturnoveraprofitratherthan a loss,this isessential because itwouldgreatlyimpactonthe investorsdecisionof whetherornot to invest. Thisis alsoimportantbecause essentiallycashtobe receivedisanasset.A cash basedaccount wouldshow a losswhichisnotthe case. Usingaccrual basedaccounts the salesor service in questioncanbe recordedrightawaywhereaswithcashbasedaccountingyouwouldhave to waitto receive orpaythe cash to recordthe transaction. Thisis alsoapplicable the otherwayaroundinthe sense thatthe businessisusingaservice ithas not yetpaid for; thisisusuallyinthe formof billssuchas telephoneexpenses.Forexample the businessmaybe payingfor theirtelephone bill quarterly,thiswouldrequire the businessreceiving the service for3 monthsandpayingwhatis owedat the endof those 3 months.Therefore if they have a total usage of £1000 forthose 3 monthstheywouldbe sentaninvoice forthe amountas theyhave usedbutnot paidfor the service.The accrual basisactuallyreflectswhathappens,notjust the flowof cash. Revenuesandexpensesare recordedand matchedwiththe periodinwhichthey occur; thisis regardlessof whethercashchangeshands.Forexample if thistelephonebillwas invoicingformonthsfromthe previousyear(suchasNovember-January) thenthe accrual basiswill record thisinthe firstyear,a cash basisof accounts wouldnotrecordthe revenue until yeartwo. Dependingonhowmanyandthe value of these amountsitcanmake a large difference tothe valuationof the businessatthe endof yearone dependingonthe methodusedandusingthe accrual basiswouldhave a more desirable effect.
- 2. Lewis Appleton Module code AC300 Seminar Leader: Mr D Finn 2 SeminarGroup02 Wheneverthere are advantagesthere are of course disadvantages,one suchof accrual based accountingisthat it requirestransactionstobe recordedwhentheyoccur,the salesmade oncredit as a whole cannotbe generalisedintoone, andeachmustbe recordedindividually.Another disadvantage isthatthe accounts are more difficulttoprepare thancash basedaccountsand thisis due to regulationsbeingmore specific, cashbasedaccountsare more easierto prepare andrequire lesseffort,someone whoisnotfamiliarmaystruggle todoaccrual basedaccounts. Anotherdisadvantage of accrual basedaccountingisthatcash reportingmayappearas inaccurate to those that are not familiarwiththe wayitworks.The ownerfor example couldbe misledinto thinkingthatthere isactuallymore cashavailable because asale hasbeenmade whenthisactually isnot the case because the moneyhasnotyet beenreceived,whatmayshow asa profitoverall on an accrual basedaccount wouldbe shownasa losson a cash basedaccount whichismore specific to the actual flowof cash andwhat can actuallybe spent. To conclude Iwouldlike toreveal thatthe accrual basedaccountsare usedby manycompaniesona weeklybasistoensure thathave adequate cashonhandto operate the business,Ifindthisisquite a useful methodbecausethiscannotbe done usingthe cashbasedmethod,while the accountswill showthe cash transactionsitdoesnot do a goodjob of matchingthe revenueswiththe moneylaid out forexpenses.Thisparticularlyisaproblemwhenacompanybuysstockinmonth one to sell in monthtwo andthishappensall the time insmallerbusinesses.Overall the accrual basedmethod givesa betterrepresentationof the businessesposition,where itisatwith theirtotal value,what has beenreceivedandwhatwill be received,the same beingtrue forexpenses. The goingconcern conceptis alsoimportantasit assumesthe businessisgoingtobe ina positiontopayoff the servicescurrentlybeingusedandthatthe businesswillbe operatingforthe foreseeablefuture.
- 3. Lewis Appleton Module code AC300 Seminar Leader: Mr D Finn 3 SeminarGroup02 Bibliography FRC. (2000, December). FinancialReporting Standards18. RetrievedfromFRC: http://www.frc.org.uk/Our-Work/Publications/ASB/FRS-18-Accounting-Policies/FRS-18- Accounting-Policies.aspx