What are the Differences Between US GAAP and IFRS Financial Statement.pptx
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Ultimately, the "accurate" financial statements preparation for your business would depend on your unique requirements and preferences. It's advisable to conduct research, compare offerings, and potentially consult with professionals to determine the most suitable service provider for your needs. If you want accurate US GAAP Financial Statements preparation, then you should give a thought of going for Contetra Private Limited. They will give you the best advice in the preparation of financial statements for the year as per Ind AS/IFRS/US GAAP, which shall include the Statement of Financial Position, Statement of Profit and Loss and Other Comprehensive Income, Statement of Cash Flows, Statement of Changes in Equity for the period, Notes to accounts, Comparatives and opening balance sheet of the previous period. Contact us now to know more about our services and expertise.
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Utilizing HFM to Handle the Requirements of IFRS
Ranzal Practice Director and Oracle ACE, Peter Fugere guides attendees through best practices on building HFM applications to consider the impact of IFRS. HFM has been used for years to do multi-GAAP reporting, so IFRS is not completely uncharted waters. Many companies in Europe and Canada have already moved, and their experience provides guidance for companies in North America. HFM has specific functionality that makes the IFRS transition easier and for North America, moving now may minimize costs later associated with statutory reporting and historical data collection.
International Financial Reporting Standards (IFRS)
Accounting for Managers
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Frameworks for IFRS
Importance
Advantages & Disadvantages
Requirements of the IFRS
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Concepts for Analysis 1-1Presented below are four stat.docx
Concepts for Analysis 1-1
Presented below are four statements which you are to identify as true or false.
1.
GAAP is the term used to indicate the whole body of FASB authoritative literature.
2.
Any company claiming compliance with GAAP must comply with most standards and interpretations but does not have to follow the disclosure requirements.
3.
The primary governmental body that has influence over the FASB is the SEC.
4.
The FASB has a government mandate and therefore does not have to follow due process in issuing a standard.
Concepts for Analysis 1-2
Presented below are four statements which you are to identify as true or false.
1.
The objective of financial statements emphasizes a stewardship approach for reporting financial information.
2.
The purpose of the objective of financial reporting is to prepare a balance sheet, an income statement, a statement of cash flows, and a statement of owners’ or stockholders’ equity.
3.
Because they are generally shorter, FASB interpretations are subject to less due process, compared to FASB standards.
4.
The objective of financial reporting uses an entity rather than a proprietary approach in determining what information to report.
To satisfy the stewardship reporting responsibility of management, companies prepare multiple sets of special-purpose financial statements to meet the information needs of a variety of financial statement users.
True
False
Practice Question 4
Accounting principles are "generally accepted" only when
I. an authoritative accounting rule-making body has established it in an official pronouncement.
II. it has been accepted as appropriate because of its universal application.
I only.
II only.
I or II.
Neither I nor II.
Practice Question 25
The Codification’s purpose is to integrate and synthesize existing GAAP?not to create new GAAP.
All of the following are true regarding the FASB Codification except:
the goal of the Codification was to provide one place where all authoritative literature about financial statement preparation could be found.
the purpose of the Codification is to create new GAAP.
the Codification was created to simplify user access.
the Codification changes the way GAAP is documented, presented, and updated.
Correct!
IFRS stands for:
International Federation of Reporting Services.
Independent Financial Reporting Standards.
International Financial Reporting Standards.
Integrated Financial Reporting Services.
The major key players on the international side are the:
IASB and FASB.
SEC and FASB.
IOSCO and the SEC.
IASB and IOSCO.
IFRS is comprised of:
International Financial Reporting Standards and FASB Financial Reporting Standards.
International Financial Reporting Standards, International Accounting Standards, and International Accounting Interpretations.
International Accounting Standards and International Accounting Interpretations.
F.
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Ranzal Practice Director and Oracle ACE, Peter Fugere guides attendees through best practices on building HFM applications to consider the impact of IFRS. HFM has been used for years to do multi-GAAP reporting, so IFRS is not completely uncharted waters. Many companies in Europe and Canada have already moved, and their experience provides guidance for companies in North America. HFM has specific functionality that makes the IFRS transition easier and for North America, moving now may minimize costs later associated with statutory reporting and historical data collection.
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Accounting for Managers
International Financial Reporting Standards(IFRS) – Meaning or Definitions
Frameworks for IFRS
Importance
Advantages & Disadvantages
Requirements of the IFRS
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This is the most crisp and to-the-point presentation of Accounting Standards
Concepts for Analysis 1-1Presented below are four stat.docx
Concepts for Analysis 1-1
Presented below are four statements which you are to identify as true or false.
1.
GAAP is the term used to indicate the whole body of FASB authoritative literature.
2.
Any company claiming compliance with GAAP must comply with most standards and interpretations but does not have to follow the disclosure requirements.
3.
The primary governmental body that has influence over the FASB is the SEC.
4.
The FASB has a government mandate and therefore does not have to follow due process in issuing a standard.
Concepts for Analysis 1-2
Presented below are four statements which you are to identify as true or false.
1.
The objective of financial statements emphasizes a stewardship approach for reporting financial information.
2.
The purpose of the objective of financial reporting is to prepare a balance sheet, an income statement, a statement of cash flows, and a statement of owners’ or stockholders’ equity.
3.
Because they are generally shorter, FASB interpretations are subject to less due process, compared to FASB standards.
4.
The objective of financial reporting uses an entity rather than a proprietary approach in determining what information to report.
To satisfy the stewardship reporting responsibility of management, companies prepare multiple sets of special-purpose financial statements to meet the information needs of a variety of financial statement users.
True
False
Practice Question 4
Accounting principles are "generally accepted" only when
I. an authoritative accounting rule-making body has established it in an official pronouncement.
II. it has been accepted as appropriate because of its universal application.
I only.
II only.
I or II.
Neither I nor II.
Practice Question 25
The Codification’s purpose is to integrate and synthesize existing GAAP?not to create new GAAP.
All of the following are true regarding the FASB Codification except:
the goal of the Codification was to provide one place where all authoritative literature about financial statement preparation could be found.
the purpose of the Codification is to create new GAAP.
the Codification was created to simplify user access.
the Codification changes the way GAAP is documented, presented, and updated.
Correct!
IFRS stands for:
International Federation of Reporting Services.
Independent Financial Reporting Standards.
International Financial Reporting Standards.
Integrated Financial Reporting Services.
The major key players on the international side are the:
IASB and FASB.
SEC and FASB.
IOSCO and the SEC.
IASB and IOSCO.
IFRS is comprised of:
International Financial Reporting Standards and FASB Financial Reporting Standards.
International Financial Reporting Standards, International Accounting Standards, and International Accounting Interpretations.
International Accounting Standards and International Accounting Interpretations.
F.
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AnswerGAAP (US Generally Accepted Accounting Principles) is the acc.pdf
Answer:GAAP (US Generally Accepted Accounting Principles) is the accounting standard used
in the US, while IFRS (International Financial Reporting Standards) is the accounting standard
used in over 110 countries around the world. GAAP is considered a more “rules based” system
of accounting, while IFRS is more “principles based.” The U.S. Securities and Exchange
Commission is looking to switch to IFRS by 2015.
GAAP
IFRS
The IFRS framework defines an asset as a resource from which future economic benefit will
flow to the company.
GAAP
IFRSStands forGenerally Accepted Accounting PrinciplesInternational Financial Reporting
StandardsIntroductionStandard guidelines and structure for typical financial
accounting.Universal financial reporting method that allows international businesses to
understand each other and work together.Used inUnited StatesOver 110 countries, including
those in the European UnionPerformance elementsRevenue or expenses, assets or liabilities,
gains, losses, comprehensive incomeRevenue or expenses, assets or liabilitiesRequired
documents in financial statementsBalance sheet, income statement, statement of comprehensive
income, changes in equity, cash flow statement, footnotesBalance sheet, income statement,
changes in equity, cash flow statement, footnotesInventory EstimatesLast-in, first-out; first-in,
first-out; or weighted-average costFirst-in, first-out or weighted-average costInventory
ReversalProhibitedPermitted under certain criteriaPurpose of the frameworkUS GAAP (or
FASB) framework has no provision that expressly requires management to consider the
framework in the absence of a standard or interpretation for an issue.Under IFRS, company
management is expressly required to consider the framework if there is no standard or
interpretation for an issue.Objectives of financial statementsIn general, broad focus to provide
relevant info to a wide range of stakeholders. GAAP provides separate objectives for business
and non-business entities.In general, broad focus to provide relevant info to a wide range of
stakeholders. IFRS provides the same set of objectives for business and non-business
entities.Underlying assumptionsThe \"going concern\" assumption is not well-developed in the
US GAAP framework.IFRS gives prominence to underlying assumptions such as accrual and
going concern.Qualitative characteristicsRelevance, reliability, comparability and
understandability. GAAP establishes a hierarchy of these characteristics. Relevance and
reliability are primary qualities. Comparability is secondary. Understandability is treated as a
user-specific quality.Relevance, reliability, comparability and understandability. The IASB
framework (IFRS) states that its decision cannot be based upon specific circumstances of
individual users.Definition of an assetThe US GAAP framework defines an asset as a future
economic benefit.
The IFRS framework defines an asset as a resource from which future economic benefit will
flow to the company.
Solu.
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Website URL : https://zabeelinstitute.ae/
Contact Person : Dr. Sijo Rose Tom
Business Email Address : sijo@zabeelinstitute.ae
Address/Location : Office no# M 07, AL Khallafi Building, Near Burjuman Metro Station, Bur Dubai, Dubai, UAE
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State/County : Dubai
Country : United Arab Emirates
Business Telephone Number : 00971 505258501
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Based on the published annual report of GIC for the year 2019.
ASSUMPTION
GIC consider establishing a joint stock company as a part of its expansion plan
This presentation analysis different regulatory framework and governance applicable to GIC’s investment strategies and current market operations based on the published annual report of GIC for the year 2019, with the assumption that GIC is seriously considering establishing a joint stock company with majority controlling interest in Singapore and India as a part of its expansion plan.
2
Continuation
Financial reporting is the declaration of the financial details to the divergent stakeholders concerning the financial operation and the financial position of the firm for a specified period of time.
Financial reporting standards are the keys that defines the practice standards and financial accounting policies and performs as its basis.
Enhances the financial reporting openness in an international position.
Performs as the accounting end product.
Definition
Financial reporting : declaration of the financial details to the divergent stakeholders concerning the financial operation and the financial position of the firm for a specified period of time.
Financial reporting standards: keys that defines the practice standards and financial accounting policies and performs as its basis.
Enhances the financial reporting openness in an international position.
Performs as the accounting end product.
Components of the financial reporting include;
The Financial statement
Notes to the Financial statement
The prospectus
The Management discussion and analysis
3
Elements Of Financial Statement
The financial statement elements are;
Income Statement : Expenses, Revenues, Purchases and Sales
Balance Sheet: Assets , Liabilities and Capital
Cashflow statement: cashflow from operating activities, investment and financing.
Change in equity.
And notes
Financial statement comprise the critical report of the business that gives financial information which can be used by the stakeholders.
The financial statement elements are;
Income Statement covering expenses, revenues, purchases and sales
Balance Sheet covering assets , liabilities and capital
Cashflow statement covering cashflow from operating activities, investment and financing.
Change in equity showing any change in equity over the period
And notes that gives explanations to the statements.
4
Financial Reporting Objective
Financial statements have been prepared in accordance with: International Financial Reporting Standards (IFRSs),
Applicable disclosure requirements of the Capital Market Authority (CMA)
Relevant requirements of the Commercial Companies Law.
Their objectives are:
To provide information concerning the financial posi ...
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With the globalization of business, it has become more important than ever to establish common standards for the preparation of financial statements. A universal standard would make it easier to evaluate company accounts and more accurately compare business health across international borders. While most of the companies in the world do their financial reporting according to Local Generally Accepted Accounting Principles (GAAP), most of these countries have started using International Financial Reporting Standards (IFRS). This presents problems (i.e.; using the local GAAP) is faced by both shareholders and potential investors who are evaluating different companies. Plus, the marketplace has become much more complex with businesses’ serving international customers and using suppliers from all over the world.
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Criteria
Levels of Achievement
Content 70%
(88 points)
Advanced
Proficient
Developing
Not present
Points Earned
Annotations
88 points
83 to 88 points
Each annotation includes all of the following: purpose of the article/study, the key findings, relevance to operations management, and what section information from the article/study informs in the final Integrative Learning Project (ILP).
72 to 82 points
Each annotation includes most of the following: purpose of the article/study, the key findings, relevance to operations management, and what section information from the article/study informs in the final Integrative Learning Project (ILP).
1 to 71 points
Each annotation includes some of the following: purpose of the article/study, the key findings, relevance to operations management, and what section information from the article/study informs in the final Integrative Learning Project (ILP).
0 points
Structure 30%
(37 points)
Advanced
Proficient
Developing
Not present
Points Earned
Sources
20 points
20 points
The annotated bibliography contains at least 15 APA formatted scholarly sources.
15 to 19 points
The annotated bibliography contains 12-14 APA formatted scholarly sources.
1 to 14 points
The annotated bibliography contains 1-11 APA formatted scholarly sources.
0 points
Word Count
17 points
17 points
Each annotation contains a minimum of 100 words.
15 to 16 points
Most annotations contain a minimum of 100 words.
1 to 14 points
Most annotations contain 50 to 99 words.
0 points
Total Points
/125
Instructor’s Comments:
Financial Reporting
Anas Alzadjali
ST10299
Roslin Lazarus
Introduction
Analysis of different regulatory framework and governance applicable GIC’s investment strategies and current market operations.
Based on the published annual report of GIC for the year 2019.
ASSUMPTION
GIC consider establishing a joint stock company as a part of its expansion plan
This presentation analysis different regulatory framework and governance applicable to GIC’s investment strategies and current market operations based on the published annual report of GIC for the year 2019, with the assumption that GIC is seriously considering establishing a joint stock company with majority controlling interest in Singapore and India as a part of its expansion plan.
2
Continuation
Financial reporting is the declaration of the financial details to the divergent stakeholders concerning the financial operation and the financial position of the firm for a specified period of time.
Financial reporting standards are the keys that defines the practice standards and financial accounting policies and performs as its basis.
Enhances the financial reporting openness in an international position.
Performs as the accounting end product.
Definition
Financial reporting : declaration of the financial details to the divergent stakeholders concerning the financial opera ...
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AnswerGAAP (US Generally Accepted Accounting Principles) is the acc.pdf
Answer:GAAP (US Generally Accepted Accounting Principles) is the accounting standard used
in the US, while IFRS (International Financial Reporting Standards) is the accounting standard
used in over 110 countries around the world. GAAP is considered a more “rules based” system
of accounting, while IFRS is more “principles based.” The U.S. Securities and Exchange
Commission is looking to switch to IFRS by 2015.
GAAP
IFRS
The IFRS framework defines an asset as a resource from which future economic benefit will
flow to the company.
GAAP
IFRSStands forGenerally Accepted Accounting PrinciplesInternational Financial Reporting
StandardsIntroductionStandard guidelines and structure for typical financial
accounting.Universal financial reporting method that allows international businesses to
understand each other and work together.Used inUnited StatesOver 110 countries, including
those in the European UnionPerformance elementsRevenue or expenses, assets or liabilities,
gains, losses, comprehensive incomeRevenue or expenses, assets or liabilitiesRequired
documents in financial statementsBalance sheet, income statement, statement of comprehensive
income, changes in equity, cash flow statement, footnotesBalance sheet, income statement,
changes in equity, cash flow statement, footnotesInventory EstimatesLast-in, first-out; first-in,
first-out; or weighted-average costFirst-in, first-out or weighted-average costInventory
ReversalProhibitedPermitted under certain criteriaPurpose of the frameworkUS GAAP (or
FASB) framework has no provision that expressly requires management to consider the
framework in the absence of a standard or interpretation for an issue.Under IFRS, company
management is expressly required to consider the framework if there is no standard or
interpretation for an issue.Objectives of financial statementsIn general, broad focus to provide
relevant info to a wide range of stakeholders. GAAP provides separate objectives for business
and non-business entities.In general, broad focus to provide relevant info to a wide range of
stakeholders. IFRS provides the same set of objectives for business and non-business
entities.Underlying assumptionsThe \"going concern\" assumption is not well-developed in the
US GAAP framework.IFRS gives prominence to underlying assumptions such as accrual and
going concern.Qualitative characteristicsRelevance, reliability, comparability and
understandability. GAAP establishes a hierarchy of these characteristics. Relevance and
reliability are primary qualities. Comparability is secondary. Understandability is treated as a
user-specific quality.Relevance, reliability, comparability and understandability. The IASB
framework (IFRS) states that its decision cannot be based upon specific circumstances of
individual users.Definition of an assetThe US GAAP framework defines an asset as a future
economic benefit.
The IFRS framework defines an asset as a resource from which future economic benefit will
flow to the company.
Solu.
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IFRS Training | IFRS Course in Dubai | Sharjah | Abudhabi- Zabeel Institute
( Contact Information :-)
Business Name : Zabeel International Institute of Management and Technology
Website URL : https://zabeelinstitute.ae/
Contact Person : Dr. Sijo Rose Tom
Business Email Address : sijo@zabeelinstitute.ae
Address/Location : Office no# M 07, AL Khallafi Building, Near Burjuman Metro Station, Bur Dubai, Dubai, UAE
Postal Code/Zip Code : 117514
State/County : Dubai
Country : United Arab Emirates
Business Telephone Number : 00971 505258501
Financial ReportingAnas Alzadjali ST10299Rosli
Financial Reporting
Anas Alzadjali
ST10299
Roslin Lazarus
Introduction
Analysis of different regulatory framework and governance applicable GIC’s investment strategies and current market operations.
Based on the published annual report of GIC for the year 2019.
ASSUMPTION
GIC consider establishing a joint stock company as a part of its expansion plan
This presentation analysis different regulatory framework and governance applicable to GIC’s investment strategies and current market operations based on the published annual report of GIC for the year 2019, with the assumption that GIC is seriously considering establishing a joint stock company with majority controlling interest in Singapore and India as a part of its expansion plan.
2
Continuation
Financial reporting is the declaration of the financial details to the divergent stakeholders concerning the financial operation and the financial position of the firm for a specified period of time.
Financial reporting standards are the keys that defines the practice standards and financial accounting policies and performs as its basis.
Enhances the financial reporting openness in an international position.
Performs as the accounting end product.
Definition
Financial reporting : declaration of the financial details to the divergent stakeholders concerning the financial operation and the financial position of the firm for a specified period of time.
Financial reporting standards: keys that defines the practice standards and financial accounting policies and performs as its basis.
Enhances the financial reporting openness in an international position.
Performs as the accounting end product.
Components of the financial reporting include;
The Financial statement
Notes to the Financial statement
The prospectus
The Management discussion and analysis
3
Elements Of Financial Statement
The financial statement elements are;
Income Statement : Expenses, Revenues, Purchases and Sales
Balance Sheet: Assets , Liabilities and Capital
Cashflow statement: cashflow from operating activities, investment and financing.
Change in equity.
And notes
Financial statement comprise the critical report of the business that gives financial information which can be used by the stakeholders.
The financial statement elements are;
Income Statement covering expenses, revenues, purchases and sales
Balance Sheet covering assets , liabilities and capital
Cashflow statement covering cashflow from operating activities, investment and financing.
Change in equity showing any change in equity over the period
And notes that gives explanations to the statements.
4
Financial Reporting Objective
Financial statements have been prepared in accordance with: International Financial Reporting Standards (IFRSs),
Applicable disclosure requirements of the Capital Market Authority (CMA)
Relevant requirements of the Commercial Companies Law.
Their objectives are:
To provide information concerning the financial posi ...
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GAAP, Accounting Standards and IFRS
What’s Accounting Standards? What’s GAAP? What’s IFRS? Major differences between IFRS and Indian GAAP? Why moving towards IFRS?
IFRS_Book.pdf
With the globalization of business, it has become more important than ever to establish common standards for the preparation of financial statements. A universal standard would make it easier to evaluate company accounts and more accurately compare business health across international borders. While most of the companies in the world do their financial reporting according to Local Generally Accepted Accounting Principles (GAAP), most of these countries have started using International Financial Reporting Standards (IFRS). This presents problems (i.e.; using the local GAAP) is faced by both shareholders and potential investors who are evaluating different companies. Plus, the marketplace has become much more complex with businesses’ serving international customers and using suppliers from all over the world.
IFRS Standards
If you’re looking for a career in ifrs certification course, then you should explore Contetra Pvt ltd website.
If you are a finance professional, you could get into the specialization of a particular form of finance. For e.g., you could pursue a diploma in ifrs certification course. It is not a pre-requisite that one only needs to be a CA alone, there are many certifications you can opt for to upskill your career.
IFRS online certification course now becomes an essential accounting course that is being studied by finance professionals all over the world. If you wish to pursue this course, you could get in touch with Contetra Pvt Ltd. Visit our website & get all the details regarding this course on https://contetra.com/diploma-in-ifrs-training/
Financial accounting -(GAAP,IFRS,ACCOUNTING STANDARD)
Financial accounting is a specific branch of accounting involving a process of recording, summarizing, and reporting the myriad of transactions resulting from business operations over a period of time.
BUSI 650Integrative Learning Project – Annotated Bibliography Gr
BUSI 650
Integrative Learning Project – Annotated Bibliography Grading Rubric
Criteria
Levels of Achievement
Content 70%
(88 points)
Advanced
Proficient
Developing
Not present
Points Earned
Annotations
88 points
83 to 88 points
Each annotation includes all of the following: purpose of the article/study, the key findings, relevance to operations management, and what section information from the article/study informs in the final Integrative Learning Project (ILP).
72 to 82 points
Each annotation includes most of the following: purpose of the article/study, the key findings, relevance to operations management, and what section information from the article/study informs in the final Integrative Learning Project (ILP).
1 to 71 points
Each annotation includes some of the following: purpose of the article/study, the key findings, relevance to operations management, and what section information from the article/study informs in the final Integrative Learning Project (ILP).
0 points
Structure 30%
(37 points)
Advanced
Proficient
Developing
Not present
Points Earned
Sources
20 points
20 points
The annotated bibliography contains at least 15 APA formatted scholarly sources.
15 to 19 points
The annotated bibliography contains 12-14 APA formatted scholarly sources.
1 to 14 points
The annotated bibliography contains 1-11 APA formatted scholarly sources.
0 points
Word Count
17 points
17 points
Each annotation contains a minimum of 100 words.
15 to 16 points
Most annotations contain a minimum of 100 words.
1 to 14 points
Most annotations contain 50 to 99 words.
0 points
Total Points
/125
Instructor’s Comments:
Financial Reporting
Anas Alzadjali
ST10299
Roslin Lazarus
Introduction
Analysis of different regulatory framework and governance applicable GIC’s investment strategies and current market operations.
Based on the published annual report of GIC for the year 2019.
ASSUMPTION
GIC consider establishing a joint stock company as a part of its expansion plan
This presentation analysis different regulatory framework and governance applicable to GIC’s investment strategies and current market operations based on the published annual report of GIC for the year 2019, with the assumption that GIC is seriously considering establishing a joint stock company with majority controlling interest in Singapore and India as a part of its expansion plan.
2
Continuation
Financial reporting is the declaration of the financial details to the divergent stakeholders concerning the financial operation and the financial position of the firm for a specified period of time.
Financial reporting standards are the keys that defines the practice standards and financial accounting policies and performs as its basis.
Enhances the financial reporting openness in an international position.
Performs as the accounting end product.
Definition
Financial reporting : declaration of the financial details to the divergent stakeholders concerning the financial opera ...
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Technology plays a significant role in monitoring compliance across various industries and sectors.
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Technology provides tools and solutions that enhance the efficiency, accuracy, and effectiveness of compliance monitoring processes.
Strike-off, Restoration And The Impact On Third Parties
Strike-off, In The Context Of Company Registration, Refers To The Process Of Removing A Company's Name From The Official Register Maintained By The Government Or Relevant Authority.
This Usually Happens When A Company Is Inactive, Not Carrying Out Business, Or Not Fulfilling Its Legal Obligations.
Struck Off Comapanies
Understanding Struck Off Companies: Implications, Reasons, and Lessons
Significance for Investors, Entrepreneurs, and Stakeholders
Analysing Due Diligence in Mitigating Risks
Emphasizing Transparency and Compliance in Governance
Unveiling Struck Off Companies: A Critical Perspective for Business Practices
application for strike off a company
The process of striking off a company refers to the voluntary removal or dissolution of a company from the official register maintained by the relevant government authority.
How to strike off a Singapore company and its implications
Striking off a company in Singapore refers to the process of voluntarily removing a company from the official register maintained by the Accounting and Corporate Regulatory Authority (ACRA).
It is a formal procedure that allows a company to cease its operations and dissolve without going through the more complex process of winding up.
13 ERP Modules and Their Features
The finance and accounting module is the most important ERP module because it allows businesses to understand their current financial state and future outlook.
Key features of this module include tracking accounts payable (AP) and accounts receivable (AR) and managing the general ledger.
It also creates and stores crucial financial documents like balance sheets, payment receipts and tax statements.
The financial management module can automate tasks related to billing, vendor payments, cash management and account reconciliation, helping the accounting department close the books in a timely manner and comply with current revenue recognition standards.
7 key ERP implemantion challenges and risks
An ERP implementation is a multi-phase project that includes redesigning businesses processes to take advantage of the new system’s capabilities, configuring the software, migrating the organization’s data and training users.
The process typically takes a few months and can take up to a year at large organizations.
It’s usually managed by a project team that includes stakeholders from all functional groups in the company.
6 key phases of an erp implemantion plan
An ERP system integrates many functions across the business, such as financial management, human resources, sales and manufacturing, to deliver benefits such as increased productivity and efficiency.
6 key phases of an erp implemantion plan
An ERP system integrates many functions across the business, such as financial management, human resources, sales and manufacturing, to deliver benefits such as increased productivity and efficiency.
REPORTING ON STRUCK DOWN COMPANIES REVIVED BY NCLT
Reporting on Struck Down Companies Revived by NCLT." The National Company Law Tribunal (NCLT) has been playing a crucial role in the resurrection of companies that were previously struck down due to financial distress or other reasons.
So, let's dive into the world of struck down companies and their resurrection through the NCLT.
reasons of comapnies struck off
Striking off a company refers to the process of removing a company's name from the official register, effectively dissolving the company and ceasing its legal existence.
Understanding the reasons behind striking off a company is important for several reasons.
Firstly, it provides clarity and closure for the company's stakeholders, including directors, shareholders, employees, and creditors.
By formally dissolving the company, it ensures that any remaining assets or liabilities are appropriately dealt with and distributed.
LIQUIDITY OF COMPANY WHAT ARE THE STEPS TO BE TAKEN
Business liquidity is your ability to cover any short-term liabilities such as loans, staff wages, bills and taxes. Strong liquidity means there’s enough cash to pay off any debts that may arise.
All businesses will have assets which are highly liquid and ones which are not. Cash is the most liquid of all but other assets with high liquidity include shares or inventory provided you can sell it quickly.
What Is An Erp Implementation
Implementing a new ERP system can be one of the largest investments of time, money, and resources a company will make.
The ERP implementation process, phases, timeline, and complexity are largely based on variables such as the number of modules being deployed, customizations required, data conversion, and project management resources available.
What Is An Erp Implementation
Implementing a new ERP system can be one of the largest investments of time, money, and resources a company will make.
The ERP implementation process, phases, timeline, and complexity are largely based on variables such as the number of modules being deployed, customizations required, data conversion, and project management resources available.
Striking Off the Name Of a Company by the Registrar Of Companies
Previously under the company’s act 1956, there was no procedure to strike off the Companies on the application made by the Company.
The companies can be struck off only by the Registrar of Companies as laid down under section 560 of the Companies Act, 1956.
Later, with the difficulties faced by them, a guideline was released by the Stakeholders ministry on Fast Track Exit Scheme to be executed with effect from 3rd July 2011 to set off the inoperative Companies under FTE scheme.
Advantages and Benefits of ERP Software Solutions
Organizations From A Variety Of Industries Benefit From Enterprise Resource Planning (Erp) Software, But, There Are Certain Types Of Businesses That See More Benefits Of Erp.
Evolution of ERP System
Enterprise Resource Planning (ERP) is made to automate any task. With ERP, it is easy to manage every department under one single database.
This consumes not much time and is easy and fast way to do work with.
ERP strategy and digital finance transformation
New ERP systems alone won't bring about the digital finance transformation many executives seek.
ERP implementation can only deliver results if the fundamentals are in place.
Explore why ERP strategy is important, then dive deeper via our series of perspectives on how to develop an executable ERP strategy that can help you achieve desired capabilities, setting you up for success now and into the future.
Relationship with struck off companies
The financial statements of a company are not merely meant to show the profit or loss and/or assets and liabilities of the company.
The notes to such financial statements also disclose various nuances that the shareholders of the company shall be aware of. Such disclosures may vary from material transactions with related parties to the purpose of inter-corporate loans, guarantee or security.
The financial statements are meant to be prepared in accordance with Schedule III (‘Schedule’) to the Companies Act, 2013 (‘Act’). On March 24, 2021, MCA introduced more elaborative disclosure requirements regarding financial statements of companies which are effective from April 1, 2021 i.e. for financial statements prepared for FY 2021-22.
Advantages of Financial Statements Preparation.pptx
Financial statement preparation refers to the process of creating financial reports that provide a snapshot of a company's financial performance over a specific period of time. These reports typically include the income statement, balance sheet, and cash flow statement, which summarize a company's revenues, expenses, assets, liabilities, and cash flows.
The preparation of financial statements involves gathering and organizing financial data from a company's accounting records, analyzing the data to ensure accuracy and completeness, and presenting the information in a format that is consistent with generally accepted accounting principles (GAAP) or other relevant accounting standards. The purpose of financial statement preparation is to provide investors, creditors, and other stakeholders with useful information about a company's financial health and performance. This information is used to make informed decisions about investing in or doing business with the company.
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Strike-off, Restoration And The Impact On Third Parties
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LIQUIDITY OF COMPANY WHAT ARE THE STEPS TO BE TAKEN
LIQUIDITY OF COMPANY WHAT ARE THE STEPS TO BE TAKEN
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- 1. What are the Differences Between US GAAP and IFRS Financial Statement?
- 2. Content Standard-Setting Bodies Conceptual Framework Specificity Presentation of Financial Statements Inventory Valuation Research and Development Costs Conclude Contact details
- 3. Standard-Setting Bodies US GAAP: Developed by the Financial Accounting Standards Board (FASB). IFRS: Developed by the International Accounting Standards Board (IASB).
- 4. Conceptual Framework US GAAP: Relies on a detailed conceptual framework that provides specific guidance on various accounting issues. IFRS: Provides a less detailed conceptual framework, allowing for more judgment and interpretation in certain areas.
- 5. Specificity US GAAP: Generally more detailed and rule-based, with specific guidance for various industries and transactions. IFRS: Generally principles-based, providing broader guidelines and requiring more judgment and interpretation.
- 6. Presentation of Financial Statements US GAAP: Allows for multiple formats for the income statement (single-step or multi- step), and does not require a statement of comprehensive income. IFRS: Requires a statement of comprehensive income and follows a single-step format for the income statement.
- 7. Inventory Valuation US GAAP: Permits the use of various inventory valuation methods, such as LIFO (Last-In, First-Out). IFRS: Does not allow the use of LIFO, instead mandating the use of FIFO (First- In, First-Out) or weighted average cost methods.
- 8. Research and Development Costs US GAAP: Generally, research costs are expensed as incurred, while development costs can be capitalized under certain circumstances. IFRS: Development costs can be capitalized if specific criteria are met, but research costs are always expensed.
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- 10. Contact Details Website : https://contetra.com/technical-accounting-international-gaap- advisory-services/ Email Id : Tejas.savla@contetra.com Phone No : 9833818857