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financial accounting and reporting
Questions and Answers of
Financial Accounting And Reporting
The following is an extract from the FirstGroup 2004 Annual Report:Discuss the relevance of an adjusted cash EPS. Profit for adjusted basic EPS calculation Depreciation 112.0m EPS: 27.3p 103.0m EPS:
Discuss why a company might decide to report EBITDA in addition to operating profit.
Explain how the defensive interval might indicate that the acid test ratio has been manipulated.
Explain what you would look for when examining a company’s common-sized statement of financial position.
Design variables for your own Z-score model.
Explain how and why EVA ts calculated.
The Association of British Insurers held the view that options should be exercised only if the company’s earnings per share growth exceeded that of the retail price index. The National Association
Good corporate governance is a myth — Just look at these frauds and irregularities:How realistic is it to expect good governance to combat similar future behaviour? Enron WorldCom Xerox Corporation
The following is an extract from the Sunday Times of 8 March 2009:Marc Jobling, the ABl’s assistant director of investment affairs said: ‘Pay consultants are a big contributor to the problems
Discuss the extent to which a trade union is able to contribute to good corporate governance.
Discuss the relevance of corporate social reports to an existing and potential investor.
Obtain a copy of the environmental report of a company that has taken part in the ACCA Awards for Sustainability Reporting and critically discuss from an investor’s and public interest viewpoint.
‘Charters and guidelines help make reports reliable but inhibit innovation and reduce their relevance.’ Discuss.
Discuss the implications of the Global Reporting Initiative for the accountancy profession.
Discuss The Corporate Report's relevance to modern business; identify changes that would improve current reporting practice and the conditions necessary for such changes to become mandatory.
Discuss the value added concept, giving examples, and ways to improve the statement.
Outline the arguments for and against a greater role for the audit function in corporate social reporting.
(a) ‘Human assets are incapable of being valued,’ Discuss.(b) Football clubs have followed various policies in the way in which they include players within their accounts. For example, some clubs
Discuss the impact of the following groups on the accounting profession:(a) Environmental groups; (b) Customers; (c) Workforce; (d) Ethical investors.
Name the user groups and information needs of the user groups identified by the ASB in its Statement of Principles.
R. MacVe in A Conceptual Framework for Financial Accounting and Reporting: The Possibilities for an Agreed Structure suggested that the search for a conceptual framework was a political
Identifies and defines what the FASB believes to be the elements that make up financial statements. Define any four of the elements and explain how, in your opinion, the identification and definition
Explain what you understand by a balance sheet approach to income determination.
The following 's an extract from a European Accounting Review”! article: On the teaching front, there is a pressing need to challenge more robustly the tenets of modern day business, and
In each of the following scenarios, outline the ethical or potential ethical problem and suggest ways in which the ethical problem could be resolved or avoided:(a) Your company is about to sign a
It has been said that football clubs are seen by criminals as the perfect vehicles for money laundering. Discuss the reason for this view.
The following relates to RWE AG:On April 22, 2009, the Annual General Meeting authorized us again to buy back shares. Hence, the Executive Board is entitled to acquire shares in the amount of up to
Mining, nuclear and oil companies have normally provided an amount each year over the life of an enterprise to provide for decommissioning costs. Explain why the IASB considered this to be an
The following note appeared in the Jarvis plc 2004 Annual Report:Provision against onerous lease liabilities The provision reflects the anticipated costs arising from the Group's decision not to
One of the reasons why the IASB is considering an amendment to IAS 37 is that the criteria within that standard for the recognition of provisions are allegedly inconsistent with those in other
The current version of IAS 37 requires the recognition of a restructuring provision at the earlier of the commencement of the restructuring and its public announcement. This requirement has led some
Explain how a gain or loss on a forward contract is dealt with in the accounts if the contract is not completed until after the period end.
Explain the difference between the incurred loss model and the expected loss model in determining impairment and suggest limitations of both approaches.
Past service costs are recognised under IAS 19 (revised) immediately if the benefit is ‘vested’. In what circumstances would the benefits not be vested?
The use of option pricing models to determine the charges to profit or loss brings undesired estimation and subjectivity into the financial statements. Discuss.
Explain clearly how advance corporation tax arose and its effect on the profit and loss account and the year-end statement of financial position figures. (Use a simple example to illustrate.)
Explain how the corporation tax system changed as from April 1999.
Explain the criteria that a deferred tax provision needs to satisfy under IAS 12 in order to be accepted as a liability in the statement of financial position.
Explain the effect of SSAP 5 Accounting for Value Added Tax.
(a) Consider the importance of the categorisation of lease transactions into operating lease or finance lease decisions when carrying out financial ratio analysis. What ratios might be affected if a
The Tesco 201! Annual Report included the following accounting policy:Assets held under finance leases are recognised as assets of the Group at their fair value or, if lower, at the present value of
Peter Mullen says in an article sent in to the UK Accounting Standards Board (ASB), the following: the ASB advocates that all leasing type deals should essentially be accounted for in relation to the
Discuss the suggestion that the requirement for companies to write off research investment rather than showing it as an asset exposes companies to short-term pressure from acquisitive companies that
Here is an extract from the Reckitt Benckiser 2007 Annual Report:The accounting policy states:An acquired brand is only recognised on the balance sheet as an intangible asset where It Is supported by
The following is an extract from the 2008 Cadbury Report and Accounts:i) Brands and other intangibles Brands and other intangibles that are acquired through acquisition are capitalised on the balance
The Chloride 2005 Annual Report included the following accounting policy for goodwill:Goodwill is subject to review at the end of the year of acquisition and at any other time when the directors
How is ‘value in use’ calculated for an impairment review? What are the areas of subjectivity?
A research report into the use of IFRS 3(www.intangiblebusiness.com/Content/244 1) concluded:However IFRS 3 has not been followed, through under valuing intangible assets acquired with a
The following is an extract from the Interbrew 2010 Annual Report:Inventories Inventories are valued at the lower of cost and net realizable value. Cost includes expenditure incurred in acquiring the
What should the percentage of completion be before revenue recognition in the accounts? Discuss.
Discuss whether having different revenue recognition criteria for goods and services results in inconsistent approaches and misleading financial statements.
Coil SA/NV is a company incorporated under the laws of Belgium. Its accounts are IAS compliant.It states in its 2003 accounts (in accordance with IAS 27, para. | 3):Principles of consolidation The
In each of the following cases you are required to give your opinion, with reasons, on whether or not there is a parent/subsidiary under IFRS 3. Suggest any other information, if any, that might be
The 2006 accounts of Eybl International state:Elimination of intra-group balances Advances. .. arising in the course of business between the companies included in the consolidation ...are
Explain why the non-controlling interest is calculated as at the year-end whilst goodwill is calculated at the date of acquisition.
Describe four performance and position KPIs for the pharmaceutical industry.
Explain the circumstances in which an event that is normally non-adjusting is required to be adjusted.
Explain how to identify key personnel for the purposes of IAS 24 and why this is considered to be important.
Discuss the relationship between future discretionary costs and the statement of cash flows.
Many people preferred the direct method for cash flow preparation, but IAS 7 did not require it. Discuss possible circumstances when the direct method may be beneficial.
Discuss why the IASB preferred to reconcile to cash equivalents rather than reconciling to cash.
A negative free cash flow is always a sign of a company in trouble. Discuss.
Critically discuss the proposed change in format of the financial statements.
There is a view that if a company shows a healthy operating profit but low or negative operating cash flows then there might be a suspicion that there has been earnings manipulation. Discuss why
Examine and contrast the concepts of profit that you consider to be relevant to:(a) an economist;(b) a speculator;(c) a business executive;(d) the managing director of a company;(e) a shareholder in
Explain how each of the limitations in question | could be overcome.
Compare the operating and financial capital maintenance concepts.
Explain the features of the CPP model in contrast with those of the CCA model.
Explain why the idea of recognising revenue on exchange of ownership title rights is no longer considered adequate.
Explain why warranty costs if related to the minimum performance requirements under contract law are treated differently from other warranties.
The Australian Securities and Investment Commission required a company called Flight Centre to amend the way in which it recorded revenue. It had previously recorded revenue based on the gross value
Critically comment on the treatment in year 2 of the allowance for doubtful debts in the Consensus plc example in section 5.5 above.
‘The effective working of the financial aspects of a market economy rests on the validity of the underlying premises of integrity in the conduct of business and reliability in the provision of
Research?! has indicated that narrative reporting in annual reports is not neutral, with good news being highlighted more than is supported by the statutory accounts and more than bad news.Discuss
‘The current differences between IASs and US GAAP are extensive and the recent pairing of the US Financial Accounting Standards Board and IASB to align IAS and US GAAP will probably result in IAS
‘Every medium-sized European company should be required to prepare their financial reports in accordance with an IFRSSE which is similar in content to the UK’s FRSSE.’ Discuss.
How does the regulatory framework for financial reporting in the UK differ from that in the USA?Which is better for particular interest groups and why?
Your classmate asks your help in understanding how total budgeted costs are calculated at any level of activity. Calculate total budgeted costs at 30 000 direct labour hours, assuming that in the
The production budget shows: (a) management’s best estimate of sales revenue for the budget period.(b) the units that must be produced to meet anticipated sales.(c) an estimate of both the
Which of the following is an example of a favourable budget difference? (a) Actual sales are below budgeted sales.(b) Budgeted direct materials costs exceed actual direct material costs.(c) Actual
The key difference between static and flexible budgets lies in: (a) the source of information.(b) the number of activity levels displayed.(c) the breakdown of variable and fixed costs.(d) None of
What is vertical analysis?
What different bases can be used to compare financial information?
What are liquidity ratios? Explain the current ratio, quick ratio, receivables turnover, inventory turnover, and current cash debt coverage.
What are solvency ratios? Explain the debt to total assets ratio, times interest earned, and cash debt coverage.
What are profitability ratios? Explain return on ordinary shareholders’ equity, return on assets, asset turnover, cash return on sales ratio, earnings per share, price/earnings ratio and dividend
Intra-entity analysis is useful to detect:(a) changes in financial relationships and significant trends within the entity.(b) differences between entities within an industry.(c) differences between
Industry average analysis is useful to detect: (a) differences between entities within an industry.(b) changes in financial relationships and significant trends within the entity.(c) differences
Comparison of data with other entities is an example of the following comparative basis: (a) Intra-entity.(b) Inter-entity.(c) Industry averages.(d) Both (a) and (b).
Which of the following are the basic tools used in financial statement analysis? (a) Horizontal analysis.(b) Vertical analysis.(c) Ratio analysis.(d) All of the above.
Which of the following is generally not considered to be a limitation of financial statement analysis?(a) Use of ratios.(b) Use of estimates.(c) Use of cost.(d) Use of alternative accounting methods.
Which of the following is not considered to be true in relation to segmental data? (a) Entities which make significant sales in different industries are required to report segment data.(b) Entities
Which of the following are generally considered to be limitations of financial statement analysis?(a) Use of estimates, e.g. for depreciation.(b) Use of cost for asset purchases.(c) Use of
Explain the two concepts and four principles underlying the recording of accounting information.
Describe any interrelationships between the concepts, principles, accounting standards and the Conceptual Framework.
Explain how both the cost principle and asset revaluations can coexist.
Many countries throughout the world have at various times worked on the development of a conceptual framework. Discuss the advantages of developing a generally accepted normative theory of financial
The AASB had issued four SACs prior to the decision to converge with international accounting standards. What were they?
Briefly describe the Conceptual Framework.
Under what circumstances are employees, suppliers and customers considered as primary users?
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