Accounting Based On Fair Value

Identify three (3) specific challenges to making direct measurements in the fields of astronomy, chemistry, physics, or earth science. Describe how scientists have utilized indirect forms of measure to overcome these challenges

The results of this lab helped determine which tools are best to measure different objects. In Station 1, a yellow metric ruler, an orange metric ruler, a wooden ruler, and a measuring tape was used. The tool with the highest degree certainty was the orange metric ruler. This is because the orange ruler had tick marks for each 10th(0.1). The tool with the lowest degree of certainty was the measuring tape because it kept moving and it was difficult to keep it straight. For Station 2, a wall clock, a digital stopwatch, and a timer was used. The tool that had the most accurate measurement was the digital stopwatch because it measured into the 10th(0.1) place automatically. The tool that was least accurate was the wall clock because

Throughout lab one we were introduced to many different forms of measurement, whether its using a ruler too measure length, a digital scale to measure weight, and also many different sized and shaped flasks to measure different volumes. Another key measurement of this lab was to teach the

For our project, we wanted to pick the topic, “Is fair value accounting really fair?” The first part of our presentation was simply explaining what fair value accounting is. This is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm’s length transactions. According to the Financial Accounting Standards Board, the price that would be received to sell an asset or price to transfer a liability in an orderly transaction between market participants at the measurement date is the idea behind Fair Value accounting. FASB came up with SFAS 157 to improve this accounting principle. Some of their objectives were to “provide a framework for fair value measurements, change the definition of fair value, elaborate on the concept of market participants.”

Choosing an instrument to measure study variables is a very crucial in research. If a researcher chose to use an existing

In this experiment the SI and English standard measurement systems were used to learn how to convert one unit of measurement to another through the use of measurement instrumentation. A centimeter ruler was used to measure both inanimate objects such as a lab table, and a window as well as body measurements on multiple people within the group. The measurements were used in finding the perimeter, area and volume of each of the objects. This experiment taught how to express scientific figures for data and results. As multiple measurements were taken precision and accuracy became greater. This data was used to determine ratios and percent errors.

The measured results should be readable for at least 15 minutes. If other measurements are to be made in this period the first result should be accessible without any ambiguity. The absence of paper in the instruments shall prevent from further measurement.

The protractor used to measure the firing angle of the projectile, was just a weight on the end of a piece of string. This primitive equipment resulted in inaccurate and imprecise measurements of angles, reducing the quality of the data collected from the experiment. This could be remedied in the future with the use of a more sophisticated protractor to measure the firing angle.

To follow the experiment’s instructions the student needs to use measurements like mass (body of matter without definite

ACC307 INDIVIDUAL ASSIGNMENT TASK 1: Contemporary Issues of Accounting Theory Fair Value Measurement Overview After the International Accounting Standards Board (IASB) released the IFRS 13 Fair Value Measurement in May 2011 for the purpose of completing its joint project with the US Financial Accounting Standards Board (FASB) on fair value, the Australian Accounting Standard Board (AASB) released the Australian equivalent - AASB 13 Fair Value Measurement in the September of the same year. This standard permitted early adoption but generally started to take effect for the financial reporting periods beginning from 1 January 2013. This new standard requires no new requirement for the adoption and but it was accompanied with the issuing of AASB 2011-8 Amendments to Australian Accounting Standards arising from the AASB 13 which has made consequential changes to 32 standards and 9 interpretations for the adoption in Australia. The new standard attempts to unify IFRS and US GAAP by specifying how entities should apply the fair value measurements that applied in previous IFRS standards. It clarifies and redefines fair value as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date”, sometimes referred to as an “exit price”. It also sets out a single source guidance for a robust measurement framework to ensure that the requirements are applied consistently and have clear

Accounting is the art of measuring and communicating financial information. To maintain uniformity and consistency in preparing and maintaining books of accounts, certain rules or principles have been evolved. These rules or principles are classified as concepts and conventions. One of the important concept in accounting is “Measurement” (Mattessich, 1977)

The process of observing and providing the financial statistics of an organisation which is useful for customers for managing and to create economic decisions. “The process of identifying, measuring and communicating financial information about an entity to permit informed judgements and decisions by users of information.” (McLaney and Atrill, 2002:1). Accounting data is unbiased and neutral, which helps to determine the level of excellence and different factors that influence the company’s performance. This point has been explained clearer by (Ezzamel & Willmott, 2004:784) “ Accounting information is an impartial and neutral representation data, which is correctly used, can reduce unwanted ambiguities and can reduce waste in organizing supplies”. The three main financial statements are the balance sheets, the profit or loss account and the cash flow statement. Hence, with these types of

To begin with, measurement is an essential part in every human’s daily activity. People apply measurements in Mathematics, in Science, in calculations, in Economics, or in their typical calculation for the simplest estimation of market price when buying any products or services. Measurement’s role in Accounting is by then not any less than a vital role. Indeed, all transactions or assumptions provided in the Accounting Information Systems are presented by numbers, which are results of the measurement process.

But it is impossible to sustain competitiveness without an more accurate cost calculation mechanism. (Ozbayrak, Akgun and Turker, 2004) As an alternative method to take the place of traditional cost accounting methods, ABC assigns costs to several activities with multiple cost drivers. (Copper and Kaplan, 1988) The costs of each product are based on each product’s use of these activities. Using multiple activities as cost drivers instead of single one, it can effectively reduce the risk of distortion and provides more accurate cost information. (Kim, Park and Kaiser, 1997)

This research project is undertaken on the basis of input from, and planning with, members of the IASB and participate national standard Setters. However, its satisfied has not been deliberate by the IASB or national standard setters. The purpose of the project is to identify, regard as, and make recommendation with value to, Issues related to the selection of an suitable basis, or set of bases, for measuring assets and liabilities known in financial statements. The project is intended to provide the IASB and National standard setters with a basis for initiate active projects to: