International Accounting

In accounting there is much to be learned, about the financial aspects of a business. In the past five weeks I have learned the importance of financial reports and how they relate to the success of an establishment. These reports may include balance sheets and income statements, which help accountants and the public grasp the overall financial condition of a company. The information in these reports is really significant to, managers, owners, employees, and investors. Managers of a business can take and deduce financial

financial statements” (Waxman, 2013, p. xiii). It is the purpose of this paper to discuss some of

In 1853, first association of professional accountants, it also can be regarded as the beginning of the modern accounting profession. The UK accounting system is conducive to a principles-based approach rather than a rules-based approach to standard setting. Furthermore, the UK 's politic system is common law, which shows that accounting system in the UK has relatively fewer statutes, more interpretation and tends to be more flexible, adaptive and innovative, etc. Also, taxation does not have influence on accounting system, but Germany and Japan are in opposite Therefore, these all can have a significant influence on accounting system in the UK.

Mohana, R (2011). Financial Statement Analysis and Reporting. New Delhi: Asoke K. Ghosh, PHI Learni

The requirements for the accounting policies disclosure are stated in ASC 235, Notes to Financial Statement. ASC 235-10-50-3 requires that the entity should identify and describe the accounting principles it follows and the methods used for the application with respect to the materiality affect. The format and location of the footnote is flexible; however, it should be an integral part of the financial statements.

Separately, the balance sheet reports a company’s financial position while the income statement reports a company’s fiscal year profits and losses. The balance sheet measures a company’s financial position by reporting its assets, liabilities, and owner’s (shareholder’s) equity. The income statement measures a company’s financial performance by reporting its revenues, expenses, and net income/loss. When combined, they serve two vital purposes: (1) expand the accounting equation and (2) enable analysis using ratios to determine industry position or potential material misstatements. The increase or decrease in owner’s (shareholder’s) equity on the balance sheet is a direct result of the net

The purpose of this work is to identify strengths and weaknesses of the proposed ASU and whether the new proposed disclosure requirements do

The most important thing to any company’s stakeholders is high-quality reporting of its financial statements. Investors, for instance, need to know the truth about a company in order to make an informed decision on whether to make private investment, buy stock or bonds. However, for stakeholders to get the truth about a company, they need to read and understand management’s discussion and analysis, the president’s letter, the notes, as well as the financial statements. Conversely, financial statements must be accompanied with disclosures to prevent them from misleading the stakeholders.

1- Documentation--consists of the client's business documents used to support accounting events. The strength of documentation is that it is prevalent and available at a low cost. Documents can be internal or externally generated. Internal documents provide less reliable evidence than external ones, particularly if the client's internal control is suspect. Documents that are external and have been prepared by qualified individuals such as attorneys or

This standard outlines the presentation of financial statements for general purpose financial statements, in order to ensure that there is compariablity between the entities reporting periods as well as between other industries reports. The standard discusses the minimum requirement for reporting content and guidelines for the structure in which it is to be set at. Paragraph 117-124 distiguishes the disclosure of accounting policies in relation to judgement. Management’s judgement made in applying accounting policies that may have effected significant amounts found in financial statements and the financial position. Seen in paragraph 125-133 ‘Sources Of Estimation Uncertainty’, it is vital that entities disclose the key assumptions made regarding future prospects and other uncertain estimates that are used in identifying carrying amounts of assets and liabilities. Along side this, the nature and carrying amount must be disclosed at the reporting date.

Another critical requirement for users of financial statements is information, this is addressed through the disclosure of certain principles, policies and procedures to facilitate decision making, which current standards don’t adequately address, hence the issuing of AASB 15. (AASB,2014) Accordingly, a new standard is required to rectify the inconsistencies of revenue recognition and address the lack of consistent and useful information.

What is the amount of uncollectible accounts expense recognized in VIP's income statement for January?

Financial statement Disclosure Notes under US GAAP the full disclosure principle is one of the basic accounting principles, which is an exchange of all material information integral to financial information for the company. Companies should provide disclosure notes when they provide the financial statement. Full disclosure notes give full information about the statements for investors and creditors to make decisions because this note is connected with the financial statements. And also, the notes help for managerial decisions for the next plan year. All United States companies follow Generally Accepted Accounting Principles (GAAP) disclosure rules. Under US GAAP the required disclosures are the summary of significant accounting policy, subsequent event, and related party transaction.

Reporting disclosure is one of the IFRS principles that state that each firm is required to present information for certain parties or the management. Only adequate and full disclosure of such information will give management the ability to make appropriate decisions. It is, therefore, advised that the accountants disclose too much information than too little. In perspective to the IAS, depending on the nature of the firms, the disclosure of this kind of information should be shown in the financial statements notes. Full disclosure is very important because an auditor uses the notes and other financial documents in doing an audit. In addition full disclosure is also one of the legal requirements.

I would like to pay my sincere thanks to, University of Delhi, South Campus for endowing me with the precious insights needed for working out this Project. He has been very instrumental in communicating the core of this project study and thus without his direction, the very inception of this work would not have been possible.