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Accounting for Business Acquisition Using Purchase Method 14 Jan 2013 | 08:13 pm
In brief, a business acquisition, from the accounting standpoint, is a transaction in which both the acquiring and acquired company are still left standing as separate entities at the end of the trans...
2012 FASB Accounting Standard Updates You Probably Missed 19 Dec 2012 | 04:04 pm
We are approaching the end of the 2012, have been busy, and there is no way to stay updated with the constant changes in the accounting standard time-by-time. If you are a U.S. entity or work for one ...
What Are Roles and Responsibilities of Audit Committee? 16 Dec 2012 | 08:14 pm
Audit committee, in the real corporate world, has been existed for long time and the perception of its roles and responsibilities are evolved time-by-time. This post aims to highlight roles and respon...
Understanding Cost Behavior (Predict Future Cost) 4 Dec 2012 | 07:40 pm
Managing ‘activities-and-their cost’ is a key to success in business. To be able to manage activities and costs, it is necessary to understand how costs respond to cost drivers—known as “cost behavior...
How Auditors Treat Uncorrected Misstatements under US GAAP 14 Nov 2012 | 11:53 am
Misstatements sometimes left uncorrected, particularly when the financial statements preparer detects them after the statements have been produced and distributed. Using an auditor perspective, how do...
Financial Statements Disclosures Required Under IFRS 9 Nov 2012 | 02:58 pm
Though I have posted about balance sheet’s disclosures required under the US’s accounting standard codification, in the past. This post discusses financial statements disclosures required under IFRS, ...
Classifying Asset and Liability Transactions under IAS 1 5 Nov 2012 | 01:30 pm
Classifying transactions into accounts is a crucial step in the accounting process. Asset and liability transactions are the biggest portion of the whole accounting data. Classifying transactions into...
Does a Services Company Include Cost of Goods Sold On the Income Statements? 26 Oct 2012 | 11:46 pm
“Hi, I am a small business that provides clients with computer repair services; do I need to include cost of goods sold on my income statement?” I know it sounds obvious but, can be tricky for starter...
What Are Major Functions of Internal Audit Workpapers? 25 Oct 2012 | 11:29 pm
Internal audit workpapers can be seen as a “link” between actual internal audit procedures and the reports issued as results of an internal audit process, created to fit particular internal audit task...
Earnings Management Practices Accountant Should Aware Of 7 Aug 2012 | 02:41 pm
Earnings management, in simple words, could be defined as an attempt—usually by the management—to influence reported earnings by using: specific accounting methods (or changing methods); or recognizin...
