FRS 15 ‘Tangible fixed assets‘ FRS 15 was issued in February 1999 and sets out the principles of accounting for tangible fixed assets‚ with the exception of investment properties. The objective of the FRS is to ensure that tangible fixed assets are accounted for on a consistent basis. Fixed assets are held in our company for the profit of their use not from their resale. Tangible fixed assets should be capitalized when they are ready for use‚ which means when its physical completion is complete
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illustrations. The Timberland Company‚ Balance Sheets ($ millions) 12/31/1997 Assets Cash and marketable securities 98.8 Accounts receivable 75.8 Inventories 142.6 Prepaid expenses and other current assets 24.9 Total current assets 342.1 Property‚ plant‚ and equipment 116.5 Less accumulated depreciation and amortization (63.6) Net property‚ plant‚ and equipment 52.9 Intangible assets 20.9 Other assets 4.2 Total assets $420.1 Liabilities and Shareholders’ Equity Accounts Payable Wages payable Income
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HNWI Asset Allocation in Argentina 2014 Published on 04th April 2014 Summary This report provides the latest asset allocations of Argentina HNWIs across 13 asset classes. The report also includes projections of the volume‚ wealth and asset allocations of Argentina HNWIs to 2018 and a comprehensive and robust background of the local economy. Scope Independent market sizing of Argentina HNWIs across five wealth bands HNWI volume and wealth trends from 2009 to 2013 HNWI volume and wealth forecasts
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This memo is to assess the establishment of valuation allowance for Deferred Tax Assets. I also explain the current sources of deferred tax for Packer‚ Inc. Applying GAAP‚ I will advise not using a valuation allowance of 60% of deferred tax assets. I. Sources of deferred taxes Deferred tax liabilities A deferred tax liability is recognized for temporary differences that will result in taxable amounts in future years. In Packer‚ Inc’s case‚ depreciation has been recognized as deferred tax liabilities
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company’s solvency is their debt- to-asset ratio. “This ratio indicates the proportion of total assets that are financed by debt.” (text) If this ratio is high it indicates a greater financing risk. In 2007 WestJet’s debt-to-asset ratio was 68.2%‚ it decreased in 2008 to 66.9%. This means they are financing more of the assets with equity in 2008 compared to 2007. When we compare this ratio to Air Canada we see a telling story. In 2007 Air Canada’s debt-to-asset ratio was 77.8%‚ but in 2008 it rose
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Islamic Economic Studies Vol. 4‚ No. 2‚ May 1997 THE USE OF ASSETS IJARA BONDS FOR BRIDGING THE BUDGET GAP MONZER KAHF* A shari‘ah compatible fixed-return financial instrument is needed in an Islamic economy. This paper explores the potential of ijara (renting)-based financial instruments to meet this need. The paper proposes ijara-bonds as marketable Islamic financial instruments for resource mobilization in the public sector as well as an instrument for monetary policy. Private companies
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Intangible Assets: An intangible asset‚ despite not having a physical form to it‚ has great value to a company and is to be disclosed in the financial reports. Some companies only disclose the brand and goodwill as their only intangible assets‚ while others include more such as software and the company trademarks (Loftus et al. 2012). The Accounting Standard AASB 138 advises businesses on the accounting treatment of these intangible assets‚ but only if the specific criteria have been met for an
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decides to sell the painting‚ what tax issues does she face? The painting is a ordinary asset‚ and she needs to treat the sale of it as a ordinary gain‚ unless she wants to treat it as a capital gain (Hoffman‚ 2013‚ p 16-5). 5. Is a note receivable that arose in the ordinary course of the taxpayer ’s retail business capital asset? Why or why not? A note receivable is not a capital asset; it is an ordinary asset and generates ordinary income (Hoffman‚ 2013‚ p 16-4). 7. Michael is a "bond trader"
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Compiled AASB Standard AASB 138 Intangible Assets This compiled Standard applies to annual reporting periods beginning on or after 1 July 2009. Early application is permitted. It incorporates relevant amendments made up to and including 25 June 2009. Prepared on 30 October 2009 by the staff of the Australian Accounting Standards Board. AASB 138-compiled 2 COPYRIGHT Obtaining Copies of Accounting Standards Compiled versions of Standards‚ original Standards and amending Standards (see Compilation
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ACCOUNTING 260 INTANGIBLE ASSETS QUIZ QUESTIONS 1. List two assets which would not meet the ‘identifiable’ aspect of the definition of an intangible asset. (2 Marks) Goodwill Customer loyalty 2. Intangible assets acquired via a separate acquisition are always recognised. Why? (2 Marks) The price an entity pays to acquire an intangible asset will reflect expectations about future economic benefits of the will flow to the company. This meets the probability test to identify an asset. 3. How is an intangible
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