Accrual accounting

A major feature of public sector accounting reform has been the replacement of conventional cash-based accounting with accrual accounting. Even though accrual accounting is a regular practice in the private sector, little is known about the way in which these practices are diffused throughout large and complex public sector organisations. This thesis relies on Rogers’ (1983) Diffusion of an Innovation Theory (DOI) to explore the diffusion of accrual accounting across the three-tiered (Central - Provincial - Local) government of Sri Lanka.

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The study will provide a detailed examination on the views of the finance officers and council policies on IA and depreciation information for decision-making by internal and external users. This is an important area because the preparers of GPFRs have a significant influence on the information used for both internal and external purposes. Conclusions on the consequences of current practices and recommendations for change will be developed to assist local authorities and enhance information to be included in council policies (for example accrual budgets and rating estimates) and GPFRs.

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This aim of research is to prove that the loan-loss provision and fair value accounting influence the earnings volatility and the accrual management role in moderating the effect of fair value accounting to earnings volatility. Data were obtained from the annual report of the Directory of Indonesia Capital Market and the Stock Exchange of Indonesia Website.

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After completing this chapter you should be able to: Explain the time period assumption, explain the accrual basis of accounting, explain the reasons for adjusting entries and identify the major types of adjusting entries, prepare adjusting entries for deferrals,...and other contents.

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Lecture "International accounting - Chapter 2: The adjusting process" has content: Accrual accounting versus cash basis, accounting, other accounting principles, why we adjust the accounts, two categories of adjusting entries, the adjusted trial balance, the financial statements, ethical issues in accrual accounting

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Research Objectives: Review and summarize systematically theories on features of cash accounting based information and accrual accounting based information; examine the predictive abilities of future operating cash flow by using earnings.

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Investments can be accounted for in a variety of ways depending upon the nature of the investment instrument. We will begin this chapter by looking at the accounting for bonds, or debt securities. Once we’ve completed our discussion of debt securities we will move on to the accounting for equity securities.

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Depreciation, depletion, and amortization are cost allocation processes. We allocate the cost of the asset to expense over its useful life in some rational and systematic manner. The unused portion of the asset’s cost appears on the balance sheet. We allocate a portion of the cost to expense on the income statement each accounting period.

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Operational assets are assets that are used actively in the operations of the business, and that are expected to benefit the operations into the future. There are two major categories of operational assets. Tangible operational assets have physical substance.

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Generally accepted accounting principles, known as GAAP, require that inventories be carried on the balance sheet at lower-of-cost-or-market. Lower-of-cost-or-market represents a departure from the historical cost concept, but is considered a conservative accounting measure.

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We will look at inventory for two classes of businesses. For merchandising companies like Wal-Mart, goods are acquired from a supplier for resale to the final consumer. In a manufacturing operation, the company normally has three inventories.

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Restricted cash is cash that has been set aside for a particular use and is not available for paying current liabilities. Restricted cash is not a current asset, rather it is classified as an investment on the balance sheet. A compensating balance is some specified minimum amount that must be maintained on deposit with a bank that has made a loan to the company.

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Companies must report both net income and comprehensive income and reconcile the difference between the two. The following items are part of comprehensive income: Changes in the market value of securities available for sale (described in Chapter 12).

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The time value of money means that money can be invested today to earn interest and grow to a larger dollar amount in the future. Time value of money concepts are useful in valuing several assets and liabilities. Interest is the amount of money paid or received in excess of the amount borrowed or lent.

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The purpose of the balance sheet is to report a company’s financial position on a particular date. It is a freeze frame or snapshot of financial position at the end of a particular day marking the end of an accounting period.

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The first objective of any accounting system is to identify the economic events that can be expressed in financial terms by the system. Economic events cause changes in the financial position of a company.

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Relevant financial information is provided primarily through financial statements and related disclosure notes. Balance Sheet. Income Statement. Statement of Cash Flows. Statement of Shareholders’ Equity.

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Accepted Practices Exchange (APEX) - an initiative of the Convention Industry Council. The mission of APEX is "To spearhead an industry-wide initiative that brings together all stakeholders in the development and implementation of industrywide accepted practices which create and enhance efficiencies throughout the meetings, conventions and exhibitions industry.

11p dangcap_pro 29-12-2009 439 196   Download