Accounting for Sanitary Landfills: Answer to the Illustrative Problem

SOLUTIONS AND DISCUSSIONS:[See Accounting for Sanitary Landfills: Illustrative Problem]http://theaudituniverse.blogspot.com/2016/05/accounting-for-sanitary-landfill.html Generally, land has an unlimited useful life and therefore is not depreciated. In some cases, the land itself may have a limited...

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Accounting for Sanitary Landfill: Illustrative Problem

In 2014, the Private Hospital Regulatory Board (PHRB) passed a new resolution (effective January 2015) requiring all private hospitals to create its own sanitary landfill for its health care wastes. As a response to this new regulation, RICH KIDS HOSPITAL (RKH) purchased a land P 20,000,000 to...

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Accounting for Living Animals: IAS 16 or IAS 41: Answer to the Illustrative Problem

SOLUTIONS AND DISCUSSIONS: [See Accounting for Living Animals IAS 16 or IAS 41: Illustrative Problem] http://theaudituniverse.blogspot.com/2016/04/accounting-for-living-animals-ias-16-or.html The following chart summarizes the accounting treatment on Living Animals: Using the chart above it...

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Accounting for Living Animals: IAS 16 or IAS 41 Illustrative Problem

MEOW Philippines Corporation formed a joint venture with TIGERWORLD Africa, the largest wild cat park in the world, to create TIGERWORLD Philippines that will be located in Palawan. MEOW purchased 25 tigers from TIGERWORLD Africa. Each tiger costs P 2,000,000. These wild cats were all approximately...

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Accounting for Bearer Plants Answer to the Illustrative Problem

SOLUTIONS AND DISCUSSIONS: [See Accounting for Bearer Plants: Illustrative Problem] http://theaudituniverse.blogspot.com/2016/04/accounting-for-bearer-plants.html  In June 2014 the IASB amended the scope of IAS 16 to include bearer plants related to agricultural activity. This amendments...

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Accounting for Bearer Plants: Illustrative Problem

RENATA DE COCO Corporation is engaged in the production of coconut water concentrate, virgin coconut oil, and coconut milk. On January 2, 2016, the entity purchase a 15-hectare coconut plantation in Davao City, Philippines. The costs associated with this acquisition are as follows: It is expected...

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Master of Science in Accountancy (MSA)

Master of Science in Accountancy is a graduate program designed to enhance the skills and knowledge of Accountancy Graduates. Furthermore, this program is built upon the critical thinking and technical skills needed to analyze and resolve complex accountancy issues and provide for depth and breadth...

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Full IFRS vs IFRS For SMEs: Investment in Associates

IAS 28 versus Section 14 DISCLAIMER: All IFRSs mentioned this blog post were provided for EDUCATIONAL PURPOSE ONLY. “International Accounting Standards” and “International Financial Reporting Standards” "IFRS" and "IFRS for SMEs" are Trade Marks of the IFRS Foundation. All...

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Full IFRS vs IFRS For SMEs: Borrowing Costs

IAS 23 versus Section 25 DISCLAIMER: All IFRSs mentioned this blog post were provided for EDUCATIONAL PURPOSE ONLY. “International Accounting Standards” and “International Financial Reporting Standards” "IFRS" and "IFRS for SMEs" are Trade Marks of the IFRS Foundation. All...

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Full IFRS vs IFRS For SMEs: Investment Property

IAS 40 versus Section 16 DISCLAIMER: All IFRSs mentioned this blog post were provided for EDUCATIONAL PURPOSE ONLY. “International Accounting Standards” and “International Financial Reporting Standards” "IFRS" and "IFRS for SMEs" are Trade Marks of the IFRS...

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Full IFRS vs IFRS For SMEs: Financial Statements

IAS 1 versus Sections 4-8 DISCLAIMER: All IFRSs mentioned this blog post were provided for EDUCATIONAL PURPOSE ONLY. “International Accounting Standards” and “International Financial Reporting Standards” "IFRS" and "IFRS for SMEs" are Trade Marks of the IFRS...

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Corporate Social Responsibility: An Overview

Few decades ago, many corporate executives have struggled with the issue of the firm’s responsibility to society. Some argued that the only “responsibility” of a corporation is to make money and increase the shareholder value. In other words, corporate financial responsibility has been its bottom line...

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Comparative Analysis of Corporate Governance Models

According to Professor Kenneth Scott of Stanford Law School, “corporate governance includes every force that bears on the decision-making of the firm. That would encompass not only the control rights of stockholders, but also the contractual covenants and insolvency powers of debt holders, the commitments...

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Effective Dates: New IFRS Standards & Amendments

DISCLAIMER: All contents of this blog post are provided for EDUCATIONAL PURPOSE ONLY. “International Accounting Standards” and “International Financial Reporting Standards” are Trade Marks of the IFRS Foundation. All copyrights and trademarks belong to the IFRS Fou...

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