Abstracts » Business

ACCA students go international

Article Abstract:

The ACCA is including international issues in its examinations for financial accounting and auditing as part of its efforts to transform itself into the leading international professional accounting organization. Starting Dec. 1997, interested ACCA students will be able to take examinations based on standards developed by the International Accounting Standards Committee and on International Standards on Auditing from the International Auditing Practices Committee. Four of the 14 papers comprising the ACCA qualification will be internationalized, namely, Paper 1, 'Accounting Framework'; Paper 6, 'Audit Framework'; Paper 10, 'Accounting and Audit Practice'; and Paper 13, 'Financial Reporting Environment.' Papers 1 and 6 are discussed.

Tests, problems and exercises

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Rules and risks

Article Abstract:

Financial instruments in the UK must be measured at fair value and recognized immediately on the income statement, as well as requiring full disclosure. Liabilities must therefore be clearly distinguished from equity, and the fact that fair value may not be reliable must also be disclosed.

United Kingdom, Laws, regulations and rules, Practice, Derivatives (Financial instruments), Finance

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STRGL and p&l united?

Article Abstract:

The approach taken to the disclosure of financial performance set out in UK Financial Reporting Exposure Draft 22 is described, with focus on the recommendation that a combined statement of performance is produced.

Standards, Reports, Accounting Standards Board, Corporation reports, Company reports

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