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The Financial Reporting Entity: Omnibus - an amendment of GASB Statements No. 14 and No. 34 November 2010 Amended by various GASBS; 62. Codification of Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements December 2010 Amended by various GASBS; Partially superseded by various GASBS; 63.
In public finance, intragovernmental holdings (also known as intragovernmental debt or intragovernmental obligations) are debt obligations that a government owes to its own agencies.
The definitions of segment numbers. While numbers such as 'profit' and 'sales revenue' are well defined at company level in accounting standards, this is not necessarily true for segment numbers. These may be affected, for instance, by intra-group transactions and allocation of corporate-level income or expense items.
For the year ended 30 June 2014, the ACGEN Office prepared for Tanzania Mainland, the first set of consolidated financial statements for the Whole-Of-Government. The Government adopted the transition provision of IPSAS 6, hence the elimination of inter-entity transactions and balances will be done for the year ending 30 June 2015.
Intercompany accounting is the accounting process when transactions occur between two business entities with common ownership. Companies with common ownership include parent companies and subsidiary companies. Intercompany transactions arise when business transactions occur between entities that are not independent since control of both is held ...
Internal control, as defined by accounting and auditing, is a process for assuring of an organization's objectives in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations and policies.
A consolidated financial statement (CFS) is the "financial statement of a group in which the assets, liabilities, equity, income, expenses and cash flows of the parent company and its subsidiaries are presented as those of a single economic entity", according to the definitions stated in International Accounting Standard 27, "Consolidated and separate financial statements", and International ...
SFAS 52 introduced the concept of functional currency, defined as "the currency of the primary economic environment in which the entity operates; normally, that is, the currency of the environment in which an entity primarily generates and expends cash." Businesses may enter into transactions (sales, payments, etc.) in multiple currencies.