International Accounting at Hochschule für Angewandte Wissenschaften Hamburg

Flashcards and summaries for International Accounting at the Hochschule für Angewandte Wissenschaften Hamburg

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Study with flashcards and summaries for the course International Accounting at the Hochschule für Angewandte Wissenschaften Hamburg

Exemplary flashcards for International Accounting at the Hochschule für Angewandte Wissenschaften Hamburg on StudySmarter:

What is the role of the IASB?

Exemplary flashcards for International Accounting at the Hochschule für Angewandte Wissenschaften Hamburg on StudySmarter:

What are IFRS?

Exemplary flashcards for International Accounting at the Hochschule für Angewandte Wissenschaften Hamburg on StudySmarter:

What are IAS?

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Exemplary flashcards for International Accounting at the Hochschule für Angewandte Wissenschaften Hamburg on StudySmarter:

What is an "endorsed" IFRS?

Exemplary flashcards for International Accounting at the Hochschule für Angewandte Wissenschaften Hamburg on StudySmarter:

Why has the capital market-orientation (i.e. publicly traded stock or bonds) been chosen by the EU as the relevant criterion for the application of IFRS?

Exemplary flashcards for International Accounting at the Hochschule für Angewandte Wissenschaften Hamburg on StudySmarter:

What should be inclueded in a financial statement ?

Exemplary flashcards for International Accounting at the Hochschule für Angewandte Wissenschaften Hamburg on StudySmarter:

Who has to give a consolidated financial statements?

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Exemplary flashcards for International Accounting at the Hochschule für Angewandte Wissenschaften Hamburg on StudySmarter:

What is the basic accounting equation?

Exemplary flashcards for International Accounting at the Hochschule für Angewandte Wissenschaften Hamburg on StudySmarter:

How can expenditures be classified ? name the two methods

Exemplary flashcards for International Accounting at the Hochschule für Angewandte Wissenschaften Hamburg on StudySmarter:

Are both methods how expenditures can be measured coming to the same amount of profit or loss?

Exemplary flashcards for International Accounting at the Hochschule für Angewandte Wissenschaften Hamburg on StudySmarter:

What is meant be the term comprehensive Income?

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What is the goal of the IASB?

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Exemplary flashcards for International Accounting at the Hochschule für Angewandte Wissenschaften Hamburg on StudySmarter:

International Accounting

What is the role of the IASB?

promote the accounting standards´ use and strict application

International Accounting

What are IFRS?

International Financial Reporting standards

IFRS are designed for general purpose financial statements

International Accounting

What are IAS?

 (IAS) are older accounting standards

International Accounting

What is an "endorsed" IFRS?

  • They should go through an endorsement process before becoming law in the EU
  • IFRS are endorsed in the EU in line with a procedure laid down in the IAS Regulation 

International Accounting

Why has the capital market-orientation (i.e. publicly traded stock or bonds) been chosen by the EU as the relevant criterion for the application of IFRS?

EU regulation 1606/2002: Publicly traded EU-companies shall prepare their consolidated financial statements consistently to IFRS starting from 2005 (latest 2007 e.g. for US-GAAP users)

  • reason?

International Accounting

What should be inclueded in a financial statement ?

    • Statement of financial position
      (formerly/also: balance sheet)
    • Statement of comprehensive income
      comprises statement of profit or loss (profit or loss section) &
      other comprehensive income (OCI)
    • Statement of changes in equity
    • Statement of cash flows (cash flow statement)
    • Notes
      including accounting policies and other explanations
    • Comparative information in respect of the preceding period

International Accounting

Who has to give a consolidated financial statements?

Every party ( parent, subsidiary 1 and subsidiary 2)

International Accounting

What is the basic accounting equation?

assets = liabilities + owner's equity

International Accounting

How can expenditures be classified ? name the two methods

1. by the nature of expense

2. by the function of expense

International Accounting

Are both methods how expenditures can be measured coming to the same amount of profit or loss?

YES

International Accounting

What is meant be the term comprehensive Income?

variation in a company's net assets from non-owner sources during a specific period.

International Accounting

What is the goal of the IASB?

  • devise  single set of globally acceptable & enforceable accounting standards
  • cooperate actively with national standard setters & promote a convergence of national & international acc. standards
  • promote the accounting standards´ use and strict application

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