In the Caribbean Region, the regulatory body for Accountants is: a. The institute of Chartered Accounting Professionals of the Caribbean b. The Association of Certified Corporate Accountants in the Caribbean c. The Institute of Chartered Accountants of the Caribbean d. The Association of Certified General Accountants in the Caribbean
In the Caribbean Region, the regulatory body for Accountants is:
The institute of Chartered Accounting Professionals of the Caribbean
The Association of Certified Corporate Accountants in the Caribbean
The Institute of Chartered Accountants of the Caribbean
The Association of Certified General Accountants in the Caribbean
The concept of adequate disclosure continues to be one of the most important issues facing accountants. Disclosures are also necessary to the public for their protection against fraud when securities or stocks are offered to the public for sale. Disclosure requirements for the financial statements are covered in:
IAS 36
IAS 7
IAS 1
IAS 3
The City of Sanderville donated land to Max Company. The fair value of the land was $100,000. The city purchased the land at a cost of $45,000. Under the recommendations outlined by the Financial Accounting Standards Board (FASB), the land should be recorded at its original cost.
The Drillup Company has been in the business of oil exploration for the past 10 years. In 2021. $10,000 was spent drilling wells that were dry holes. According to the accounting standards this should be capitalized. However, Drillup decided to treat the $10,000 as a one time expense for the business because of its positive effects for tax purposes entered by the accountant.
The accountant has considered the ethical issues involved in this transaction.
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The City of Sanderville donated land to Max Company. The fair value of the land was $100,000. The city purchased the land at a cost of $45,000. Under the recommendations outlined by the Financial Accounting Standards Board (FASB), the land should be recorded at its original cost.
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