ACTG 3110 Study Guide - Midterm Guide: Income Statement, Financial Statement, Ope

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One area of aggressive accounting was in revenue recognition for franchise reven ue. Explain how companies were being aggressive with franchise revenue. Franchise revenue - franchisors were recognizing the franchise fee upfront once paid before performing services for the franchisee. Related party transactions - ifrs vs. canadian gaap. Related party transactions is when a firm engages in a transaction where one of the parties has the ability to influence the actions and policies of the other. Under canadian gaap, there are specific criteria for recording related party tra nsactions at either exchange value or carrying value. Related party t ransactions also require note disclosure in the financial statements. Re: accounting policies on 2008 events and ifrs impact. Most important user: you, gi since you will want to evaluate the perform ance of the company and comply with the bank"s requirements. Conflicts: not too much of a conflict between the objectives, all users flow prediction.

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