MFRS 101-Presentation of Financial Statements prescribes the footing for presentation of general purpose fiscal statements to guarantee comparison both with the entity ‘s fiscal statements of old periods and with the fiscal statements of other entities. It sets out overall demands for the presentation of fiscal statements, guidelines for their construction and minimal demands for their content. Purpose of fiscal statements Fiscal statements are a […]

Accounting in the USA The following report will describe and discuss the major elements of accounting in the USA. It will show that the US Generally Accepted Accounting Principles (GAAP) are set by the Financial Accounting Standards Board (FASB), where as the International Accounting Standards (IAS) are set by the International Financial Reporting Standards (IFRS). This report will also state the similarities and differences between […]

Introduction There is no controversy in the fact that there should be global standards of accounting for a truly global economy. Financial statements make it essential and underpin the complete system of market and information for the comparability of data available so as to have several benefits like uniformity, cost reduction, integration of data of various regions, better decision making and many more advantages. Reasons […]

The Enron scandal was identified as one of the most devastating scandals in the history of modern business. The effects of this single scandal spread throughout the United States and critically calls for significant changes in financial evaluation standards (‘The Enron Effect’. 2006). In the beginning, Enron was recognized as a respected modern day company established from the merger between Houston Natural Gas company and […]