What would an accountant say while boarding a Tube? --“Mind the GAAP”
Jokes apart, GAAP stands for Generally Accepted Accounting Principles. Together, these principles represent the standards of accounting that are adopted by the US Commission of Securities and Exchange. Well, accounting is a coveted field with bright prospects. But studying accounting can become a real bummer. Who likes to attend lectures discussing nothing but numbers and how to catch discrepancies in books? No one does! Even if someone did like attending the lectures, writing tedious assignments is a buzzkill on a whole different level. It is like depreciation but for your mood and weekend plans.
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The mentioned above is an excerpt from the question file. There are two questions in the excerpt. The first question is asking students to write a report/case study style essay discussing one’s argument regarding the situation of the business. One would need to hypothetically write arguments that a business-like JKY ltd could use as the basis of the decision making.
The second question is the extension of the first question and asks students to discuss the key principles and theories that could be leveraged for executing intra-group transactions while mitigating any fraud or transaction risks.
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These are commonly practiced principles of accounting in the US. These principles and standards are all issued by the Body of Financial and Accounting Board of the country. All the companies based in the US or operating in the US need to follow the procedures and standards issued by the GAAP.
Our experts that provide Accounting assignment help believe that students often confuse GAAP with other non-Gaap methods like Pro-forma accounting standards. These accounting methods are equivalent but not the same as GAAP and are recognized by IFRS which is an international body to regulate accounting and bookkeeping procedures.
Ultimately, Gaap ensures that an organization’s financial statements are consistent. Thus, enabling investors and auditors to analyze and derive usable knowledge from a company’s financial statements. Standardizing accounting procedures also help prevent fraud as it makes it easier for the government bodies to audit and monitor the financial activities of an organization.
A merger is a legal contract that unites two separate organizations into one new organization. Two organizations might consider merging with one another for a variety of reasons. But whenever they do, they literally make accountants “work their assets off!”. Mergers are different from acquisitions. However, mergers can be done for the same reasons that acquisitions are done for; gaining a larger market share, expanding into new segments, mitigating competition, securing intellectual property, preventing bankruptcy, and more.
Conglomerate Merger: A merger between two or more organizations engaged in mutually exclusive markets and products.
Congeneric Mergers: A union between two organizations in the same sector.
Market Extension: Merger between the organizations operating in different markets but selling similar products.
Horizontal: A typical merger that occurs between the organizations in the same industry. It is more of an agreement between two competing organizations in a sector delivering the same services or products.
Consolidation Accounting is a complex process that includes Unifying the financial dealing of subsidiary organizations into a single financial report of the parent organization. Accountants typically resort to consolidation accounting when parent organizations own over a 50% stake in the subsidiary companies.
Well, equity accounting deals with keeping accounts of the investments in and out of the associate organizations. Accountants typically resort to Equity accounting when a particular investor holds over 20-50% of the equity of the associate organizations and thus, possesses a significant influence on the management of the organization.
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