oduction of IFSA 2013, there are some changes in the takaful operation in Malaysia. Elaborate TWO (2) changes in IFSA 2013 that have significant impact on takaful industry.
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c) With the introduction of IFSA 2013, there are some changes in the takaful operation in
Malaysia. Elaborate TWO (2) changes in IFSA 2013 that have significant impact on
takaful industry.
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- Which of the following factors are considered when analyzing an indistry? I-the nature and conditions of governmental regulations II-the number, size and power of suppliers to the industry III- the development of new technologies relevant to the industry IV- the extent of competition within the industry A- I, II,III AND IV B-I, II AND III C-II, III, AND IV ONLY D-I, II, AND IV ONLYThe top three issues for asset managers and their institutional customers, according to the US SIF, are: Conflict risk CEO dismissals Corporate governance Tobacco Securities fraud Climate change3. A recent issued demographic report indicates that there is a reasonable probability that ABC company's business may be adversely impacted in the future. The company's controller wants to begin accruing a general contingency reserve now for unspecified business contingencies, such as the potential decline in business that may occur in the future. Find FASB ASC as to whether or not such accrual is allowed under GAAP. (The citation must follow xxx-xx-xx-xx or xxx-xx-xx-x format
- Review the new revenue recognition guidance issued by the Financial Accounting Standards Board http://www.fasb.org/jsp/FASB/Page/ImageBridgePagecid=1176169257359 and answer the following questions. What is the new standard as of ASC 606? What does that mean to you? What are the recommended steps companies should follow to achieve the core principle? How does this change current GAAP standards? Who is required to adhere to this new standard?How might differences in presentation of comparative data under GAAP and IFRS affect adoption of IFRS by U.S. companies?Which of the following statements are true about globaliza-tion methods? a. International licensing involves the creation of a new company that is owned by two or more firms from dif-ferent countries. b. Exporting involves contracts that allow a foreign com-pany to use a domestic company’s trademarks, patents, processes, or technology.c. Global sourcing involves the close coordination ofresearch and development, purchasing, marketing, andmanufacturing across national boundaries.d. A wholly owned international subsidiary is createdwhen a foreign government owns 100 percent of theequity in a U.S.-based firm.
- Which of the following accounting areas is NOT significantly affected by international activity? a. overhead allocation b. recognition principles c. auditing standards d. all are significantly affected21. (LO 4) CPA According to COSO, which of the following components addresses the need to respond in an organized manner to significant changes resulting from international exposure, acquisitions, or executive transitions? a. Control activities b. Risk assessments C. Monitoring activities d. Information and communication35. The following statements relate to PAS1 Presentation of Financial Statements. Choose the correct statement. a. Many entities also present, outside the financial statements, reports and statements such as environmental reports and value-added statements, particularly in industries in which environmental factors are significant and when employees are regarded as an important user group. Reports and statements presented outside financial statements should be accounted for using applicable PFRSs. b. Applying a requirement is impracticable when the entity cannot apply it after making every reasonable effort to do so. c. An entity whose financial statements do not comply with PFRSs shall make an explicit and unreserved statement of such noncompliance in the notes. If the entity’s financial statements do comply with PFRSs, there is no need to make an explicit and unreserved statement of such compliance in the notes. d. Financial statements shall not be described as complying with…
- Which of the following statements about the accounting standards used in other countries is correct? Multiple Choice OU.S. GAAP is used worldwide. O O IFRS are used by all countries. Saved More and more countries are using IFRS. There are no plans to converge U.S. GAAP with IFRS.b) Currently, most governments worldwide require business organization to Comply with automated financial controls that are more advanced that previous manual controls. Using suitable illustration, show how any organization of your choice has complied to this requirementChoose the correct. Which of the following statements is not true under U.S. GAAP?a. Operating segments can be determined by looking at a company’s organization chart.b. Companies must combine individual foreign countries into geographic areas to comply with the geographic area disclosure requirements. c. Companies that define their operating segments by product lines must provide revenue and asset information for the domestic country, for all foreign countries in total, and for each material foreign country.d. Companies must disclose total assets, investment in equity method affiliates, and total expenditures for long-lived assets by operating segment.