Introduction of Real Madrid Real Madrid CF is a professional football and basketball club founded in 1902 in Madrid, Spain. It has been the most successful team in the 20th century as voted by FIFA. Real Madrid also sells football and basketball kits like jackets, shorts, tracksuits, polos, pants, training tops, accessories, footwear, watches, hoodies, nightwear, T-shirts, jewelry, gifts, and many other products online. Formerly Real Madrid was known as Madrid Foot-Ball Club and later changed its name to Real Madrid C.F. in June 1920. Question 1 (a) Explain the auditor opining about the financial information of the company for 2015. Answer 1) According to the auditor’s report the financial statements prepared by real Madrid club give a true …show more content…
International Accounting Standards board and is applicable all over the world except US. GAAP is the accounting principles which are applicable only in United States. The company applies the GAAP basis of accounting. Question 1 (c) How Company applied the IAS and IFRS covered in this course in its financial statements for 2015. Explain. Answer) In this course we have studied 6 IAS which are: IAS 1- tells us about the presentation of financial statements, the overall and minimum requirements and in which manner we should structure them, it also outlines all the principles and requires a set of financial statements to be prepared which are the balance sheet, income statement, statement of cash flows, statement of equity, notes to the accounts. IAS 7 – requires a company to prepare the statement of cash flows and it is one the main part of the financial statements. The cash inflow and out flows are classified in to operating activities, investing activities and financing activities. IAS 16 – tells us about the accounting treatment for property plant and equipment, i.e. using a revaluation model, and also calculating a depreciating amount which will be allocated over the useful life of the …show more content…
IAS 23- requires the borrowing costs which are directly related to the acquisition or in the production of qualifying asset those cost should be added to the cost of the asset. Rest of all the other borrowing costs should be treated as an expense. IAS 29 – tells about the guidelines on how to prepare and report financial statements in a hyper inflated economy. Out of this 6 IAS one of them is not applied in this company that is IAS 29 (Hyperinflation) because the company does not meet any of the 5 criteria for hyperinflation economy Question 2) what are characteristics of the economic environment of a country which declares the country as a Hyperinflation economy. Explain with respect to your selected company. Answer) We can say that country is a hyper inflated economy when; 1) People start investing in building, land, property or any other stable currency to maintain purchasing power. 2) People starting quoting their local currency in the form of another stable currency. 3) Purchases and sales on credit take place due to loss in purchasing power. 4) Wages, prices, interest rates are linked to a consumer price
The financial data and the information provided in the analysis of the financial situation are following the accounting principles (GAAP). Some other data and results which are not accepted GAAP but related
Speaker The speaker is Annie Dillard, who is also the author of the book. In Holy the Firm, the author expresses her thoughts in regard to questions such as the reason that humans are created by God; the meaning and essence of God’s work; and the relationship between the believers and God. Dillard encounters great conflicts in her belief in God when she saw that a girl in her neighbour’s farm was burned by a plane crash. She starts to question whether every act of God has any real meaning in it and if it does, why would God let a innocent girl be burned by excruciating fire at such a young age when she has done nothing wrong. She even wonders if God is just a powerless creator who has no power to save those who suffer from atrocities.
Gates, “I Don’t Get Tired” Kevin Gates is an inspirational artist. He went from living down in the streets to making his life as a successful artist. From his first song successful song “Get in the way” to his last top hit “I Don’t Get Tired”. Gates is continuing to make his singing career more successful, and making rap look even better. Kevin Gates was born on February 5, 1986, in Baton Rouge, LA.
Before lending an assessment of Capital is made. The owners of Calaveras and their commitment are to be seen as they have been regularly involved in sustainable investment activities which is a positive sign for the company. Looking at the management, the Vice President has bought almost 85% of total equity and the rest 15% by the operational manager, all these adds to show the confidence of management in the company and the motivation shown in the development of the company. It also adds to the value created and the increase in volume base of the
Name Instructor Course Date of Submission: The Grenfell Tower 1) Summary
Clients must keep records and books of accounts including cash book, sales ledger, purchases ledger and general ledger. Supporting documents such as invoices, bank statements, pay-in slips, cheque butts, and receipts for payments, payroll records and copies of receipts issued should be retained. A valuation of the stock in trade should be made at the end of the accounting period and the appropriate records maintained. Company should record sufficient to explain each transaction and to enable a true and fair profit & loss account and balance sheet to be prepared. At the end of the accounting period, a physical stock-take should be made to ascertain the quantity and the cost of the stock in hand or the cost of work in progress statements and
Auditors started to notice that when the actual payments did not come in (Celizic, 2008). There might be some other symptoms were noticed by the auditor by observing Mr. Pavlo’s lifestyle. They might have been watched about Pavlo’s salary versus his cost of living, i.e., chartering plane, luxury vacation and driving fancy cars. Auditors may have also watched his bank account transactions. 3.
Nikes revenue for football started off as $40 million dollar business and grew to a 1.5 billion business in just 15 years. The CEO put a new strategic management in place when they decided to partner up with the Brazilian National Team. They decided to market towards 13 year old football players and fans and aimed to build that culture. The change of the target segment, they believed that the target gave them a different opportunity to grow as they hoped to have exciting new products and marketing methods. Nike kept growing and taking the opportunities at each world cup to keep expanding.
Analysis • This section is regarded as the most critical step in writing an effective accounting memo by bringing together the required facts of the research, any supporting authoritative literature, and an accountants overall evaluation before forming a conclusion. • Analysis includes information from relevant guidance, along with an accountant’s own words about how the guidance is applicable. • The memo should contain enough authoritative guidance that the user will not need to perform additional research in the Codification. • Make sure to utilize the concept known as the “guidance sandwich.”
In 2002, the SEC adopted new rules and amendments to address public companies’ disclosure or release of certain financial information that is calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles. The accrual accounting is more popular and be widely used in business world because it produces more accurate and faithful financial statements that constitute better representation of actual circumstances than its main competitors. The major weakness of accrual accounting is that there is some time issue such like the time of occurred and time of recorded would probably be different and it increases the risk of financial information and the risk of correctness. Also, the accrual accounting generally cost more to operate compared with cash accounting
JB Hi-Fi Limited (JBH) 1. Macro economic factors and Industry Analysis a. Describe the firms economic environment and evaluate how this has impacted historic firm performance and is likely relevant to future performance. b. Perform an industry analysis and evaluate the level of competition in the industry/ies that your firm operates 2. Business Strategy Analysis Identify the key success factors and risks of the firm 's strategy and the sustainability of profits generated by the strategy given the threat of competition.
Also many companies reporting related to the state of the value added or environmental information, these are concentrated in industrial sectors. The financial statements reflect the financial position of company, financial performance and cash flows of the company, it is significant to note that the correct depiction of the impacts of transactions and other events and circumstances according to the explanations and criteria identification of assets, liabilities, income and expenses go in the same outline (Brealey,
According to Averkamp (2016), “accounting is the recording of financial transactions plus storing, sorting, retrieving, summarizing, and presenting information in various reports and analyses”. Therefore knowing how to carry out these tasks
Long term economic developments may be identified with expansion, as inflations may increase. Inflations usually increase the cost of products on sale, and as the costs are higher, it will be an issue to the nationality in question to be able to buy their needs There is a limited amount of time involved in the growth of an economy as it involves an increase in GDP. The hypothesis and practice are both diverse. The hypothesis is the thing that economists are able to figure out for themselves; however, to be able to use the hypothesis in reality is the main task. Utilization of the hypothesis is something that really happens at some point.
CHAPTER 2 LITERATURE REVIEW INFLATION (InvestorWords, 2015) stated that inflation is the increase in the general price level of goods and services in economy, normally caused by excess supply of money. Inflation usually measured by the Consumer Price Index (CPI). When the cost of producing goods and services goes up, the purchasing power of dollar will decrease. A customer will not be able to purchase the same goods and services as he/she previously could.