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Unformatted text preview: Group Assignment #6 1. Principle of periodicity: As an accountant, any charges/ expenses must be entered into the period in which it was incurred. So if a consultant does some work for you in July, you must put those charges in period 6 in your books. Any advanced payments must be put into a prepayment account and allocated each month until the right months have the proper charges. 2. A disclaimer of opinion is issued when the auditor does not have enough information to form an opinion. If the auditor knows that the statements are inaccurate, she cannot hide behind a disclaimer of opinion. 3. Important points of Journal of Accountancy;- Move from GAAP to IRFS- Adequate transition period needed- Companies adopting IFRS to file one year of comparative financial statements rather than two companies will need five years to adopt IFRS if SEC requires two years- 2015 earliest adoption date 4. Written partnership is not required and you dont need a formal filing, according to UPA. It must 4....
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This note was uploaded on 02/05/2011 for the course BULE 402 taught by Professor Shubin during the Fall '10 term at George Mason.
- Fall '10