MA9902C00 Lecture Notes - Hot Yoga, Asana, Jnana Yoga

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mahimaajith0204

13 Mar 2023

School

Mahatma Gandhi University

Department

Accounting

Course

MA9902C00

Professor

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Key tips for creating a successful yoga lifestyle. A yogic way of life energizes a cognizant change in our way to deal with life and our point of view toward our general surroundings. The expectation of yogic way of life decisions is to move towards a position of otherworldly association, solidarity, composure, and internal truth. Eventually, we mean to imbue each second with care and have each activity originate from yogic standards. A yogic way of life is exceptionally valuable for our physical, mental, close to home, and profound prosperity. It extends your otherworldly energy, brings balance, makes inspiration, further develops wellbeing, and expands your general bliss. At the point when we study and consolidate the ways of thinking of yoga, our chakras become more adjusted, our mindfulness grows, and maturing dials back. These life standards likewise advance areas of strength for a, an empathetic heart, graciousness towards others, and appreciation for all we have.

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2â31. Simulation
Casa Royale, Inc., a nonpublic company, retained Ying and Company CPA to perform an
audit of the fi nancial statements for the current year. Howard Smythe, the partner in charge of
the audit, drafted the following unmodifi ed report:

To the Management of Casa Royale, Inc.:
We have examined the accompanying consolidated balance sheet of Casa Royale, Inc., and
its subsidiaries, as of December 31, 20X1, and the related consolidated statements of income,
retained earnings, and cash fl ows for the years then ended.
Managementâs Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these consolidated
fi nancial statements in accordance with accounting principles generally accepted in the United
States of America; this includes the design, implementation, and maintenance of internal control
relevant to the preparation and fair presentation of consolidated fi nancial statements that are
free from material misstatement, whether due to fraud or error.
Auditorâs Responsibility
Our responsibility is to express an opinion on these fi nancial statements based on our audit. We
conducted our audit in accordance with auditing standards generally accepted in the United
States of America. Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the consolidated fi nancial statements are free of material
misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures
in the consolidated fi nancial statements. The procedures selected depend on the auditorâs
judgment, including the assessment of the risks of material misstatement of the consolidated
fi nancial statements, whether due to fraud or illegal acts. In making those risk assessments, the
auditor considers internal control relevant to the entityâs preparation and fair presentation of
the consolidated fi nancial statements in order to design audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of
the entityâs internal control. An audit also includes evaluating the appropriateness of accounting
policies used and the reasonableness of signifi cant accounting estimates made by management,
as well as evaluating the overall presentation of the consolidated fi nancial statements.
We believe that the audit evidence we have obtained is adequate to provide a basis for our audit
opinion.
Opinion
In our opinion, the consolidated fi nancial statements referred to above present fairly, in all material
respects, the fi nancial position of Casa Royale, Inc., and its subsidiaries as of December 31,
20X1, and the results of their operations and their cash fl ows for the years then ended in accordance
with auditing standards generally accepted in the United States of America.
Howard Smythe , Partner
Phoenix, Arizona
February 12, 20X2
Reviewerâs Comments
Comment Is
Correct (yes or no)
a. The report should not be addressed to management.
b. The report should indicate that we have âaudited,â rather than âexamined,â
the fi nancial statements (fi rst paragraph after introduction).
c. The report should not indicate anything concerning managementâs
responsibility for internal control.
d. The report should state that the auditorsâ responsibility is to express
âreasonable assurance,â not an opinion (fi rst paragraph under âauditorâsâ
responsibility).
e. The audit is designed to assess risks of material misstatements due to
errors or fraud; the term âillegal actsâ is incorrect (second paragraph
under auditorâs responsibility).
f. The report should not refer to the auditors âevaluating the appropriateness
of accounting policies,â since those are the responsibility of management.
g. The evidence should be suffi cient and appropriate rather than âadequateâ
(third paragraph under auditorâs responsibility).

Reviewerâs Comments
Comment Is
Correct (yes or no)
h. The opinion should not include âin all material respectsâ since the auditors
are providing an opinion on the accuracy of the fi nancial statements
(opinion paragraph).
i. The opinion should be on âaccounting principles generally accepted in the
United States of America,â not on auditing standards (opinion paragraph).
j. The signature on the report should be that of the CPA fi rm, not that of
the partner.

blushcrocodile696

The SEC has made formal statements announcing its intention ofadopting IFRS (International Financial Reporting Standards) withinthe near future. Currently, a final decision on this matter isslated for 2011, and the timeline for adoption is for Americancompanies to begin using IFRS by 2014, with some companiespotentially adopting as early as 2010.

The approach FASB is taking to prepare for this change is one ofconvergence. In other words, FASB and the IASB (InternationalAccounting Standards Board) are currently updating US GAAP and IFRSto reflect and complement each other. Recent changes to US GAAPunder this convergence approach have been made to areas such asnon-monetary asset exchanges, recognition of expenses associatedwith stock options, and consolidations. More such changes arecurrent being discussed, and are slated for future adoption.

Although convergence is generally seen as a good thing in the US,many accountants in other countries are unhappy with the level ofresources the IASB is devoting to IFRS/US GAAP convergence. Thesegroups are of the opinion that these resources would be betterspent improving and refining current IFRS standards, for thebenefit of countries who have already adopted IFRS. While suchgrumblings in and of themselves are unlikely to prevent US adoptionof IFRS, this is an important reminder that as Americanaccountants, we are joining a global community, and we need tounderstand that these new IFRS standards apply to all countries,and not simply our own.

I have provided several resource links for your convenience. Youmay use additional resources to conduct your research to answer thefollowing questions:

In your opinion, what are the benefits of switching to IFRS?

What are the possible negatives?

On January 31, 2011, we elected to change our costing method forthe material component of raw materials, work in process, andfinished goods inventory to the lower of cost or market using thefirst-in first-out (âFIFOâ) method, from the lower of cost ormarket using the last-in first out (âLIFOâ) method. The labor andoverhead components of inventory have historically been valued on aFIFO basis. We believe that the FIFO method for the materialcomponent of inventory is preferable as it conforms the inventorycosting methods for all components of inventory into a singlecosting method and better reflects current acquisition costs ofthose inventories on our consolidated balance sheets. Additionally,presentation of inventory at FIFO aligns the financial reportingwith our borrowing base under our line of credit (see Note 3 forfurther discussion of the line of credit). Further, this changewill promote greater comparability with companies that have adoptedInternational Financial Reporting Standards, â¦ In accordance withFASB ASC Topic 250, Accounting Changes and ErrorCorrections, all prior periods presented have been adjusted toapply the new accounting method retrospectively.

The retroactive effect of the change in our inventory costingmethod, including the indirect effect of such change, increased theFebruary 1, 2008, opening retained earnings balance by $4.1million, and increased our inventory and retained earnings balancesby $8.5 million and $5.4 million as of January 31, 2009, by $6.9million and $4.3 million as of January 31, 2010, and by $7.6million and $4.7 million as of January 31, 2011, respectively. Inaddition the change in our inventory costing method, including theindirect effect of such change, increased (decreased) net income by$1.3, $(1.0) and $0.4 million for the years ending January 31,2009, 2010 and 2011, respectively.

Required:

Why does GAAP require Virco to retrospectively adjust prioryears' financial statements for this type of accounting change?

Assuming that the quantity of inventory remained stable duringthe previous two years, did the cost of Virco's inventory move upor down during that year?

Why does the change âpromote greater comparability withcompanies that have adopted International Financial ReportingStandardsâ?

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MA9902C00 Lecture Notes - Hot Yoga, Asana, Jnana Yoga

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