jurisdiction

Examples of jurisdiction in the following topics:

• Objectives of Accounting

  • With these objectives in mind, financial accountants produce financial statements based on the accounting standards in a given jurisdiction.
  • Generally Accepted Accounting Principles refer to the standard framework of guidelines for financial accounting used in any given jurisdiction; generally known as accounting standards or Standard accounting practice.

• Introduction to GAAP

  • Generally Accepted Accounting Principles (GAAP) is the standard framework for financial accounting used in any given jurisdiction.
  • Generally Accepted Accounting Principles (GAAP) refer to the standard framework of guidelines for financial accounting used in any given jurisdiction; generally known as accounting standards.

• Liquidation

  • The parties who are entitled by law to petition for the compulsory liquidation of a company vary from jurisdiction to jurisdiction, but generally, a petition may be lodged with the court for the compulsory liquidation of a company by:
  • The grounds upon which one can apply for a compulsory liquidation also vary between jurisdictions, but the normal grounds to enable an application to the court for an order to compulsorily wind-up the company are:

• Current Obligations Expected to Be Refinanced

  • In some jurisdictions, refinanced mortgage loans are considered recourse debt, meaning that the borrower is liable in case of default, while un-refinanced mortgages are non-recourse debt.

• Introduction to IFRS

  • In some countries, local accounting principles are applied for regular companies, but listed or larger companies must conform to the IFRS, so statutory reporting is comparable internationally, across jurisdictions .

• Other Current Liabilities: Sales Tax, Income Tax, Payroll, and Customer Advances

  • The payment of the tax by the seller occurs periodically and varies depending on the jurisdiction.

• Defining Accounting

  • The body of rules that governs financial accounting in a given jurisdiction is called Generally Accepted Accounting Principles, or GAAP.