...SEC Staff Accounting Bulletin: No. 101 – Revenue Recognition in Financial Statements Securities and Exchange Commission 17 CFR Part 211 [Release No. SAB 101] Staff Accounting Bulletin No. 101 Agency: Securities and Exchange Commission Action: Publication of Staff Accounting Bulletin Summary: This staff accounting bulletin summarizes certain of the staff's views in applying generally accepted accounting principles to revenue recognition in financial statements. The staff is providing this guidance due, in part, to the large number of revenue recognition issues that registrants encounter. For example, a March 1999 report entitled Fraudulent Financial Reporting: 1987-1997 An Analysis of U. S. Public Companies, sponsored by the Committee of Sponsoring Organizations (COSO) of the Treadway Commission, indicated that over half of financial reporting frauds in the study involved overstating revenue. Date: December 3, 1999 For Further Information Contact: Richard Rodgers, Scott Taub, or Eric Jacobsen, Professional Accounting Fellows (202/942-4400) or Robert Bayless, Division of Corporation Finance (202/942-2960), Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549; electronic addresses: RodgersR@sec.gov; TaubS@sec.gov; JacobsenE@sec.gov; BaylessR@sec.gov. Supplementary Information: The statements in the staff accounting bulletins are not rules or interpretations of the Commission, nor are they published as bearing the Commission's official...
Words: 11971 - Pages: 48
...occurred in the early 1990s. Bin Laden and his Al Qaeda operatives attempt to bomb two hotels in Aden where just two days prior up to 100 U.S. service members were being housed. While the attack failed and it left only two dead, the lessons learned were invaluable to the terrorist organization. Yemeni authorities found an arsenal of weaponry associated with the plot, including 25 other explosive devices, two anti-tank mines, two machine guns and a pistol. That stash and the large quantity of cash recovered from a suspect's apartment pointed to an operation of means and sophistication. As inept as the attacks were Osama Bin Laden was able to achieve his goal of pushing American troops out of Yemen. Nonetheless he remained focused on his primary goal of displacing the American military presence he felt had arrived as an occupying force in Saudi Arabia in 1990 to establish a base of operations for the first Gulf War....
Words: 670 - Pages: 3
...art&scienceresearch methods nursing standard: clinical · research · education Use of constant comparative analysis in qualitative research Hewitt-Taylor J (2001) Use of constant comparative analysis in qualitative research. Nursing Standard. 15, 42, 39-42. Date of acceptance: March 19 2001. Summary This article describes the application of constant comparative analysis, which is one method that can be used to analyse qualitative data. The need for data analysis to be congruent with the overall research design is highlighted. T HE AIM OF qualitative research is to portray the reality of the area under investigation, and to enhance understanding of the situation and the meanings and values attributed to this by individuals; it does not involve the quantification of facts (Rose 1994). Qualitative methods emphasise the value of individual experiences and views, as encountered in real-life situations. This type of investigation is often useful in nursing, as many issues concern the quality of the lived experience of individuals, which cannot be reduced to numerical values using statistical analysis. Sometimes a mixed methodology might be adopted, with elements of qualitative and quantitative enquiry being included in a study. The nature of qualitative enquiry means that volumes of ‘rich’, ‘deep’ data are produced, often from a variety of sources. While not seeking to reduce data to statistical evidence, qualitative data nevertheless requires systematic...
Words: 3428 - Pages: 14
...[pic] SCHOOL OF ACCOUNTANCY COLLEGE OF BUSINESS UNIVERSITI UTARA MALAYSIA COURSE CODE : BKAA3023 COURSE NAME : AUDITING AND ASSURANCE II PRE-REQUISITE : AUDITING AND ASSURANCE I _____________________________________________________________________ 1. SYNOPSIS This is a continuation of Audit and Assurance 1. It intends to strengthen and enhance the students’ understanding in auditing. Among the topics that will be discussed are code of ethics, auditors’ liability and in-depth explanations on analytical procedures, computer assisted audit techniques, audit sampling, materiality and audit risk, group audit and current issues facing the auditing profession. This course will justify other activities than financial statement audit that can be performed by a public accountant like performance/operational audit, internal audit and compliance audit. 2. COURSE OBJECTIVES This course intends the student: 1. To comprehend applicable regulations, legal responsibilities and ethical standards and current issues facing the audit profession. 2. To appreciate the concepts of internal control system and the use of computer assisted audit techniques in auditing a computerised environment. 3. To understand and apply audit risk, materiality, and statistical and non statistical audit sampling techniques. 4. To be familiar with related issues in audit completion, group audit, internal audit and related audit services and other services that...
Words: 1222 - Pages: 5
...ACC 557 WK 2 Chapter 1 Quiz - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/ACC-557-WK-2-Chapter-1-Quiz-All-Possible-Questions-ACC5574.htm ACC 557 WK 2 Chapter 1 Quiz - All Possible Questions TRUE-FALSE STATEMENTS 1. Owners of business firms are the only people who need accounting information. 2. Transactions that can be measured in dollars and cents are recorded in the financial information system. 3. The hiring of a new company president is an economic event recorded by the financial information system. 4. Management of a business enterprise is the major external user of information. 5. Accounting communicates financial information about a business enterprise to both internal and external users. 6. Accounting information is used only by external users with a financial interest in a business enterprise. 7. Financial statements are the major means of communicating accounting information to interested parties. 8. Bookkeeping and accounting are one and the same because the bookkeeping function includes the accounting process. 9. The origins of accounting are attributed to Luca Pacioli, a famous mathematician. 10. The study of accounting will be useful only if a student is interested in working for a profit-oriented business firm. 11. Private accountants are accountants who are not employees of business enterprises...
Words: 1038 - Pages: 5
...Licensed to: CengageBrain User Licensed to: CengageBrain User This is an electronic version of the print textbook. Due to electronic rights restrictions, some third party content may be suppressed. Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. The publisher reserves the right to remove content from this title at any time if subsequent rights restrictions require it. For valuable information on pricing, previous editions, changes to current editions, and alternate formats, please visit www.cengage.com/highered to search by ISBN#, author, title, or keyword for materials in your areas of interest. Copyright 2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s). Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it. Licensed to: CengageBrain User Leadership: Theory, Application, & Skill Development, Fifth Edition Robert N. Lussier, Christopher F. Achua Vice President of Editorial, Business: Jack W. Calhoun Publisher: Erin Joyner Acquisitions Editor: Scott Person Senior Developmental Editor: Julia Chase Marketing Manager: Jonathan Monahan Marketing Coordinator: Julia Tucker...
Words: 21932 - Pages: 88
...ANSWERING SIMILAR QUESTIONS IN THEIR OWN STUDIES. The confrontation between the Jewish state and its Arab neighbours is one of the most enduring and iconic conflicts that still persist today. Many scholars have argued that ‘for the best part of a century the Arab-Israeli conflict has been a complex problem with important ramifications for the international community’[1] – and this is in many ways the truth. Created out of the ashes of the Second World War under the awful spectre of the Nazi Holocaust, Israel as a nation has survived and prospered both politically and economically, in no small part due to Western – primarily French and American – assistance. The Arab states have correspondingly been opposed to America and the West based on this implied support for Israel and has therefore turned to different stratagems in an attempt to combat this alliance – such as balancing with the USSR during the Cold War and increasingly using its market power (derived from the various oil reserves in the region) to further its political aims in the two decades since the Iron Curtain fell. Into this context there were two major (albeit rather short) wars – the Six Day War of 5-10 June 1967 and the Yom Kippur War of October 1973. Decisive, cataclysmic and dramatic, these two conflagrations have in many ways defined the conflict as it is today. But what were the main strategic and political consequences of these two wars? This essay will attempt to answer that question by examining relevant...
Words: 3509 - Pages: 15
...eChapter(s). Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it. This is an electronic version of the print textbook. Due to electronic rights restrictions, some third party content may be suppressed. Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. The publisher reserves the right to remove content from this title at any time if subsequent rights restrictions require it. For valuable information on pricing, previous editions, changes to current editions, and alternate formats, please visit www.cengage.com/highered to search by ISBN#, author, title, or keyword for materials in your areas of interest. Copyright 2013 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s). Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it. ©...
Words: 197028 - Pages: 789
...TA 600-BNCOC/05-002 THE ARMY TRAINING SYSTEM (TATS) COURSEWARE BNCOC SOLUTION TO PRACTICAL EXERCISES BASIC NONCOMMSSIONED COURSE PHASE I PREPARED BY UNITED STATES ARMY SERGEANTS MAJOR ACADEMY FORT BLISS, TEXAS 79918-8002 FOR THE ARMYY SCHOOL SYSTEM (TASS) INSTITUTIONS FIELDING DATE: OCT 04 THIS PAGE INTENTIONALLY LEFT BLANK BNCOC SOLUTION TO PRACTICAL EXERCISES PFN T321 T342 L327 L326 L330 L335 L328 L333 L336 L324 L338 L340 T323 W326 W332 T341 W323 W325 W321 W322 Table of Contents The Risk Management Process Cultural Awareness Considerations Enforce the Equal Opportunity Program Communicate Effectively in a Given Situation The Army Writing Style Develop Subordinate Leaders in a Unit Counsel Subordinates The Noncommissioned Officer Evaluation Reporting System Motivate Subordinates to Accomplish Unit Mission Ethical Behavior Apply the Ethical Decision-Making Method at Small Unit Level Develop a Cohesive Team Training Management at the Squad Level Intelligence and Electronic Warfare (IEW) Operations Establishment of a Check Point Casualty Evacuation Troop Leading Procedures Squad Tactical Operations Graphics and Overlays Plans, Orders, and Annexes THIS PAGE INTENTIONALLY LEFT BLANK U.S. ARMY SERGEANTS MAJOR ACADEMY (BNCOC) OCT 04 BNCOC SOLUTION TO PRACTICAL EXERCISES BNCOC BNCOC Stand Alone Common Core THIS PAGE INTENTIONALLY LEFT BLANK T321 PRACTICAL EXERCISE SHEET T321 Title Lesson Number/Title Introduction OCT 04 THE...
Words: 15234 - Pages: 61
...No. 2014-17 November 2014 Business Combinations (Topic 805) Pushdown Accounting a consensus of the FASB Emerging Issues Task Force An Amendment of the FASB Accounting Standards Codification® The FASB Accounting Standards Codification® is the source of authoritative generally accepted accounting principles (GAAP) recognized by the FASB to be applied by nongovernmental entities. An Accounting Standards Update is not authoritative; rather, it is a document that communicates how the Accounting Standards Codification is being amended. It also provides other information to help a user of GAAP understand how and why GAAP is changing and when the changes will be effective. For additional copies of this Accounting Standards Update and information on applicable prices and discount rates contact: Order Department Financial Accounting Standards Board 401 Merritt 7 PO Box 5116 Norwalk, CT 06856-5116 Please ask for our Product Code No. ASU2014-17. FINANCIAL ACCOUNTING SERIES (ISSN 0885-9051) is published quarterly by the Financial Accounting Foundation. Periodicals postage paid at Norwalk, CT and at additional mailing offices. The full subscription rate is $242 per year. POSTMASTER: Send address changes to Financial Accounting Standards Board, 401 Merritt 7, PO Box 5116, Norwalk, CT 06856-5116. | No. 406 Copyright © 2014 by Financial Accounting Foundation. All rights reserved. Content copyrighted by Financial Accounting Foundation may not be reproduced, stored in a retrieval...
Words: 10543 - Pages: 43
...by Public.Resource.Org as a public service. Please note that these documents are based on the 2011 printed version of the codification, which is out of date. For the latest, authoritative version of these standards, we recommend you consult https://asc.fasb.org/ which is provided by the Financial Accounting Standards Board. End of Preamble [Not Part of the Accounting Standards Codification] 330 Inventory 10 Overall 00 423 Status 423 General 423 Overview and Background 423 General 423 Objectives 423 General 423 Scope and Scope Exceptions 424 General 424 20 Glossary 424 30 Initial Measurement 425 General 425 Subsequent Measurement 428 General 428 Other Presentation Matters 432 General 432 Disclosure 433 General 433 Implementation Guidance and Illustrations 434 General 434 Status 437 General 437 Subsequent Measurement 437 05 10 15 35 45 50 55 S00 S35 General Disclosure 438 438 Implementation Guidance and Illustrations 438 438 SEC Materials 438 General S99 437 General S55 421 437 General S50 Other Presentation Matters General S45 437 438 905 442 908 Airlines 442 910 Contractors—Construction 442 912 Contractors—Federal Government 442 926 Entertainment—Films 442 930 Extractive Activities—Mining 443 932 Extractive Activities—Oil and Gas 443 976 Real Estate—Retail Land 443 978 Real Estate—Time-Sharing Activities 443 985 422 Agriculture Software 443 10 Overall 330-10-00 Status General...
Words: 6859 - Pages: 28
...rochester.edu February 2005 I am grateful for the guidance of my dissertation committee, Bill Schwert, Charles Wasley, Ross Watts, and especially Jerry Zimmerman (Chairman). I also appreciate comments from Jim Brickley, Philip Joos, Andy Leone, Jerry Warner, Joanna Wu, Yan Cao, Ling Lei, Laura Liu, Tao Kuang, and workshop participants at the University of Rochester. All errors are my own. * Abstract This paper investigates the economic consequences of the Sarbanes-Oxley Act through a study of market reactions to legislative events related to the Act. I find that the cumulative abnormal return around all legislative events leading to the passage of the Act is significantly negative. The loss in total market value around the most significant rulemaking events amounts to $1.4 trillion. I then examine the private benefits and costs of major provisions of the Act by investigating the cross-sectional variation in market reactions to the rulemaking events. Regression results are consistent with the hypothesis that shareholders consider both the restriction of nonaudit services and the provisions to enhance corporate governance costly to business. The results also show that Section 404 of SOX, which mandates an internal control test, imposes significant costs on firms. 1. Introduction In response to the collapse of a number of high-profile firms since late 2001, Congress passed the Sarbanes-Oxley Act (the Act or SOX hereafter) in July 2002 to enhance corporate governance and thereby...
Words: 28191 - Pages: 113
...Hands of God and Adam.jpg Detail from Michelangelo's The Creation of Adam, Sistine Chapel ceiling Spouse(s) Eve Lilith (folklore) Children Cain Abel Seth Creation of Adam, Michelangelo Adam (Hebrew: אָדָם) is a figure from the Book of Genesis, also mentioned in the New Testament, the Quran, the Book of Mormon, and the Book of Iqan. According to Womack's creation myth[1] of Abrahamic religions, and also according to the Holy Bible, he is the first human. In the Genesis creation narratives, he was created by Yahweh-Elohim ("Yahweh-God", the god of Israel), though the term "adam" can refer to both the first individual person, as well as to the general creation of humankind. Christian churches differ on how they view Adam's subsequent behavior of disobeying God (often called the Fall of man), and to the consequences that those actions had on the rest of humanity. Christian and Jewish teachings sometimes hold Adam and Eve (the first woman) to a different level of responsibility for the Fall, though Islamic teaching holds both equally responsible. In addition, Islam holds that Adam was eventually forgiven, while Christianity holds that redemption occurred only later through the sacrifice of Jesus Christ. Bahá'í Faith, Islam and some Christian denominations consider Adam to be the first prophet. Contents [hide] 1 Etymology 2 Adam in Genesis 2.1 Creation 2.2 Expulsion from Eden 2.3 Post-expulsion 3 Adam in other works 4 Religious views 4.1 Jewish traditions ...
Words: 1427 - Pages: 6
...Introduction The tort of negligence has long attracted widespread interest. It fortifies community expectations and standards and hence ‘it is especially prone to influence by moral, social, economic and political values’. Of particular interest is the recognition of liability for negligently caused mental harm. Throughout its history courts have been cautious in awarding damages in fear of opening the ‘floodgates of litigation’. To assess whether further limitations should be placed on the scope of liability for mental harm in Western Australia or in fact Australia, we must look upon the history of ‘nervous shock’ law, the legitimacy of floodgate arguments and the effect of recent reforms and new legislative provisions in the various Civil Liability Acts. Development of the law The right to claim for negligently caused mental harm has been around for some 125 years dating back to the pre-federation Victorian case of Coultas v Victorian Railway Commissioners. It has consistently been far more tedious in establishing than claims surrounding physical harm due to a difficulty in distinguishing between real or imaginary/exaggerated claims. Seeing is believing and since psychiatric injury is not visible to the untrained eye, claims were long thought of as frivolous. In recent decades, however, medical identification of psychiatric injury has propelled legal recognition of it. As Gummow and Kirby JJ noted in Tame and New South Wales and Annetts v Australian Stations Pty Ltd,...
Words: 2302 - Pages: 10
...MPAcc program. Course Objectives and Learning Outcomes Students completing this course will demonstrate knowledge and understanding of the financial reporting framework used by business enterprises as it relates to partnerships, variable interest entities, and parent and subsidiary companies. Specifically, you will learn the accounting procedures and reporting requirements for: partnership formation, operation, cessation and liquidation; the treatment of variable interest entities, and combining corporate entities; and the preparation of consolidated financial statements for domestic parents with domestic and foreign subsidiaries. Methods of Assessing Expected Learning Outcomes Multiple choice questions, open-ended problems, and short answer questions will be used to assess knowledge of accounting procedures, reporting requirements and problem-solving skills. Grade Scale Contribution to final grade A 90 - 100% Exam I 20% B 80 - 89% Exam II 20% C 70 - 79%...
Words: 1835 - Pages: 8
