(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
Words: 10543 - Pages: 43
The International Accounting Standards Committee was formed in 1973. This committee was the first international standard-setting body. In early 2001, this Committee was reorganized and became the the International Accounting Standards Board (IASB) to independently develop and establish a single set of accounting procedures for international business. Since the reorganization of the IASB, the use of these international financial reporting standards (IFRSs) have been required or permitted in over 100
Words: 1284 - Pages: 6
working with the rest of the world to streamline their accounting practices to create a uniform standard. The General Accepted Accounting Practices or GAAP was created by FASB also known as Financial Accounting Standards Board is currently being practiced in the United States. The IASB or International Accounting Standards Board makes the final decision on the practice of the International Finance Reporting Standards or IFRS and the standards used by over one hundred and fifteen countries.
Words: 779 - Pages: 4
requirements of an employer's participation in a multiemployer plan. These efforts will be an expansion of existing disclosure requirements under Accounting Standards Codification Subtopic 715-80 (originally FAS 87, FAS 106 and FAS 132(R)). FASB plans to move quickly on this project with the issuance of a proposed standard sometime this summer and a final standard before the end of the year. FASB has not yet indicated when the enhanced disclosures would take effect. Reasons cited for FASB deciding
Words: 298 - Pages: 2
Basic Accounting Concepts and Business Structures Basic Accounting Concepts and Business Structures The accounting environment is constantly changing to improve so decision-making in the business world will thrive. To be successful in a business, understanding the fundamental concepts are essential to make informed decisions. The federal government formed the SEC to standardize financial information and to keep the financial environment regulated
Words: 764 - Pages: 4
The standard setting process The recent, high profile accounting scandals shook the foundations of the capital markets. Financial reporting furnishes investors and other stakeholders with reliable and relevant information. In the short term unethical financial reporting resulted in loss of billion dollars, but in the long term the impact was even more severe: loss of confidence in financial reporting as reliable source of information. The following reforms aimed to restore investor confidence
Words: 1207 - Pages: 5
Ch.1 [FINANCIAL ACCOUNTING AND ACCOUNTING STANDARDS] I. Essential characteristics of accounting are: a. The identification, measurement, and communication of financial information i. Financial statements b. Economic entities ii. Financial information c. Interested parties II. What is the purpose of information presented in notes to the financial statements? d. To provide disclosure required by GAAP III. Capital Allocation e. Financial
Words: 795 - Pages: 4
Week 1 DQ #1 What are the major objectives of financial reporting? Who are the users of financial reporting? What type of information will each user group need? Response 1 Financial reporting establishes a foundation for financial accounting and reporting. The objectives of financial reporting provide information that is useful to creditors, investors, and any other external users in making rational decisions that involve investments, and credits. Financial reporting helps present and potential
Words: 1639 - Pages: 7
The financial accounting rules are called generally accepted accounting principles (GAAP). “They are the guidelines, procedures and practices that companies are required to use in recording and reporting accounting information in its audited financial statements. GAAP defines accepted accounting practices and provides a standard by which to report financial results” (Nikolai, et.al. 2010, p. 9). It took several policy-making bodies to write all the accounting standards. These bodies include
Words: 952 - Pages: 4
profit margin, asset utilization, DuPont ratio and financial leverage will be computed. How differences in industries and different measurement convention (IASB and FASB) affect presentations and the difference between cash and accrual basis of accounting will be addressed . Financial Statement Analysis of Dillard’s, Hyundai and Nationwide Insurance Dillard According to marketintellisearch.com and msn.com, Dillards is a retail company opened in 1938 in Nashville Arkansas, which sells a
Words: 1688 - Pages: 7
