SEC Staff Accounting Bulletin: No. 101 – Revenue Recognition in Financial Statements 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. Based on these guidelines, revenue should not be recognized until it is realized or realizable and earned. SFAC No. 5, paragraph 83(b) states that
Words: 529 - Pages: 3
provisioning. 5) Clients are not classified as good, delinquent and defaulting borrowers based on (international best practices) criteria. 6) Credit history of the borrowers is not available. 7) Clear repayment schedules for borrowers at various levels do not exist. 8) Concise monitoring reports, tailored to the monitoring needs at various levels are not available. 9) There is no incorporation of the accrual system of accounting. 10) Status reports on repayments made by the intermediaries and HQs to semi -wholesalers
Words: 3379 - Pages: 14
The standards setting process is a very complex but necessary process in the accounting world. The Financial Accounting Standards Board accomplishes this mission through a comprehensive and independent process that encourages broad participation, objectively considering all stakeholder views, and by being subjected to oversight by the Financial Accounting Foundation’s Board of Trustees. Through these few necessary requirements they help form a very effective and sound standard setting process.
Words: 1008 - Pages: 5
Islamic Accounting (Cheltenham: Edward Elgar, 2011), pp. xiii-xx. The printed version may differ slightly from the text set out below, and the printed version should be regarded as definitive. An Islamic Perspective of Accounting: Introduction and Overview Christopher Napier and Roszaini Haniffa Introduction The emergence of Islamic banks and other Islamic financial institutions since the 1970s has stimulated a modern literature that has identified itself as addressing “Islamic Accounting”. What
Words: 3910 - Pages: 16
Acc/543 Managerial Accounting and Legal Aspects of Business Course Instructor: Professor Squirrel Flexible Budgets Introduction The flexible budget is useful for cash forecasting because it is based upon the estimation of a variety of activity volumes. The usefulness of a flexible budget is founded in the ability to compare potential level of performance to the expected level. It is also a better representation of the actual fluctuations that occur in the volume of activity as it is influenced
Words: 1126 - Pages: 5
MEMORANDUM TO: Senior Accounting FROM: Staff Accountant DATE: June 29, 2015 SUBJECT: Shared-Based Payment Reporting and Special Purpose Entities (SPE) CC: Team members ______________________________________________________________________________ As an Accounting Firm it is very important that we follow the most recently changed or amended regulations and standards set by the Financial Accounting Standards Board (FASB). As of 2009 the Financial Accounting Standards Board (FASB) has made
Words: 936 - Pages: 4
for input errors when entering data. Paper based, sent from organization to customer, same doc is returned by customer to organization. * General ledger * General journal * Special journals * Subsidiary ledgers Legacy systems * Existing system, often based on old technology. Advantages are that legacy systems: * Customized to specific needs. * Support unique business processes not inherent in generic accounting software. * Contain invaluable historical
Words: 3476 - Pages: 14
Chapter 1 Accounting Information Systems and the Accountant Accounting Information System (AIS) * the study of the application of information technology to accounting systems * a collection of data and processing information that creates needed information for its user Data * raw facts about events that have little organization or meaning – for example, a set of eaw scores on a class examination Information * processed data that are useful and meaningful – for example, by sorting
Words: 457 - Pages: 2
1.1 Introduction An early market economy and an early form of mercantilism, sometimes called "Islamic capitalism", were developed between the eighth and twelfth centuries. The monetary economy of the period was based on the widely circulated currency the gold dinar, and it tied together regions that were previously economically independent. A number of economic concepts and techniques were applied in early Islamic banking, including billsofexchange, partnership (mufawada,including limitedpartnerships
Words: 14908 - Pages: 60
Coverdrive Ltd Case Study: Activity Based Costing Situation At a recent management meeting at Coverdrive Ltd, the members of the senior management team discussed the introduction of a new product to the company’s range of high quality, hand made cricket bats. A major agenda item was pricing. The management accountant, since his appointment, had given much thought to pricing policy and one of his concerns was that of dealing with the recovery of overhead within a full cost pricing policy
Words: 1460 - Pages: 6
