Basic Accounting Concepts and Business Structures ACC/537 August 13, 2012 Sources of GAAP and Source Hierarchy According to our textbook Financial Accounting, “General Accepted accounting principles (GAAP) have substantial authoritative support. The American Institute of Certified Public Accountants (AICPA’s) code of professional conduct requires that members prepare financial statements in accordance with GAAP. Specifically rule 203 of this code prohibits a member from expressing an unqualified
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Accounting Standard Board Paper ACC/541 June 18, 2012 Accounting Standard Board Paper In the world of accounting there needs to be standards for all of the countries, whether they are in the United States of Overseas. The accounting boards will help with making sure that all of the information is done correctly and are reported in a consistent way so that investors can determine what company is better to invest in. The two types of accounting standards board that are being discussed is the
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Basic Accounting Concepts and Business Structures Different types of businesses use different accounting methods, small businesses tend to use the cash-basis of accounting, whereas the accrual method is a requirement for large business with revenue more than 5 million. Uniformity of accounting information is important when making decisions for or about a business. A hierarchy of sources provides structure for the generally accepted accounting principles (GAAP). Along with the hierarchy of sources
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Financial Accouting EXECUTIVE SUMMARY Accounting for intangible assets is a major issue within the accounting environment. The issue is identifiable when it concerns accounting for research and development costs, in particular, internally generated assets. With two imperative standards in practice today, one being the IASB’s selective capitalisation of expenses into an intangible asset once a specific criteria has been reached and the other being the FASB’s system of straight expensing of all
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Financial Statement Analysis NAME ACC/561 Accounting DATE University of Phoenix PROFESSOR Introduction Samsung – International Manufacturing Company Samsung served as the manufacturing industry and international company analyzed. Samsung has been in business for over 70 years and manufactures products for diverse markets, including: digital media, high -tech electronics, home appliances, information technology and telecommunication. Samsung's motto is to "inspire the world and create
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markets. The next major regulatory body is listed as the Financial Accounting Foundation (FAF). This is listed as a private sector organization to create standards for financial accounting. The fourth body is the Financial Accounting Standards Board (FASB). This body was created by our previous body, the FAF, and they set up standards for nongovernment financial accounting and reporting. Our fifth body to discuss is called Governmental Accounting Standards Board (GASB) and they are the counterpart of
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An Amendment of the FASB Accounting Standards CodificationTM No. 2009-13 October 2009 Multiple-Deliverable Revenue Arrangements a consensus of the FASB Emerging Issues Task Force The FASB Accounting Standards CodificationTM is the single source of authoritative nongovernmental U.S. generally accepted accounting principles. An Accounting Standards Update is not authoritative; rather, it is a document that communicates the specific amendments that change the Accounting Standards Codification
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School of Accounting Electronic Research System Tutorial Fall 2011 SCHOOL OF ACCOUNTING ELECTRONIC RESEARCH SYSTEM (SAERS) Welcome to the world of electronic accounting and auditing research. The use of electronic media to research an accounting and/or auditing issue can reduce the research time significantly and thus can make the accountant/auditor more efficient in today's business environment. Efficient and effective accounting or auditing
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RESEARCH: Accounting Standard Codification (ASC) 1. FASB had four primary goals in developing the codification. List these four goals: 1. Reduce the amount of time and effort required to solve an accounting research issue 2. Mitigate the risk of noncompliance through improved usability of the literature 3. Provide accurate information with real-time updates as Accounting Standards Updates are released 4. Assist the FASB with the research and convergence
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International Financial Reporting Standards (IFRS) An AICPA Backgrounder 1 Table of Contents Get Ready for IFRS ........................................................................................ 2 Worldwide Momentum ................................................................................. 2 SEC Leadership in International Effort .......................................................... 3 The SEC Work Plan.................................................................
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