Practices and Ethics In financial management there are four components that include: 1.) planning; 2.) controlling; 3.) directing and organizing; and 4.) making decisions are (jblearning, 2010) tools enabling managers to identify and accomplish objectives, ensure plans are followed, ensure an effective use of resources, and make informed choices (Baker & Baker, 2011). The generally accepted accounting principles are the uniform least possible guidelines to and standards of financial reporting (Office
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members of the financial community recognize them as the standards that over time have proven to be most useful.” (Keiso, et all, 2007, (2007). Financial Accounting, Ch. 1). Defining standards for financial reporting is critical to creating a financial playing field that enables us to to evaluate and make sound business decisions as individuals, companies, a nation, and global economy. The major sources of influence that define the guidelines of generally accepted accounting principles
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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
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attempt to define the nature and purpose of accounting. A conceptual framework must consider the theoretical and conceptual issues surrounding financial reporting and form a coherent and consistent foundation that will underpin the development of accounting standards. Conceptual frameworks can apply to many disciplines, but when specifically related to financial reporting, a conceptual framework can be seen as a statement of generally accepted accounting principles (GAAP) that form a frame of reference
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fair value accounting—the practice of measuring assets and liabilities at estimates of their current value—has been on the ascent. This marks a major departure from the centuries-old tradition of keeping books at historical cost. It also has implications across the world of business, because the accounting basis—whether fair value or historical cost—affects investment choices and management decisions, with consequences for aggregate economic activity. The argument for fair value accounting is that
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[pic] ACFI 3217 International Development in Accounting Comparing of the performance of Malaysia Airlines and China Southern Airlines Summary The purpose of this report was discovering and analyzing the performance of Malaysia Airlines and China Southern Airlines; and the benefits and problems in the U.S. adopting of IFRS will be mentioned. First, it evaluates the performance of Malaysia Airlines and China Southern Airlines through
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Title Accounting Principles, with CD Author Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel Michael E. Porter Committee of Sponsoring Organizations of the Treadway Commission Roger Fisher, William Ury, and Bruce Patton Ron A. Weber Kurt F. Reding, Paul J. Sobel, Urton L. Anderson, Michael J. Head, Sridhar Ramamoorti, Mark Salamasick, Cris Riddle Year Published 2011 Revision 10 Publisher Wiley Text Books URL http://www.amazon.com/Accounting-Principles-Jerry-JWeygandt/dp/0470534796/ref=sr_1_1
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FASB Codification System Orientation ACC/497 The Financial Accounting Standards Board (FASB) became necessary to accounting standards in order to ensure certain methods and structures are followed. The FASB is not the primary group to hold this responsibility, and because of this confusion can arise from complying with Generally Accepted Accounting Principles (GAAP). In order for the FASB to simplify standards, the Accounting Standards Codifications was established. The FASB ASC is designed
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Statement of Financial Accounting Concepts No. 8 September 2010 Conceptual Framework for Financial Reporting Chapter 1, The Objective of General Purpose Financial Reporting, and Chapter 3, Qualitative Characteristics of Useful Financial Information a replacement of FASB Concepts Statements No. 1 and No. 2 Copyright © 2010 by Financial Accounting Foundation. All rights reserved. Content copyrighted by Financial Accounting Foundation may not be reproduced, stored in a retrieval system, or
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kinder, gentler approach” and hopefully make up for its implementation pains by improving and simplifying financial reports, he says. “But there will be abuses. Human nature never changes.” ---Revenue Recognition.com Contributor ABSTRACT On May 28, 2004, the Financial Accounting Standards Board (FASB) and International Accounting Standard Board (FASB) issued converged guidance on recognizing revenue in contracts with customers. The
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