standards of financial accounting and reporting for the guidance and education of the public, including issuers, auditors and users of financial information, the Financial Accounting Standards Board (FASB) added to its agenda in 2002 a project designed to develop a comprehensive Statement of Financial Accounting Standards that will focus on revenue recognition that will apply to all industries. Revenue recognition guidance exists throughout accounting literature, accounting and audit guides
Words: 891 - Pages: 4
ACC 557 Week 3 Assignment 1 Assignment 1: Review of Accounting Ethics Due Week 3 and worth 200 points Many organizations have been in the news over the past few years due to accounting ethical breaches that have affected their customers, employees, or the general public. Search the Internet or the Strayer Library to locate a story in the news that depicts an accounting ethical breach. You may select from any type of organization about which you have information or a curiosity. Write a
Words: 1467 - Pages: 6
Week One Individual Explaining Basic Accounting Concepts and Business Structures Week One Individual Generally Accepted Accounting Principles and Source Hierarchy The sources of Generally Accepted Accounting Principles are the FASB standards, Interpretations, and Staff Positions, APB Opinions, AICPA Accounting Research Bulletins and other authoritative pronouncements. The hierarchy is as such: Category A, B, C, and D and Category A is the highest hierarchy. The following
Words: 786 - Pages: 4
Assignment #5 – NEW AND IMPROVED REWARDS AT WORK Leslie Medlock June 15, 2012 Total Rewards - HRM 533 Dr. Judie Bucholz, Instructor Assignment #5 – New and Improved Rewards at Work 1. Determine how innovations in employee benefits can improve the overall competitive compensation strategy of the organization. The innovations in employee benefits can improve the overall competitive compensation strategy of the organization tremendously in a positive manner due to the employee benefits
Words: 1834 - Pages: 8
Basic Accounting Concepts and Business Structures Karen Miersma ACC/537 July 14, 2012 Professor James Neuner Basic Accounting Concepts and Business Structures One of the first things looked at when studying accounting concepts and business structures is GAAP (generally accepted accounting principles). There is a hierarchy that accountants use when exploring “substantial authoritative support” (Kieso, Weygandt, & Warfield, 2007, Chapter 1, Financial Accounting and Accounting Standards)
Words: 1032 - Pages: 5
The Financial Accounting Standards Board (FASB) established a codification system to provide a single source of information for accounting standards. Before, pronouncements from standard setters were separate and time consuming to research. The FASB ASC is a searchable database that significantly reduces the amount of time it takes to find and research pronouncements from the FASB, Emerging Issues Task Force (EITF), Accounting Standards Executive Committee (AcSEC), Accounting Principles Board (APB)
Words: 483 - Pages: 2
relationship that the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) have and how crucial the unification of these two setting standards entities are in these current days, where financial transactions are expected to perform globally. In addition, it is important to have a Master of Science in accountancy in order to prepare professionals in accounting to provide reliable information for this new environment of economic and financial transactions. The
Words: 1134 - Pages: 5
Exchange Commission: The SEC requires public companies to adhere to generally accepted accounting principles. The mission of the Securities and Exchange Commission is to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation. AICPA - American Institute of Certified Public Accountants: The AICPA is the world’s largest association representing the accounting field. The AICPA's mission is to provide members with the resources, information and leadership
Words: 310 - Pages: 2
Within the accounting profession, there have been challenges to develop a set of standards that are generally accepted and universally practiced. Thus far, the main debate in setting accounting standards is “Whose rules should we play by, and what should they be?” While the answer is unclear, users of financial statements and reporting must find methods that has an universal objective, that allows “Grapes for Grapes” comparisons that clearly, fairly, and completely prepares a company financial statements
Words: 962 - Pages: 4
international accounting rules for reporting R&D expenditure, with a specific emphasis to pharmaceutical industry. This essay challenges the current dogma of considering R&D as an expanse and also provides some insights into overcoming these challenges. INTRODUCTION Accounting is an art and science of communicating the financial information of the organizations to its managers, employees, investors, creditors etc. There are numerous rules and principals set to report and record these financial transactions
Words: 339 - Pages: 2
