Category A includes FASB Standards, Interpretations, and Staff Positions, APB Opinions, and AICPA Accounting Research Bulletin Category B contains FASB Technical Bulletins, which are no longer issued, AICPA Industry Audit and Accounting Guidelines, and AICPA Statements of Position. Category C incompasses FASB Emerging Issues Task Force and AICPA AcSEC Practice bullitens. Category D consists of AICPA Accounting Interpretations, FASB Implementation Guides, and widely recognized and prevalent industry
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about investor confidence, stock prices and the yearly bonuses for management. Being back into a corner, the companies CFO, Terry Reed, has decided to book the 1.2 million in sales regardless of the laws and requirements provided by GAAP, SOX, and The AICPA Professional Code of Conduct. If Terry Reed does not comply with all laws and requirements of these accounting authorities, the company could face large enough penalties that will shut down the business for good such as Enron and WorldCom. 2001 marks
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potentially violate laws and the AICPA Code of Conduct. Excello Legal Issues The failure to meet earnings estimates are of significant concern for the organization where it will prompt questionable decisions by executives. Excello Telecommunications must adhere to accounting practices and regulations in the organization’s activities to ensure financial reporting is accurate. The SOX Act of 2002, Generally Acceptable Accounting Principles (GAAP), and the AICPA Code of Professional Conduct are
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Legality and Ethicality of Financial Reporting Janet Tran ETH/376 Kathrine Parks University of Phoenix/Axia July 21, 2014 Excello Telecommunications was presented with a dilemma on how the company should report earnings so that they would appear to have met earning estimates for the 2010 financial year. The CFO, Terry Reed, was concerned with how failure to meet earning estimates would affect bonuses, stock options, and the share price of
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INTRODUCTION United States Generally Accepted Accounting Principles (GAAP) is the standard platform of guidelines that governs the rules of financial accounting utilized in the preparation of financial statements. The US GAAP can be quite flexible in its interpretations and rulings, but the framework of GAAP is based upon certain constraints and principles in the preparation of financial reports. This paper shall endeavor to address the organization of GAAP and some of the specific areas
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Generally Accepted Accounting Principles in Healthcare April Dierickx HSC/571 June 10, 2013 Tamica Lewis Generally Accepted Accounting Principles in Healthcare Generally Accepted Accounting Principles (GAAP) are the accounting standards used in the United States that provide an outlet for organization to record and report their financial information in a standardized manner (Richards, n.d.). This has proven to be of particular importance in the healthcare arena where many areas of finances
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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 opinion for financial statements that contain a material departure from general accepted accounting principles” (Kimmel, Weygandt & Kieso, 2007, p. 12)
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Sources of Generally Accepted Accounting Principles A set of standards developed and universally practiced are called Generally Accepted Accounting Principles (GAAP). Generally accepted means that an authoritative accounting rule-making body, has accepted as appropriate due to their universal application. Otherwise each company would have created their own standards. There are some organizations that are very important in the development of GAAP, such as the Securities and Exchange Commission (SEC)
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million; however, the receiver of the product is not able to take control of this product until January 11, 2011. Terry Reed needs to find a way to record the transaction before December 31, 2010 in order to meet their obligations. The accounting principle for reporting on the financial statements is the product must be posted in the quarter the product leaves the warehouse. (Mintz, S., Morris, R.E, 2011). In the accounting world, there are several different agencies, which regulate the reporting
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Generally Accepted Accounting Principles Introduction In the past, the financial statements of health care organizations’ were fairly easy to compare. Historically, members of the healthcare community had applied similar sets of accounting rules without regard to their business structure. This meant that whether an organization was a for-profit, nonprofit, or a government owned, every healthcare entity was considered to be in the same industry and the accounting procedures they were forced
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