formed by other professional organizations that use due process similar to the FASB. The remaining hierarchy sources in order of authority include the FASB Technical Bulletins, AICPA Industry Audit and Accounting Guidelines, AICPA Statement of Position, FASB Emerging Issue Task Force, AICPA AcSEC Practice Bulletins, AICPA Accounting Interpretations, FASB Implementation Guides, and widely recognized and prevalent industry practices. The GAAP hierarchy is important because not all accounting transactions
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Application of Integrated Ethical Decision-Making Model into “Giles and Regas” Case 1. Identification of Ethical and Professional Issues (a) Identification of the Relevant Facts • Regas, a senior accountant in a CPA firm, was assigned to an audit engagement project working with the firm’s CPA partner Giles who has a higher rank in the same team, and had been in a dating relationship with Giles for several months, which was an uncommon story among the partners, but became clear to most
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Kari Moore Unit 6 – Final Research Paper AC504 April 19, 2013 Abstract In the history of the world, there has never really been a dominate, widely accepted set of ethical standards, unless you count the ten commandments, and as we all know, they didn’t end up widely accepted either. The world is in an ethical tail-spin, trying to be the best, the most profitable, the most dominant, and it is leaving its ethics in the dust. In this paper I will discuss the importance of an ethical system
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property tax purposes. d. Contributing partner’s tax basis. AICPA 0594 F-35 [iv]. When property other than cash is invested in a partnership, at what amount should the noncash property be credited to the contributing partner’s capital account? a. Fair value at the date of contribution. b. Contributing partner’s original cost. c. Assessed valuation for property tax purposes. d. Contributing partner’s tax basis. AICPA 0594 F-35 *. Four individuals who were previously sole
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Deidre Hanson Case Facts Alex Morgan is a partner in a CPA firm located in a small Midwestern city, which has a population of approximately 85,000. Mr. Morgan’s practice is primarily in the area of financial planning; however, he also performs an annual audit on the city’s largest bank. Recently, Mr. Morgan was engaged by a wealthy couple, Paul and Sara Joseph, to prepare a comprehensive personal financial plan. While preparing the plan, Mr. Morgan became personal friends of the Josephs.
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AN EXAMINATION OF INVENTORY COSTING CONVERGENCE UNDER GENERALLY ACCEPTED ACCOUNTING PRINCIPLES AND INTERNATIONAL FINANCIAL REPORTING STANDARDS Casey Reineking Department of Accounting Murray State University Murray, KY 42071-3314 E-mail: casey.reineking@hotmail.com Don H. Chamberlain Department of Accounting Murray State University Murray, KY 42071-3314 Holly R. Rudolph Department of Accounting Murray State University Murray, KY 42071-3314 L. Murphy Smith* Department of Accounting Murray
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disregarded code of conduct. Answer for Q4 The AICPA is a national organization formed by CPAs in the public accounting profession. It plays a significant role in the standard-setting processes of the profession, oversees the preparation and grading of the uniform CPA examination, and operates a continuing professional education program for CPAs. It also has the authority to discipline its members, including exclusion from the organization. But, the AICPA cannot ban CPAs from practicing public accounting
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Apollo Shoes Inc. 100 Shoe Plaza Shoetown, ME 00001 Dear Larry Lancaster, The purpose of this letter is to introduce our firm, Auditing and Assurance Services, LLC., and explain the auditing and assurance services our firm provides to our clients and their benefits. We make sure our clients are comfortable while we perform an effective and thorough audit on behalf of the firm. In addition to the information on the services we provide, I want to explain my role in providing the assurance services
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Midterm Exam – Summer 2011 Chapter 01 Ethical Reasoning Implications for Accounting Multiple Choice Questions 1. Each of the following characteristics describes the importance of integrity in decision making except for: A. Acting out of moral principle B. Being loyal to one's superior C. Having the courage to do the right thing D. Not subordinating professional judgment to others 2. The ancient Greeks thought of the virtues as characteristics of behavior that: A. Could lead
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1998). GAAP are set of standards and procedures that have substantial authoritative support. The organizations responsible in its development are the Securities and Exchange Commission (SEC), American Institute of Certified Public Accountants (AICPA), Financial Accounting Standards Board (FASB) and Government Accounting Standards Board (GASB). In 1934, SEC was formed after few years of the Great Depression of 1929, which saw the stock market crashed. The SEC monitors the companies listed in
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