delivered to different groups must be tailored to address the varying levels of accounting acumen. For example, our firm’s accountants will be familiar with the acronyms SAS (Statement of Accounting Standards), ASB (Accounting Standards Board), and AICPA (American Institute of Certified Public Accountants). Accountants will also understand what Statements of Accounting Standards are, how they are created, and for what purpose they
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Exercises 1. Determining current taxes payable (AICPA adapted) The amount of current income tax liability that would be reported on Ross Co.’s December 31, 1998, balance sheet is determined as follows: Net income before depreciation expense and income taxes $100,000 Depreciation expense (for tax purposes) (20,000) Taxable income 80,000 Tax rate 30% Current income tax liability $24,000 2. Determining deferred tax liability (AICPA adapted) To determine the deferred
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it will answer a few questions posed to look at the trait of independence from a few different angles. These angles include personal definitions of the trait and how a person should be able to demonstrate that trait. The paper will cover how the AICPA looks at Independence, how the State of Texas vies this trait, and a look at a current article showing the impacts of the trait independence. Upon the conclusion of this paper the reader will have a better understanding of how independence in accounting
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Institute of Certified Public Accountants is the primary accounting organization in the United States. According to the AICPA website, this professional accounting organization has more than 360,000 members with individuals in business, public practice, government, education and sued and affiliates. International accountants also make up a portion of this organization membership. The AICPA works in conjunction with state accountancy boards to offer individuals the certified public accountant certification
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the American Institute of Certified Public Accountants (AICPA), I am required to uphold and practice with a level of ethical conduct. I ensure that I have the required educational background and experience, and continue to maintain updated educational recaps every three years. According to the Code of Professional Conduct, members are to have “…a continuous responsibility to cooperate with each other to improve the art of accounting” (AICPA, 2012, para. 1). I am responsible for maintaining an expected
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Excello Telecommunications Abstract This paper will explain the legality and ethicality of financial reporting as it pertains to the Excello Telecommunications case. Other topics that will be touched on will be reporting standards, SOX Act criteria, and alternatives for Excello. Excello Telecommunications Introduction Excello has a dilemma with end of year reporting and in meeting their earnings estimates in accordance to calculations at the beginning of the year. What the CFO wishes
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since it does not take into account changing appreciation and depreciation of the asset. Under IFRS and fair value the asset must be annually checked for impairment making it more reliable and relevant. Over 120 countries currently use IFRS (AICPA, 2011). It is anticipated that more countries will begin encouraging it as global competition becomes more prevalent. The SEC is also allowing companies that trade stock within the US to report under IFRS. This is largely due to IFRS sharing many
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management in the development of budgets and goals (McCarthy & Flynn, 2004). Internal Control system is also responsibility to analyze and manage risks the company may encounter. An internal control system is composed of five interrelated components (AICPA, 2013): • Control Environment – the company’s fundamental values and directives. • Risk Assessment – the identification and analysis of possible material misstatements. • Control Activities – the policies and procedures used to identify and manage
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The American Institution of Certified Public Accountants (AICPA) has a section about its code of professional conduct on its website. The categories on this website consist of the introduction, section 50, 90, 100, 200, 300, 400, 500, appendix and index. The introduction has two parts which include composition, applicability and compliance also a section called other guidance which includes the interpretations of Rule of Conduct and ethics rulings. Section 50 consists of principles of professional
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Principles (GAAP) Sources of GAAP The American Institute of Certified Public Accountants (AICPA) which is a National Professional Organization of practicing Certified Public Accountants (CPA’s) has played a pivotal role in developing GAAP, and has establishing several committees and boards since its founding that have contributed to the accounting standards (Kieso, Weyhandt, & Warfield, 2007). In 1959, the AICPA created the Accounting Principles Board for the purpose of
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