not-for-profit organizations General principle: recognize assets acquired and liabilities assumed in a business combination at fair value Exceptions : income taxes, benefit plan obligations, operating leases Departure from the cost-based provisions in APB 16, which also appeared in SFAS 141 as originally issued Joint IASB-FASB Exposure Draft is available at the FASB’s website 4. Joint IASB-FASB project on business combinations Examples of proposed changes, relative to current practice Business combination
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1-2. Identify and describe the five environmental differences between governments and for-profit business enterprises as identified in the Governmental Accounting Standards Board's Why Governmental Accounting and Financial Reporting Is—and Should Be—Different. The five environmental differences include mission/purpose, source of revenue, potential longevity, relationship with stakeholders, and role of budget. The mission/purpose is defined by the goals of the organization. The purpose of a
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Heineken N. V. Annual Report 2013 Front cover image igNITE beer bottle We are always committed to surprising and exciting our consumers. That’s why we have introduced the interactive igNITE beer bottle. The bottle lights up when you ‘CHEERS’ or drink and flashes along to the beat of the music. It ignites the night. Annual Report 2013 Contents Overview Report of the Executive Board Report of the Supervisory Board Financial statements Other information Welcome to
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CHAPTER 07 REVIEW 1. One of the most difficult issues facing accountants concerns the recognition of revenue by a business organization. Although general rules and guidelines exist, the significant variety of marketing methods for products and services make it difficult to apply the rules consistently in all situations. Chapter 7 is devoted to a discussion and illustration of revenue transactions that result from the sale of products and the rendering of services. Throughout the discussion
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Case Introduction Danle Corporation (Danle), a public company engaging in vehicles manufacturing business used asbestos in the past three years. In fiscal year 2008 and 2009, Danle received two similar complaints about mechanics suffered severe illness due to the exposure to asbestos from the parts manufactured by Danle. Danle disclosed neither of the lawsuits litigations in the 2008 & 2009 Form 10-K, even though the external counsel offered evidence showing the potential possible liability
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International Financial Reporting. The Financial Accounting Foundation (FAF) formed the FASB in 1973 to try to correct accounting practices for nongovernmental businesses. The board was formed due to complaints of the Accounting Principles Board (APB). Two committees were created to handle some of the complaints. The Wheat Committee was responsible for studying how financial accounting principles would be formed. The Trueblood Committee was created to find a way to verify financial statements.
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AICPA appointed two Committees, the Wheat Committee and the Trueblood Committee. The Wheat Committee’s responsibility was to study how financial accounting principles should be established. The Committee’s recommendations were the abolishment of the APB and the establishment of the Financial Accounting Standards Board (FASB). The mission of the FASB is to establish and improve standards of financial accounting and reporting for the guidance and education of the public, including issuers, auditors,
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structure for choosing the financial statement principals that should be used when their prepared, this falls under four categories. The major sources of the GAAP and the most authoritative, are the FASB standards interpretations, and staff positions; APB opinions, and the AICPA accounting
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(FASB) is a private, not-for-profit organization responsible for setting accounting standard for public companies in the United States. It was created in 1973 as a replacement for the Committee on Accounting (CAP) and the Accounting Principle Board (APB). Financial Accounting Standard Board mission is stated as “to establish and improve standards of financial accounting and reporting that foster financial reporting by nongovernmental entities that provides decision-useful information to investor and
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ACG 3401 Study Guide Exam 1 Accountants Roles * Management accountant * Internal auditor * Information systems auditor * External auitor * Tax accountant * Fraud examiner * Managerial Accountant * Provides info for mngmt decisions * Knowledge base: * * * * Business processes * Accounting information sustems * Internal controls * Managerial accouting techniques * Impact of
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