The creation of the… Committee on Accounting Procedures a) Role: formative era b) history: c) structure: In response to the SEC’s Accounting Series Release No. 4, the American Institute of Accountants (AIA) reorganized its Committee on Accounting Procedure (CAP) in 1939 and increased it from 8 to 22 members, all accounting practitioners except for three academicians. To emphasize its importance and the AIA’s intent to demonstrate leadership, Clem W. Collins, AIA president, was designated
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CHAPTER 1 Financial Accounting and Accounting Standards ASSIGNMENT CLASSIFICATION TABLE | | | | |Topics |Questions |Cases | |1. |Subject matter of accounting. |1, 2 |4
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Abstract Business combination is an accounting theory bringing together separate entities or businesses as if it is one operating entity. The theory behind business combination is that the acquiring entity has control of one or more businesses, whilst those entities still retained their normal operation and report its financial information as a reporting unit. The objective of the accounting standard is to specify the financial reporting by an entity when it undertakes a business combination
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Question 1 Part A Based on the Enjoy Winning series of advertisements for Tiger beer, the following personality traits of a typical brand loyal Tiger beer drinker are identified 1. Extroversion: A Tiger beer drinker is sociable and enjoys company of his/her friends. He/She likes to have a good time at parties and watch sports in a group with his/her friends. They enjoy the limelight in a gathering and can turn a boring party into a fun-filled event. Most of the advertisements in this
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The Rise of “Economic Consequences” – Notes The impact of accounting reports on decision making may be the most challenging accounting issue of the 1970s. By Stephen A. Zeff Notes by Tyler Shivers Introduction There are increasing “outside forces” in the standard setting process since 1960s. Two parallel developments marking this trend * Individuals and groups rarely had shown interest in setting accounting standards but then started intervening actively & powerfully in the process
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Accounting Standard Board (FASB), the American Institute of certified Public Accountants (AICPA) and the Accounting Principle Board (APB). The SEC Is federal agency established to “help develop and standardize financial information presented to the stockholders” (Kieso 2007 pg. 6). It is responsible to enforce financial principles created. The FASB, the AICPA and the APB are institution formed by the private sector; the SEC believed that standards and principles should be created by the private sectors
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Financial Reporting Timeline The creation of: 1. Committee on Accounting Procedures Role - With the recent increase in members, the SEC delegated the responsibility of issuing pronouncements on accounting principles to the Committee. The SEC worked with the Committee on Accounting Procedures to develop standards for accounting and financial reporting and issued 51 Accounting Research Bulletins (ARBs) over its lifetime. In 1949, they updated 42 of their original ARBs and codified them.
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Statement of Financial Accounting Standards No. 13 FAS13 Status Page FAS13 Summary Accounting for Leases November 1976 Financial Accounting Standards Board of the Financial Accounting Foundation 401 MERRITT 7, P.O. BOX 5116, NORWALK, CONNECTICUT 06856-5116 Copyright © 1976 by Financial Accounting Standards Board. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying
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Ch.1 [FINANCIAL ACCOUNTING AND ACCOUNTING STANDARDS] I. Essential characteristics of accounting are: a. The identification, measurement, and communication of financial information i. Financial statements b. Economic entities ii. Financial information c. Interested parties II. What is the purpose of information presented in notes to the financial statements? d. To provide disclosure required by GAAP III. Capital Allocation e. Financial
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Global Corporate Relations | August2014 March 2013 Content 2 3 HEINEKEN | Proud, Independent, Responsible Global Brewer The world’s most international brewer No 1 in Europe and No 2 in the world by revenue Operations in over 70 countries globally Brewing great beers, building great brands Committed to surprising and exciting consumers everywhere Long and proud history and heritage 4 HEINEKEN | Our Values Enjoyment we bring enjoyment to life Respect
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