Accounting Standards Boards Debra McCaster ACC 541 June 27, 2011 Ken Burton Accounting Standards Boards The IASB (Internal Accounting Standards Board) set standards dealing with international accounting and FASB (Financial Accounting Standards
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Accountancy is the production of financial records for organizations and shows readers in money terms the economic resources the company has under its control and represents it in terms of relevance and does this faithfully. Accounting is called “the language of business” because it acts as a vehicle for a business entity to report their financial information to groups of people outside of the company’s day to day activities. Some researchers believe the earliest instance of accounting was from
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[pic] A short history of the systematic Removal of Aboriginal Children from their Families in NSW. “Indigenous children have been forcibly separated from their families and communities since the very first days of the European occupation of Australia” obtained from the Bringing Them Home Report Who are the Stolen Generations The term ‘stolen generations” is in reference to those Aboriginal and Torres Strait Islander people who were forcibly removed, as children, from their families and
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Principles are the FASB standards, Interpretations, and Staff Positions, APB Opinions, AICPA Accounting Research Bulletins and other authoritative pronouncements. The hierarchy is as such: Category A, B, C, and D and Category A is the highest hierarchy. The following hierarchy is used in selecting the principles to be used in the preparation of the financial statements. Category A: FASB Standards, Interpretations and Staff Positions, APB Opinions, AICPA Accounting Research Bulletins. Category B: FASB Technical
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What is accounting? Its financial information for a business or individual which is prepared by a trained accountant for investors, tax audits, creditors, to pay taxes and to receive tax returns. What is an accountant? The accounting profession is a very diverse field with a number of different professional occupations a person can get into, and some of these fields depend on the accounting degree a person has. An accounting degree ranges from a certificate to a doctorate. Some of the different professional
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Reporting Paper ACC 541 November 21, 2011 Calie Lukenbill Dr. Sonja Wilson To: Sonja Wilson From: Calie Lukenbill Date: November 21, 2011 Subject: Pensions As you may know there are two types of pension plans that are most commonly used: a defined contribution plan and a defined benefit plan. “A defined contribution plan sets forth a certain amount that the employer is to contribute to the plan each period (Schroeder, Clark, & Cathey, "Pensions and Other Postretirement Benefits," 2011). “A
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Memorandum To: DeLaune/Simonov From: Courtney Lancaster Date: October 15, 2013 Subject: History of the Auditing Profession Similar to all aspects of the accounting profession, the auditing focus in the business world has evolved considerably over its history. The main drive behind the changes has been new legislation and a strict enforcement standard which more times then not was influenced by the fraudulent activity delivered by corporate management. By the creation of oversight
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Abstract Having many regulations can be seen as both a good and bad thing. Google, however, conforms and adapts to the many regulations of GAAP set forth by FASB. Implementing internal control, understanding the GAAP principles and recent standards that affect Google can be a tough job. They tackle it head on though. Google Introduction/Background Information In 1997 Google started out as a search engine called backrub that operated on Stanford’s servers
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standard by which to report financial results” (Nikolai, et.al. 2010, p. 9). It took several policy-making bodies to write all the accounting standards. These bodies include Financial Accounting Standards Board (FASB), Accounting Principles Board (APB) American Institute of Certified Public Accountants (AICPA), and Securities and Exchange Commission (SEC). There is no single document that includes all the accounting standards. But the FASB has released its Accounting Standards Codification for verification
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responsibility to select the accounting principles for their financial statements and the company needs to be in compliance with GAAP. Hierarchy Here are four main categories in this hierarchy. The first is the most authoritative, etc. 1. FASB Standards; APB Opinions; AICPA Research Bulletins. 2. FASB Bulletins; AICPA Accounting and Audit Guides; AICPA Statements. 3. FASB Emerging Issues Task Force; AICPA AcSEC Bulletins. 4. AICPA Interpretations; FASB Implementations; Widely Recognized and Prevalent
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