SEC Staff Accounting Bulletin: No. 101 – Revenue Recognition in Financial Statements Securities and Exchange Commission 17 CFR Part 211 [Release No. SAB 101] Staff Accounting Bulletin No. 101 Agency: Securities and Exchange Commission Action: Publication of Staff Accounting Bulletin Summary: This staff accounting bulletin summarizes certain of the staff's views in applying generally accepted accounting principles to revenue recognition in financial statements. The staff is providing
Words: 11971 - Pages: 48
Name: Bingo: Class: F03H Financial Statement Analysis Assignment: Earning Quality Analysis for Eastman Kodak Date: November/24/2008 I. Sales or Revenue 1. Premature revenue recognition Eastman Kodak recognizes revenue when it is realized or realizable and earned. The Company considers revenue realized or realizable and earned when it has persuasive evidence of an arrangement that the products or the services have been provided to the customer, the sales price is fixed or determinable
Words: 1659 - Pages: 7
long as they are “subject to commission oversight” (Kieso, Weygandt, and Warfield (2007). The FASB uses “The Hierarchy of Generally Accepted Accounting Principles,” and they are listed as follows: FASB Standards, Interpretations, Staff Positions, APB (Accounting Principles Board), and AICPA Accounting Research Bulletins (Kieso, Weygandt, and Warfield (2007). In the event of a dispute these are the initial channels the problem will go through to seek resolution. The goal of financial accounting
Words: 501 - Pages: 3
issued Accounting Research Bulletins that dealt with accounting issues on a problem by problem basis. CAP was eventually dissolved, and the Accounting Principles Board was developed. Their main goal was to create a conceptual framework. It issued APB opinions and was also later dissolved. The third responsible party in GAAP creation is the Financial Accounting Standards Board (FASB). “Its mission is to establish and improve standards of financial accounting and reporting for the guidance and
Words: 508 - Pages: 3
of financial statements, multiple step income statement. Chapter 1: Purpose (objective) of financial accounting; cash vs accrual accounting (net operating cash flow vs. net income); history of standard setting – SEC, AICPA (formerly AIA), CAP, APB, FASB; process of standard setting (graphic 1-4); global accounting standards – IASC, IASB, IFRS, Covergence project; Sarbanes-Oxley Act 2002 – Key provisions; Conceptual framework – objective of financial reporting, qualitative characteristics (Graphic
Words: 353 - Pages: 2
Staff Positions (FSP) e. Staff Implementation Guides (Q&A) f. Statement No. 138 Examples. 2. Emerging Issues Task Force (EITF) a. Abstracts b. Topic D. 3. Derivative Implementation Group (DIG) Issues 4. Accounting Principles Board (APB) Opinions 5. Accounting Research Bulletins (ARB) 6. Accounting Interpretations (AIN) 7. American Institute of Certified Public Accountants (AICPA) a. Statements of Position (SOP) b. Audit and Accounting Guides (AAG)—only incremental accounting
Words: 477 - Pages: 2
The stock market for long-term investment no longer, rather, in 1928, the stock market had become a place where everyday people truly believed that they could become rich. Stocks had become the talk of every town. Discussions could be heard at every corner about stocks. Newspapers reported average people making millions off of the stock market. With so many people buying, the prices increased. Over a series of several days in October 1929 the market dropped a few times, but banks and companies were
Words: 1869 - Pages: 8
extraordinary items are events and transactions that meet the ASC 225-20 criteria. They must be both unusual plus infrequent, and when it is required that an amount be reported as an extraordinary gain or loss, regardless of the ASC 225-20 criteria. The APB Opinion 30 provided directions to determine whether events met the criteria of an extraordinary item, and whether they should be reported as extraordinary gains or losses, while taking into account the environment in which the company operated. For
Words: 494 - Pages: 2
Tiger Beer Country specific channel & Distribution network Tiger beer is the flagship brand of Asia Pacific Breweries and is brewed in Singapore, Thailand, Vietnam, Cambodia, Malaysia and China. The 5% above bottled pale lager was launched in 1932 and is available in over 60 countries worldwide across Europe, USA, Latin America, Australia and the Middle East. Tiger held its own in the premium segment, maintaining its volume despite strong competition. Through a focused distribution strategy
Words: 425 - Pages: 2
Course objectives understanding of the history, legal and professional framework within which an audit of financial information and systems takes place appreciation of the necessary audit techniques, judgement and practical skills as applied to both manual and computer-based systems awareness of current developments in the auditing profession, both in the UK and internationally What is an audit? Definition “A systematic process of objectively gathering and evaluating evidence in order to
Words: 553 - Pages: 3
