guidance on fair value measurements. FASB ASC 820 fair value measurement and disclosures 2. What is the specific citation that lists the disclosures required in the notes to the financial statements for each major category of assets and liabilities measured at fair value? The specific citation that describes the information that the companies must disclose about the use of fair value to measure assets ad liabilities for recurring measurements is FASB ASC 820 10 50 2: fair value measurements and
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Oil Company Inc Inc. Issue: Determining whether various events require the recording of a loss provision or expense accrual on Oil Company Inc Inc's year-end financial statements. Brief Background: Oil Company Inc Inc. operates in the oil industry and its operations sometimes result in soil contamination. Oil Company Inc Inc.'s policy is to clean up any contamination that it causes. New government regulations require Oil Company Inc Inc. to perform certain actions to
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Pharma account for each of these issues in its 2010 financial statements under US GAAP? Discussion and Conclusion: Lease Termination Pharma determined that it should not accrue for the lease termination costs in its 2010 financial statements. ASC 420-10-25-12 indicates that a company must comply with the contractual terms to terminate the contract to accrue for the termination costs. Pharma’s failure to provide the written notification as required under the lease agreement lessor prevents it
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CASE: Reporting Comprehensive Income: IFRS vs. US GAAP a) Messrs. Cope and Foster dissent from this Statement because it permits an enterprise to display the items of other comprehensive income identified in this Statement with less prominence and to characterize them differently from other items of comprehensive income that are currently included in net income. Messrs. Cope and Foster believe that a primary objective in undertaking a project on reporting comprehensive income was to significantly
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1. You use a perpetual inventory system and value the inventory using FIFO. Prior to making adjusting year-end entries you valued the inventory at the lower-of-cost or-market. Justify why you valued the inventory at lower-of-cost or-market. FASB ASC CITATION: Adjustments to Lower of Cost or Market 330-10-35-1 A departure from the cost basis of pricing the inventory is required when the utility of the goods is no longer as great as their cost. Where there is evidence that the utility of goods,
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1995 1994 1994 1992 8000 7000 4031 600 345 400 2297 15000 330 12091 4900 15000 10300 1300 20000 380 100 333 39000 2600 1300 28000 787 134 230 239 266 250 170 Lit Capacity (Gbps) 0 0 1180 1000 1340 760 550 70 60 0 700 0 3660 120 0 390 60 3590 2.5 30 10 410 165 60 440 0 0 210 90 0 0 0 Max Capacity (Gbps) 0 0 9800 5280 30400 2560 3200 42000 4800 12800 2880 0 9600 1280 0 6400 1280 6400 480 80 1280 460 540 0 4680 0 0 3200 3200 0 0 0 *Proposed Cables Source: Telegeography 2014 Middle East – cables (1/2)
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Dataline A look at current financial reporting issues No. 2012-17 November 12, 2012 What’s inside: Overview .......................... 1 SEC filing deadlines ........ 1 Financial statement disclosure ......................2 Income statement classification of losses..............................2 Insurance .........................3 Asset impairments .......... 5 Non-impairment costs ............................... 7 Debt and liquidity issues ........................... 8 Tax considerations
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Comparison between U.S. GAAP and International Financial Reporting Standards May 2013 © 2013 Grant Thornton LLP All rights reserved U.S. member firm of Grant Thornton International Ltd Comparison between U.S. GAAP and International Financial Reporting Standards 2 Contents 1. Introduction .................................................................................................................................................. 6 International standards and the IASB .........
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Chapter 10 Property, Plant, and Equipment and Intangible Assets: Acquisition and Disposition AACSB assurance of learning standards in accounting and business education require documentation of outcomes assessment. Although schools, departments, and faculty may approach assessment and its documentation differently, one approach is to provide specific questions on exams that become the basis for assessment. To aid faculty in this endeavor, we have labeled each question, exercise, and problem
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US GAAP vs. IFRS The basics March 2010 Table of contents 2 5 7 8 11 13 14 16 18 20 26 28 31 33 35 38 40 42 43 44 46 47 Introduction Financial statement presentation Interim financial reporting Consolidations, joint venture accounting and equity method investees Business combinations Inventory Long-lived assets Intangible assets Impairment of long-lived assets, goodwill and intangible assets Financial instruments Foreign currency matters Leases Income taxes Provisions and contingencies Revenue
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