unannounced, though not unexpected, move to add a project to its agenda to enhance the disclosure requirements of an employer's participation in a multiemployer plan. These efforts will be an expansion of existing disclosure requirements under Accounting Standards Codification Subtopic 715-80 (originally FAS 87, FAS 106 and FAS 132(R)). FASB plans to move quickly on this project with the issuance of a proposed standard sometime this summer and a final standard before the end of the year. FASB
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Name__David Brubaker____________ Accounting 306 Extra Credit Case Fall 2010 The purpose of this case is to improve your GAAP research skills by familiarizing you with FASB’s Accounting Standards Codification. The codification is relatively new (it became the single source of authoritative GAAP effective July 1, 2009) and requires new and unique techniques for researching GAAP. The case has two parts; for each part you will need to access the codification using the instructions found at
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10/1/2013 The accounting profession is on the verge of one of the most significant changes since the 1930s. In the very near future there is a great possibility that the United States Generally Accepted Accounting Principles (GAAP), as it is known today, will be replaced by the global standards known as the International Financial Reporting Standards. This paper will provide a history of IFRS and discuss the time frame of the conversion, along with is effects on U.S in the accounting perspective.
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1. Describe what accounting convergence means and assess the likelihood of the convergence being completed and implemented in the next five (5) years? Accounting convergence is a process or goal to establish one set of accounting standards that can be used internationally by attempting to eliminate the differences in the International Financial Reporting Standards (IFRS) and the US Generally Accepted Accounting Principles (US GAAP). Convergence also seeks to establish understandability amongst
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these rules, where can a person find them, and which ones are more important?” One of the most common rules for financial reporting is GAAP, which is Generally Accepted Accounting Principles. GAAP are and is a combination of authoritative standards and simply the common accepted ways of recording and reporting accounting information from companies. GAAP can be found and imposed by companies so that investors have minimum level of consistency in the area of financial statements when analyzing
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first accounting issue associated with Runway Discount’s Refer-a-Friend program is identifying how the $25 referral credit should be recorded in Runway’s income statement. Is this consideration an adjustment of the selling prices of the vendor’s products or services, and therefore characterized as a reduction of revenue, or is it a cost incurred by the vendor for assets and services received from the customer, and therefore characterized as a cost or expense? The next significant accounting issue
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MEMORANDUM TO: Accounting Staff FROM: Junior Accountant DATE: September 23, 2013 SUBJECT: Replacement of SAS 112 with SAS 115 The American Institute of CPAs (AICPA) Statement on Auditing Standards (SAS) Number 115 supersedes SAS Number 112. Going forward, auditors are to use rule SAS 115 when performing internal control audits. The rules have some similarities. However, the key differences in the rules are the definitions for control deficiency, significant deficiency, and
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The Governmental Accounting Standards Board and the Financial Accounting Standards Boards were put in place to assist in regulating the private sector, federal, and state and local governments. These regulations that are in place are to hold he sector accountable for its accurate financial reporting and documentation. I ask how these two divisions differ in its objectives and how to they regulate each party it governs. The Governmental Accounting Standards Board oversees the federal, state
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convergence project, between the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) (FASB, 2002). This paper will also provide a brief history of the relationships between the two boards, and the equivalents between IASB and FASB. Along with an explanation of how the Master of Science in Accountancy Program helps prepare students for a professional life, within the accounting vocation. Accounting Standards Boards Within each country, there are different
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Part 1: The Australian Accounting Environment Chapter 1 An overview of the Australian external reporting environment Review questions 1.1 Refer to pages 6 to 25 of the text. The main bodies responsible for regulating accounting disclosure in Australia are: (i) Australian Securities and Investments Commission (ASIC) Briefly, ASIC is responsible for administering corporations legislation within Australia (which includes various reporting requirements). According to its
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