Project In July, 2006, the Board voted to add to its agenda a project on lease accounting. The project will be conducted jointly with the US Financial Accounting Standards Board (FASB) and is expected to result in the publication of a joint discussion paper in 2008. The project will reconsider all aspects of lease accounting and is expected to fundamentally revise the way lease contracts are recognized in the financial statements of lessees and lessors. The Board directed the staff to establish
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contribution pension plans must disclose the following information in the financial statement. The basis for determining contribution, employee groups included, existences of the plan and information affecting comparability from period to period. The FASB ASC 715
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Financial Statement Analysis ACC 561/PR May 24, 2014 Financial Statement Analysis A company owner or manager requires financial statements to improve their business or to make any important decision regarding their operations. Puerto Rico is a land that has many companies doing business, some are local or international. CVS Caremark Corporation is one of the main traded companies doing business here. This Corporation provides integrated pharmacy and health care services in United States and
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Table of Contents Abstract 3 Introduction 4 Importance of Transparency 7 What Regulation Typically Covers 7 Regulatory Agencies 8 Accounting Reform 10 Conclusion 13 References 15 Abstract Within the accounting profession there are many complex ethical issues that must be dealt with quite often. It is important that the people working within the industry provide high quality financial statements and always pay close attention to ethical concerns that may arise
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Estados Unidos es la Junta financiera de estándares de contables (Financial Accounting Standards Board (FASB), por sus siglas en ingles). Muchos países fuera de los Estados Unidos han adoptado las normas de Contabilidad emitidas por la Junta Internacional de normas de contabilidad (International Accounting Standards Board (IASB), por sus siglas en ingles). En los últimos años el FASB y el IASB han colaborado estrechamente para intentar minimizar las diferencias en sus niveles. (b)¿Qué órganos
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Issues With Revenue Recognition within the Software Industry The Isoft Example Financial Controller-SoftWarehouse Ltd This report has been prepared for the Board of Directors of SoftWarehouse Ltd for elucidation about the contentious issues that have given rise to the publication of the article concerning Isoft’s issues with revenue recognition. Finally, it will also assess whether or not these issues are likely to affect SoftWarehouse Ltd. TABLE OF CONTENTS Executive Summary: 3 Introduction:
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away from issuing report and possibly an additional year away from presenting a formal recommendation. This has led to some frustration from accounting firms, business and stakeholders around the world as they wait for final word. The frustration of IASB is noted in the second follow up article. The decision has wide ranging effects which is what has everyone waiting, some impatiently, for a decision. The US currently adheres to Generally Accepted Accounting Principles, GAAP, which have a few fundamental
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United States continues to apply its own Generally Accepted Accounting Principles (US-GAAP) as endorsed by the US Financial Accounting Standards Board (FASB). In 2003 the International Financial Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) commenced a joint project with the aim of converging the IFRSs and FASB standards. This project will result in further changes which will flow through to Australia, but when complete, may ultimately result in a true international
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Statement No. 168; The FASB Accounting Standards Codification® and the Hierarchy of Generally Accepted Accounting Principles—a replacement of FASB Statement No. 162 This standard was issued in June 2009, and would be effective for financial statements recorded for fiscal periods ending after 15th Sept. 2009. The aim of the statement is the replacement of FASB Statement No. 162 as the authoritative source of U.S generally accepted accounting principles for nongovernmental entities. Securities and
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Goodwill is an extremely interesting business phenomenon. It enables a firm to derive competitive advantage because of issues like reputation, stability, technical excellence, perceived quality and other intangibles, and thereby allows it to earn higher profits, than it would otherwise have, by selling its products or assets. While the need for valuation or accounting of goodwill does not arise in the normal course of a business or in its growth on a periodic basis, (because of the absence of physical
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