longterm purposes; borrowing money and repaying amounts borrowed, or otherwise settling the obligation; and obtaining and paying for other resources obtained from creditors on longterm credit”( FASB Accounting Standard codification, 2301045). As it also mentioned in FASB Accounting Standard Codification 230104514 and 230104515, then, “Proceeds from issuing bonds, mortgages, notes, and from other shortor longterm borrowing” and “payments of dividends or other distributions to owners, including
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FASB Codification Research Assignment The codification for the transfer of receivables can be found in the FASB Accounting Standards Codification in, section Broad Transactions-> 860 Transfers and Servicing-> 10 Overall-> 05 Overview and Background. The document states that the material provided is to be used as a guidance and a tool to gain understanding, and does not provide the historical background or the due process or summarize the accounting and reporting requirements. The last
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treatment for the $25 Referral Credit in accordance with FASB codification ASC 605-50-45-1 to 3. The company has to deal with the compliance of these ASC procedures. In addition, as use of the $25 Referral Credit by the existing customer is contingent upon the future purchase therefore the treatment and timing of accounting and recognition of the $25 Referral Credit in the Company Income Statement is also imperative. According to FASB codification 605-50-45-1, a vendor (the Company) giving customer
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FASB Announces Project to Address Enhanced Disclosures for Employer's Particpating in Multiemployer Plans On Wednesday, March 17, 2010, FASB made a previously 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))
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(described in the case). Write a memo to the manager of Needs Space and have the memo from you as a staff accountant. Give the manager information related to accounting for the two obligations. Once you have obtained this information from the Codification, you will need to provide a concise quote of the relevant passage(s) and then state an interpretation of the quote in your own words. Your memo should then end with a recommendation from you on what you would suggest as the best treatment of the
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Standards Board (FASB). With the wide array of business relationships that we have developed in today’s time, the international business world has adopted the International Accounting Standards Board (IASB). These two boards have decided to adopt a convergence project. I am going to attempt to briefly show some similarities and differences in the two boards and how the Master’s program at the University of Phoenix will prepare me for the accounting profession. First let’s look at the FASB. They are
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Electronics, Inc.: Financial Reporting of Sales Incentives and Vendor Allowances Using FASB Codification Mahendra R. Gujarathi ABSTRACT: Super Electronics, Inc., a specialty retailer, has recently initiated several sales incentives and has entered into a long-term purchase arrangement with a major vendor that entitles it to sliding discounts based on its level of purchases. Using FASB Accounting Standards Codification, you are to determine whether the Company’s existing policies comply with Generally
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Matt Preston 09/10/2013 Section 1: Wall Street Journal Counter Argument Counter Argument to “I’m Homeschooled-Hold the Pity, Please” “I’m Homeschooled-Hold the Pity, Please” is an article that was published in the Wall Street Journal September 9, 2013. What is interesting about this article (besides its content) is the author, who is a high school sophomore, by the name of Veronica Andreades. She explains in her writing that teenagers have asked her why her parents homeschooled her. They
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discount from the law firm’s usual hourly rates. Legal services for domestic cases, bankruptcy, and drug and alcohol related matters are limited under the memberships. 2. Legal Plan Services is mandated to follow statement No. 168, the FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles concepts. The statement is effective for financial statements issued for interim and annual periods ending after September 15, 2009. The objective is to prepare all of their
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Linh Hoang ACCT 322-001 GAAP Research Part I Professional Research: FASB Codification Chapter 11 a. What is the authoritative guidance for asset impairment? Briefly discuss the scope of the standard (i.e., explain the types of transactions to which the standard applies) The authoritative guidance for asset impairment is to ensure that impairment is recorded and dealt with as depreciation. The scope of the standard is writing off of assets and depreciation. According to the guidance of 360-10-35
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