xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx. Conclusion A clear and concise paragraph informing the reader of the conclusion reached. Assignment #4: Financial accounting research memo Use the FASB Codification to research the issues in the
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construction contracts for a client, LabCo. In specific, I was assigned to oversee LabCos’ contract involving a six-axis laser-cutting machine with Halibut Co. After researching and developing a theory based on the Financial Accounting Standards Boards’ Codification, I have concluded that LabCos’ treatment of revenue was reasonable; however, they should have changed revenue recognition principles sooner. In this situation, there are three possible ways they can handle changing their accounting method: Retrospective
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February 18, 2016 Research File Memorandum Prepared by: Certified Public Accountants Client: Smooth Sailing Subject: Fair Value Accounting – Asset Impairment Background: Smooth Sailing is a privately-held cruise operator. The company operates a sole cruise ship that was purchased using non-recourse debt from a bank. Nonrecourse debt is secured by the collateral. In the event of default, the lender can only seize the collateral and no further action can be taken against smooth sailing
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Client Understand Paper Accounting Theory and Research/ ACC 541 November 21, 2011 To provide your organization accurate financial data, reports and statements, we follow rules developed according to Generally Accepted Accounting Principles (GAAP). Based on GAAP, it is important that we follow certain rules and have accurate client information. You have asked why we are asking for certain information related to certain topics within your organization. An explanation as to why we are asking
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severance payments based on the requirements of Accounting Standards Codification 420 – Exit or Disposal Cost Obligations (ASC 420). The memo will also address the effects on Rump’s 2005 and 2006 financial statements and various accounting changes associated with the communication date and timing of the plan. Accounting for the One-Time Termination Benefits In accordance with the Financial Accounting Standards Board’s (FASB) ASC 420, Rump should recognize and measure the amount of one-time termination
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financial information provided to users based on academic information. I will evaluate several key factors that are involved in accruing for expenses and how accruals affect a company’s financial statements. Included will be GAAP’s matching principle and FASB guidance on accruals. Other sources examined will from several academic articles. The results indicate that accruing for expenses maintain the matching concept. Accruals help avoid deceptive income statements that could result from the timing of
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“FVA” is to blame for the financial crisis of 2007. (Sorkin, 2008.) I have evaluated “FVA” and the transition from “historical value accounting “HVA”. In particular, I have researched the evolution within the Financial Accounting Standards Board (FASB) as it pertains to “FVA”. I have also reviewed the move toward the establishment of one set of standards for worldwide accounting as evidenced by the “convergence” project. With that in mind, we only need to look to the International Accounting Standards
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Going Concern Group 4 ACCT 632, Advanced Financial Acct Theory Liberty University Aug 7, 2013 GOING CONCERN Summary of Going Concern current exposure draft Comparison and Contrast of current Going Concern theory and standards 1 Guidance provided by AU Section 341 2 Guidance provided by 17 U.S.C. §229.303 3 Proposed guidance of exposure draft Comparison and Contrast of U. S. GAAP and IFRS with respect to Going Concern 1 Current Going Concern variations
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reporting. Conceptual framework includes objectives, qualitative characteristics, elements, measurement, and recognition concepts. The FASB Concepts Statements guide the board in developing accounting principles and provide understanding. These concept statements are non-authoritative and do not establish generally accepted accounting principles. Entities do not use the FASB Concept Statements in routine preparation of financial statements. (8,2) The IASB and the Interpretations Committee use conceptual
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ACCT 550 Week 4 Midterm Set 1 Click Link Below To Buy: http://hwaid.com/shop/acct-550-week-4-midterm-set-1/ 1. (TCO A) Which of the following statements is not an objective of financial reporting? 2. (TCO A) Under Sarbanes Oxley, the new law does not: 3. (TCO A) The cash method of accounting: 4. (TCO A) The characteristic that is demonstrated when a high degree of consensus can be secured among independent measurers using the same measurement methods is 5. (TCO A) The two primary
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