Running Header: Week 1 FASB Assignment FASB Pre-codification standards Summary-Statement of Financial Accounting Standards No. 168 Statement of Financial Accounting Standards No. 168 was issued in June 2009. This statement became effective for financial statements issued for interim and annual periods ending after September 15, 2009. The statement replaces FASB Statement No. 162, The Hierarchy of Generally accepted Accounting Principles. FASB Accounting Standards Codification is the source of authoritative
Words: 1223 - Pages: 5
FASB Accounting Standards Codification Case 1 ACC 310 – Section 2 1. The topic number that addresses the accounting for agricultural production activities in the FASB Accounting Standards Codification is, FASB ASC 905. The title of this topic is Agriculture. 2. Entities that must apply the guidance contained in topic FASB ASC 905, are noted in FASB ASC 905-10-15-3, “The Agriculture Topic provides guidance for all entities in the agricultural industry, including agricultural producers and
Words: 509 - Pages: 3
http://www.studymode.com/essays/Intermediate-1-Research-Paper-1272788.html a. When did the FASC Codification become effective? The FASC became effective for interim and annual periods ending after September 15, 2009 even though the authoritative version of the Codification was released on July 1, 2009. b. Did the FASC change prior GAAP? The FASC did not change prior GAAP but it instead reorganized previous GAAP into a new structure. This new structure is organized into a new research database
Words: 627 - Pages: 3
be successful, anything for that matter, guidelines and policies have to be put in place. This also involves internationally run businesses as well. The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) have worked diligently through the years to ensure these guidelines are followed. The following discussion will be about the convergence project of boards, their relationship and the relations between their original pronouncements. Discussion will
Words: 1228 - Pages: 5
been a governing body that has determined what is considered acceptable business practices in regard to the relationship between these functions. In the United States, that governing body is known as the Financial Accounting Standards Board or FASB. FASB helped to refine and establish what is known as the Generally Accepted Accounting Principles or GAAP. These principles have laid the foundation for modern day accounting practices and have served as a road map for financial accountants worldwide
Words: 888 - Pages: 4
company, and that loss can be reasonably estimated, the loss should be accrued as estimated into the company financials, and noted as such, as detailed in the FASB Codification section 450-20-25-2. If the outcome of the lawsuit is most likely to subject the company to a loss, but that loss cannot reasonably estimated, then FASB Codification section 450-20-50-5 requires that contingency disclosures be added to the financial statements outlining the conditions, which could result in the additional
Words: 810 - Pages: 4
Lighthouse like a hybrid between equipment and service, like a single package? • Which is the effect to have two contracts? II. FSAB Applicable to Lighthouse Case. At the moment there are several FASB (Financial Accounting Standard Board) ansd its ASC (Accounting Standard Codification) applicable to the presented situation. Also settle down some SEC (Staff Accounting Bulletin) and EITF (Emerging Issues Task Force) applicable to the controversy.
Words: 787 - Pages: 4
Client Understanding Paper Jason Green ACC541 2/3/2014 Leslie Crews Client Understanding Paper As a new staff member at the firm, it is important to be able to audit past accounting practices to make sure accounts are in compliance with Generally Accepted Accounting Principles (GAAP). This review is being done to protect our clients and make sure fair reporting and valuation of business is attained. Please provide the requested information based on these following four areas: adjusting lower of
Words: 1273 - Pages: 6
CHAPTER 1 Financial Accounting and Accounting Standards ASSIGNMENT CLASSIFICATION TABLE | | | | |Topics |Questions |Cases | |1. |Subject matter of accounting. |1, 2 |4
Words: 4213 - Pages: 17
“SAERS” School of Accounting Electronic Research System Tutorial Fall 2011 SCHOOL OF ACCOUNTING ELECTRONIC RESEARCH SYSTEM (SAERS) Welcome to the world of electronic accounting and auditing research. The use of electronic media to research an accounting and/or auditing issue can reduce the research time significantly and thus can make the accountant/auditor more efficient in today's business environment. Efficient and effective accounting
Words: 1027 - Pages: 5
