information is a necessity for viable capital markets. Without it, our markets would be chaotic, and our standard of living would decrease. This textbook is the market leader in providing the tools needed to understand what GAAP is and how it is applied in practice. Mastery of this material will be invaluable to you in whatever field you select. Through many editions, this textbook has continued to reflect the constant changes taking place in the GAAP environment. This edition continues this tradition, which
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had used previously, but it was not currently using. The case permits a technical examination of depreciation and impairment accounting issues with consideration of the FASB’s asset/liability measurement approach, fair value accounting, use of the FASB Codification, and comparisons to International Financial Reporting Standards. The case requirements are divided into basic requirements, which would be appropriate for intermediate level students; and advanced requirements, which would be more appropriate
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the ‘successful efforts’ (SE) method and the ‘full cost’ (FC) method.” (Investopedia) The main issue which these techniques address is whether or not such outflows can be capitalized or need be treated as expenses on the income statement. As the FASB Accounting Standards Codification only addresses the successful efforts method, it will receive the primary focus in this paper. The name “successful efforts” gives an indication as to how exploratory costs are treated. “Only those exploration and
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Renfroe and Angela Walter-made journal entries in the amount of $150 million and $771 million, respectively, without detailed support. It was noted that this was not out of the ordinary at WorldCom. In your opinion, was this a proper accounting practice? Explain. Normally at the end of each month, Worldcom would estimate the costs of using “Off-net” facilities and connections. Worldcom would accrue these liability estimates. Line cost accrual estimates were very difficult to estimate with precision
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IFRS in the United States: If, When and How Donna L. Street s described by Erchinger (2012), for decades various United States (US) Securities and Exchange Commission (SEC) Chairs and Chief Accountants have expressed support for the development of one set of globally accepted accounting standards. Since the formation of the International Accounting Standards Board (IASB) in 2001, SEC leaders have repeatedly indicated that the logical choice for globally accepted standards is the International
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Consolidation of Variable Interest Entities A Roadmap to Applying the Variable Interest Entities Consolidation Model March 2010 FASB material, copyright © by the Financial Accounting Foundation, 401 Merritt 7, PO Box 5116, Norwalk, CT 06856-5116, is reproduced with permission. This publication is provided as an information service by the Accounting Standards and Communications Group of Deloitte & Touche LLP. It does not address all possible fact patterns and the guidance is subject to change
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moving ahead UPS ANNUAL REPORT 2007 2007 HIGHLIGHTS Reached a five-year labor agreement with the International Brotherhood of Teamsters 10 months prior to the expiration of the current contract in July 2008. Adopted a new financial policy in early 2008 to enhance shareowner value by reducing the company’s cost of capital. Celebrated our 100th anniversary on August 28, 2007. Introduced several industry-first product innovations, including UPS Delivery InterceptSM, UPS PaperlessSM Invoice and
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Companies that list their stock on the stock exchange must prepare their financial statements according to generally accepted accounting principles. There are other authorities that issue guidelines such as Financial Accounting Standards Board (FASB). Management is responsible for ensuring internal controls are in place to insurance the accuracy of the financial statements. Do you use accounting? If you deal with money, there is a chance that you use accounting in some form. Think about when
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Ex. 1.10 Learning Objectives 1, 3, 5 2, 5 3, 4 5, 6 1, 3, 5, 6 5, 6 2, 5, 6 7, 8 5, 7 1 Topic Users of accounting information Components of internal control Inexact or approximate measures Standards for the preparation of accounting information FASB conceptual framework PCAOB COSO Professional certifications in accounting AICPA code of professional conduct Personal benefits of accounting skills Skills Analysis Analysis Analysis, judgment Analysis Analysis Analysis, research Analysis, ethics
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record keeping but it is believed that the current business and regulatory environment is conducive to ethical behavior. Unfortunately, publically traded companies have been prone to the proverb “one bad apple spoils the barrel”. When unethical practices are exposed, of a publically traded company, the effects can be tremendous and affect every individual or entity that is tied to the organization. For ethical principles to apply to companies, it must be shown that they can be considered moral or
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