The Rise of “Economic Consequences” – Notes The impact of accounting reports on decision making may be the most challenging accounting issue of the 1970s. By Stephen A. Zeff Notes by Tyler Shivers Introduction There are increasing “outside forces” in the standard setting process since 1960s. Two parallel developments marking this trend * Individuals and groups rarely had shown interest in setting accounting standards but then started intervening actively & powerfully in the process
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COSTING CONVERGENCE UNDER GENERALLY ACCEPTED ACCOUNTING PRINCIPLES AND INTERNATIONAL FINANCIAL REPORTING STANDARDS Casey Reineking Department of Accounting Murray State University Murray, KY 42071-3314 E-mail: casey.reineking@hotmail.com Don H. Chamberlain Department of Accounting Murray State University Murray, KY 42071-3314 Holly R. Rudolph Department of Accounting Murray State University Murray, KY 42071-3314 L. Murphy Smith* Department of Accounting Murray State University 351 Business Building
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eligible to take the CPA exam, a person must have a Bachelor’s degree or higher and must have completed at least 150 semester credits of college education (Board of Accountancy Washington State). Within these 150 semester credits, 24 credits must be in accounting subjects with 15 credits at the upper or graduate level and 24 credits must be in business administration subjects (Board of Accountancy Washington State). The Board must also recognize your school as an accredited college. If your education was
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Accounting Standards Codification® Notice to Constituents (v 4.5) About the Codification FASB Accounting Standards Codification® Notice to Constituents (v 4.5) About the Codification Notice to Constituent version numbers - The Notice to Constituents contains a version number indicating the degree of change within a particular version. Versions ending with ".0" represent substantive changes to the text, whereas versions ending with a number other than zero represent editorial or clerical corrections
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1982, the Financial Accounting Foundation Structure Committee produced a report on operating efficiency that indicated a need for more timely guidance on implementation questions. That report resulted in the formation of an advisory group, which evolved into the Emerging Issues Task Force (EITF). This task force was established to assist the Financial Accounting Standards Board (FASB) in improving financial reporting through the timely identification, discussion, and resolution of financial accounting
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Basic Accounting Concepts and Business Structures Basic Accounting Concepts and Business Structures The accounting environment is constantly changing to improve so decision-making in the business world will thrive. To be successful in a business, understanding the fundamental concepts are essential to make informed decisions. The federal government formed the SEC to standardize financial information and to keep the financial environment regulated
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An Introduction to Accounting The biggest part of a business is the role of financial accounting. It has individuals, businesses and nonprofit organizations when recording the financial transactions, preparing reports that reflects performance and current financial positions, and when making important decisions about users. There are different types of business structures, such as proprietorship and partnership. a proprietor is the sole owner and a partnership is having multiple owners. Proprietors
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Explaining Basic Accounting Concepts and Business University of Phoenix Introduction Accounting has become an indispensible part of today’s economy. It is being used to keep a track of company’s profit or loss, assets, liabilities and owner’s equity. Financial accounting, on the other hand, is to prepare financial reports to external parties such as: investors, creditors, and governmental agencies. However, prior to reporting any information to external users, financial accounting must be completed
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Basic Accounting Concepts and Business Structures ACC/537 August 13, 2012 Sources of GAAP and Source Hierarchy According to our textbook Financial Accounting, “General Accepted accounting principles (GAAP) have substantial authoritative support. The American Institute of Certified Public Accountants (AICPA’s) code of professional conduct requires that members prepare financial statements in accordance with GAAP. Specifically rule 203 of this code prohibits a member from expressing an unqualified
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Basic Accounting Concepts and Business Structures Different types of businesses use different accounting methods, small businesses tend to use the cash-basis of accounting, whereas the accrual method is a requirement for large business with revenue more than 5 million. Uniformity of accounting information is important when making decisions for or about a business. A hierarchy of sources provides structure for the generally accepted accounting principles (GAAP). Along with the hierarchy of sources
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