Financial Accouting EXECUTIVE SUMMARY Accounting for intangible assets is a major issue within the accounting environment. The issue is identifiable when it concerns accounting for research and development costs, in particular, internally generated assets. With two imperative standards in practice today, one being the IASB’s selective capitalisation of expenses into an intangible asset once a specific criteria has been reached and the other being the FASB’s system of straight expensing of all
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Financial Statement Analysis NAME ACC/561 Accounting DATE University of Phoenix PROFESSOR Introduction Samsung – International Manufacturing Company Samsung served as the manufacturing industry and international company analyzed. Samsung has been in business for over 70 years and manufactures products for diverse markets, including: digital media, high -tech electronics, home appliances, information technology and telecommunication. Samsung's motto is to "inspire the world and create
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markets. The next major regulatory body is listed as the Financial Accounting Foundation (FAF). This is listed as a private sector organization to create standards for financial accounting. The fourth body is the Financial Accounting Standards Board (FASB). This body was created by our previous body, the FAF, and they set up standards for nongovernment financial accounting and reporting. Our fifth body to discuss is called Governmental Accounting Standards Board (GASB) and they are the counterpart of
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International Accounting Standards Board Introduction Accounting plays a very significant role in the success of any business organization as it helps its users make decisions. Different accounting principles grew out of the divergent economic and social environments of various nations and regions. Difference among national accounting become more disconcerting when trade barriers between nations were reduced due to international cooperation developments. Efforts have increased during the
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An Amendment of the FASB Accounting Standards CodificationTM No. 2009-13 October 2009 Multiple-Deliverable Revenue Arrangements a consensus of the FASB Emerging Issues Task Force The FASB Accounting Standards CodificationTM is the single source of authoritative nongovernmental U.S. generally accepted accounting principles. An Accounting Standards Update is not authoritative; rather, it is a document that communicates the specific amendments that change the Accounting Standards Codification
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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 or auditing
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RESEARCH: Accounting Standard Codification (ASC) 1. FASB had four primary goals in developing the codification. List these four goals: 1. Reduce the amount of time and effort required to solve an accounting research issue 2. Mitigate the risk of noncompliance through improved usability of the literature 3. Provide accurate information with real-time updates as Accounting Standards Updates are released 4. Assist the FASB with the research and convergence
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International Financial Reporting Standards (IFRS) An AICPA Backgrounder 1 Table of Contents Get Ready for IFRS ........................................................................................ 2 Worldwide Momentum ................................................................................. 2 SEC Leadership in International Effort .......................................................... 3 The SEC Work Plan.................................................................
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Non-Adoption of IFRS The United States (US) should not adopt the International Financial Reporting Standards (IFRS) as a replacement for the Generally Accepted Accounting Principles (GAAP) we currently follow. The basic concept of the IFRS is to provide the reporting standards for global financial organizations and the framework on how to disclose their financial statements in a general format, similar to a template from a software program. The argument has been made about the need for a
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Vincent Mokwenye ACCA 545- Financial Reporting Monday December 18, 2012 Memorandum- CPA Report MEMORANDUM Date: December10, 2012 To: Libby Grimes Re: CPA Report This memo is in response to the request for information from the CPA firm examining our subsidiary. The memo addresses information regarding the methodology used to determine deferred taxes, the various procedures used for reporting accounting changes and error corrections, and the rationale for establishing the subsidiary as
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