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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Accounting Standards Board Accounting Standards Boards Paper Elena Thomas ACC/541 January 10, 2011 Accounting Standards Boards Paper In the 1930’s, the financial community was realizing a need for a uniform accounting standard especially for its publicly traded companies. The SEC was given the authority by the Securities Act of 1933 to create accounting standards and determine the accounting disclosures (M.E. Sharpe, 2006). The SEC deferred to the accounting profession the task
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purpose entity reporting. This memo explains the reporting requirements for share-based payment transactions and special purpose entities and discusses how these requirements relate to the auditing process. Share-based payment reporting: Financial Accounting Standards Board (FASB) defines share-based payment arrangements as follows: “An arrangement under which either of the following conditions is met: a. One or more suppliers of goods or services (including employees) receive awards of equity
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in any way false or misleading this accounting body can bring up civil charges against the company. The second major regulatory body is the American Institute of Certified Public Accountants. This regulatory body was created to help represent accountants. This body helps provide education and knowledge to accounts and companies. They also make sure that all ethical and technical guidelines are followed. The third major regulatory body is Financial Accounting Standards Board. This body takes care
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“Why Governmental Accounting and Financial Reporting is—And Should Be—Different” The paper “Why Governmental Accounting and Financial Reporting is—And Should Be—Different” compares governmental accounting and financial reporting to that of the approach used in for-profit business enterprises. It also states specific reasons why governments should be different. There are environmental differences between governments and businesses that call for a different approach. First, governments have different
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Accounting Standards for Business Combinations Heather Blanchette Ashford University ACC407: Advanced Accounting Rick Kwan October 27, 2014 Accounting Standards for Business Combinations In the competitive world that exists today, it is only natural for the market to be just as competitive. It is all too common for businesses to merge with other businesses in order to succeed and gain more control of their existing markets. Because of the distinctive rivalry between known companies
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Assumptions of accounting provide a foundation for the accounting process. There are two main assumptions the monetary unit assumption and the economic entity. The monetary unit assumption requires that companies include in the accounting records only the transactions data that can be expressed in terms of money. This type of assumption allows accounting to see a quantity or measure of economic events. This is vital for the company to apply the cost principle. This type of assumption also prevents
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Abstract In the field of accounting, one important aspect of any business is their internal controls. Internal controls are defined as “a means by which an organization’s resources are directed, monitored, and measured” (http://en.wikipedia.org/wiki/Internal_control). Here in the United States, the Financial Accounting Standards Board (FASB) is responsible for setting the generally accepted accounting principles (GAAP) that must be adhered to by all companies
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opinion on our findings of the audit. I believe that our audit provides a reasonable basis for our opinion. Our focus was on the Shiny Teeth coupon drop. The accounting issue is determining redemption rate offered on September 1 and drop on October 1, 2012. According to FASB Accounting Standards Codification 605-50-05-1a a vendor's accounting for consideration given by a vendor to a customer (including both a reseller of the vendor’s products and an entity that purchases the vendor’s products from
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FASB at fasb.org Answer the following questions: What are the names of the Board members? What is the mission statement of the Board? List the items that the Board is currently considering. Currently there are seven members of the Financial Accounting Standards Board: Russell G. Golden, Chairman, James L. Kroeker, Vice Chairman, Daryl E. Buck, Board Member, Thomas J. Linsmeier, Board Member, R. Harold Schroeder, Board Member, Marc A. Siegel, Board Member, Lawrence W. Smith, Board Member
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