rule to which each circumstances relates b) Indicate one other circumstance that pertains to each rule identified in (a) above. 1. Members shall not express an opinion that the financial statements are presented in conformity with GAAP unless the pronouncements of the FASB have been followed. a) Rule 203 – Accounting Principles (125, 126) b) 2. A member shall not discriminate in employment of assistants. 3. A member shall not include self-laudatory statements that are not based on verifiable
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Accounting Concepts, Assumptions, Principles, Elements Key Things to Know Objectives of Financial Reporting: 1. Provide useful information to investors and creditors for decision making (assume users have a “reasonable understanding” of business). 2. Provide information to access the amounts, timing, and uncertainty of cash inflows and outflows. 3. Provide information about resources (assets) and claims
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CHAPTER 6 Accounting and the Time Value of Money ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) | | |Brief Exercises | | | |Topics |Questions | |Exercises |Problems | | 1. |Present value concepts. |1, 2, 3, 4, |
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unannounced, though not unexpected, move to add a project to its agenda to enhance the disclosure requirements of an employer's participation in a multiemployer plan. These efforts will be an expansion of existing disclosure requirements under Accounting Standards Codification Subtopic 715-80 (originally FAS 87, FAS 106 and FAS 132(R)). FASB plans to move quickly on this project with the issuance of a proposed standard sometime this summer and a final standard before the end of the year. FASB
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BSAD161: Intermediate Accounting I to: | Susan B. Hughes | from: | Bryan Bathalon | subject: | Research Case 12-4 | date: | February 10, 2014 | | | Hemo-Tech Inc. and Extract Co have recently entered into a contractual arrangement over the manufacturing and shipment of product BIO-7, equipment used in the extraction and storing of patients’ blood samples. A clearly defined list of equipment and services have been constructed and documented, serving as a foundation in the agreement between
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Research Case “Velocity Cellular” Objectives: • The main objective of the case is to expose students to an accounting reporting situation where they have to search, identify, interpret and apply official accounting pronouncements. • The research case enhances the students’ ability to look for and evaluate relevant information. • Students should also improve their ability to organize ideas in written communication. Requirement: Assume the role of a staff accountant who has been asked to research
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THE RISE OF ECONOMIC CONSEQUENCES The impact of accounting reports on decision making may be the most challenging accounting issue of the 1970s. by Stephen A. Zeff Since the 1960s, the American accounting profession has been aware of the increasing influence of "outside forces" in the standardsetting process. Two parallel developments have marked this trend. First, individuals and groups that had rarely shown any interest in the setting of accounting standards began to intervene actively and powerfully
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3 Abstract The Financial Accounting Standard Board (FASB) was created in 1973 with the purpose of the board is to (according with FASB) establish standards of financial accounting that govern the preparation of financial reports by nongovernmental entities. Those standards are officially recognized as authoritative by the Securities and Exchange Commission (SEC) (Financial Reporting Release No. 1, Section 101, and reaffirmed in its April 2003
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ACT/541 March17, 2014 Response to Client Request II To: Client From: Consulting Group Subject: Financial Implications of Pending Litigation Financial Repercussions The Generally Accepted Accounting Principles (GAAP) created financial reporting that will have some consequences from the client’s impending litigation. The first impact is with the obligation for contingencies in the financial statements to explain the probable account for the conclusion of the lawsuit that will cause a restatement
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in great shape by using the mark-to-market accounting practice. The company would build an asset, such as a power plant, and immediately claim the projected profit on its books, even though it hadn't made one dime from it. If the revenue from the power plant was less than the projected amount, instead of taking the loss, the company would then transfer these assets to an off-the-books corporation, where the loss would go unreported. This type of accounting created the attitude that the company did
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