Basic Accounting Concepts and Business Structures Topic 1 Four organizations are involved in the production of accounting standard: Securities and Exchange Commission (SEC), American Institute of Certified Public Accountants (AICPA), Financial Accounting Standards Board (FASB), and Government Accounting Standards Board (GASB). SEC The SEC is a federal organization that helps develop standards for financial information presented to stockholders. SEC requirements are based on FASB and AICPA standard
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INTRODUCTION United States Generally Accepted Accounting Principles (GAAP) is the standard platform of guidelines that governs the rules of financial accounting utilized in the preparation of financial statements. The US GAAP can be quite flexible in its interpretations and rulings, but the framework of GAAP is based upon certain constraints and principles in the preparation of financial reports. This paper shall endeavor to address the organization of GAAP and some of the specific areas
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Basic Accounting Concepts and Business Structures Matthew Philip Moshi ACC/537 September 17, 2012 Joseph P McDonald Basic Accounting Concepts and Business Structures The catastrophic collapse of the stock market in 1929, subsequently resulting in the great depression will forever coincide with the private sector’s formulation and subsequent issue of formal accounting standards (Keiso, Warfield, & Weygandt, p. 6, 2007). Appeals for heightened governmental regulation over financial institutions
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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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The financial accounting standards board (FASB) has developed a research tool to assist people in finding the correct guidelines and generally accepted accounting principles (GAAP) that apply to companies not ran by the government. [ (multiple, FASB Accounting Standards Codification, 2009) ] The Codification is to give up to date releases of standard-setting activity, ensure accurate codified material, and simply access of all authoritative US GAAP into one centralized location. The Codification
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international accounting rules for reporting R&D expenditure, with a specific emphasis to pharmaceutical industry. This essay challenges the current dogma of considering R&D as an expanse and also provides some insights into overcoming these challenges. INTRODUCTION Accounting is an art and science of communicating the financial information of the organizations to its managers, employees, investors, creditors etc. There are numerous rules and principals set to report and record these financial transactions
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Accounting Standards Board Paper Katherine Meyer ACC/ 541 Kenneth Burton July 30, 2012 The Accounting Standards Board and the Financial Accounting Standards Board have been critical in modernizing the accounting field. The Accounting Standards Board was created out of criticism of the field and the Financial Accounting Standards Board was created out of criticism of the Accounting Standards Board. The histories of the boards have improved the accounting profession and have made the flow
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United States Department of Justice, 2012). Five executives of National Century Financial Enterprises were convicted of conspiracy to commit securities and wire fraud (New York Times, 2008). These companies are just two examples of financial fraud and lack of financial ethics in health care organizations. These two stories reinforce the importance of employing ethical and trustworthy financial managers and staff. Financial management is a complicated and detailed job. Generally accepted account principles
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Accounting Standards Board In the last decades, there is a significant increase in corporations, which operate in different regions of the globe, and resulted in an increased demand for global financial reporting. In this research paper, we will analyze the relationship between the International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB). The research paper will discuss also how the Master’s of Science in Accounting (MSA) at University of Phoenix prepares students
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ROADMAP FOR THE POTENTIAL USE OF FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS BY U.S. ISSUERS AGENCY: Securities and Exchange Commission. ACTION: Proposed rule. SUMMARY: The Securities and Exchange Commission (“Commission”) is proposing a Roadmap for the potential use of financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board by U.S. issuers
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