Going Concern Group 4 ACCT 632, Advanced Financial Acct Theory Liberty University Aug 7, 2013 GOING CONCERN Summary of Going Concern current exposure draft Comparison and Contrast of current Going Concern theory and standards 1 Guidance provided by AU Section 341 2 Guidance provided by 17 U.S.C. §229.303 3 Proposed guidance of exposure draft Comparison and Contrast of U. S. GAAP and IFRS with respect to Going Concern 1 Current Going Concern variations
Words: 4936 - Pages: 20
Financial Statements Paper ACC/290 – Principles of Accounting I May 14, 2010 Adael Acosta Assessment • Individual Assigment: Financial Statements Paper Write a 700- to 1,050-word paper in which you do the following: o Identify the four basic financial statements. o Describe the purpose of each of the four financial statements. o Discuss how the financial statements would be useful to internal users, such as to managers and employees. o Discuss how the financial statements would be
Words: 931 - Pages: 4
eliminate the differences in the International Financial Reporting Standards (IFRS) and the US Generally Accepted Accounting Principles (US GAAP). Convergence also seeks to establish understandability amongst users and enforceable by regulators (Erchinger, Melcher, 2007). The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) have been trying to implement a global acceptable standard for financial reporting since the end of 2002 onwards (Fogarty
Words: 1269 - Pages: 6
management must now certify the accuracy of financial information. This will require managers to perform tests and prepare statements showing the effectiveness of the design and integrity of its internal controls over financial reporting. This will be very important for the company to not incur severe penalties for fraudulent activity being ignored according to SOX standards. The SOX act also affects how external auditors perform assessments of the company’s financial reports. It will require external audits
Words: 1495 - Pages: 6
A financial statement (or financial report) is a formal record of the financial activities of a business, person, or other entity . Relevant financial information is presented in a structured manner and in a form easy to understand. They typically include basic financial statements. • Income Statement: reports the results of operations for a specific period of time. • Retained Earnings Statement: reports the changes in retained earnings for a specific period of time • Balance Sheet: reports
Words: 1075 - Pages: 5
A friend of your says, “I understand there are ‘rules’ for financial reporting. But what are these rules, where can a person find them, and which ones are more important?” One of the most common rules for financial reporting is GAAP, which is Generally Accepted Accounting Principles. GAAP are and is a combination of authoritative standards and simply the common accepted ways of recording and reporting accounting information from companies. GAAP can be found and imposed by companies so that
Words: 469 - Pages: 2
electronic research system developed and released by the FASB which houses, reorganizes and indexes United States financial accounting standards and related literature (FASB Accounting Standards Codification®). The codification can basically be referred to as a one stop complete authorized source of reference for GAAP framework in order to adhere to the requirements of fair financial reporting by non-governmental entities. The codification comprises of authoritative standards from FASB, AIPCA and
Words: 1051 - Pages: 5
expenses are slightly greater than revenues, in the short-term the inability to cover expenses with Ch. 14, Solutions, 14-7 (Cont’d) revenues would not be a concern. A ratio equal to or greater than one would be desirable. A review of the statement of financial position indicates sufficient unrestricted net assets to cover the short-fall in the current period. However, the large decline in unrestricted net assets from 2009 to 2010 indicates this is an area that should be monitored. AmeriCares appears
Words: 514 - Pages: 3
Investments BUY: ABERCROMBIE AND FITCH Analyst: Steve Bright The Midriff Exposed March 26, 2004 • We recommend ANF as a hold. Our price target of $34.23 is 6% below the current share price. • We believe the stock is fairly valued and should be purchased on dips. We remain cautious on the shares longer-term; we desire continued strong execution from Hollister and await ANF’s new concept store rollout. Source STOCKVAL • ANF continues
Words: 6915 - Pages: 28
Case Study: Ethical Issues in Business, Week 2 Keller Graduate School of Management ECON545, November 13, 2013 Price Discrimination An ethical issue that individuals face today involves the price war or price discrimination involving the airline industry. According to the legal definition of price discrimination: Price discrimination is the practice of charging different persons different prices for the same goods or services. Price discrimination is made illegal under the Sherman Antitrust
Words: 1856 - Pages: 8
