Financial reporting developments A comprehensive guide Transfers and servicing of financial assets Revised May 2014 To our clients and other friends We are pleased to provide you with the latest edition of our Financial Reporting Developments publication on accounting for transfers and servicing of financial assets. This publication has been updated for further clarification and enhancements to our interpretative guidance. Applying ASC 860 in practice continues to be challenging. ASC 860’s
Words: 127721 - Pages: 511
combination of both) from delivery or producing goods, rendering services, or other activities that constitute the entity’s ongoing major or central operations. Separate definition for Gains Guidelines for Revenue Recognition The revenue recognition principle (FASB Concept Stmt. No. 5) provides that companies should recognize revenue 1) when it is realized or realizable and 2) when it is earned. Revenues are realized when goods and services are exchanged for cash or claims
Words: 2795 - Pages: 12
budget. A flexible budget for the machinery department is a prediction of that department's expenses during the accounting period as a function of its level of activity. By analyzing prior results, the department forecasts the relationship between its costs and activity level. For
Words: 4699 - Pages: 19
1. What does the term cost management mean? Who in the typical firm or organization is responsible for cost management? = Cost Management is the process of effectively planning and controlling the costs involved in a business. The one who’s responsible for cost management is management accountant. 2. List the four functions of management. Explain what type of cost management information is appropriate for each. = 1. Strategic Management. Cost management information is needed to make sound
Words: 1509 - Pages: 7
CHAPTER 1 ACCOUNTING IN ACTION Summary of Questions by STUDY Objectives and Bloom’s Taxonomy |Item | |1. | |51.
Words: 22818 - Pages: 92
E4-17 | (Various Reporting Formats) The following information was taken from the records of Gibson Inc. for the year 2010. Income tax applicable to income from continuing operations $119,000; income tax applicable to loss on discontinued operations $25,500; and unrealized holding gain on non-trading equity securities $15,000. | | | Gain on sale of plant assets | $ 95,000 | Cash dividends declared | $ 150,000 | Loss on discontinued operations | 75,000 | Retained earnings January 1
Words: 1109 - Pages: 5
inventory systems, which also tie into the financial system. The corporate office requires a financial package that supports approximately $521 million in revenue per year and inventories of approximately $13.8 million per year, based on 2009 annual reporting (“Dave & Buster’s”). As well, the corporation must also utilize a powerful human resources and payroll system that is capable of supporting approximately 8,000 employees in the United States and Canada. Each of these systems and various other in-house
Words: 1579 - Pages: 7
uncertain? How should a liability be valued if the stated interest rate does not reflect the market interest rate? How is interest expense measured if the stated interest rate does not reflect the market interest rate? When is interest part of the cost of an asset instead of an expense? Liability financing is an integral part, perhaps even a dominant part, of the capital structure of many companies. For example, Shaw Communications Inc. reported total assets of $8.9 billion in 2009. Of this amount
Words: 34356 - Pages: 138
CASE 10B–5 Ethics and the Manager; Rigging Standards [LO5] Stacy Cummins, the newly hired controller at Merced Home Products, Inc., was disturbed by what she had discovered about the standard costs at the Home Security Division. In looking over the past several years of quarterly earnings reports at the Home Security Division, she noticed that the first-quarter earnings were always poor, the second-quarter earnings were slightly better, the third-quarter earnings were again slightly better, and
Words: 498 - Pages: 2
internal business audit -Explain the impact of business competitive landscape FA vs. MA: Similarities -Deals with economic events -Requires quantifying the results of economic activities -Concerns with financial resources particularly revenues, costs and expenses -Professions with certifications; code of profession FA vs. MA: Differences | MA | FA | Users | Internal- Management | External- Regulators, investors, creditors, suppliers, potential stockholders, general public |
Words: 2054 - Pages: 9
