|[pic] |ACC 541 | | |School of Business | | |ACC/541 Version 5 | |
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quality‚ understandable‚ enforceable and globally accepted International Financial Reporting Standards”. The Financial Accounting Standards Board (FASB) is a private‚ not-for-profit organization whose primary purpose is to develop generally accepted accounting principles (GAAP) within the United States in the public ’s interest. Members of FASB are “professionals drawn from public accounting‚ industry‚ academe‚ and government‚ plus support personnel” by FAF. IFRS is principle-based accounting
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obsolescence and can receive 100% financing with less cost‚ fixed payments‚ and more flexibility (Schroeder‚ Clark‚ & Cathey‚ 2011). The new business opportunity for the client will require 20 more trucks than XYZ Trucking Inc. currently owns. The FASB issued SFAS No. 13‚ “Accounting for Leases” to establish standards of financial accounting and reporting for the lessees and lessors. The three leasing options to available are operating‚ sales-type‚ and direct financing. This memo will define each
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1. Assume there are three separate real estate companies US Realty (which uses the cost model)‚ UK Realty (which uses the revaluation model‚ and International Realty (which uses the fair value model). Assume that on December 31‚ 2003‚ each company pays £1‚000 cash to obtain investment property comprising of land with negligible value and an office building worth £1‚000. The building has a 10 year useful life‚ has no residual value‚ and is expected to provide a constant stream of economic benefits
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Date: 19 September 2013 To: CFO Subject: Halibut Contract Mr. CFO: Accounting Method for Halibut Contract It has recently come to the attention of our audit team that a change in accounting methods has been proposed to LabCo’s contract with Halibut. The current accounting method is percentage-of-completion‚ while the plan proposed is a switch to the completed contract method. During our investigation into this matter‚ we analyzed the codification and validation for the percentage-of-completion
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operation of the ski resorts have been eliminated and the company will not have any more involvement in operating any ski resorts (FASB‚ 2011‚ ASC para. 205-20-45-1). The gain on the sale of the ski resorts should not be considered an extraordinary gain. The only way this event would be an extraordinary event is if the event was unusual in nature and infrequent (FASB‚ 2011‚ ASC para. 225-20-45-2). Having warm weather is neither unusual nor infrequent since no one can control the weather conditions
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that cost cash but were not expensed this year. -Subtracting income that was accrued but not yet received. -Adding back cash receipts that were not treated as income. The Financial Accounting Standards Board (FASB) proclaims both methods to be accurate and useful. However‚ the FASB does not name either one to be their sole choice. If each method results in the same answer you can use each method to figure out if the other is calculated correctly. The indirect method is the quicker method and
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issued by FASB[i]. FASB Statement No. 95 (FAS 95) “Statement of Cash Flows” supersedes APB Opinion No. 19‚ Reporting Changes in Financial Position‚ and requires a statement of cash flows as part of a full set of financial statements for all business enterprises[ii] in place of a statement of changes in financial position and classify cash receipts and payments according to whether they stem from operating‚ investing‚ or financing activities and provides definitions of each category. FASB Statement
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Principles Board - Emerging Issues Task Force - Statements of Position from AICPA (American Institute of Certified Public Accountants) - SEC (Securities and Exchange Commission) rules Hierarchy of pronouncements under US GAAP - FASB‚ APB & ARB - FASB Technical Bulletin‚ AICPA Statements of Position‚ Audit and Accounting Guides‚ Practice Bulletins - SEC Practice and Emerging Issues Task Force - Others Likely future developments 2. PRC Accounting Rules and Systems
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Differences Between GAAP and IFRS The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) are working together to eliminate a variety of difference between the United States generally accepted accounting procedures (U.S. GAAP or GAAP) and International Financial Reporting Standards (IFRS). This convergence project grew out of an agreement reached by the two boards in 2002 (Deloitte‚ 2004). On February 24‚ the SEC unanimously agreed to publish a statement
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