cash flows. In the conclusion the paper will provide the information how data provided in the statements can assist in making business decisions and what information is not provided that can assist managerial decision making. As it was indicated by FASB‚ the main purpose of financial reporting is to provide financial information about company performance. The income statement is one of the most important financial statements because of its predictive value and qualitative characteristics. The income
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IFRS vs. GAAP Teddrick Smith ACC/ 291 Professor Marlo October 27‚ 2014 IFRS vs. GAAP In the world of finance recording‚ reporting‚ and responsibility for both are a few of the most important standards to uphold. These ideas or standards are recognized throughout the business world as a necessity to doing business properly. There are two groups or associations that have set up an all-inclusive list of these standards. They are Generally Accepted Accounting Principles (GAAP) and the
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groups who will be providing us with capital require that all accounting information be supported by appropriate references to technical accounting standards. Assignment Requirements: Use your Quiz Group Each group member should review the FASB Accounting Standards Codification® online resource prior to developing responses to the case-related issues. The Codification can be accessed at http://aaahq.org/ascLogin.cfm.The associated username and password are: Username: AAA56974
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This pack of ACC 201 consists: Week 1 Chapter 1 and 2 Practice Exercises.doc Week 1 Memo to Blair.doc Week 2 Assignment FASB Paper.doc Week 2 Chapter 3 Problems.doc Week 2 Chapter 4 Problems.doc Week 2 Chapter 4 Problems.doc Week 2 DQ1 Fraud.doc Week 2 DQ2 Debit Credit.doc Week 3 Assignment GAAP Ethics.doc Week 3 Chapter 5 Problems.doc Week 3 Chapter 6 Problems.doc Week 3 DQ1 Credit Sales and Collections
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when recognizing revenue. Guidance for industry specific principles are covered under other U.S. GAAP pronouncements. Also under U.S. GAAP‚ “any costs or losses that may be expected in connection with any returns shall be accrued in accordance with FASB St. No. 5 Accounting for Contingencies. Sales revenue and costs of sales reported in the income statement shall be reduced to reflect estimated returns” (FAS 48 par. 7). Revenue Recognition under IFRS Under IFRS‚ guidance regarding revenue
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1) What is the economic intuition and what are the concepts underlying deferred tax accounting? What goals/objectives are standard setters trying to achieve by requiring deferred tax accounting‚ compared to say‚ just having companies recognize tax expense as the cash paid (or at least currently owed) to the government? The economic intuition of deferred tax accounting is to account for the differences between the tax expense shown in the financial statements and the current taxes payable
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definitions and the use of accounting terminologies. In the United States financial statements are prepared under a set of principals or guidelines called Generally Accepted Accounting Principals (GAPP). The Financial Accounting Standards Board (FASB) is the current body that ensures specific rules and regulations are strictly adhered to. Countries outside of the United States are also held to a standard that falls under the International Accounting Standards (IAS) and is regulated by the International
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References: Jeffrey J. Johnson. 2002. FASB Works with IASB toward Global Convergence. FASB report David Tweedie. 2011. The Future of Financial Reporting: Convergence or Not Nikola‚ Bazley‚ Jones. Synopsis Convergence. Intermediate Accounting 11th edition Convergence with the International Accounting Standards Board (IASB). FASB report
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of reality and the financial crisis would have been less severe. On the other hand‚ critics blame transparency and the accounting profession for the financial downturn by citing Statement No. 157 issued by the Financial Accounting Standards Board (FASB) which deals with mark-to-market accounting (Rose and Trussel 2009). “Depending on the audience‚ fair value accounting is either the most controversial aspect of modern accounting or the most highly desired result of FASB’s current standards-setting
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Compare and contrast normative and positive accounting approaches: Definition of PAT: Watts and Zimmerman (1986) defined Pat as a theory that seeks to explain and predicts particular phenomenon. It is concerned with explaining accounting practice. The three basic hypotheses as outlined by Watts and Zimmerman (1978) underlying PAT are: 1. Bonus plan hypothesis: The bonus plan hypothesis is that managers of firms with bonus plans are more likely to use accounting methods that increase current period
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