Determine the amount of other-than-temporary impairment (OTTI) Introduction O.T.T. Incorporated‚ principally engaged in the manufacture and sale of clothing‚ has six investments remaining in the department’s portfolio as of December 31. According to ASC‚ this memo analyzes whether any of its investments are other-than-temporary impaired‚ and determines the amount of the impairment. Facts Investment 1 -- Happy New Year & Co. OTT purchased 11 shares of Happy New Year & Co. stock on at $20 a share on
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Board (FASB) and the International Accounting Standards Board (IASB) are the most influential standard-setters in accounting report systems. This paper will provide a brief history of each organizations and their interrelationship‚ in which IASB is equivalent to the original pronouncement of FASB. Furthermore‚ this paper will explain the benefit of Master of Science in Accounting (MSA) program and how it guides students to future professional career in accounting vocation. History of FASB The FASB
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A Converged Conceptual Framework In October 2004‚ the FASB and IASB added to their agendas a joint project to develop an improved‚ common conceptual framework that builds on their existing frameworks (that is‚ the IASB’s Framework for the Preparation and Presentation of Financial Statements and the FASB’s Statements of Financial Accounting Concepts). Rationale for the Project and Project Objective A conceptual framework is basically a foundation serving as a guide to standard setters to help them
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Standards Board (FASB) was created and their mission is “to establish and improve standards of financial accounting and reporting for the guidance and education of the public‚ including issuers‚ auditors‚ and users of financial information.” (FASB.org‚ 2009a). The FASB is a private‚ not-for-profit organization whose primary purpose is to develop generally accepted accounting principles (GAAP) within the United States. The Securities and Exchange Commission (SEC) designated the FASB as the organization
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if it is appropriate for LabCo to change its method of accounting for the Halibut contract from the percentage-of-completion method to the completed-contract method and how the change should be treated on the basis of the guidance provided within ASC 250‚ and how LabCo’s accounting policy and accounting for the Halibut contract may change under IFRS if adopted in the coming year. This memorandum will provide support for how the overall conclusion‚ based on the issues above‚ was reached. Facts
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the national professional organization of practicing Certified Public Accountants (CPAs)‚ designated Financial Accounting Standards Board (FASB) as the body that establishes generally accepted accounting principles (GAAP) for federal reporting entities. As such‚ the FASB is responsible for identifying the GAAP hierarchy for federal reporting entities. The FASB is working on a standard‚ The Hierarchy of Generally Accepted Accounting Principles‚ that defines the meaning of generally accepted accounting
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egulatory and Political Influence on Accounting Practice Learning Objectives ! ! ! ! Critically discuss the regulatory environme concerning Australian external financ reporting. Describe the main regulatory bodies th encompass the Australian reporti environment. Review some of the arguments proposed f and against regulation of the accounti profession. Outline the relevance of potential econom political and social impacts to the account Introduction Financial
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According to ASC 840-10-25-6 (e)‚ minimum lease payments include‚ “Fees that are paid by the lessee to the owners of the special-purpose entity for structuring the lease transaction.” The legal fees incurred by Goliath‚ the lessee‚ are costs that were incurred structuring the lease‚ so this means that Big Bear should include the $1 million in its minimum lease payment. This cost is considered to be an initial direct cost‚ according to ASC 840-20-35-2‚ which states‚ “Deferred
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The Financial Accounting Standards Board (FASB) was established in 1973 in order to create and develop standards of financial accounting and reporting for the general use of the public and‚ in particular‚ users of financial information including auditors‚ creditors and investors. This financial information is standardized for greater clarity for the guidance and education of users (FASB org‚ 2009a). The primary purpose of FASB as a private and non-profit organization is to develop Generally
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LATEST DEVELOPMENTS IN ACCOUNTING Accounting can be trace back some 7000 years to early civilizations of Egypt‚ Babylon‚ Greece and Rome. The first accounting record was found in Babylon‚ 3500 B.C. the records are made from stone‚ mud and leaves and introduction of the Arab-Hindu numerical system in 850 B.C had greatly enhanced accounting development. The pace of accounting development increased during the Industrial Revolution as the economics of developed countries began to mass-produce goods.
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