International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) are currently working on a joint venture referred to as the convergence project. Write a 1‚050- to 1‚400-word paper describing the relationship between the IASB and the FASB. Include the following in your paper: A brief history of the relationship between the two boards and the IASB equivalents of the FASB original pronouncements. An explanation of how the MSA program prepares the student
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dole food Company‚ InC. 2009 Annual Report Dol e Fi na nci a l HigHligH ts (in millions‚ except per-share data) 2009 $ $ $ $ $ $ $ $ 6‚779 352 85 1.45 59 4‚107 1‚478 1‚598 866 2‚464 $ $ $ $ $ $ $ $ 2008 7‚620 275 147 2.84 52 4‚365 2‚113 2‚204 433 2‚637 $ $ $ $ $ $ $ $ 2007 6‚821 149 (38) (0.75) 52 4‚643 2‚314 2‚411 355 2‚766 $ $ $ $ $ $ $ $ 2006 5‚991 136 (40) (0.75) 52 4‚612 2‚272 2‚364 366 2‚730 $ $ $ $ $ $ $ $ 2005 5‚638 229 48 0.93 52 4‚413 1‚978 2‚027 644 2‚671 Revenue
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established to comply with the accounting principles. However‚ the Financial Accounting Standards 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 and the relationship between the two accounting standard boards‚ 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
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intermingling brings with it the need for a universal language of accounting. Doubtless‚ this endeavor would prove helpful for many affected. In the United States‚ the Securities and Exchange Commission (SEC) and the Financial Accounting Standards Board (FASB) have worked tirelessly to create a system that works; our Generally Accepted Accounting Principles (GAAP) provide guidelines that we can trust. The International Accounting Standards Board (IASB) seeks to accomplish the same mission on a global
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International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB). At present both the IASB and FASB are working on a joint venture referred to as the convergence project in hopes of eliminating a variety of differences between International Financial Reporting Standards and U.S. GAAP. Another area covered in this paper besides a brief history of the relationship between the IASB and FASB will be how the MSA program will prepare students for the accounting profession. The
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Accounting Services Board (FASB)‚ ARC can capitalize the interest‚ and is most likely required to do so. Capitalization of Interest Interest on an asset must meet various criteria to be eligible for capitalization. First‚ the asset must require a period of time to prepare it for its actual use (FASB 835-20-15-01). After meeting this basic criterion‚ interest on the asset may still be capitalized if the asset in construction is being produced for the company’s own use (FASB 835-20-15-05). The interest
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Pei Shan Liu Professor: David Hossain Accounting 495 10/1/2012 Case 08-1 Go With the Flow‚ Inc. 1. Insurance Settlement Proceeds According to ASC 230-10-45-12‚ the insurance settlement proceeds should be classified as an investing cash flow in the statement of cash flow. “All of the followings are cash inflows from investing activities: a. Receipts from collections or sales of loans made by the entity and of other entities’ debt instruments (other than cash equivalents and certain debt
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standardize to become more efficient and better serve their customers; this is also the case for the accounting world. The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) are the two main bodies that establish and communicate standards of financial accounting in their respected parts of the world. The FASB has this responsibility in the United States and the IASB has this responsibility internationally. The current IASB structure is that of 16 members. There
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Danle Corporation According to ASC 450-20-25‚ when a loss contingency exists‚ the likelihood includes three areas: probable‚ reasonably possible and remote. In ASC 275-10-50-8‚ the definition of the term reasonably possible means that the chance of a future transaction or event occurring is more than remote but less than likely. In the case‚ it is believed that Danle could potentially‚ but not probably be liable for a percentage of recovery in the claim‚ so we believe Danle’s loss contingency should
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Hemo-Tech Case Presentation Outline * 1 Myles Intro: Facts: * 1 Issues: Multiple Element Arrangement * How should revenue be allocated to each deliverable? * What sales price should be allocated to each deliverable? * How are deliverables defined? * 25-4 “A vendor shall evaluate all deliverables in an arrangement to determine whether they represent separate units of accounting. That evaluation shall be performed at the inception of the arrangement and as each
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