ACC 460 Week 1 Individual Assignment Governmental Accounting Standards Board (GASB) and Financial Accounting Standards Board (FASB) Analysis Paper…
ACC 460 Week 1 Individual Assignment Governmental Accounting Standards Board (GASB) and Financial Accounting Standards Board (FASB) Analysis Paper…
Students' papers are evaluated based on how well they address the topic, critically evaluate their readings and research, employ APA style. Paper topics should be appropriate for the week in which the student posts. For example, papers on combined corporate entities should be presented in the segment of the course related to consolidations; papers related to international accounting should be presented in the international segment, while papers on governmental and non-profit accounting should be presented in the governmental and non-profit accounting segment. For the mutual benefit of all, students should equally distribute their selection of topics.…
3. The primary goal of a publicly-owned firm interested in serving its stockholders should be to…
This paper will be aimed at comparing and contrasting governmental (GASB) which is Governmental Accounting Standards Board and proprietary (FASB) which is Financial Accounting Standards Board accounting. It will explain the objectives of the two standards boards and how they are similar and different. Last it will describe how the modified accrual basis of accounting differs from full accrual accounting.…
The Financial Accounting Standards Board (FASB) was established in 1973 and has been granted the power to institute rules of financial accounting and reporting for businesses and not-for-profit organizations. The Governmental Accounting Standards Board (GASB), established 11 years later in 1984, took on a very similar role. This board has the power to institute rules of financial accounting and reporting for all governmental entities except for those on the federal level. With so many different colleges and universities in America today, it is important to know that higher educational state institutions follow GASB and independent institutions such as University of Phoenix follow FASB. Even though both GASB and FASB have its own mission when instituting new standards, the coexistence of these two standards boards result in recognition discrepancy, measurement, and disclosure that creates a difficult time for its users to compare and contrast the organization’s financial position.…
The purpose of this paper is to review, compare, and show the contrast between the two accounting standard boards; Governmental Accounting Standards Board (GASB), and the Financial Accounting Standards Board (FASB). The objectives of both Boards will be discussed as well as similarities and differences with each. The topic will then review modified accrual basis of accounting and how it differs from full accrual accounting.…
While analyzing the relationship between Governmental Accounting Standards Board (GASB) and Financial Accounting Standards Board (FASB) I realized that both play an important role in the accounting field. There are different objectives for each board and I will explain the similarities and differences. I will describe the role of government regulation in the application of accounting standards and reporting requirements. Finally, I will present a situation in a governmental accounting environment in which FASB standards would apply.…
I confirm that this is my own work unaided for ICAS and that no additional support has been provided. I have read and understood the terms and conditions.…
The relationship between the Governmental Accounting Standards Board and the Financial Accounting Standards Board is a tricky one. There has been a long-standing power struggle between the two entities because they are both able to establish generally accepted accounting principals, and they both posses the authority to do so. Because of this problems arise when they provide different answers to the same question. The ideal solution would be to integrate both bodies into a single organization. Unfortunately, with politicians, organizations and institutions who want to stay in control, the only alternative may be to have the Financial Accounting Foundation (FAF) exhort its influence over the FASB and GASB to coordinate their operations…
The Governmental Accounting Standards Board (GASB) and the Financial Accounting Standards Board (FASB) have some similarities and differences even though it may seem on the surface to be the same. The fact the FASB created the GASB for governing not-for-profit and government organizations but with very different goals in mind. The same can be said for full accrual basis of accounting and modified accrual basis of accounting. Where full accrual accounting was developed to help a business organize their assets and liabilities, the modified accrual accounting has different ideas of what is important. In the next couple of paragraphs the differences and similarities will be explored.…
Many people will push themselves to their absolute limit just to be able to save themselves. In “Zombieland”, Talllhsitty he had to risk his life by going to a game at the carnival they were at and lock themselves in it to cause a distraction so Columbus could save Wichita and Little Rock from being infected by the zombies. In a way, Farquhar’s situation is similar in the way that he had to risk his life in his fantasy land by swimming away and walking home all night to his house to keep himself from being killed. Farquhar was being shot at while he was swimming and had already been injured from being hanged. In both situations though, they had to push themselves to save them from dying. In “An Occurance at Owl Creek Bridge” (AOAOCB) Bierce…
A financial statement audit is, by far, the most common type of attest engagement. The overall assertion, made by management, most frequently is that the financial statements follow generally accepted accounting principles.…
Within a fund, which of the following results from using the current financial resources measurement focus?…
In 1973, FASB was born of the Financial Accounting Foundation (FAF) to generate and rectify practices of financial accounting and reporting for nongovernmental businesses. This change was made because of the censure of the Accounting Principles Board (APB) The APB fashioned two committees, the Wheat committee, charged with examining the way financial accounting principles would be created, and the Trueblood committee, to verify the objective of the financial statements. The American Institute of Certified Public Accountants (AICPA), which took the place of the APB, put into operation the Wheat Committee recommendations and deems the FASB the official body to have authorization to originate standards for financial accounting [ (Schroeder, 2011) ].…