Intermediate Accounting Paper 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. The Securities and Exchange Commission (SEC) designated the FASB as the organization responsible for setting accounting standards for public companies in the U.S. It was created in 1973‚ replacing the Accounting Principles Board and the Committee
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Environment Temperature Control Using Modbus and RS485 Communication Standards Abstract – This paper reports an undergraduate engineering team’s effort to develop a system which emulates a curing process chamber found in many industry settings. Based on industry utilization of bus protocols‚ it has been determined that the de facto standard Modbus protocol under the industry recommended standard interface RS485 is an appropriate communication method for this closed-loop control system. This paper
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21. General-purpose financial statements are the product of a. financial accounting. b. managerial accounting. c. both financial and managerial accounting. d. neither financial nor managerial accounting. 22. Users of financial reports include all of the following except a. creditors. b. government agencies. c. unions. d. All of these are users. 23. The financial statements most frequently provided include all of the following
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Synopsis of Project study on Evolution of International Financial Reporting Standards (IFRS) HARITIKA CHHATWAL Objective Accounting is the systematic measurement and recording of financial information used for decision-making‚ coordination‚ or control in an organisation. In broader perspective the financial information has to be more read as “quantitative information" rather than just merely "financial information" as the measurement and use of "non-financial
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Reporting Council (FRC) announced that Australia would adopt the accounting standards issued by the International Accounting Standards Board (IASB) from 2005(Baxter 2005). After the first of July 2005‚ the new standards (IFRS) start to use across national border. companies would be required to report current results under IFRS and restate recent results. They will also have to report their latest results under the old accounting standard‚ which should make comparing results on a like-for-like basis relatively
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The International Financial Reporting Standards (IFRS) are principles-based and is a conceptual framework that establishes broad rules‚ outlines standards‚ and dictates specific treatments (IFRS 2011). It is adopted by the International Accounting Standards Board (IASB). This paper aims to provide an in-depth understanding of the accounting conceptual framework and the reasons for its existence. This paper will also explore accounting methods and standards that are adopted differently across the
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value in the new standards specifically. Finally in combination with the concrete background in China‚ we put forward some advices on the carrying out of the fair value in the accounting practice. [Key words] Fair Value; China new accounting standard Since January 1‚ 2007‚ the China new accounting standards will become mandatory for listed Chinese enterprises. The adoption of the new China accounting standards system brings about substantial convergence between Chinese standards and International
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How to Implement a Standard Chart of Accounts Effectively by Aziz Tayyebi Executive Summary A chart of accounts (COA)‚ representing a unique set of codes to record all an entity’s transactions consistently‚ is a well-recognised‚ fundamental accounting need. Whether it concerns a complex organisation with numerous divisions‚ or an individual applying basic cash accounting‚ it is essential to be able to collate financial information that is relevant‚ both for internal management and external parties
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Governmental Accounting Standards Board and Financial Accounting Standards Board Analysis Paper ACC/460 October 28‚ 2013 Governmental Accounting Standards Board and Financial Accounting Standards Board Analysis Paper 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
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Wrongful discharge gives employees legal grounds for a lawsuit against employers who have dismissed them unfairly. Laws and regulations to ensure equal opportunity in employment for all individuals. Child labor is regulated by the federal Fair Labor Standards Act (FLSA) and state labor laws. Once a contract has been signed‚ neither party can change their mind – both parties are locked in. If either party still wishes to pull out of the contract before it is finished‚ they may end up paying a penalty (sometimes
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