research paper will compose of the nature of accounting issues‚ historical background of accounting rules in U.S. and IFRS‚ recognition and measurement rules‚ presentation and disclosure rules‚ and development along with the harmonization efforts of FASB and IASB. Before we start all of these‚ we would like to give a brief description how U.S. GAAP differ from IFRS and why we need both of them. The International Financial Reporting Standards are destined to be the language of the accounting world
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AUTHORITATIVE AND INTREPRETIVE GUIDANCE CONSIDERED ASC 410-20-15-2 (Asset Retirement and Environmental Obligations) ASC 410-20-25-4 (Asset Retirement and Environmental Obligations) ASC 410-20-15-2a (Asset Retirement and Environmental Obligations) ASC 410-20-25-8b (Asset Retirement and Environmental Obligations) ASC 410-20-25-5 (Asset Retirement and Environmental Obligations) ASC 410-20-25-7 (Asset Retirement and Environmental Obligations) ASC 410-20-25-13 (Asset Retirement and Environmental Obligations)
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construction contracts for a client‚ LabCo. In specific‚ I was assigned to oversee LabCos’ contract involving a six-axis laser-cutting machine with Halibut Co. After researching and developing a theory based on the Financial Accounting Standards Boards’ Codification‚ I have concluded that LabCos’ treatment of revenue was reasonable; however‚ they should have changed revenue recognition principles sooner. In this situation‚ there are three possible ways they can handle changing their accounting method: Retrospective
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opinions could be dramatically altered by the events and transactions that occur after year end. If subsequent events are not given proper consideration‚ the financial statements that are issued at year-end may be misleading. Accounting Standards Codification (ASC) 855 provides guidance on the proper accounting for and disclosure of subsequent events. Due to the potential impact subsequent events may have on the financial statements‚ accountants must give consideration to events and transactions that occur
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Situation Overview Discussion Points Options Recoverability Test: Accounting Guidance Impairment Loss Calculation: Accounting Guidance Additional Accounting Guidance Recoverability Test and Calculation of Impairment Loss Alternative Analysis Summary and Recommendations Appendix Operates one cruise ship that is financed with nonrecourse debt. Decline of 30% in cash flow due to presence of pirates. Financial position as of December 31‚ 2010 ($ in millions) • • • • • Cruise
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TO: xxxxx FROM: xxxxxx DATE: xxxxxx SUBJECT: TrueBlood Case 1‚ Refer-a-Friend Background Runway Discount (Runway)‚ a privately held online retailer‚ has implemented a new customer referral marketing campaign. The campaign involves incentivizing current customers to refer their friends to Runway’s website. When a current customer refers someone who makes a purchase on Runway’s website‚ the referring customer receives a $25 credit to be applied to a future purchase. Two important provisions
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of operation while in existence‚ and the reasons for the demise of the first two indicate an increasing politicalization (as the term is used in the broad sense) of accounting standard setting? Explain you answer by indicating how the CAP‚ APB‚ and FASB operated or operate. Cite specific developments that tend to support your answer. b) What arguments can be raised to support the politicalization of accounting standard setting? c) What arguments can be raised against the politicalization
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Financial Accounting Theory and Analysis 10e Chapter 1 - The Development of Accounting Theory What is Theory? Webster defines theory as “Systematically organized knowledge‚ applicable in a relatively wide variety of circumstances; a system of assumptions‚ accepted principles and rules of procedure to analyze‚ predict or otherwise explain the nature of behavior of a specified set of phenomena.” Why is the development of a general theory of accounting important? The development of a general
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References: [1] http://www.accountingcoach.com/nonprofit-accounting/ [2] http://www.artcpas.com/Press/FASB%20Issues%20New%20Guidance%20on%20Nonprofit %20Mergers.htm [3] http://www.fasb.org/cs/ContentServer?c=Pronouncement_C&pagename=FASB%2FPronoun cementC%2FSummaryPage&cid=1176155763834 [4] http://www.grantthornton.com/staticfiles/GTCom/Audit/Assurancepublications/New%20 Development%20Summaries/NDS%202010/NDS%202010-14
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differences between US GAAP and International Financial Reporting Standards for the topics covered in this course. You will have basic skills to research financial accounting issues using the Financial Accounting Standards Board’s (FASB) Accounting Standards Codification (ASC). Miscellaneous Information Primary Prerequisite: A "C" or better in Accounting 201 and 202‚ or a grade of “C” or better in Accounting 306. A “C-” is insufficient. Just because you were allowed to register‚ does not mean
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