the Securities and Exchange Commission (SEC) relies on the FASB‚ the accounting standard-setting body of the US‚ to develop accounting standards that public companies must follow when publishing financial statements. On the other hand‚ many countries outside of the Unite States have adopted the International Financial Reporting Standard (IFRS) which is issued by the International Accounting Standard Board (IASB). In recent years‚ the FASB and IASB have worked closely to try to minimize the differences
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obligation for dismantling plants when abandoned. Issue How should Pharma Co. account for the restructuring program for the year ended Dec 31‚ 2010 under U.S. GAAP? Analysis FASB Accounting Standards Codification (ASC) Subtopic 420-10 Exit or Disposal Cost Obligations presents the relevant guidance on cost obligations. Per ASC
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deal with debt issue costs and convertible bonds. Debt issue costs are the payments associated with issuing debt‚ such as various fees and commissions to third parties. According to U.S. GAAP these payments generate future benefits that under ASC 835-30-45-3 are recorded on the balance sheet as deferred charges. These charges are capitalized‚ reflected in the balance sheet as an asset‚ and amortized over the life of the debt instrument. Early debt repayment results in expensing these costs.
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restructuring will have an effect on current earnings and will need to be reported properly in their 2007 Income Statement. AWI must report this continuing activity properly under US Generally Accepted Accounting Principles (GAAP). The FASB Accounting Standards Codification (ASC)‚ commonly known as GAAP has specific standards that must be followed in order to classify the disposal of an entity as discontinued or continues operation of a component of an entity. Under the guidance of numerous ASC’s‚ AWI does
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Structure This memo includes research on leases and lease structure. Through intensive research on the Financial Accounting Standards Board (FASB)‚ three sub-types of leases were found for lessors to account for the leases. The three sub-types are direct financing‚ sales-type‚ and operating leases. The international accounting standards board (IASB) and FASB are proposing a draft for lease accounting. The critics are disputing some of the concerns with operating lease financial reporting. This memo
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ACCOUNTING 592 Financial Accounting & Reporting Seminar Spring 2010 Instructor: Office Hours (subject to adjustment): Teresa Gordon Office Hours: W 8:30–11:00 AM Albertsons Bldg. 118 and T‚W‚Th 1:15 - 3:00 PM 885-8960 or by appointment E-mail: tgordon@uidaho.edu Course web page: http://www.cbe.uidaho.edu/Acct592 ------------------------------------------------- MASTER OF ACCOUNTANCY – LEARNING GOALS ------------------------------------------------- -------------------------------------------------
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case developed by the Deloitte Foundation. Your memo should carefully develop arguments supporting your conclusions based on your interpretation of ASC 230-10.Your memo should not exceed 3 pages and be formatted in a professional manner. Please submit one case per group. To access ASC 230-10 please log into the FASB Accounting Standards Codification website: http://aaahq.org/ascLogin.cfm Student Access Username - AAA51526 Password - x43AYtX Buck’s Dilemma: Gross or Net? Buck’s Hunting Equipment
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Print. Bragg‚ Steven M. Wiley GAAP 2011: Interpretation and Application of Generally Accepted Accounting Principles. Hoboken‚ New Jersey. John Wiley & Sons Inc.‚ 2010. Print. "FASB: Property‚ Plant and Equipment." FASB: Financial Accounting Standards Board. N.p.‚ n.d. Web. 26 Nov. 2012. <http://www.fasb.org/jsp/FASB/Page/SectionPage>. Kieso‚ Daniel E.‚ Jerry J. Weygandt‚ and Terry D. Warfield. "Wiley: Intermediate Accounting‚ 14th Edition." Wiley: Intermediate Accounting‚ 14th Edition. N
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References: Financial Accounting Standards Board. (n.d.). Accounting standards codification 205-20-45-1. Retrieved from http://www.fasb.org Hurtt‚ D. N.‚ Kreuze‚ J. G.‚ & Langsam‚ S. A. (2007‚ July). Displaying the funding status of postretirement plans. The CPA Journal‚ 707(0)‚ 34. Retrieved from http://www.nysscpa.org/printversions/cpaj/2007/707/p34
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receivable in exchange for cash and beneficial interest‚ the company is able to reduce its own bank debt. These sets of transactions are classified as a financing activity (FASB ASC 230-10-20). Based on the case facts‚ this transaction qualified for derecognition‚ which is the removal of assets from the statement of financial position (FASB ASC 860-20-40-1A). The company must maintain its agreement to pay down company debt. Since the company will be required to use the funds generated from the sale of the
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