References: FASB: Financial Accounting Standards Board. (n.d.). FASB: Financial Accounting Standards Board. Retrieved October 11‚ 2011‚ from http://asc.fasb.org
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CA1-3 CA1-4 CA1-5 CA1-6 CA1-7 CA1-8 CA1-9 CA1-10 CA1-11 CA1-12 CA1-13 CA1-14 CA1-15 CA1-16 CA1-17 CA1-18 CA1-19 CA1-20 Description FASB and standard-setting. GAAP and standard-setting. Financial reporting and accounting standards. Financial accounting. Objective of financial reporting. Accounting numbers and the environment. Need for GAAP. AICPA’s role in rule-making. FASB role in rule-making. Politicalization of GAAP. Models for setting GAAP. GAAP terminology. Accounting organizations and documents
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Memo Date: July 15‚ 2015 To: M International From: Team 17 Re: Accounting for a Loss Contingency for a Verdict Overturned on Appeal M International and W Inc. have been engaged in long-standing litigation over a specific patent infringement matter. Pertains to the accounting for this contingency loss‚ this memo has made the following conclusions: 1. For the year-end December 31‚ 2007‚ financial statements‚ M should record $17 million as a liability. 2. M should adjust its liability for the year-end
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SOLUTIONS TO CODIFICATION EXERCISES CE16-1 Master Glossary (a) The amount of earnings for the period available to each share of common stock outstanding during the reporting period. (b) A reduction in EPS resulting from the assumption that convertible securities were converted‚ that options or warrants were exercised‚ or that other shares were issued upon the satisfaction of certain conditions. (c) A security that gives the holder the right to purchase shares of common stock in accordance
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DE PAUL UNIVERSITY SCHOOL OF ACCOUNTANCY AND MIS ACCOUNTING 640‚ ACCOUNTING THEORY AND POLICY FORMULATION SECTIONS 101 AND 103‚ 14 E JACKSON‚ RM 1327 AUTUMN QUARTER 2013 Instructor: R. Mark Alford‚ Ph.D.‚ C.P.A. Office: 6040 DePaul Center Office Phone: 312-362-5633 Email: ralford@depaul.edu Office Hours: Mondays from 11:00 a.m. to 1:30 p.m. and from 4:45 to 6:00 p.m.; I will be happy to make arrangements to meet with you at other times if the above is not convenient. Correspondence
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established by the federal government to help develop and standardize financial information presented to stockholders? SEC The first step taken in the establishment of a typical FASB statement is: topics are identified and placed on the board’s agenda. The most authoritative source of GAAP among the following is FASB: Interpretations International Financial Reporting Standards (IFRS) are issued by the: IASB All of the following are true regarding iGAAP except: iGAAP includes standards
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1. What is the FASB Accounting Standards Codification? The FASB Accounting Standards Codification® is the source of authoritative generally accepted accounting principles (GAAP) recognized by the FASB to be applied to nongovernmental entities. 2. When did the codification become effective? The Codification is effective for interim and annual periods ending after September 15‚ 2009. 3. The FASB had three primary goals in developing the Codification. Identify them. a.
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accounting information be supported by appropriate references to technical accounting standards. Assignment Requirements: Use your Quiz Group Each group member should review the FASB Accounting Standards Codification® online resource prior to developing responses to the case-related issues. The Codification can be accessed at http://aaahq.org/ascLogin.cfm.The associated username and password are: Username: AAA56974 Password: ywRhbQm a. A
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revenue for the activation card and the cell phone service (airtime) separately. A. ASC 605-25-05-2 describes the circumstances under which multiple deliverables may arise‚ multiple products may be delivered‚ performance may occur at different times or over different periods of time‚ and the customer’s payments for these deliverables may be fixed‚ variable‚ or a combination of fixed and variable. B. ASC 605-25-25-5 states that in an arrangement with
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Chapter 1 Environment and Theoretical Structure of Financial Accounting AACSB assurance of learning standards in accounting and business education require documentation of outcomes assessment. Although schools‚ departments‚ and faculty may approach assessment and its documentation differently‚ one approach is to provide specific questions on exams that become the basis for assessment. To aid faculty in this endeavor‚ we have labeled each question‚ exercise and problem in Intermediate Accounting
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