CHAPTER 1 Accounting—Present and Past CHAPTER OUTLINE: I. What Is Accounting? A. Definition B. Uses of Accounting Information C. Classifications 1. Financial Accounting 2. Managerial Accounting / Cost Accounting 3. Auditing — Public Accounting 4. Internal Auditing 5. Governmental and Not-for-Profit Accounting 6. Income Tax Accounting II. How Has Accounting Developed? A. Early History B. The Accounting Profession in the United States C. Financial Accounting Standard
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05-5 There are two basic principles related to accounting for income taxes‚ each of which considers uncertainty through the application of recognition and measurement criteria: * a. To recognize the estimated taxes payable or refundable on tax returns for the current year as a tax liability or asset * b. To recognize a deferred tax liability or asset for the estimated future tax effects attributable to temporary differences and carryforwards. 45-5 The valuation allowance for
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In this situation I would argue that ASC 730-20 is applicable. Pharmagen is entering into an agreement with PEI (investors) on a contractual basis to provide services and an option to acquire the results of the R&D (FASB 68). Pharmagen retains all ownership rights to the development of X. It also states that in R&D arrangements the entity (in this case Pharmagen) usually has an option to either purchase the partnership’s interest (PEI) or to obtain the exclusive rights to the entire results in
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Reporting Paper for Pension Plans Dorothy Forrest ACC/541Accounting Theory and Research December 1‚ 2014 Professor: Thomas Gruber Memorandum To: Thomas Gruber‚ CEO From: Dorothy Forrest Date: December 1‚ 2014 Re: Company Acquisition Mr. Gruber our company has been going through many changes to better the company and a 100% acquisition of a new company will create changes in the retirement benefit plans area. Adjusting benefits plans will be complicated but with the required reporting
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review the client’s accounting for the asbestos litigation liability and determine the appropriate accounting literature for Rossi’s recognition and measurement of the asbestos litigation liability. Relevant Literature Accounting Standards Codification 450-20-25-1 & 2 Loss
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DATE: December 7‚ 2012 TO: Polluter Corp. FROM: SUBJECT: Emissions Allowances Facts: Polluter Corp‚ has recently spent $3 million to purchase emission allowances‚ with a vintage year of 2012‚ in order to meet the need for additional EAs in the fiscal years 2010-2014. They will also need to sell EAs‚ with a vintage year of 2016‚ in order to offset the costs of the purchase. It is to my understanding that the need for EAs arose because of the significant amount of greenhouse gases emitted by
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replacement cost without the additional adjustments. This change will allow for similar inventory valuation when compared to other competitors. Additional factors that should be considered are Westerns Aluminum’s position in the current market. ASC 250-10-S99-4(b)(1) suggests that it is important to consider general economic trends in the industry‚ customer growth‚ and increased demand on the products offered. Future price trends for their materials are another area that should be looked at. Western
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newly issued codification update or the entity can justify the use of an allowable alternative accounting principle on the basis that it is preferable (Financial Accounting Standards Board). Any of these may require an entity to change an accounting principle. Such a requirement is sufficient justification for making a change in accounting principle. The burden of justifying other changes in accounting principle rests with the reporting entity making the change (Williams and Carcello‚ FASB Statement
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CHAPTER 17 Investments LEARNING OBJECTIVES After studying this chapter‚ you should be able to: 1 Identify the three categories of debt securities and describe the accounting and reporting treatment for each category. Understand the procedures for discount and premium amortization on bond investments. Identify the categories of equity securities and describe the accounting and reporting treatment for each category. Explain the equity method of accounting and compare it to the fair value method
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the ability to do so as evidence either by: (1) actual refinancing prior to the issuance of the financial statements or (2) an existence of a noncancelable financing agreement from a lender having the financial resources to complete the refinancing (FASB). Contrary‚ under provision of IAS 1‚ the long-term obligation must be classified as current when due to be settled within twelve months of the end of the reporting period‚ despite that its original term was for a period of more than twelve months;
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