increases or decreases in lease payments that result from subsequent changes in the index or rate are contingent rentals and thus affect the determination of income as accruable. (Example 7 [see paragraph 840-10-55-39] illustrates this guidance.) ASC FASB: 1. Earned 2. Received 3. Realizable SEC: The staff believes that revenue generally is realized or realizable and earned when all of the following criteria are met: 1) Persuasive evidence of an arrangement exists‚ (in another words : a contract
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Introduction There have been proposals that have been working on with regard to the replacement of GAAP (Generally Accepted Accounting Principles) with IFRS (International Financial Reporting Standards) as used in the accounting and financial reporting aspects. Such convergence requires that the functions of the GAAP standards be added to the IFRS. The International Accounting Standards Board (IASB) developed the IFRS which is a less-detailed financial reporting system. This paper seeks to analyze
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Campbell Soup Company 1. Identify legitimate business practices that corporate executives can use for the primary purpose of manipulating or “managing” their company’s reported operating results. Are such practices ethical? Defend your answer. Some examples of legitimate business practices that executives can use to manage their company’s reported operating results include: offering customers extended payment terms at the end of the a period to accelerate sales‚ recording generous reserves
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Company’s liquidity and capital requirements are primarily a function of its working capital needs‚ capital expenditures‚ and debt service requirements. The Company has the following transactions that need to be analyzed under ASC 230‚ Statement of Cash Flows (FASB Statement No. 95‚ Statement of Cash Flows). 1. Insurance Settlement
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CA1-1 (FASB and Standard-Setting) Presented below are four statements which you are to identify as true or false. If false‚ explain why the statement is false. 1. GAAP is the term used to indicate the whole body of FASB authoritative literature. 2. Any company claiming compliance with GAAP must comply with most standards and interpretations but does not have to follow the disclosure requirements. 3. The primary governmental body that has influence over the FASB is the SEC. 4. The FASB has a government
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fees and what period they should be recorded in. FASB‚ Financial Accounting Standards Board‚ is a private organization that establishes GAAP‚ generally accepted accounting principles‚ for public companies in the United States. It was created in 1973 by the Security and Exchange Commission (SEC) to replace the Committee on Accounting Procedure (CAP) and the Accounting Principles Board (APB). To help deal with the issue of how to record the annual fee‚ FASB has issued a
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Cited: Spiceland‚ David‚ Sepe‚ Jim‚ Nelson‚ Mark. Intermediate Accounting. 6th ed. McGraw- Hill/Irwin. New York: McGraw-Hill/Irwin‚ 2011. Print Financial Accounting Standards Board Accounting Standards Codification. FASB: Financial Accounting Standards Board. < http://asc.fasb.org/home> -225-20-45-9 & -225-20-45-11 Income Statement‚ Extraordinary and Unusual Items‚ and Other Presentation Matters Rosenberg‚ Matt. “Frequency of Earthquakes.” Number of Earthquakes
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Introduction: The purpose of this assignment is for you to learn more about the fair value disclosure requirements included in the FASB Accounting Standards Codification (the Codification). You will do so by examining fair value disclosures included in the following filings: * Form 10-Q for Microsoft Corporation (MSFT) for its quarter ended March 31‚ 2012‚ filed with the SEC on April 19‚ 2012 and * Form 10-Q for The Goldman Sachs Group‚ Inc. (GS) for its quarter ended June 30‚ 2012‚ filed
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ACC/541 Thomas Gurber Client Request Week 3 January 13‚ 2014 Cayce Harris Memorandum To: Supervisor CC: Client From: Cayce Harris Date: 1/13/2014 Re: Client Request As requested‚ the following information was pulled directly from the FASB’s website in regards to Direct Financing leases and Sales-Type leases from a lessors prospective. The following describes what the lessor is responsible for when entering into and obtaining each
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is to evaluate for impairment of each end product category. Since the internally processed hogs do not have a LCM issue‚ the live hogs and developing hogs for sale to outside parties should be tested for impairment. This is supported by the FASB codification in section 330-10-35-8 as well as 330-10-35-10. 35-8 states: Depending on the character and composition of the inventory‚ the rule of lower of cost or market may properly be applied either directly to each item or to the total of the inventory
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