LATEST DEVELOPMENTS IN ACCOUNTING Accounting can be trace back some 7000 years to early civilizations of Egypt‚ Babylon‚ Greece and Rome. The first accounting record was found in Babylon‚ 3500 B.C. the records are made from stone‚ mud and leaves and introduction of the Arab-Hindu numerical system in 850 B.C had greatly enhanced accounting development. The pace of accounting development increased during the Industrial Revolution as the economics of developed countries began to mass-produce goods.
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accounting. History of FASB and IASB The FASB has been establishing accounting standards for the private sector ever since 1973‚ when it was formally formed. The FASB is documented as the commanding team by the American Institute of Certified Public Accountants and the Securities and Exchange Commission. The FASB is a private organization. The FASB is predominantly responsible for the establishment of accounting rules and reporting standards. The main assignment of the FASB is to improve accounting
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already existing going concern reporting model and disclosures. This project was added to provide guidance for entities in assessing their ability to continue as a going concern‚ and the timing‚ nature and extent of associated disclosure requirements (FASB‚ 2013). Finally these standards would help management decide where disclosure is appropriate. Alternative approaches In terms of alternatives IFRS defines going concern as the period in the foreseeable future (Finance Train‚ 2013). According to IAS
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According to ASC 840-10-25-6 (e)‚ minimum lease payments include‚ “Fees that are paid by the lessee to the owners of the special-purpose entity for structuring the lease transaction.” The legal fees incurred by Goliath‚ the lessee‚ are costs that were incurred structuring the lease‚ so this means that Big Bear should include the $1 million in its minimum lease payment. This cost is considered to be an initial direct cost‚ according to ASC 840-20-35-2‚ which states‚ “Deferred
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change in the CPI was 4%. * * * Research Question * * Should the costs‚ or potential costs‚ associated with the increase in the CPI be included in “minimum lease payments” as defined in ASC 840? * * Relevant Literature * * According to ASC 840-10-25-4 and ASC 840-10-55-39 – if lease payments are dependent upon an existing index‚ such as the CPI‚ then the payments based on the rate at inception are to be included in minimum lease payments. If there are any index
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egulatory and Political Influence on Accounting Practice Learning Objectives ! ! ! ! Critically discuss the regulatory environme concerning Australian external financ reporting. Describe the main regulatory bodies th encompass the Australian reporti environment. Review some of the arguments proposed f and against regulation of the accounti profession. Outline the relevance of potential econom political and social impacts to the account Introduction Financial
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subsidiary in bankruptcy qualify as a business combination under ASC 805? According to ASC 805-10-20‚ the definition of business combination is “a transaction or other event in which an acquirer obtains control of one or more businesses. Transactions sometimes referred to as true mergers or mergers of equals also are business combinations”. Nevertheless‚ some business activities do not count as business combination. According to ASC 805-10-15-4‚ the guidance in the Business Combinations Topic does
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CountryID = Countries.CountryID left join master.dbo.EmployeeTitles EmployeeTitles on EmployeeTitles.TitleID = Employees.TitleID left join master.dbo.Regions Regions on Regions.RegionID = Countries.RegionID order by Regions.RegionName asc ‚Countries.CountryName asc ‚Employees.LastName
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Financial Statement Analyses (Intro) The financial statement is a company’s document reporting the outcome of the business. Managers‚ investors‚ and the public can look to the company’s financial statements to assess a company’s current position‚ past performance‚ and predictions of future performance (Horngren‚ Sundem‚ Stratton‚ Burgstahler‚ & Schatzberg‚ 2008). The individual financial statement assists investors in coming to a conclusion concerning the company. It is imperative
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b 8. Common set of standards and procedures. c 9. Role of SEC. c 10. Powers of the SEC. d 11. SEC enforcement. d 12. Creation of FASB. d 13. Appointment of FASB members. a 14. Purpose of the Financial Accounting Foundation. b 15. Characteristics of FASB. b 16. FASB and "due process" system. b 17. Publications of FASB. c 18. Purpose of FASB Technical Bulletins. d 19. Purpose of Emerging Issues Task Force. b 20. Purpose of GASB. c 21. Domain of GASB. c 22. Standard setting
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