GASB and FASB Analysis Paper By Jennifer R Carlson ACC 460 Kelly Chamberlain March 6‚ 2006 The Governmental Accounting Standards Board (GASB) is the board that "sets the accounting and financial reporting standards for state and local governments‚ whereas the Financial Accounting Standards Board (FASB) is the standard-setter for all other entities except the federal government." (Granof‚ 2003‚ Ch 1 pp6) The GASB promotes accountability and allows the public to know the facts in
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(FAF) exhort its influence over the FASB and GASB to coordinate their operations One difference between the two organizations is that the rules of the GASB need not apply to that of FASB. If the GASB had not covered an accounting topic that the FASB had‚ then the FASB standards would be used by the government entities. Under the rules of the FASB‚ SFAS No. 87 Employers Accounting for Pension must be followed by the financial entity. This is to establish measurement and display standards related to
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define in FASB‚ the FASB Accounting Standards Codification and Hierarchy of Generally Accepted Accounting Principles. In this paper the reader will learn what the FASB Codification System is and the purpose for the FASB Codification. This paper will discuss the nine content areas located in the FASB Codification System. According to FASB (2012)‚ “The FASB Accounting Standards Codification I the source of authoritative generally accepted accounting principles (GAAP) recognized by the FASB to be
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Between the years 1765 and 1787‚ America had gone from British Colonies protesting against the British Parliament’s Stamp Act‚ to an independent Nation. During the Revolutionary War‚ Colonists wrote the Articles of Confederation‚ which acted as a set of rules and organized the government. Although the Articles of Confederation gave structure to the American government‚ it had ultimately set up America for failure as a thriving Nation. The states were given too much power and economic freedom in the
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Dominique Meziere HCA 240 08/05/2012 Professor Keith Productivity Measurement Benchmarking is defined as the process of comparing the cost‚ cycle time‚ productivity‚ or quality of a specific process or method to another that is widely considered to be an industry standard or best practice (O’Neill‚ Dam‚ Gutbezahl‚ n.d.). Benchmarking is a great tool used to monitor productivity and profitability. A successful physical therapy department needs to be running efficiently in all areas‚ including
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interminable period of time‚ reflecting the relative stability of the British polity. It has never been thought necessary to consolidate the basic building blocks of this order in Britain. What Britain has instead is an accretion of diversified statutes ‚ conventions ‚ judicial decisions and treaties which collectively can be attribute to as the British Constitution. It is thus more accurate to refer to Britain’s constitution as an un-codified ‚ rather than an “unwritten” one3. Sir Ivor Jennings adduces
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1. What are the three classifications of net assets established by FASB Statement 117? 2. How are these net assets affected by the existence or absence of donor-imposed restrictions? 3. How are releases of these net assets accomplished? 1. The three classifications of net assets established by FASB Statement 117 are: unrestricted assets‚ temporarily restricted assets‚ and permanently restricted assets. 2. The existence or absence of donor-imposed restrictions play a large part in how assets
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Convention for the Protection of Cultural Property in the Event of Armed Conflict with Regulations for the Execution of the Convention 1954 The Hague‚ 14 May 1954 - First Protocol‚ The Hague‚ 14 May 1954 - Second Protocol‚ The Hague‚ 26 March 1999 | | The High Contracting Parties‚ Recognizing that cultural property has suffered grave damage during recent armed conflicts and that‚ by reason of the developments in the technique of warfare‚ it is in increasing danger of destruction;
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the ways the author expresses this is through the narrative convention of style or mood. In this piece the convention of plot is also utilised by the author to develop this idea. Characterisation is another narrative convention successfully utilised to explore this theme. By themselves these elements are nothing‚ but when together‚ they effectively portray the theme of deception in the fantastic short story Killer. The narrative convention of style or mood is a major component which represents the
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FASB Codification Assignment 1 – Receivables You are spending your summer working for a local wholesale furniture company‚ Beds and Beyond‚ Inc. The company is considering a proposal from a local financial institution‚ Old Faithful Financial‚ to factor Bed and Beyond’s receivables. The company controller is unfamiliar with the most recent FASB pronouncement that deals with accounting for the transfer of financial assets and has asked you to do some research. The controller wants to make sure
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