CHAPTER 1 THE ENVIRONMENT OF FINANCIAL REPORTING CONTENT ANALYSIS OF CASES Time Range (minutes) 5-10 Number C1-1 Content Pronouncements. Matching a list of descriptive statements with a list of pronouncements establishing or related to generally accepted accounting principles. Accounting Organizations. Matching of a list of descriptive statements with a list of abbreviations of accounting organizations. Identify complete name of each organization. History of Establishment of GAAP. Discuss
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Essentials of Accounting for Governmental and Not-for-Profit Organizations: Eleventh Edition Prepared by: Paul Copley and Mary Loretta Manktelow James Madison University Chapter 1 Introduction to Accounting and Financial Reporting for Governmental and Not-for-Profit Organizations True/False Questions 1. The Governmental Accounting Standards Board sets financial reporting standards for all units of government: federal‚ state‚ and local. Answer: False 2. Fund accounting exists
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Questions The financial statements most frequently provided include all of the following except the: statement of retained earnings An effective process of capital allocation is critical to a healthy economy‚ which: promotes productivity‚ encourages innovation‚ provides an efficient and liquid market for buying and selling securities Challenges facing financial accounting include all of the following except: financial measurements All of the following are objectives of financial reporting except
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Dr. Steven Hall Accounting 5312 29 June 2014 The Merger of the Financial Accounting Standards Board and the International Accounting Standards Board The proliferation and evolution of international trading and commerce have not only opened the gateway to international markets for many of the world’s emerging economies‚ but they have also fostered an unprecedented growth in the number of multinational corporations. Spurred by trade agreements such as the North American Free Trade Agreement (NAFTA)
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Convergence Janet Rivera Cruz Prof. Basil Jackson Accounting 304 December 2‚ 2012 Cruz 2 The purpose of this paper is to describe what accounting convergence means and assess the likelihood of the convergence being completed and implemented in the next five (5) years. IFRS is the principle based set of standards that establish standards and dictate specific treatments. IFRS has become a global standard for companies when preparing financial statements. IFRS consist of multiple reports
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adoption or convergence of United States Generally Accepted Accounting Principles (US GAAP) and International Financial Reporting Standards (IFRS) has been quite an arduous journey for all parties involved. Although the two possibilities are very different‚ one thing is certain; IFRS is coming to America. Accounting professionals have been resistant to an adoption‚ but most agree there must be a single set of high functioning standards for the world business market. The issuance of the highly anticipated
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Statement of Financial Accounting Concepts No. 8 September 2010 Conceptual Framework for Financial Reporting Chapter 1‚ The Objective of General Purpose Financial Reporting‚ and Chapter 3‚ Qualitative Characteristics of Useful Financial Information a replacement of FASB Concepts Statements No. 1 and No. 2 Copyright © 2010 by Financial Accounting Foundation. All rights reserved. Content copyrighted by Financial Accounting Foundation may not be reproduced‚ stored in a retrieval system‚ or
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3. Accounting Framework for Rights and Obligations of Emissions Reduction Programs The FASB’s Conceptual Framework provides guidance to standard setters for establishing authoritative guidance. We apply the Conceptual Framework to the components of cap-and-trade programs in section 3.1. Section 3.2 describes the resulting accounting treatment‚ including income statement effects‚ of cap-and-trade program rights and obligations that is implied by the Conceptual Framework. 3.1. Using the FASB’s conceptual
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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 Setting
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March 14‚ 2011 Delphine L. Agnor Wolsker The Relationship Between FASB and IASB Introduction The International Accounting Standards Board (IASB) was created after the Financial Accounting Standards Board (FASB) to establish a single set of accounting procedures and standards for both boards. The process has not always been an easy one‚ but the goal of merging the accounting standards globally overrides the disagreements. Overcoming impediments‚ such as language‚ culture‚ economic and political
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