November 14th‚ 2012 Lads & Lassies Introduction Classifying how the income statement needs to be coded for Lads & Lassies is a two step processes. I will be using the data provided in the case along with information from FASB’s Accounting Standards Codification. FASB’s coding system is being used to help prepare the layout and ensure proper reporting of the items listed in the case analysis. Some minor changes need to be done to the income statement format to make it presentable which
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Framework There are two major philosophies in accounting consisting of a principles-based system for accounting and a rules-based system for accounting. The following discussion will speak about these two philosophies and will define one as being a best fit for encompassing the role of ethics and the conceptual framework. The conceptual framework was established by the Financial Accounting Standards Board (FASB) and is used to help define the boundaries of accounting. It gives definitions of key terms and
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November 2008‚ the SEC proposed a "Roadmap for Potential Use of Financial Statements Prepared in Accordance with International Financial Reporting Standards [IFRS] by U.S. Issuers." The SEC road map detailed a process and a set of milestones by which certain larger public companies (those with a public float of at least $700 million) in the United States would transition from financial reporting based on U. S Generally Accepted Accounting Principles (GAAP) to that based on 3FRS beginning in 2014‚ with
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Commission (CFEC). 3) Weak and ambiguous accounting standards Hindsight makes it fairly clear that the accounting standards promulgated by the Financial Accounting Standards Board (FASB) were too weak and too ambiguous with respect to the complex trading transactions and financial structures that Enron established and operated. Two areas stand out as ones of particular concern. First‚ the rules apparently permitted the widespread use of market-to-market (MTM) accounting in areas for which it was not originally
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Interest Entity (VIE) and if DeviceCo should consolidate LeaseMed as a primary beneficiary: (1) Does DeviceCo qualify for the business scope exception‚ (2) Does LeaseMed have sufficient equity to finance its activities without additional subordinated financial support‚ and on the basis of that answer‚ is LeaseMed a VIE‚ and (3) Is DeviceCo still required to consolidate LeaseMed as its primary beneficiary? Recommendations For each question I was asked to address‚ I will supply a simple answer here
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authorized to designate bodies to promulgate technical standards under the Rules‚ and the Bylaws require adherence to those Rules and standards. The Code of Professional Conduct was adopted by the membership to provide guidance and rules to all members—those in public practice‚ industry‚ government and education—in the performance of their professional responsibilities. Compliance with the Code of Professional Conduct‚ as with all standards in an open society‚ depends primarily on members ’ understanding
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Response to Client Request Frank Mattair ACC/541 April 20‚ 2015 Herber Howard To: Supervisor From: Frank Mattair Date: April 20‚ 2015 Subject: FASB Research Results and Recommendations The Financial Accounting Standards Board (FASB) website contains accounting information and is a good source for data pertaining to any issue. Answers to the information in question to leases and lease structure issues were found on the FASB website. Research was primarily focused on three
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international financial reporting standards Amanda Paul Troy University Eddy Burks Troy University ABSTRACT The accounting profession is on the precipice of one of the biggest changes to face it since the 1930s. In the very near future‚ there is a strong possibility that United States generally accepted accounting principles (GAAP)‚ as it is known today‚ will cease to exist. In its place will be a global standard encompassed by the International Financial Reporting Standards (IFRS). This
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PolyMedica capitalizes and amortizes its direct- response advertising cost‚ generally over a 2-4 year period‚ in accordance with American Institute of Certified Public Accountants (AICPA) Statement of Position (SOP) 93-7. Under the Financial Accounting Standards Board (FASB) guidelines‚ this rule allows such cost to be capitalized when; (a) the advertising generates sales to customers who respond explicitly to the advertisement and (b) the advertisement results in a likely future benefit. To understand
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Intermediate Accounting 1 -- Spring 2012 Financial Accounting Standards Codification Research Assignment Questions In order to complete this assignment‚ you will need to access the Financial Accounting Standards Board (FASB) Financial Accounting Standards Codification database. The related information for this is posted on Blackboard for this course. The UH copy of the FASB Financial Accounting Standards Codification (FASC) can be accessed at: http://aaahq.org/ascLogin.cfm. The FASC is the one
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