The FASB is a private and not for-profit organizations and their primary goal is to establish and improve generally accepted accounting principles in the public’s interest. FASB established in 1973 and it’s starts giving the financial solutions for public and private companies and non-profit organizations. FASB is responsible for setting accounting standards for public‚ private companies and organizations. There are currently seven members’ who are at the top position of this organization. The magazines
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ACC 305 Intermediate Accounting The Role of FASB After the Stock Market Crash of 1929‚ many believers felt the crash was a result of inadequate and misleading financial statements which contributed to overstated stock prices‚ causing the crash and an the eventual depression. The Stock Market Cash proved the necessity for accounting standards. “Investors and creditors use financial information to make their resource allocation decisions. It’s critical that they be able to compare financial
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1. You use a perpetual inventory system and value the inventory using FIFO. Prior to making adjusting year-end entries you valued the inventory at the lower-of-cost or-market. Justify why you valued the inventory at lower-of-cost or-market. FASB ASC CITATION: Adjustments to Lower of Cost or Market 330-10-35-1 A departure from the cost basis of pricing the inventory is required when the utility of the goods is no longer as great as their cost. Where there is evidence that the utility of goods‚
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Unit 2 Case Study Access the FASB Codification and prepare responses to the following questions‚ providing Codification references as support for your answers. 1. Access the glossary and give the definition for: a. Firm Fixed-Price Contract This is a contract of the price which allows it not be subject to adjustment as a result of the performance provided as outlined in the contract. What was outlined in the contract is what will be the cost. There cannot be any hidden fees added once the
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November 3‚ 2013 Accounting 305 FASB Codification 1. The relevant FASB codification standards are as follows… 1. 350 Intangibles – Goodwill & Other 1.2 20 Goodwill 1.3 35 Subsequent Measurement 1.3.1 Overall Accounting for Goodwill (35.1-3) 1.3.2 Recognition & Measurement of Impairment Loss & Step 1 of the Qualitative Assessment (35.3A-15) 1.3.4 Determine the Fair Value of a Reporting Unit (35.22-23) 1.3.5 Reporting Unit (35.33-38) 2. 280 Segment Reporting 2.1 10 Overall
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NaviNow will pay $8 million to the four former owners of TrafficEye if revenues from the combined system exceed $100 million over the next 3 years. NaviNow estimates this contingent payment to have a probability adjusted present value of $4million. According to down said formula (http://www.ey.com/Global/assets.nsf/United%20Accounting/ATG_FRD_BB1616/$file/ATG_FRD_BB1616.pdf) the $8million is consideration transferred in the acquisition. B6.4.4.7 Factors involving a formula for determining contingent
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To: FASB / IASB From: Billy Leigh Re: Proposed Changes to Financial Statement Presentation Dear Members of IASB / FASB‚ As I understand it‚ the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) are proposing a joint venture to change the presentation of financial statements. I appreciate the opportunity to comment on the proposed changes. It is in my humble opinion that the current requirements for financial statement presentation
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are “7” members for the FASB and they function as full time along with being obligated to break their links to firms and institutions that they have been affiliated with in previous time frames. This is all prior to them linking up as board members for the FASB‚ 2014. The present executive members are Golden‚ Kroeker‚ Buck Linsmeier‚ Schroeder‚ Siegel and Smith. 1. Golden started his duration as the 7th chairman of the FASB as of 7/1/2013. He began his duties to the FASB back in 2010. At that
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in the accounting of financial instruments‚ particularly the delayed recognition of credit losses on loans. FASB and IASB began working together‚ but found irreconcilable differences in their solutions to this problem. Their main differences involved classification and measurement‚ recognition and derecognition and hedge accounting. One of the fundamental differences on which IASB and FASB disagree is the qualifying criterion of financial instruments. IFRS‚ unlike GASB has qualifying criteria that
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Introduction & Intent of Project The International Accounting Standards Board (IASB) and The Financial Accounting Standards Board (FASB) have undertaken a joint revenue recognition project that clarifies the principles for recognizing revenue that can be applied consistently across various transactions‚ industries‚ and capital markets. This project will apply to all contracts with customers except leases‚ financial instruments and insurance contracts. The joint project will attempt to remove
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