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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Home Computer‚ Inc. Home Computer‚ Inc. (“Home Computer”) is a publicly held manufacturer and retailer of computer equipment. The company operates five manufacturing facilities and 221 retail stores in 32 states. Home Computer operates in three business segments: (1) computer manufacturing‚ (2) printer manufacturing‚ and (3) retail store distribution. In January 2002‚ Home Computer announced a plan to restructure its operations (the “Plan”). The Plan was approved by the Board of Directors at
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A reporting entity is required to prepare its financial report based on IASB framework and it is so useful for different types of users to evaluate the financial performance of the reporting entity and make suitable decisions. In this essay‚ the usefulness of conceptual framework in preparing of financial report will be discussed. And also‚ 2011 annual report of CLP Holdings Limited will be reviewed to further discuss how its qualitative characteristics of the information are useful for shareholders
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Acct2241 (a) What authoritative literature addresses comprehensive income? When was issued? The FASB Accounting Standards Codification® is the source of authoritative generally accepted accounting principles (GAAP) recognized by the FASB to be applied by nongovernmental entities. Statement of Financial Accounting Standards No. 130 Reporting Comprehensive Income Issued: June 1997 (b) Provide the definition of
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Public policy issues FASB and GASB have changed their rules on Pension Standards‚ which was supposed to help people understand better and their pension system work efficiently. It seems to be achieved for the first part that people now understand the pension system better. For the second part‚ however‚ there are always fights between governments and the public‚ because some governments attempt to cut pension payment in order to balance the budget that the government need in the year. One of the
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of the FASB. The GAAP has many organizations that exist through the history of rule-making‚ including GASAC. http://www.ask.com/question Three organizations developed‚ or influenced the development of‚ the GAAP in the United States: the SEC‚ the AICPA‚ and the FASB. A separate but similar set of rules and principles govern state and local government reporting‚ as determined by the Governmental Accounting Standards Board (GASB). Accountants generally apply GAAP through the use of FASB pronouncements
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Running Head: GASB and FASB Analysis Paper GASB and FASB Analysis Paper Henry Holden Course: ACC/460 Government and Non-Profit Accounting University of Phoenix Instructor: Aisha Meeks Due Date: June 12‚ 2009 GASB and FASB Analysis Paper Since 1973‚ the Financial Accounting Standards Board (FASB) has been the designated organization in the private sector for establishing standards of financial accounting. Those standards govern the preparation of financial statements. They are officially
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Unit Lease Research - FASB Steve J Accounting Theory and Research ACC/541 March 10‚ 2000 Professor Cecil L Regarding the potential new investing opportunities with your customer‚ our group has spent a significant portion of time exploring the nature of the leasing relationships available for this type of transaction. One initial observation we see is the significant increase in the current fleet available to the business. Because of the percentage increase in the
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Group Case – FASB Comment Letters Dell Company FASB wants to institute a new regulation on the financial statements about the share-based payment‚ and for these procedure the organization releases on its webite an exposure draft on the subject. One of the reasons for sharing this information is to enhance the proposed techniques through collaboration of companies and / or individuals in the accounting area. Dell‚ an IT company that registered $2‚37 billion net income in 2013‚ was one of the companies
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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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