FASB/GASB Comparison For-profit business is driven by profit earnings. Financial statements provide information in relation to that performance. For-profit businesses will prepare reports based on the Financial Accounting Standards Board (FASB). Not-for-profit businesses are not driven by the same motivations and are hold to the Governmental Accounting Standards Board (GASB). Three distinctions set GASB organizations apart. 1) Receipt of significant recourses that are not expecting proportionate
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Intermediate Accounting Paper The Financial Accounting Standards Board (FASB) is a private‚ not-for-profit organization whose primary purpose is to develop generally accepted accounting principles (GAAP) within the United States in the public ’s interest. The Securities and Exchange Commission (SEC) designated the FASB as the organization responsible for setting accounting standards for public companies in the U.S. It was created in 1973‚ replacing the Accounting Principles Board and the Committee
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alternative may be to have the Financial Accounting Foundation (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
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FASB Codification System Orientation Paper This paper will talk about what the FASB Codification System is‚ what the purpose of the FASB Codification System is‚ what the nine content areas located in the FASB Codification System are‚ and what types of items are located under each content area. What Is “The Codification is the single source of authoritative nongovernmental U.S. generally accepted accounting principles (US GAAP). The Codification is effective for interim and annual periods ending
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FASB Accounting Standards Codification: 410 Asset Retirement and Environmental Obligations Abstract The purpose of this research paper is to summarize research on codification topic 410 based on the information found in different academic databases. The first part of the paper will focus on the FASB Codification database. The second part of the paper will compare and contrast three other databases on the same codification 410 within the RIA Checkpoint databases: AICPA: Auditing
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Historical cost basis. Book value method. x Income statement approach. 4. (TCO G) The conclusions presented in FASB No. 157 support which FASB Conceptual Framework? (Points : 2) FASB Conceptual Framework No. 2 FASB Conceptual Framework No. 6 FASB Conceptual Framework No. 7 x All of the above None of the above 5. (TCO G) The major business valuation organization that has developed rigorous business
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Running Header: THE FASB FASB and the Standard-Setting process Name: Institution: Course: Tutor: Date: Abstract Financial Accounting Standards Board (FASB) is a seven member board that consists of accounting professionals who establishes and communicates financial accounting and reporting standards known as generally accepted accounting principles (GAAP) in United States. The standards’ quest is to govern the preparation of the corporate financial reports and hence ensuring
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FASB Codification System Orientation Paper Introduction Becoming an accountant there are many guidelines and regulations that one must become aware of. The FASB assists in establishing these guidelines through generally accepted accounting principles‚ GAAP. As an accountant one must follow GAAP while producing any reports for a business. Consequently‚ the author will explore the FASB Codification System‚ its purpose‚ and contents. The FASB Codification System The FASB Codification Systems
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The Similarity and Difference between FASB & GASB Financial Reporting Saintania Bien-Aime Governmental/ Institutional Accounting: ACG4501 Keiser University April 15‚ 2012 Abstract The accounting and financial reporting standards are one of the source that profit businesses and governmental not-for-profit organizations‚ which has been created by the Accounting standards Board (FASB). However‚ accounting and financial reporting standards that apply for state and local governments in America
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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‚ in their disposal in the ordinary course of business‚ will be less than cost The inventory has a financial importance as it is purchased and recorded at its historical cost or original cost. With respect to a perpetual inventory system
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