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 lease types‚ direct financing‚ sales type‚ and operating leases
Premium Finance Financial Accounting Standards Board International Financial Reporting Standards
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
Premium Asset Debt Balance sheet
Original Composition While the cancerous fumes entered my lungs‚ the life threatening chemicals made me feel relaxingly calm‚ so I continued anyways. That was when I was still a kid‚ a fourteen year old nicotine addict‚ presently I am sixteen. I still remember those days in the past. Sometimes I used to question myself‚ “When will this addiction cease?” I have never obtained an answer to that question‚ until recently‚ when I experienced the loss of my best friend. The cause of death was from second-hand
Free Smoking Lung cancer Walking
GASB and FASB Comparison Government and Not-For-Profit Accounting GASB and FASB Comparison The Governmental Accounting Standards Board (GASB) and the Financial Accounting Standards Board (FASB) have some similarities and differences even though it may seem on the surface to be the same. The fact the FASB created the GASB for governing not-for-profit and government organizations but with very different goals in mind. The same can be said for full accrual basis of accounting and modified accrual
Premium Asset Generally Accepted Accounting Principles Balance sheet
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
Premium Income statement Generally Accepted Accounting Principles Income
IASB and FASB release revenue recognition exposure draft What is the issue? On June 24th‚ the FASB and IASB issued an exposure draft proposing a new revenue recognition model that could fundamentally alter the way entities across a variety of industries recognise revenue. The proposal is an output of the boards’ joint efforts to develop a converged revenue recognition standard based on the same principles. A key objective is to increase the consistency of revenue recognition for similar contracts
Premium Generally Accepted Accounting Principles International Financial Reporting Standards Finance
Executive Summary With the growing popularity of its products‚ Foxy Originals was running the risk of becoming over-saturated in the Canadian market. In an effort to avoid this problem‚ the company decided to enter the U.S. market by January‚ 2005. To achieve this goal‚ Foxy Originals had to make a vital decision regarding its distribution strategy: Would the company attend trade shows or hire sales representatives? Foxy Originals’ strengths reside in its owners’ experience‚ stylish products‚ pricing
Premium Marketing Supply and demand Sales
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
Premium Generally Accepted Accounting Principles Balance sheet Financial audit
FASB Codification System The purpose of this document is to become acquainted about FASB Codification System. It is necessary to include what is the FASB Codification System‚ what is the purpose of the system‚ what are the nine content areas located in the system‚ and what types of items are located under each content area. FASB Codification System is a database and research system developed by the Financial Accounting Standards Board that pulls together many of the authoritative resources about
Premium Generally Accepted Accounting Principles Income statement Balance sheet
important to understand the historical backgrounds of the doctrines that pertain to one’s particular beliefs. I will be discussing this very information for the doctrine of original sin. The doctrine of original sin mostly pertains to the Roman Catholic religion. I will be covering when‚ where‚ and why the doctrine was originated. Original sin is the theory that every man is born into sin because our mother and father have sinned. The definition given by the Catholic Encyclopedia is: "(1) the sin that
Premium Original sin Augustine of Hippo Adam and Eve