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
Premium Financial Accounting Standards Board International Financial Reporting Standards Finance
FNCE 3P96: Financial Theory 4. Utility Theory Text book: Chapter 3 Dr. Walid Ben Omrane 1 3-A-Five axioms of choice under uncertainty • Rational behavior should be characterized by 5 assumptions known as the axioms of cardinal utility (by Von Neumann and Morgenstern ) If all the individuals are assumed to always make rational decisions‚ it implies that all of the 5 axioms of cardinal utility are satisfied: • Then‚ their utility function will have 2 properties: 1. It will
Premium Risk aversion Utility
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
Premium Asset Balance sheet Inventory
EEEE 281 Experiment 3: Thévenin’s Equivalent Circuit From: Brett Johnson Computer Engineering To: Section 5 TA: Jen Russo‚ John Maguire Date: Performed: 3/10/16 Due: 3/20/16 Subject: Lab 3-Thévenin Equivalent Circuits Lab Partner(s): Nathan Lindberg Component Percentage of Grade % Score Comment Report Formatting 20 Hand Calculation: Voc/Isc Analysis 5 Hand Calculation: Test Signal 5 PSPICE: Setup Conditions 5 PSPICE: Data and Figures 10 PSPICE: Discussion
Premium Management Computer Project management
and Non-Profit Today we will explore the exciting world of the GASB and the FASB. Two of the most exciting boards in the accounting world today. We will compare and contrast each of the boards to get a more in-depth look into how each of the boards operate. We will go thru their mission statements in order to get a sense of how they operate and what are their overall goals. Let’s get started! The FASB mission statement states‚ “that it is to establish and improve standards of financial
Premium Generally Accepted Accounting Principles Statements Board of directors
FASB Accounting Standards Codification (ASC) Section 958-605-25 requires that not-for-profits wait to recognize a contribution until they are satisfied that the likelihood is remote that the conditions that accompany the contribution will not be met (Tysiac‚ 2017). According to FASB ASC 958-605-8‚ pursuant to paragraph 958-605-25-2‚ an unconditional promise to give shall be recognized when it is received. There must be satisfactory confirmation that a promise was made and received in the form
Premium Contract Contract law Contractual term
debiting “Contribution Expense” and “Loss on disposal of x asset” for $2‚000 and $8‚000 crediting the asset for $10‚000. In this case‚ the fair value of my asset was lower than its book value forcing me to recognize a loss on my contribution. FASB ASC 845-10-30-1 In general‚ the accounting for nonmonetary transactions should be based on the fair values of the assets (or services) involved‚ which is the same basis as that
Premium Generally Accepted Accounting Principles Tax Taxation
Introduction The present paper " Formal and Dynamic Equivalence and the Principle of Equivalent Effect" deals with the investigation of translation theory and equivalence. It illuminates important questions of translation raised by different translation theorists. Our term paper consists of Introduction‚ three main chapters‚ Conclusion and a list of used publications. Introduction illustrates the purpose of the choice of the subject- matter for our research. It gives a brief outline of the paper
Premium Translation
While Asgard’s equivalent of Armageddon does occur in both stories‚ the changes in the story of Ragnarok that director Taika Waititi puts into play in Thor: Ragnarok display current political themes such as nationalism‚ colonialism and the issue of refugees. At the center of these themes is the villain Hela‚ who just wants to “make Asgard great again” (sound familiar?) and will do anything to make it happen. “As Hela looks upon the old paintings of imperial Asgard‚ she declares she wants Asgard to
Premium Norse mythology Odin Loki
“The next dreadful thing to a battle lost is a battle won‚” was once said by Duke of Wellington. Throughout history‚ many wars have occurred and have cause much change in the world. In the essay The Moral Equivalent of War‚ by William James‚ the same topic about war is discussed within the essay. However‚ William James‚ the author‚ seems like he does not approve the reasons and actions for many of the wars that have occurred. Furthermore‚ William seems to try to find reason and try to understand
Premium War World War II Army