resolution of problems as they become evident and to substantively research individual issues before the AICPA issued pronouncements. FASB The FASB’s mission is "to establish and improve standards of financial accounting and reporting that foster financial reporting by nongovernmental entities that provides decision-useful information to investors and other users of financial reports. The FASB accomplishes its mission "through a comprehensive and independent process that encourages broad participation
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Intermediate Accounting E2-1 a. True b. False – General-purpose financial reports also assists other people who don’t have the authority to demand financial information they need and so must rely on the information in financial reports. c. False – standards that are based on individual conceptual framework will result in different conclusions being drawn on similar issues‚ and thus would not be consistent and comparable. d. False – General purpose financial reports are also beneficial
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Introduction Assumptions‚ principles‚ and constraints are the operational guidelines set by the FASB. These principles where put in place to provide a foundation‚ with specific rules on how to report economic events‚ while allowing for constraints or relaxation of the principles under certain circumstances. Assumption of accounting There are two assumptions in accounting that provide a solid foundation for accounting‚ the monetary unit assumption and the economic entity assumption. The monetary
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of operation while in existence‚ and the reasons for the demise of the first two indicate an increasing politicalization (as the term is used in the broad sense) of accounting standard setting? Explain you answer by indicating how the CAP‚ APB‚ and FASB operated or operate. Cite specific developments that tend to support your answer. b) What arguments can be raised to support the politicalization of accounting standard setting? c) What arguments can be raised against the politicalization
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activities‚ Securities and Exchange Commission (SEC) which is an independent federal agency that is responsible for regulating securities market in which stocks and bonds of the major companies is traded‚ Financial Accounting Standards Board (FASB) which is the largest independent US body that is responsible for establishing and interpreting the accounting standards and practices known as the Generally Accepted Accounting Principles‚ Financial Accounting Foundation (FAF) which is a private
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All CFA Institute members and candidates are required to comply with the Code and Standards The CFA Institute Bylaws Basic structure for enforcing the Code and Standards primary principles Based on two Rules of Procedure Fair process to member and candidate Confidentiality of proceedings Maintains oversight and responsibility The CFA Institute Board of Governors Structure of the CFA Institute Professional Conduct Program Professional Conduct program (PCP) The CFA Designated Officer Through
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International Accounting Standards Board (IASB) (Ruth‚ P et al‚ 2006). In the past‚ Australian Accounting Standard Board was responsible for the development of a conceptual framework of accounting. It aim to define the nature‚ subject‚ purpose and broad content of general purpose financial reporting. Later‚ in 2002‚ Financial Reporting Council (FRC) made a decision that Australia would adopt accounting standards issued by the International Accounting Standard Board (IASB) from 2005. Since then‚ the related
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functioning of capital and other markets by promoting the efficient and equitable allocation of scarce resources in the economy. Each of the primary leaders of accounting standards‚ the International Accounting Standard Board (IASB) and Financial Accounting Standard Board (FASB)‚ developed its conceptual framework for financial reporting‚ which is a coherent system of concepts that flow from an objective. The objective identifies the purpose of financial reporting. The concepts provide guidance for
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the resolution of problems as they became evident and to do substantive research on individual issues before pronouncements were issued. 16. Rule 203 of the Code of Professional Conduct prohibits a member of the AICPA from expressing an opinion that financial statements conform with GAAP if those statements contain a material departure from an accounting principle promulgated by the FASB‚ or its predecessors‚ the APB and the CAP‚ unless the member can demonstrate that because of unusual circumstances
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cash flows to be derived from the asset on an undiscounted basis” (FASB‚ ASC 360-10). In the Property Solutions Inc. case‚ the carrying value of the building on 10/1/2017 was $1‚650‚000 and the expected future cash flows are $1‚214‚940. Per the definition of impairment loss stated above‚ the asset is impaired. In calculating the loss‚ we must compare the carrying value to the fair value of the asset. Under both ASC 820-10 of the FASB codification and SFAS No. 157‚ fair value is defined as “The price
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