not record the estimated returns considering it would be immaterial‚ and (3) Revenue recognition should be deferred until the payment is made. We have searched FASB codification by using the key work “right of return”. In addition‚ we have researched Codification topics 605 Revenue Recognition. Four relevant hits have been found. FASB ASC 605-15-15-2 states that sales in which a product may be returned‚ whether as a matter of contract or as a matter of existing practice‚ either by the ultimate
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GAAP and IFRS There are differences that exist between the US GAAP and IFRS (International GAAP)‚ nonetheless right now there is a convergence project existing between the FASB and the IASB‚ which issue these GAAPs in that order to narrow down the differences between the two. This is so that there are no misinterpretations when using either GAAPs. With that mentioned‚ the following differences exist between the US GAAP and IFRS (International GAAP). Inventory Measurement GAAP clarifies that
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accounting? According to IFRS website shows‚ the definition of Conceptual Framework follows: The Conceptual Framework sets out the concepts that underlie the preparation and presentation of financial statements. It is a practical tool that assists the IASB when developing and revising IFRSs. The objective of the
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when studying Advanced Financial Accounting topics. 7 Chapter 2 : Regulation in Financial Accounting 2.1 Advanced Financial Accounting the FunCtion oF FinanCial aCCounting and reporting The International Accounting Standards Board (IASB) in their Conceptual Framework for Financial Reporting state that ‘the objective of general purpose financial reporting is to provide financial information about the reporting entity that is useful to existing and potential investors‚ lenders and
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Vol. 2‚ No. 2 International Business Research Harmonization of Accounting Standards through Internationalization Nikhil Chandra Shil‚ ACMA (Corresponding Author) Department of Business Administration East West University 43‚ Mohakhali C/A‚ Dhaka – 1212‚ Bangladesh Tel: 9887989(Off.) ext 253‚ 01819289589 (M) Dr. Bhagaban Das P.G. Department of Business Management‚ Fakir Mohan University P. O.: Balasore‚ Pin.: 756019‚ Orissa‚ India E-mail: bhagaban_fm@yahoo.com Alok Kumar Pramanik Department
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CHAPTER 1 Governmental and Nonprofit Accounting: ENVIRONMENT AND CHARACTERISTICS ANSWERS TO QUESTIONS QUESTION 1-1 a. The similarities of accounting for profit-seeking and G&NP organizations include: 1. Double-entry system of accounts. 2. Most accounting mechanics‚ e.g.‚ basic transaction documents‚ journals‚ ledgers‚ charts of accounts. 3. Where a G&NP organization has a business-type activity‚ e.g.‚ a municipal electric utility‚ the accounting largely parallels that
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operation while in existence‚ and the reasons for the demise of the fi rst two indicate an increasing politicalization (as the term is used in the broad sense) of accounting standard setting? Explain your answer by indicating how the CAP‚ APB‚ and FASB operated or operate. Cite specific developments that tend to support your answer. Yes‚ the reasons for the demise of the Committee on Accounting Procedure (CAP) of the AICPA and the Accounting Principles Board can be related to a growing influence
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across the board when producing financial statements and information for users of those statements. IASB will replace the standards set by the FASB (Financial Accounting Standards Board) in which the UK accountancy industry required companies to comply with generally accepted accounting practice (GAAP). GAAP offers a certain amount of legal backing to the accounting standards produced by the FASB‚ however problems occurred when direct comparisons were made between the financial statements of companies
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Standards Board (IASB) and the Financial Accounting Standards Board (FASB) has recently issued a combined exposure draft on Leases (ED 2010/09) resulting in a converged standard‚ in an attempt to rectify the weaknesses in the current standard. Significantly impacting how lessees and lessors account for and report leasing transactions in their financial statements. Australian Accounting Standards Board (AASB) 117 Leases incorporates IAS 17 Leases as issued and amended by the IASB. Entities that
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de/uploads/media/wp21_2004.pdf Ernst & Young Ernst & Young. (2006‚ Converting to IFRS - an analysis of implementation issues. [Electronic version]. from http://www.ey.com/Global/assets.nsf/International/Converting_to_IFRS_Nov06/$file/EY_ConvertingIFRS_Nov06.pdf FASB FASB. (2001). Statement of financial accounting standard 142.http://www.fasb.org/pdf/fas142.pdf IAS PriceWaterHouseCoopers. (2007). Intangible assets including R&D and software.http://www.pwc.com/extweb/service.nsf/docid/8303B04C7A0A4EC380257142003DDD70
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