indications of financial fraud or that the organization overstepped their boundaries in the area of managed earnings. The reason that regulators have taken a special interest in financial accounting and potential fraud is due to the collapses of companies such as Enron‚ WorldCom and Tyco. Regulators and those in the accounting profession are focusing their efforts on the causes of fraud as well as the steps that can be taken to effectively detect and prevent a possible reoccurrence of fraudulent behavior
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198 Accounting Standard (AS) 14 (issued 1994) Accounting for Amalgamations Contents INTRODUCTION Definitions EXPLANATION Types of Amalgamations Methods of Accounting for Amalgamations The Pooling of Interests Method The Purchase Method Consideration Treatment of Reserves on Amalgamation Treatment of Goodwill Arising on Amalgamation Balance of Profit and Loss Account Treatment of Reserves Specified in A Scheme of Amalgamation Disclosure Amalgamation after the Balance Sheet Date ACCOUNTING STANDARD
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Accounting Analysis Your name ACC460 Date Instructor Accounting Analysis When a person reviews financial statements the format can be different for government and nongovernment businesses. The reason for this is the two types of businesses are regulated by different accounting standard boards‚ and choose accounting methods to meet their requirements. The Financial Accounting Standard Board (FASB) sets regulations for nongovernment entities and the Government
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Concepts-Based vs. Rules-Based Approaches to Standard Setting INTRODUCTION In its new project on Codification and Simplification‚ the FASB indicates its intent to evaluate the feasibility of issuing concepts-based standards rather than issuing detailed‚ rule-based standards with exceptions and alternatives.[ 1] Related to this project‚ members of the FASB board and staff asked the Financial Accounting Standards Committee of the American Accounting Association (hereafter‚ the Committee) to provide
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International Developments in Accounting ACFI 3217 Module handbook 2012/2013 International Developments in Accounting: ACFI 3217 Staffing details Lectures and tutorials will be given by Kishor Lodhia and Rachel English: Kish Lodhia: HU 3.57 Email klacc@dmu.ac.uk (weeks 1 – 9; and 17 – 26) Rachel English: HU 4.60 Email: renglish@dmu.ac.uk (Weeks 10-16) Module Characteristics This module will look at the international developments in accounting. It will look at and compare
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Essentials of Accounting for Governmental and Not-for-Profit Organizations: Eleventh Edition Prepared by: Paul Copley and Mary Loretta Manktelow James Madison University Chapter 1 Introduction to Accounting and Financial Reporting for Governmental and Not-for-Profit Organizations True/False Questions 1. The Governmental Accounting Standards Board sets financial reporting standards for all units of government: federal‚ state‚ and local. Answer: False 2. Fund accounting exists
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assignment Chapter 1: Comprehensive Question 1-23 (Organizations associated with the public accounting profession) Several private and public sector organizations are associated with the profession. Listed below are activities pertaining to these organizations. 1. License individuals to practice as CPAs. State Boards of Accountancy 3. Issue Statements on Auditing Standards. Auditing Standards Board (ASB) 4. Regulate the distribution and trading of securities offered for public sale. Securities
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of US GAAP - Financial Accounting Standards Board / Financial Accounting Standards - Accounting Research Bulletin - Accounting Principles Board - Emerging Issues Task Force - Statements of Position from AICPA (American Institute of Certified Public Accountants) - SEC (Securities and Exchange Commission) rules Hierarchy of pronouncements under US GAAP - FASB‚ APB & ARB - FASB Technical Bulletin‚ AICPA Statements of Position‚ Audit and Accounting Guides‚ Practice Bulletins
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recognizing revenue and expenses. While FASB accepts cash basis and accrual basis; cash basis is only accepted if cash sales are less than $5 million per year. When it comes to generating funds the IASB receives most of its funding through donations from accounting firms and corporations. This raises some concern as to the dependence of the IASB. With private parties funding it‚ the IASB has had a lot of pressure to conform to certain policies
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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 basis of accounting. Where full accrual
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