widely recognized that revenue is one of the most important items in financial statements and that revenue recognition is one of the most difficult issues that standard-setters and accountants have to deal with (FASB‚ 2002). There exist a variety of reasons for the emergence of the IASB-FASB joint project on revenue recognition. The most essential reason is‚ as stated in the exposure‚ that revenue recognition requirements in US Generally Accepted Accounting Principles (GAAP) differ from those in International
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Goals Paper In my Goals Paper you will find three things: my personal goals‚ my academic goals‚ and my career goals. Before beginning this paper I spent some time thinking over what it is I valued which helped me figure out what my goals would be .My personal goals revolve mostly around my fiancé Michael. My academic goals simply involve me graduating with as many A’s as possible and graduating college before I am 25. The last of the goals mentioned in this paper are my career goals which include
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SHORT TERM AND LONG TERM GOALS Setting personal goals in my life are important to me because I want to strive for personal Excellence. I hope that as long as I live I will strive to excel and learn. Achievement of a short term goal leads to a long term goal and it never ends unless I will it to end. Since I’m passionate about learning and setting goals I believe I will continue to learn and achieve new goals. One goal I am working on now is learning how to write an excellent paper‚ in proper
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“My Future Goals” Everyone has their own goals and dreams that they will keep in pursuing till they happen. I have a lot of goals and dreams that I want them to happen as fast as possible. But‚ I have to get the experience so I can make them happen because without experience dreams will be dreams and they will never come true. I will mention some of my goals. Goals! My Goal and dream is to have my own business after graduating from university. I see myself after five years from graduating
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Info Conceptual Framework — IASB-FASB joint project Background At their joint meeting in October 2004‚ the IASB and the US FASB decided to add to their respective agendas a joint project to develop a common conceptual framework‚ based on and built on both the existing IASB Framework and the FASB Conceptual Framework‚ that both Boards would use as a basis for their accounting standards. The two boards reached the following tentative decisions about the approach to the project: * The project
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What are goals? Goals are an aim or desired result that people devote to accomplish in their lives. Why are goals important to set? Goals are important to set because without goals‚ we have no purpose or direction in life‚ and the more goals we make‚ the more things that we can accomplish in life. When I was younger‚ I didn’t know how to do a push up‚ and I wanted to work to get to doing 40 push ups in one year. I started by making small goals‚ that eventually worked up to me doing 40 push ups right
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spend more than they can afford. The key to spending within means is to know the expenses and to spend less than make. A good monthly budget can help to ensure of paying bills on time‚ have funds to cover unexpected emergencies‚ and reach financial goals. History of Budgeting Practices Money management has been around as long as money has existed. But the idea of a budget is a recent concept‚ often attributed the British monarchy in the 1700s. The Parliament was put in place to establish some form
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of the FASB. The GAAP has many organizations that exist through the history of rule-making‚ including GASAC. http://www.ask.com/question Three organizations developed‚ or influenced the development of‚ the GAAP in the United States: the SEC‚ the AICPA‚ and the FASB. A separate but similar set of rules and principles govern state and local government reporting‚ as determined by the Governmental Accounting Standards Board (GASB). Accountants generally apply GAAP through the use of FASB pronouncements
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standard setting process of FASB and IASB Date: February 10‚ 2011 ____________________________________________________________ ______ Dear Ms.Albright‚ The FASB (Financial Accounting Standards Board) and IASB (International Accounting Standards Board) are making progress towards convergence in setting better accounting standards. However‚ there exist some differences between their standard setting processes. After weighing the pros and cons‚ I suggest that FASB standard setting approach would
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Revenue recognition on FASB and IASB convergence process I. CONVERGENCE OF U.S. GAAP AND IFRS Since 2002‚ Financial Accounting Standards Board (FASB) and International Accounting Standards Board’s (IASB) have been working toward “convergence” of US General Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS). They have made significant progress in efforts to converge critical accounting standards such as those dealing with revenue recognition‚
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