Apple Case Study -- The advantages and disadvantages of Non-GAAP earnings relative to GAAP earnings based on subscription accounting Advantage: 1. Management believes investors will benefit from greater transparency in referring to these non-GAAP financial measures when assessing the Company’s operating results‚ as well as when forecasting and analyzing future periods. Non-GAAP financial measures can be a supplement to the Company’s GAAP financial measures‚ which helps analyst know more about Apple
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organization‚ and consistency‚ many health care organizations use the Generally Accepted Accounting Principles‚ corporate compliance‚ and the value of ethics. Generally Accepted Accounting Principles The General Accepted Accounting Principles (GAAP) refers to a set of accounting standards that are acknowledged by numerous companies. These principles are set by the Financial Accounting Standards Board. They are used to normalize financial accounting of public companies. These principles are
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There are four major functions to financial management: planning‚ controlling‚ organizing and directing‚ and decision-making (Baker & Baker‚ 2011). There is a common set of accounting principles‚ known as general accepted accounting principles (GAAP)‚ in which organizations use to compile their financial statements. These standards and procedures must be adhered to or organizations can risk governmental penalties for non-compliance. Non-compliance can also lead to fraudulent assumptions and bad
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• Case 1-4 Generally Accepted Accounting Principles At the completion of the Darby Department Store audit‚ the president asks about the meaning of the phrase “in conformity with generally accepted accounting principles‚” which appears in your audit report on the management’s financial statements. He observes that the meaning of the phrase must include more than what he thinks of as “principles.” Required: a. Explain the meaning of the term accounting principles as used in the audit report
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is generally accepted or not‚ an accountant would research FASB ASC. In 2009‚ the main source of authoritative nongovernmental GAAP resides in the FASB codification. The codification contains up-to-date accounting authoritative literature from several difference sources such as: AICPA‚ APB‚ FASB‚ and SEC and is now provided in one location for accountants to research GAAP literature. In addition‚ nonauthoritative sources that can provide accountants guidance are: accounting handbooks‚ textbooks‚ and
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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 the financial statements would
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computer distributer and hardware manufacturing company and the accounts are prepared according to the Generally Accepted Accounting Principles (GAAP). By comparison‚ Hartcourt Companies‚ Inc. is a Chinese distributor of computer hardware based in Shanghai and its accounts are prepared according to the accounting practices of the PRC (People’s Republic of China) GAAP. The International Accounting Standards Committee (IASC) that came into existence in 1973 was the result of accounting bodies from all major
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Generally Accepted Accounting Principles (GAAP) in Health Organizations Cherilynne Dator HCS|571 March 16‚ 2013 Tamica Lewis Generally Accepted Accounting Principles (GAAP) in Health Organizations The increasing pressure of the cost in providing health care services to the public and the inflation in the health sector that has resulted in inflated costs of providing medical and clinical health care has prompted health providers and nurse managers
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In the case “Big GAAP/Little GAAP”‚ we can see that some information is better provided in the notes. For example‚ the bank may not be aware that Forthwright Co. is in a strained financial position now because the financial statements do not show. The accounting profession has adopted a full disclosure principle that calls for financial reporting of any financial facts that are significant enough to influence the judgment of a reader. In this situation‚ several issues are left out of the reports
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