• 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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Standards—A Brief History. Retrieved from http://www.fasb.org/jsp/FASB/Page/SectionPage&cid=1176156304264&pid=1176156245663 IASPlus. (2012). IASB Board membership. Retrieved from http://www.iasplus.com/en/resources/resource20 Schroeder‚ R. G.‚ Clark‚ M. W.‚ & Cathey‚ J. M. (2011). Financial Accounting Theory and Analysis: Text and Cases (10th ed.). Retrieved from The University of Phoenix eBook Collection database.
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for defined contribution plans are relatively simple and include disclosure of existence of the plan‚ the employee groups covered‚ the basis for determining contributions‚ and significant matters affecting comparability between periods (Schroeder‚ Clark‚ & Cathey‚ 2011). Defined Benefit Plans Required reporting for defined benefit plans is significantly more complicated. Reporting standards‚ based on the 2006 publication of SFAS No. 158‚ require companies to recognize the funded status of pension
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Accounting Theory: Contemporary Accounting Issues. Ohio: Thomson South-Western. Schroeder‚ R. G.‚ Clark‚ M. W.‚ and Cathey‚ J. M. (2005). Financial Accounting Theory and Analysis‚ Text Reading and Cases: Eight Edition. New York: John Wiley & Sons‚
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com/capitalized-interest-capitalization http://www.accountingformanagement.com/cost_or_market_whichever_lower.htm http://www.fool.com/investing/general/2009/03/13/goodwill http://www.ih2000.net/kemoffatt/acct_2302_mgrl/gains_losses Schroeder‚ R. G.‚ Clark‚ M. W.‚ & Cathey‚ J. M. (2011). Financial accounting theory and analysis: Text readings and cases (10th ed.). Hoboken‚ NJ: Wiley.
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Accounting Standards Boards Paper ACC/541 Date Professor Accounting Standards Boards Paper Introduction For the past 31 years‚ the major changes in accounting have taken place. Several accounting committees and boards have come and gone. The purpose of this paper will be to examine the Financial Accounting Standards Board and the International Accounting Standards Board convergence project. These papers will also explain how the MSA program prepares students on the transition into professional
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and publish accounting standards followed in the presentation of financial statements and to promote their worldwide acceptance and observance. The IASB currently consists of 15 individuals‚ scheduled to increase to 16 members in 2012. [Schroeder‚ Clark‚ and Cathey‚ (2011)] Convergence Project The FASB and IASB acknowledged their commitment to the development of high quality‚ compatible accounting standards for use in both domestic and cross-border financial reporting. The boards announced the
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References: Schroeder‚ R.G.‚ Clark‚ M.W.‚ & Cathey‚ J.M. (2011). Financial Accounting theory and analysis (10th ed.). Hoboken‚ NJ: John Wiley & Sons‚ Inc.. International Convergence of Accounting standards—a brief history. (n.d). Retrieved from http://www.fasb.org/jsp/FASB/Page/SectionPage&cid=1176156304264
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It is understood that this method will benefit your company as well as investors because it provides users “with more conservative balance sheet and income statement valuations‚” while also preventing misleading information to users (Schroeder‚ Clark‚ & Cathey‚ 2011)‚ but because this method allows inventory to be valued at one cost one year‚ and market the next year it can cause inconsistency in financial reporting. Also in reporting with this method‚ will your organization be using an item-by-item
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According to Schroeder‚ Clark‚ & Cathey (2011)‚ “The lessor should report a lease as a sales-type lease when at least one of the capital lease criteria is met‚ both lessor certainty criteria are met‚ and there is a manufacturer’s or dealer’s profit (or loss). This implies that
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