it should be reported. If a potential obligation has a high probability of occurrence‚ it should be recorded as a liability‚ although potential obligations with low probabilities are reported in the footnotes to the financial statements (Schroeder‚ Clark‚ & Cathey‚ 2011‚ p. 369). The primary source accounting rules for contingencies under U.S. GAAP is FASB Statement No. 5‚ Accounting for Contingencies (FAS 5)‚ which describes two types of contingencies – gain contingencies and loss contingencies
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A Comparison Study of Masculinity and Femininity Culture in Sultanate of Oman‚ Norway and Japan According to Occupation Done by: Zayid Al shukaili Professor: Abir Clark Date: May 05‚ 2014 Zayid Al shukaili May 05‚ 2014 Table of Contents Table of Contents .................................................................................................................................. 1 I. Abstract .........
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“The FASB’s mission is to establish and improve standards of financial accounting and reporting for the guidance and education of the public‚ including issuers‚ auditors‚ and users of financial information”(Schroeder et al.‚ 2011‚ p. 9). The International Accounting Standards Board (IASB) which is an independent private sector body; was formed in 1973 for the purpose of simplifying the process of international business’s financial reporting and to harmonize and
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MEMORANDUM TO: President Steve Corder‚ Big Oil Company FROM: Accounting Research DATE: August 19‚ 2013 SUBJECT: Client Understanding CC: John Doe‚ Supervisor This memo is issued to offer some understanding on the information requested for the analysis of work papers. The memo will define particular areas of review. The memo will also answer any questions you have concerning the analysis of the work papers regarding adjusting lower cost of market inventory on valuation; capitalizing
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Multiculturalism as lived experience enriches our lives. But multiculturalism as a political ideology has helped create a tribal Britain with no political or moral centre. (Kenan Malik‚ The Times ‚16th. July‚ 2005). Discuss. More and more people “live in an environment that transcends national borders” and there is a very apparent “growing international environment” (Milich and Peck‚ 1998‚ pg vii). On an international scale‚ as well as in Britain‚ there has been an increase in immigration.
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make fair value disclosures. Other factors to consider are the earnings-per-share‚ modifications‚ performance conditions‚ and the terms and conditions of the share-based payments according to FASB disclosing requirements (The Chartered Accountant‚ 2005). Special Purpose Entities Originally‚ a special purpose entity (SPE) was defined as “a partnership‚
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Team C: Angela Foster‚ Jacqueline Williams‚ Matthew Fryman‚ and Robin Ramos Date: May 2nd‚ 2011 Re: Week Two Team Assignment Case 1-3: Politicalization of Accounting Standards a) The Committee on Accounting Procedure of the AICPA was established in the mid- to late 1930s and functioned until 1959‚ at which time the Accounting Principles Board came into existence. In 1973‚ the Financial Accounting Standards Board was formed‚ and the APB went out of existence. Do the reasons these groups
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managers prefer the accelerated method since‚ as an asset ages‚ the smaller depreciation charges are offset by higher maintenance charges‚ which give balance sheets valuations that are closer to the actual value of the asset. Schroeder‚ R. G.‚ Clark‚ M. W.‚ & Cathey‚ J. M. (2011). Financial Accounting Theory and Analysis
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The increasing politicalization such as the Security and Exchange Commission (SEC) is the cause for the demise of the Committee on Accounting Procedure (CAP) of the AICPA and the Accounting Principle Board. When the stock market crashed in 1929‚ many of investors lost their life savings in the market crash. “There is a generally held opinion that accounting practices of the 1920s contributed to the stock market crash of 1929” (Roberts‚ (2011‚ para. 2). The accounting regulations emerged immediately
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applicable IFRS or communicate its rationale to the FASB for electing not to change the IASB’s GAAP (Schroeder‚ Clark‚ & Cathey‚ 2011). A couple of the issues the FASB and IFRS are currently working on include
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