with Customers” Jade Nelson ACCT 4111-01 10/28/2014 Over the past few years‚ the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have been working closely together to develop a new set of revenue recognition standards in an effort to merge the standards of FASB and IASB‚ lessen the amount of industry-specific differences in the standards‚ and make the standards more principles-based. Because revenue is very important to both internal and external
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Intermediate Accounting Research Assignment Questions Directions: Type your answer starting on the line after each question. 1. FASB Accounting Standards Codification FASC a. When did the FASC Codification become effective? According to the Notice to Constituents (v4.7)‚ the FASC Codification was released on July 1‚ 2009 and became effective for interim and annual periods ending after September 15‚ 2009. b. Did the FASC change prior GAAP? According to the Notice to Constituents (v4.7)‚ the
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FASB Codification/ARO Case 1. According to FASB the asset retirement obligation should be recorded in the period in which the liability meets FASB’s definition of a “probable future sacrifice of economic benefits arising from a present obligation‚” and in which its amount can be reasonably measured. Uncertainty with respect to the timing or method of settlement that is conditional on future occurrences does not affect the recognition of the liability but may be factored into its measurement.
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Home Computer‚ Inc. Home Computer‚ Inc. (“Home Computer”) is a publicly held manufacturer and retailer of computer equipment. The company operates five manufacturing facilities and 221 retail stores in 32 states. Home Computer operates in three business segments: (1) computer manufacturing‚ (2) printer manufacturing‚ and (3) retail store distribution. In January 2002‚ Home Computer announced a plan to restructure its operations (the “Plan”). The Plan was approved by the Board of Directors at
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The IASB/FASB joint review conceptual framework states that there are two fundamental characteristics which are relevance and faithful representation and in addition there are four enhancing characteristics which are timeliness‚ verifiable‚ comparable and understandability which enhance the decision usefulness of financial information. For information content to be relevant it must have the ability to influence the economic decisions of users and help users to evaluate or assess past‚ present or
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1. What are the three classifications of net assets established by FASB Statement 117? 2. How are these net assets affected by the existence or absence of donor-imposed restrictions? 3. How are releases of these net assets accomplished? 1. The three classifications of net assets established by FASB Statement 117 are: unrestricted assets‚ temporarily restricted assets‚ and permanently restricted assets. 2. The existence or absence of donor-imposed restrictions play a large part in how assets
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FASB Codification Assignment 1 – Receivables You are spending your summer working for a local wholesale furniture company‚ Beds and Beyond‚ Inc. The company is considering a proposal from a local financial institution‚ Old Faithful Financial‚ to factor Bed and Beyond’s receivables. The company controller is unfamiliar with the most recent FASB pronouncement that deals with accounting for the transfer of financial assets and has asked you to do some research. The controller wants to make sure
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IASB and FASB Convergence Project To compete in a global economy with the emergence of multinational corporations financial reporting requires operators to understand the accounting practices used by the company‚ the language of the country in which the company exists‚ and the currency utilized by the corporation to prepare its financial statements and in turn to attract investors and creditors to invest in or lend money to companies. To harmonize accounting standards among countries‚ The International
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2015/5/25 Difference Between Diffusion and Osmosis | Difference Between | Diffusion vs Osmosis Difference Between Similar Terms and Objects Search Miscellaneous Religion Islam Culture Politics Ideology Political Institutions Leaders Career & Education Fashion & Beauty Entertainment Sports Legal Geography Technology Software internet Hardware Protocols & Formats Communication Web Applications Industrial Household Equipments Career and Certifications Objects Gadgets SmartPhones Tablets Gaming Food
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Acct2241 (a) What authoritative literature addresses comprehensive income? When was issued? The FASB Accounting Standards Codification® is the source of authoritative generally accepted accounting principles (GAAP) recognized by the FASB to be applied by nongovernmental entities. Statement of Financial Accounting Standards No. 130 Reporting Comprehensive Income Issued: June 1997 (b) Provide the definition of
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