GASB and FASB Analysis Paper ACC/460 The Governmental Accounting Standards Board and the Financial Accounting Standards Boards were put in place to assist in regulating the private sector‚ federal‚ and state and local governments. These regulations that are in place are to hold he sector accountable for its accurate financial reporting and documentation. I ask how these two divisions differ in its objectives and how to they regulate each party it governs. The Governmental Accounting
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Accounting Standards The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) are working on a joint venture known as the convergence project. With more business’s doing business globally financial reporting is an issue among the differing countries. Some countries report their financial differently‚ while the United States uses Generally Accepted Accounting Principles (GAAP) the convergence project aims at making a uniform set of international accounting
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1. You use a perpetual inventory system and value the inventory using FIFO. Prior to making adjusting year-end entries you valued the inventory at the lower-of-cost or-market. Justify why you valued the inventory at lower-of-cost or-market. FASB ASC CITATION: Adjustments to Lower of Cost or Market 330-10-35-1 A departure from the cost basis of pricing the inventory is required when the utility of the goods is no longer as great as their cost. Where there is evidence that the utility of goods‚
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ACC 305 Intermediate Accounting The Role of FASB After the Stock Market Crash of 1929‚ many believers felt the crash was a result of inadequate and misleading financial statements which contributed to overstated stock prices‚ causing the crash and an the eventual depression. The Stock Market Cash proved the necessity for accounting standards. “Investors and creditors use financial information to make their resource allocation decisions. It’s critical that they be able to compare financial
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in the accounting of financial instruments‚ particularly the delayed recognition of credit losses on loans. FASB and IASB began working together‚ but found irreconcilable differences in their solutions to this problem. Their main differences involved classification and measurement‚ recognition and derecognition and hedge accounting. One of the fundamental differences on which IASB and FASB disagree is the qualifying criterion of financial instruments. IFRS‚ unlike GASB has qualifying criteria that
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Assignment 1. Watch the FASB Codification Tutorial – Available through the course shell http://asc.fasb.org/media/1615_Codification_MainMenu_Web/launcher.html 2. Access the codification database through your course shell and give a summary (1 paragraph) of each of the below references: a. ASC 210-10-01 b. ASC 505-20-25 c. ASC 908-360-25 Please put it in your own words! A/ ASC 210-10-01. I could not find the 210-10-01 so I will over the 210-10 (General) In this section the FASB explains how the
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2015 Herber Howard To: Supervisor From: Frank Mattair Date: April 20‚ 2015 Subject: FASB Research Results and Recommendations The Financial Accounting Standards Board (FASB) website contains accounting information and is a good source for data pertaining to any issue. Answers to the information in question to leases and lease structure issues were found on the FASB website. Research was primarily focused on three lease types‚ direct financing‚ sales type‚ and operating leases
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Accounting Standards Boards “The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) are currently working on a joint venture referred to as the convergence project” (University of Phoenix‚ 2013‚ p. 1). As a result‚ both Boards have agreed to meet a deadline of June 2011 for the convergence of the accounting guidelines to be complete. Understanding their history and their relationship can help students in the MSA program to get ready for the working
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The FASB is a private and not for-profit organizations and their primary goal is to establish and improve generally accepted accounting principles in the public’s interest. FASB established in 1973 and it’s starts giving the financial solutions for public and private companies and non-profit organizations. FASB is responsible for setting accounting standards for public‚ private companies and organizations. There are currently seven members’ who are at the top position of this organization. The magazines
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To: FASB / IASB From: Billy Leigh Re: Proposed Changes to Financial Statement Presentation Dear Members of IASB / FASB‚ As I understand it‚ the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) are proposing a joint venture to change the presentation of financial statements. I appreciate the opportunity to comment on the proposed changes. It is in my humble opinion that the current requirements for financial statement presentation
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