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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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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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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A reporting entity is required to prepare its financial report based on IASB framework and it is so useful for different types of users to evaluate the financial performance of the reporting entity and make suitable decisions. In this essay‚ the usefulness of conceptual framework in preparing of financial report will be discussed. And also‚ 2011 annual report of CLP Holdings Limited will be reviewed to further discuss how its qualitative characteristics of the information are useful for shareholders
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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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INTRODUCTION AIR FRANCE KLM Royal Dutch Airline French Company Dutch company Founded in 1933 Founded in 1919 CEO: Frédéric Gagey CEO: Camiel Eurlings Hub: Roissy Charles de Gaulle Hub: Schiphol Main acEvies: passenger‚ cargo‚ maintenance Main acEviEes : passenger and cargo Fleet size
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Public policy issues FASB and GASB have changed their rules on Pension Standards‚ which was supposed to help people understand better and their pension system work efficiently. It seems to be achieved for the first part that people now understand the pension system better. For the second part‚ however‚ there are always fights between governments and the public‚ because some governments attempt to cut pension payment in order to balance the budget that the government need in the year. One of the
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Running Head: GASB and FASB Analysis Paper GASB and FASB Analysis Paper Henry Holden Course: ACC/460 Government and Non-Profit Accounting University of Phoenix Instructor: Aisha Meeks Due Date: June 12‚ 2009 GASB and FASB Analysis Paper Since 1973‚ the Financial Accounting Standards Board (FASB) has been the designated organization in the private sector for establishing standards of financial accounting. Those standards govern the preparation of financial statements. They are officially
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Recommendation: CIBC and Barclays Bank PLC should merge their retail and corporate together in order to gain more economies of scale as well as to achieve more of an organic growth. Reasons to support recommendation: • Both financial institutions are operating in the banking industries. With this horizontal merger there is a high chance of growth potential due to the fact that there is a great synergy that exists between the companies since they are involved in the same line of business‚ with
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