537 November 10th 2012 Professor Joh David Basic Accounting Concepts and Business Structures Generally Accepted Accounting Principles (GAAP) and Related Hierarchy The common set of standards and procedures is called generally accepted accounting principles (GAAP). Four organizations are instrumental in the development of financial accounting standards (GAAP) in the United States: 1- Securities and Exchange Commission (SEC) 2- American Institutes of Certified Public Accountants (AICPA) 3- Financial
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set-up the codification of Generally Accepted Accounting Principles (GAAP). In the following paragraphs the purpose and reason are defined. The break-down of the nine main areas are described with a break-down of each area. An accounting professional will use these areas many times in his or her career‚ so the knowledge offered is important. The FASB codification system is a database system set-up for the authoritative combination of GAAP to be found in one place. A person does not have to search several
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“private company GAAP.” Summarize the interaction between this group and FASB in addition to arguments for and against the new group | The Financial Accounting Foundation (FAF)‚ in May of 2012‚ has established The Private Company Council (PCC) to serve as the primary advisory body to the Financial Accounting Standards Board (FASB) for private company matters. Using the U.S. Generally Accepted Accounting Principles (U.S. GAAP) as a guide‚ the PCC will recommend modifications to FASB to create
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requirements or practice are: • Partial acquisitions. Non-controlling interests are measured either as their proportionate interest in the net identifiable assets (which is the original IFRS 3 requirement) or at fair value (which is the new requirement in US GAAP). • Step acquisitions: The requirement to measure at fair value every asset and liability at each step for the purposes of calculating a portion of goodwill has been removed. Instead‚ goodwill is measured as the difference at acquisition date between
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finances‚ of the FASB. The GAAP has many organizations that exist through the history of rule-making‚ including GASAC. http://www.ask.com/question Three organizations developed‚ or influenced the development of‚ the GAAP in the United States: the SEC‚ the AICPA‚ and the FASB. A separate but similar set of rules and principles govern state and local government reporting‚ as determined by the Governmental Accounting Standards Board (GASB). Accountants generally apply GAAP through the use of FASB pronouncements
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Voyage to the Lungs Trevor Frederick HS 130 Unit #4 – Assignment Kaplan University February 26‚ 2013 Welcome aboard! So glad you are all able to witness this extraordinary endeavor into the amazing human body. What you are about to witness is a feat seldom seen by the average individual. Frantic reports coming in are alarming; a foreign bacterium has invaded the right lung of our subject and is currently causing some severe damage. Shrunken to a mere eight microns in length‚ our state-of-the-art
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Advantages…………………………………………………………………………4 2.2. Disadvantages………………………………………………………………………………..5 3. Similarities and Differences between IFRS and U.S.GAAP......6 3.1. Similarities between IFRS and U.S. GAAP.......................................7 3.2. Differences between IFRS and U.S. GAAP……………………………………..10 4. International Accounting Harmonization…………………………...11 4.1. Why International Accounting Harmonization………………11 5. Adoption of IFRS around the world…………………………………….12 6. Progress
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Introduction‚ Review of Accounting Process & Financial Statements Part I • Generally Accepted Accounting Principles (US GAAP) Generally Accepted Accounting Principles or U.S. GAAP refer to the standard framework of guidelines for financial accounting used in any given jurisdiction; generally know as Accounting Standards. GAAP includes the standards‚ conventions‚ and rules accountants follow in recording and summarizing‚ and in the preparation of financial statements (Wikipedia‚ n.d.). Although
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classes from 60 minutes to 45 minutes. (Thomas‚ 2011‚ p.1) According to the Assistant Superintendent Joe Russo‚ this was “the only time all our students were exposed to a musical instrument‚ and some of them even learn to read music.”(Thomas‚ 2011‚p.1) Patton (2011) brings to attention that this decline in art education in public schools has been happening for over a generation‚ (p.1) but
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comparability. Next section describes the history and background of IFRS. In the third section‚ I discuss the arguments among people of internationally uniform accounting standards. In the fourth section‚ I compare the accounting differences between U.S. GAAP and IFRS. In the fifth section‚ I explain the advantages of accounting convergence for U.S. investors in depth. In the sixth section‚ I discuss certain potential IFRS implementation issues and its effect on investors. At last‚ I conclude the whole
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