transaction price‚ allocate the transaction price to the performance obligations in the contract‚ and recognize the revenue when‚ or as‚ the entity satisfies a performance obligation . In identifying a contract with a customer‚ both the FASB and the IASB require approval and commitment of the parties‚ as well as the identification of rights and payment terms. Also required is that the contract has commercial substance. It must be probable that consideration will be received in exchange for the goods
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Most women throughout history have made an impact or had a significant role in the society of their time. These women of ancient civilizations have led us to the roles of women in our society today. They have boosted the standing of women in society and have tried to be individuals. In some time periods‚ women were controlled completely by men and in others they were moderately controlled by men. This paper will focus on the roles of women in certain areas. The civilizations that I analyzed
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members of the FASB are appointed by the FAF’s Board of Trustees and may serve up to two five-year terms. A 60+ person staff supports the Board. (FASB‚ n.d) IASB The International Accounting Standards Committee (IASC) is an independent private sector body‚ formed in 1971 to develop worldwide accounting standards. The requirement for IASB had arisen because many countries did not have a program of developing accounting standards and because of the need to harmonize differences among national standards
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the IASB and FASB have been striving since 2002 to achieve convergence‚ there are still many differences between the two. These differences range from revenue recognition to the matter in which the organizations receive funding. Under the IASB‚ the accrual method is the only preferred way of recognizing revenue and expenses. While FASB accepts cash basis and accrual basis; cash basis is only accepted if cash sales are less than $5 million per year. When it comes to generating funds the IASB receives
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one of the most important items in financial statements and that revenue recognition is one of the most difficult issues that standard-setters and accountants have to deal with (FASB‚ 2002). There exist a variety of reasons for the emergence of the IASB-FASB joint project on revenue recognition. The most essential reason is‚ as stated in the exposure‚ that revenue recognition requirements in US Generally Accepted Accounting Principles (GAAP) differ from those in International Financial Reporting Standards
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Historically‚ the role of women was confined to some extent to being a mother and wife‚ with women being expected to dedicate most of their energy to these roles‚ and to spend most of their time taking care of the home. In many cultures‚ women received significant help in performing these tasks from older female relatives‚ such as mothers in law or their own mothers.[13] Mother and child in Cambodia Mothers have historically fulfilled the primary role in raising children‚ but since the late 20th
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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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measurement is required by IFRSs. Discussion at the September 2005 IASB Meeting At the September 2005 meeting‚ the IASB added the Fair Value Measurements topic to its agenda. The aim of the project is to provide guidance to entities on how they should measure the fair value of assets and liabilities when required by other Standards. This project will not change when fair value measurement is required by IFRSs. Discussion at the November 2005 IASB Meeting The staff conducted an education session on the FASB’s
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Gender Roles Throughout history men and women have been treated differently in many ways. For example‚ men have always been the hunters‚ protectors‚ and bases of their families‚ whereas women are the nurturers and caregivers for their family‚ and they still are to this day. Historically men have been the more dominant gender due to their greater physical size and strength. Women on the other hand have been more submissive due to the fact that they have to nurture and care for a child. These have
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History is playing a crucial role in our lives as human beings; it makes us to understand who we are‚ where we are coming from and all that makes us to know where we are going to. In this work I am going to write the plan of an essay which looks at the values and the uses of History‚ in this plan I am going to look at the paragraphs where I will focus on writing the point I am going to cover and the explanation of each paragraph. Paragraph 1: The introduction of my essay. Paragraph 2: Point:
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