From: Team A Date: September 13‚ 2010 Subject: Share-based payment reporting and special purpose entities reporting December 16‚ 2004 the Financial Accounting Standards Board issued Statement 123‚ Shared- Based Statement‚ which took the place of Accounting for Stock-Based Compensation and replaced Accounting Principal Board Opinion No. 25 Accounting for Stock issued to Employees. Share-based payment is “a transaction in which the entity receives or acquires goods or services either as consideration
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also describe the qualities of good accounting information; the differences in accrual based and cash based accounting; and the different types of business structures. General Accepted Accounting Principles (GAAP) Generally Accepted Accounting Principles (GAAP) is a term used to refer to the standard framework of guidelines for financial accounting used in any given jurisdiction which are generally known as Accounting Standards. GAAP includes the standards‚ conventions‚ and rules accountants
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Basic Concepts of Accounting OBJECTIVE: Use the tools available to University of Phoenix graduate students. Resource: University of Phoenix student Web site: https://ecampus.phoenix.edu Content University Library Center for Writing Excellence Student Web site OBJECTIVE: Identify the hierarchy of sources for generally accepted accounting principles. Resource: Ch. 1 of Intermediate Accounting Content Financial accounting standards board (FASB) standard categorizes the major
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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 a “private company GAAP.” FASB
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loss is possible it is recorded when it is likely to occur. The Financial Accounting Standard Board breaks down three criteria to determine if a loss should be recorded. A company must first consider if there is a possibility of a loss. The Financial Accounting Standards Board (2010) website states that the three ways a contingency is a loss is probable‚ reasonably possible‚ and remote. The Generally Accepted Accounting Principles states that only two of these must be recorded while the other
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document of ACC 460 Week 1 DQs consists of: DQ1: Log into charitynavigator.org/. Choose a good charity and a bad charity and explain why you feel they should labeled good or bad. DQ2: What is fund accounting? How does it compare to proprietary accounting? Why is fund accounting necessary? What are the major fund types? DQ3: What are some examples of government and not-for-profit organizations? How do proprietary businesses measure achievement? How do government organizations measure
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maintaining balance between them for accomplishing practical tasks. Because public finance relates to government activities the paper will also contrast governmental accounting with nongovernmental accounting. The main point for the governments finance reporting is its accountability. After providing the overview of the different accounting methods the paper will explain the relationship between budgeting and financial reporting in government. Before we can discuss public finance we will need to understand
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Advanced Topics in Accounting Research Copyright © 2011‚ 2010‚ 2009‚ 2008‚ 2006 by University of Phoenix. All rights reserved. Course Description This course in accounting research provides students with an in-depth examination of the Generally Accepted Accounting Principles (GAAP) and acceptable alternative reporting practices. Through comprehensive case studies‚ students will develop the research application skills necessary to analyze and make decisions regarding accounting reporting dilemmas
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Properly accounting for subsequent events is important because investors’ opinions could be dramatically altered by the events and transactions that occur after year end. If subsequent events are not given proper consideration‚ the financial statements that are issued at year-end may be misleading. Accounting Standards Codification (ASC) 855 provides guidance on the proper accounting for and disclosure of subsequent events. Due to the potential impact subsequent events may have on the financial statements
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Brooks University of Phoenix Advanced Topics in Accounting Research July 5‚ 2010 Use FARS to identify what standard-setters have said as to the superiority of accrual accounting relative to a cash basis. Do you agree with the justification offered for accrual accounting? Explain. Accrual accounting is a much better system than cash basis accounting. The accrual accounting promotes matching concepts and cautiousness which are two basic accounting concepts. In cash basis‚ financial statements
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