RUN‚ INC. Case 1) What are the practical differences in the accounting for a change in estimate and a correction of an error? Why might managements prefer one approach to another? What pictures do the two accounting presentations paint for readers outside the company? A change in estimate is a normal and ongoing process of a company. It usually arises from the appearance of new information that alters the current situation. Accounting for a change in estimate is treated prospectively. Companies
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The following three standards: The AICPA Code of Professional Conduct‚ the IMA Statement of Ethical Professional Practice‚ and the Statement on Standards for Tax Services compare in many ways‚ which will be discussed in this paper. However‚ out of the three the two that compare the most are the AICPA guide and the IMA guide. The AICPA version goes into much more depth and description about each point in comparison to the IMA guide. Both the AICPA and IMA discuss the importance of integrity‚ and
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Case One a. During the standard-setting process‚ the AICPA developed the first auditing standards and principles to both the public accounting community and non-public entities. The auditing standard was called the Committee on Auditing Procedure and was consigned to evaluate‚ discuss‚ and issue guidance on auditing-related matters. From 1939 to 2002‚ the AICPA’s Auditing Standards Board issued another two set of standards‚ which were Statement on Auditing Procedures and Statements
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Standard Issues: AICPA The American Institute of Certified Public Accountants has created a code of professional conduct that all certified public accountants must follow. This code of conduct lists the responsibilities CPAs have when working with a company ’s financial information. The AICPA also includes information regarding the integrity‚ objectivity‚ independence and due care that CPAs must use when working in the accounting industry. The AICPA offers an ethics course for accountants to refresh
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The AICPA term “spousal equivalent” seems to be open to interpretation. Left to my own senses‚ I found in an internet search the Free Dictionary version of what a “spousal equivalent” is. According to the definition‚ a spousal equivalent is “a person (not necessarily a spouse) with whom you cohabit and share a long-term sexual relationship”. This definition leaves a lot to be desired and can be interpreted and misled in many directions. Just because one cohabitates with someone else (regardless
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AICPA Clarity Standards The goal of the Clarity Project is to make the United States generally accepted auditing standards (GAAS) easier to read‚ understand‚ and apply. As the Accounting Standard Board (ASB) redrafted the standards for clarity‚ it also joined the standards with International Standards on Auditing (ISAs)‚ which is issued by the International Auditing and Assurance Standards Board (IAASB). The ASB’s plan for the Clarity Project is to completely revise and recodify all existing auditing
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To run‚ or not to run--that is the question: Whether ’tis easier to race And face the harsh pains of a race Or to stay lazy And‚ by not moving‚ avoid pain To run‚ to hit the adrenaline rush- No more – and by running to say I face The early morning preparations for the events That each race day holds ‘Tis a situation I do not wish to face To run‚ to race- To fall perhaps too hard. Ay there’s the problem‚ For in running what events may come about When we are hiding from the finish
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doctrine that applied before the statute was enacted. b. a common law doctrine that applies to other‚ different practices. c. Paula’s personal philosophy of law. d. the statute. ANSWER: D PAGE: 12 type: = NAT: AACSB Reflective AICPA Critical Thinking Fact Pattern 1-A1 (Questions A17–A19 apply) The Texas Supreme Court decides the case of Livewire Entertainment Co. v. Power Play Corp. Of nine justices‚ six believe the judgment should be in Livewire’s favor. Justice Bellamy‚
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who rely on their services. CPA’s have an obligation to serve their clients and the public with a strict code of ethics. The Code of Professional Conduct of the American Institute of CPAs (AICPA) establishes ethical principles and rules of conduct for its members. The principles set in place by the AICPA provide universal guidelines that CPAs should strive to follow. CPA’s should serve as their client’s moral conscience. As professionals‚ they serve a critical role in society. They also
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For the accounting field‚ the American Institute of Certified Public Accountants (AICPA) maintains and enforces a code of professional conduct for public accountants. By adhering to the code‚ accounting professionals assume an obligation of "self-discipline above and beyond the requirements of laws and regulations" (AICPA‚ 2006‚ para. 8). The duties placed on accounting professionals by the code of ethics require "professional competence‚ confidentiality‚ integrity‚ and objectivity" (Bookrags‚ 2006
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