Accounting Standards Boards “The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) are currently working on a joint venture referred to as the convergence project” (University of Phoenix‚ 2013‚ p. 1). As a result‚ both Boards have agreed to meet a deadline of June 2011 for the convergence of the accounting guidelines to be complete. Understanding their history and their relationship can help students in the MSA program to get ready for the working
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NaviNow will pay $8 million to the four former owners of TrafficEye if revenues from the combined system exceed $100 million over the next 3 years. NaviNow estimates this contingent payment to have a probability adjusted present value of $4million. According to down said formula (http://www.ey.com/Global/assets.nsf/United%20Accounting/ATG_FRD_BB1616/$file/ATG_FRD_BB1616.pdf) the $8million is consideration transferred in the acquisition. B6.4.4.7 Factors involving a formula for determining contingent
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Accounting Standards The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) are working on a joint venture known as the convergence project. With more business’s doing business globally financial reporting is an issue among the differing countries. Some countries report their financial differently‚ while the United States uses Generally Accepted Accounting Principles (GAAP) the convergence project aims at making a uniform set of international accounting
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1. You use a perpetual inventory system and value the inventory using FIFO. Prior to making adjusting year-end entries you valued the inventory at the lower-of-cost or-market. Justify why you valued the inventory at lower-of-cost or-market. FASB ASC CITATION: Adjustments to Lower of Cost or Market 330-10-35-1 A departure from the cost basis of pricing the inventory is required when the utility of the goods is no longer as great as their cost. Where there is evidence that the utility of goods‚
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Unit 2 Case Study Access the FASB Codification and prepare responses to the following questions‚ providing Codification references as support for your answers. 1. Access the glossary and give the definition for: a. Firm Fixed-Price Contract This is a contract of the price which allows it not be subject to adjustment as a result of the performance provided as outlined in the contract. What was outlined in the contract is what will be the cost. There cannot be any hidden fees added once the
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November 3‚ 2013 Accounting 305 FASB Codification 1. The relevant FASB codification standards are as follows… 1. 350 Intangibles – Goodwill & Other 1.2 20 Goodwill 1.3 35 Subsequent Measurement 1.3.1 Overall Accounting for Goodwill (35.1-3) 1.3.2 Recognition & Measurement of Impairment Loss & Step 1 of the Qualitative Assessment (35.3A-15) 1.3.4 Determine the Fair Value of a Reporting Unit (35.22-23) 1.3.5 Reporting Unit (35.33-38) 2. 280 Segment Reporting 2.1 10 Overall
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To: FASB / IASB From: Billy Leigh Re: Proposed Changes to Financial Statement Presentation Dear Members of IASB / FASB‚ As I understand it‚ the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) are proposing a joint venture to change the presentation of financial statements. I appreciate the opportunity to comment on the proposed changes. It is in my humble opinion that the current requirements for financial statement presentation
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There are “7” members for the FASB and they function as full time along with being obligated to break their links to firms and institutions that they have been affiliated with in previous time frames. This is all prior to them linking up as board members for the FASB‚ 2014. The present executive members are Golden‚ Kroeker‚ Buck Linsmeier‚ Schroeder‚ Siegel and Smith. 1. Golden started his duration as the 7th chairman of the FASB as of 7/1/2013. He began his duties to the FASB back in 2010.
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head: GASB AND FASB ANALYSIS PAPER Governmental Accounting Standards Board (GASB) and Financial Accounting Standards Board (FASB) Analysis Paper Mandy Diaz University of Phoenix Marie Romero ACC 460 / Government and Non-Profit Accounting March 30‚ 2010 Governmental Accounting Standards Board and Financial Accounting Standards Board This paper will be aimed at comparing and contrasting governmental (GASB) which is Governmental Accounting Standards Board and proprietary (FASB) which is Financial
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in the accounting of financial instruments‚ particularly the delayed recognition of credit losses on loans. FASB and IASB began working together‚ but found irreconcilable differences in their solutions to this problem. Their main differences involved classification and measurement‚ recognition and derecognition and hedge accounting. One of the fundamental differences on which IASB and FASB disagree is the qualifying criterion of financial instruments. IFRS‚ unlike GASB has qualifying criteria that
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