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
Premium Fundamental analysis Stock Generally Accepted Accounting Principles
The FASB is a private and not for-profit organizations and their primary goal is to establish and improve generally accepted accounting principles in the public’s interest. FASB established in 1973 and it’s starts giving the financial solutions for public and private companies and non-profit organizations. FASB is responsible for setting accounting standards for public‚ private companies and organizations. There are currently seven members’ who are at the top position of this organization. The magazines
Premium Financial statements International Financial Reporting Standards Financial Accounting Standards Board
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
Premium International Financial Reporting Standards Finance Generally Accepted Accounting Principles
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
Premium Privately held company Generally Accepted Accounting Principles Financial Accounting Standards Board
the Accounting Standards Review Board (ASRB) ceases to exist in New Zealand. 1. What is the ASRB to be replaced with‚ and what will be the statutory authority of this new organisation? The current authoritative accounting board is Accounting Standard Reporting Board (ASRB). This board reviews and approves financial reporting standards and their amendments‚ give directions as to authoritative support of accounting policies and encourage development of financial reporting standards. This board
Premium International Financial Reporting Standards Financial statements
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‚ in their disposal in the ordinary course of business‚ will be less
Premium Depreciation Inventory Asset
Introduction & Intent of Project The International Accounting Standards Board (IASB) and The Financial Accounting Standards Board (FASB) have undertaken a joint revenue recognition project that clarifies the principles for recognizing revenue that can be applied consistently across various transactions‚ industries‚ and capital markets. This project will apply to all contracts with customers except leases‚ financial instruments and insurance contracts. The joint project will attempt to remove
Premium International Financial Reporting Standards
The FASB should consider economic consequences in the standard setting process; “The Board cannot cease to be concerned about the cost-effectiveness of its standards. To do so would be a dereliction of its duty and a disservice to its constituents”. (SFAC No.2 P. 144) FASB member Victor H. Brown identified the economic costs to consider: “The costs of introducing a new standard‚ of course‚ include the out of pocket costs of converting to the new standard‚ the costs of processing and reporting the
Premium
UNIT 8 CAPITAL MARKET I : NEW ISSUES MARKET Structur 8.0 8.1 8.2 8.3 . . Objectives Introduction ‚Primary Market and Secondary Market ’Idethods of Floatation of New Issues 8.3.1 Public Issue 8.3.2 Rights Issue 8.3.3 Private Placement 8.4 Entry Norms for New Issues 8.5 Fixation of Premium 8.5.1 Book Building Process 8.6 Reforms in Primary Capital Market 8.7 Recent Trends in New Issues Market in India 8.8 Let U s Sum Up 8.9 Key Words 8.10 Some Useful Books 8.1 1 Answers/Hints to Check Your Progress
Premium Initial public offering
(a)What is the authoritative literature addressing revenue recognition when right of return exists? If a transaction is within the scope of specific authoritative literature that provides revenue recognition guidance‚ that literature should be applied. However‚ in the absence of authoritative literature addressing a specific arrangement or a specific industry‚ the staff will consider the existing authoritative accounting standards as well as the broad revenue recognition criteria specified in the FASB’s
Premium Education Teacher Educational psychology