...exclusive rights to use or manufature of a particular product” (Walther, 2010, ch. 11). The patent cost is “amortized over its useful life which should not exceed its legal life of 20 years” (Walther, 2010, ch.11). The impairment of a patent denotes that the owner of the asset (patent) “no longer expects to be able to generate returns of cash from the asset sufficient to recapture its recorded net book value” (Walther, 2010, ch. 11). FASB 30-35-11, states that as a result of an impairment loss, the loss should be “presented in the income statement in the same manner as other impairment losses” (FASB, 30-35-11). An impairment loss is recorded on the income statement and the intangible asset is reduced on the books of the company. FASB 30-35-14 goes on to explain that an impairment loss should be “recognized if the carrying amount of an intangible asset is not recoverable and its carrying amount exceeds its fair value” (FASB, 30-35-14). Once this loss is recognized, “the adjusted carrying amount of the intangible asset should be its new accounting basis” (FASB, 30-35-19). References (2007). Financial Education. Retrieved February 6, 2011 from http://financial-education.com/2007/05/28/asset-impairment-charges/ Walther, L. (2010). Principles of Accounting. Retrieved from http://www.principlesofaccounting.com/chapter%2011.htm#ASSET%20IMPAIRMENTS (n.d). FASB Accounting Standard Codification. Retrieved from...
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...MEMO To: Client From: Accounting Firm Re: Lawsuit Pending lawsuits against a company are both expensive and detrimental to a company’s image. The decision to understand the implications of a lawsuit to the company is the first step in minimizing risk and potential loss to the organization. Research was conducted based on the guidelines of the FASB to answer the client’s questions pertaining to the lawsuit. The memo provided to the client will answer the following questions: How are requirements for contingencies reported? What would happen to the financial statements if the client loses the lawsuit? Will the client’s debt be forgiven if the mortgage is refinanced or if their mortgage will be refinanced if they file Chapter 11? How will the treatment on the financial statement be resolved? How will the reparations of the patent be treated on the financial statements as a result of losing the lawsuit? To report requirements for contingencies and explain the financial statements consequences if the client loses the lawsuit. When dealing with a lawsuit, a company must know whether or not to consider contingencies. According to Schroeder, Clark, and Cathey (2005), a contingency is a possible future event that could perhaps have possible implications on the firm. The four most common contingency methods: Pending lawsuits Income tax disputes Notes receivable...
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...Accounting Standards Codification® Notice to Constituents (v 4.6) About the Codification FASB Accounting Standards Codification® Notice to Constituents (v 4.6) About the Codification Notice to Constituent version numbers - The Notice to Constituents contains a version number indicating the degree of change within a particular version. Versions ending with ".0" represent substantive changes to the text, whereas versions ending with a number other than zero represent editorial or clerical corrections. Page FASB Accounting Standards Codification ................................................................................... 4 Codification Goals .......................................................................................................................... 5 Codification Research System ........................................................................................................ 6 Content Matters............................................................................................................................... 7 Population of codified standards as of July 1, 2009 ................................................................... 7 Standards issued by standard setters other than the SEC ........................................................ 7 Standards issued by the SEC................................................................................................... 8 Essential and nonessential content ................................
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...Accounting Standards Codification® Notice to Constituents (v 4.5) About the Codification FASB Accounting Standards Codification® Notice to Constituents (v 4.5) About the Codification Notice to Constituent version numbers - The Notice to Constituents contains a version number indicating the degree of change within a particular version. Versions ending with ".0" represent substantive changes to the text, whereas versions ending with a number other than zero represent editorial or clerical corrections. Page FASB Accounting Standards Codification ................................................................................... 4 Codification Goals .......................................................................................................................... 5 Codification Research System ........................................................................................................ 6 Content Matters............................................................................................................................... 7 Population of codified standards as of July 1, 2009 ................................................................... 7 Standards issued by standard setters other than the SEC ........................................................ 7 Standards issued by the SEC................................................................................................... 8 Essential and nonessential content ................................
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...Ch.1 [FINANCIAL ACCOUNTING AND ACCOUNTING STANDARDS] I. Essential characteristics of accounting are: a. The identification, measurement, and communication of financial information i. Financial statements b. Economic entities ii. Financial information c. Interested parties II. What is the purpose of information presented in notes to the financial statements? d. To provide disclosure required by GAAP III. Capital Allocation e. Financial reporting iii. Financial information a company provides to help users with capitol allocation decisions about the company f. Users iv. Investors and creditors use financial reports to make their capital allocation decisions v. Audience- are reasonably well-informed users g. Capital allocation vi. The process of determining how and at what cost money is allocated among competing interest vii. Interested in investors’ money to make good capital allocated decisions. h. An effective process of capital allocation is critical to a healthy economy, which… viii. Promotes productivity ix. Encourages innovation x. Provides an efficient and liquid market for buying and selling securities IV. Objective of accounting i. General purpose Financial statements xi. Provide the most useful information possible at the least cost 1. Equity investors are the primary...
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...YEAR COURSE OFFERED: 2015 SEMESTER COURSE OFFERED: Spring DEPARTMENT: ACCOUNTANCY AND TAXATION COURSE NUMBER: ACCT 3366 NAME OF COURSE: FINANCIAL REPORTING FRAMEWORKS NAME OF INSTRUCTOR: Vinita Ramaswamy, Ph.D Associate Dean, University of St.Thomas 713 525 6913 email: vram3368@yahoo.com (preferred) ****************************************************************************** The information contained in this class syllabus is subject to change without notice. Students are expected to be aware of any additional course policies presented by the instructor during the course. ****************************************************************************** Learning Objectives This course will utilize a “hands on” approach for the recording and reporting of economic transactions. This course will provide students with a thorough understanding of the accounting process and its application and introduce students to audit, tax and GAAP and IFRS standard setting processes. Prerequisites: ACCT 2231 and ACCT2232 (or concurrent enrollment in ACCT2332) Mission of the Department of Accountancy and Taxation Prepare accounting graduates for leadership roles in the accounting profession; Conduct research that advances the body of accounting knowledge, and inevitably has implications on accounting practice; Perform service that leads to the efficient and effective practice of accounting. Objectives of the Department of Accountancy and...
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...10, committee on accounting procedure 9, decision usefulness 6, emerging issues task force 12, entity perspective 6, expectation gap 18, fasb staff position 13, financial accounting 4, financial accounting standards board 10, codifications 14, crs 14, financial reporting 4, financial statements 4 Chapter 2 Assumption 54, comparability 51, completeness 49, conceptual framework 42, confirmatory value 47, conservatism 49, consistency 51, cost constraint 61, economic entity assumption 54, elements 52, basic 52, expense recognition principle 58, fair value 56, fair value option 57fair value principle 57, faithful representation 49, financial statements 60, free form error 49, full disclosure principle 60, general purpose financial reporting 45, going concern assumption 55, historical cost assumption 55, historical cost principle 56, matching principle 59, materiality 47, monetary unit assumption 55, neutrality 49, notes to financial statements 60, objective of financial reporting 45, period costs 59, periodicity 56, predictive value 47, principle of accounting 56, product costs 59, prudence 49, qualitative characteristics 45, relevance 46, revenue recognition principle 58, supplementary information 60, timeliness 51, understandability 52, verifiability 51 Ch 3 Account, 84 accounting cycle, 89 accounting information system, 84 accrued expenses, 104 accrued revenues, 103 adjusted trial balance, 85, 108 adjusting entry, 85,96 Balance sheet. 85 book value, 101 closing entries, 85. 111...
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...About CGG The Centre for Good Governance (CGG) was established by the Government of Andhra Pradesh (GOAP) in October 2001 to help it achieve the goal of ‘Transforming Governance’. Besides supporting the design and implementation of GOAP’s Governance Reform Programme, CGG undertakes action research, renders professional advice, and conducts Change Management and Management Development Programmes for Government departments and public agencies to help them implement their reform agenda. The Finance Department, GOAP entrusted the project ‘Framework for Preparation of Asset Register’ to CGG under IDF grant for strengthening public financial management. The Team This Report on ʹAsset Register Framework for Government of Andhra Pradeshʹ has been prepared by Mr. A. Srinivas Kumar IA&AS., Deputy Executive Director, CGG with assistance from Mr A P H D Varma, ACA, Consultant and Ms. Vasantha Pratha, Knowledge Manager (PFM) CGG under the overall guidance of Dr. Rajiv Sharma, IAS, Director General & Executive Director, CGG. Acknowledgements The study team would like express its sincere gratitude to Mr C R Kamalanathan, IAS (Retd.), Consultant, CGG for his valuable guidance and support. We are also grateful to Ms Vasudha Mishra, IAS, Secretary (IF), Finance Department, GoAP for her involvement and active participation in the deliberations of the workshop, which helped clarify many points...
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...NONE, ONE OR SEVERAL? PERSPECTIVES ON THE UK’S CONSTITUTION(S) DAVID FELDMAN* An inaugural lecture is the occasion when the University of Cambridge can look its gift horse in the mouth, weighing the new professor in the balance against his or her distinguished predecessors. The Rouse Ball Professorship of English Law has been held in the past by a long series of distinguished scholars, from Sir Percy Winfield to my immediate predecessor, Sir Jack Beatson whom we are delighted to welcome back today. Their work has influenced generations of lawyers. They certainly influenced me. Before I encountered Criminal Law: The General Part,1 a great little volume by Professor Glanville Williams, Learning the Law, was my ‘Guide, Philosopher and Friend’ (as it still says on the cover of the latest edition, now edited by my colleague Professor Tony Smith)2 as I approached the study of law. Another Rouse Ball Professor, the late Sir William Wade, had a formative effect on my understanding of land law and administrative law both through his famous books, Megarry and Wade on the Law of Real Property (now edited by a former Fellow of Downing College, Dr. Charles Harpum)3 and Administrative Law (now in the hands of my colleague Dr. Christopher Forsyth),4 not to mention the lectures that I attended as an undergraduate in (softly be it said) the University of Oxford. Two wonderfully stimulating and enjoyable books by the Emeritus Rouse Ball Professor and * Rouse Ball Professor of English Law in...
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...A SPECIAL ISSUE ON INDIA The Uniform Civil Code Debate in Indian Law: New Developments and Changing Agenda By Werner Menski ∗ A. Introduction: What Happens if One Asks for the Moon? Postcolonial India’s modernist ambition to have a Uniform Civil Code, impressively written into Article 44 of the Indian Constitution of 1950 as a nonjusticiable Directive Principle of State Policy, concerns not just an Indian problem but a universal predicament for lawyers and legal systems. What is the relationship between personal status laws and general state-made laws? To what extent should the formal law allow for, or seek to restrain, the legal implications of religious and socio-cultural diversity? To what extent does a state, whether secular or not, actually have power and legitimacy to decree and enforce legal uniformity? There are many more agendas at play here than simply the central issue of legal authority, focused on the power of the law, or simply “religion” v. “law”, or “culture” v. “law”, as we are often still led to believe. I present here the recent developments in India’s law relating to the much-debated Uniform Civil Code agenda to illustrate that Indian law today increasingly turns its back on supposedly European or “Western” models, and has been developing its own country-specific and situation-sensitive methods of handling complex sociolegal issues. This may contain some important lessons for European lawyers, specifically in terms of managing cultural diversity through...
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...A SPECIAL ISSUE ON INDIA The Uniform Civil Code Debate in Indian Law: New Developments and Changing Agenda By Werner Menski ∗ A. Introduction: What Happens if One Asks for the Moon? Postcolonial India’s modernist ambition to have a Uniform Civil Code, impressively written into Article 44 of the Indian Constitution of 1950 as a nonjusticiable Directive Principle of State Policy, concerns not just an Indian problem but a universal predicament for lawyers and legal systems. What is the relationship between personal status laws and general state-made laws? To what extent should the formal law allow for, or seek to restrain, the legal implications of religious and socio-cultural diversity? To what extent does a state, whether secular or not, actually have power and legitimacy to decree and enforce legal uniformity? There are many more agendas at play here than simply the central issue of legal authority, focused on the power of the law, or simply “religion” v. “law”, or “culture” v. “law”, as we are often still led to believe. I present here the recent developments in India’s law relating to the much-debated Uniform Civil Code agenda to illustrate that Indian law today increasingly turns its back on supposedly European or “Western” models, and has been developing its own country-specific and situation-sensitive methods of handling complex sociolegal issues. This may contain some important lessons for European lawyers, specifically in terms of managing cultural diversity through...
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...Required in Registration Statement. 8. Taking Effect of Registration Statements and Amendments Thereto. 8A. Cease-And-Desist Proceedings. 9. Court Review of Orders. 10. Information Required in Prospectus. 11. Civil Liabilities on Account of False Registration Statement. 12. Civil Liabilities Arising in Connection With Prospectuses and Communications. Sec. 13. Limitation of Actions. Sec. 14. Contrary Stipulations Void. Sec. 15. Liability of Controlling Persons. Sec. 16. Additional Remedies; Limitation on Remedies. Sec. 17. Fraudulent Interstate Transactions. Sec. 18. Exemption From State Regulation of Securities Offerings. Sec. 19. Special Powers of Commission. Sec. 20. Injunctions and Prosecution of Offenses. Sec. 21. Hearings by Commission. Sec. 22. Jurisdiction of Offenses and Suits. Sec. 23. Unlawful Representations. Sec. 24. Penalties. Sec. 25. Jurisdiction of Other Government Agencies Over Securities. Sec. 26. Separability of Provisions. Sec. 27. Private Securities Litigation. Sec. 27A. Application of Safe Harbor for Forward-Looking Statements. Sec. 27B. Conflicts of Interest Relating to Certain Securitizations. Sec. 28. General Exemptive Authority. Schedule A. Schedule B. SHORT TITLE SEC. 1. This title may be cited as the ‘‘Securities Act of 1933’’. (May 27, 1933, ch. 38, title I, Sec. 1, 48 Stat. 74.) DEFINITIONS SEC. 2. (a) DEFINITIONS.—When used in this title,...
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...1 JUSTICE, EQUALITY, AND RIGHTS by John Tasioulas For R. Crisp (ed), The Oxford Handbook of the History of Ethics 1. The Nature of Justice Philosophers have advocated many divergent views as to the content of the correct principles of justice. In contemporary philosophy, for example, the live options range from the austere libertarian thesis that the claims of justice are limited to a small class of rights that protect us from coercive interference by others to more radically egalitarian doctrines that mandate the large-scale redistribution of wealth and other goods. But there is a prior, conceptual question: is there an illuminating sense in which these disagreements are aptly described as concerned with justice? Alternatively put, is there a concept of justice of which these rival accounts can be interpreted as offering different conceptions? (Rawls 1971/1999: 5-6). If not, the dispiriting conclusion looms that these disputes are „verbal‟ rather than genuine, like a debate about the nature of „banks‟ in which one party has in mind financial institutions and the other party the sloping bits of land at the sides of rivers. One answer is that the concept of justice marks out the entire domain of moral evaluation, or at least the whole of inter-personal morality, excluding only moral concerns relating purely to oneself or to non-persons, such as animals. This expansive reading of justice – as (inter-personal) moral rightness or virtue – has a venerable pedigree. The Greek...
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...MARITIME LIENS IN THE CONFLICT OF LAWS (final version published in J.A.R. Nafziger & Symeon C. Symeonides, eds., Law and Justice in a Multistate World: Essays in Honor of Arthur T. von Mehren, Transnational Publishers Inc., Ardsley, N. Y. 2002 at pp. 439-457) Prof. William Tetley, Q.C.* INDEX I. II. Preface - Homage to Arthur T. von Mehren Introduction - Maritime Liens 1) 2) III. Civilian origins of maritime liens Characteristics of maritime liens Maritime Liens as Sources of Conflicts of Law 1) 2) 3) The differing scope of "maritime liens" Other maritime claims Different ranking of maritime liens and claims IV. V. VI. VII. The United Kingdom - The Lex Fori The United States - The Proper Law Canada Some Other Jurisdictions 1) 2) 3) 4) 5) China Israel Greece Sweden The Netherlands VIII. The Rome Convention 1980 IX. * Conclusion Professor of Law, McGill University; Distinguished Visiting Professor of Maritime and Commercial Law, Tulane University; counsel to Langlois Gaudreau O'Connor of Montreal. The author acknowledges with thanks the assistance of Robert C. Wilkins, B.A., B.C.L., in the preparation and correction of the text. -2- MARITIME LIENS IN THE CONFLICT OF LAWS Prof. William Tetley, Q.C.* I. Preface - Homage to Arthur T. von Mehren I am honoured to contribute to Prof. Arthur von Mehren's festschrift. On occasion, I have leaned upon and even borrowed (with great benefit and I hope with complete citation), his writings and, for example, have...
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...A GUIDE TO FORENSIC ACCOUNTING INVESTIGATION THOMAS W. GOLDEN, STEVEN L. SKALAK, AND MONA M. CLAYTON JOHN WILEY & SONS, INC. A GUIDE TO FORENSIC ACCOUNTING INVESTIGATION THOMAS W. GOLDEN, STEVEN L. SKALAK, AND MONA M. CLAYTON JOHN WILEY & SONS, INC. This book is printed on acid-free paper. Copyright © 2006 by PricewaterhouseCoopers LLP. PricewaterhouseCoopers refers to the individual member firms of the worldwide PricewaterhouseCoopers organization. All rights reserved. Published by John Wiley & Sons, Inc., Hoboken, New Jersey. Published simultaneously in Canada. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, 978-750-8400, fax 978-646-8600, or on the Web at www.copyright.com. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, 201-748-6011, fax 201-748-6008, or online at http://www.wiley.com/go/permissions. Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this...
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