INTRODUCTION In the wake of high-profile corporate accounting debacles, authorities have started to take action, and new international accounting standards (IAS) defined rules on boards¡¦ responsibilities and imposed penalties (the Sarbanes-Oxley Act) have come into effect. IAS rules will cause a greater need for comparability across various accounting and reporting principles. The European Union has decided that listed companies, a company which has any of its shares listed on a recognized stock
Words: 2162 - Pages: 9
SEC Staff Accounting Bulletin: No. 101 – Revenue Recognition in Financial Statements Securities and Exchange Commission 17 CFR Part 211 [Release No. SAB 101] Staff Accounting Bulletin No. 101 Agency: Securities and Exchange Commission Action: Publication of Staff Accounting Bulletin Summary: This staff accounting bulletin summarizes certain of the staff's views in applying generally accepted accounting principles to revenue recognition in financial statements. The staff is providing
Words: 11971 - Pages: 48
Capstone Research Project Cassandra Quinn ACC499 – Accounting Undergraduate Capstone June 16, 2013 Professor Wendy Achilles Capstone Research Project Auditing is the cornerstone of financial reporting because it provides attestations to the fairness and accuracy of a company’s financial records. Accountants and Auditors prepare and assess financial records to declare the fairness and accuracy of a company’s financial records. Auditors perform what is known as an audit which is a close
Words: 2683 - Pages: 11
Intermediate Accounting II Study Guide Final Exam 1. Liabilities are a. any accounts having credit balances after closing entries are made. b. deferred credits that are recognized and measured in conformity with generally accepted accounting principles. c. obligations to transfer ownership shares to other entities in the future. d. obligations arising from past transactions and payable in assets or services in the future. 2. Which of the following is a characteristic
Words: 8322 - Pages: 34
ACCT 495 Section 2: CASE STUDIES IN ACCOUNTING Research Assignment One Erin M. Bordwell September 29, 2012 Dr. Hossain Fall Quarter 2012 CALIFORNIA STATE UNIVERSITY, LOS ANGELES ACCT 495: Bordwell RESEARCH: Accounting Standard Codification (ASC) 1. FASB had four primary goals in developing the codification. List these four goals: 1) Simplify user access by codifying all authoritative U.S. GAAP 2) Ensure that the codification content accurately represented authoritative US GAAP 3) Mitigate
Words: 682 - Pages: 3
plan to lease an office building with lease to own option. I think this one is the best option for the business people who need a building for long year. A bargain purchase option is a provision in the lease contract that gives the lessee (Purchaser) the option of purchasing the leased property at a bargain price. This option gives you the right but not the obligation to purchase the office building and the land that the building sits on. In addition, a lessee should classify a lease transaction
Words: 965 - Pages: 4
11th edition. North Ryde, N.S.W. : McGraw-Hill, 2012. ISBN 9780070997592 Chapter 15 pages 488-515 CHAPTER CONTENTS 15.1 Introduction 15.2 Types of lease contracts 15.3 Accounting and taxation treatment of leases 15.4 Setting lease rentals 15.5 Evaluation of finance leases 15.6 Evaluation of operating leases 15.7 Advantages and disadvantages of leasing 15.8 Chattel mortgages and hire-purchase Graham Peirson ... [et al.] Business Finance. 11th
Words: 3678 - Pages: 15
milestones on each of the projects and what is the status of the conceptual Framework project? IFRS 9: Financial Instruments (replacement of IAS 39) The IASB divided this project to reconsider the accounting for financial into three phases classification and measurement, impairment methodology, and hedge accounting. IFRS 9 included requirements for financial assets and was published in November 2009. During October 2010 requirements for liabilities were added. One of the most notable changes were made to
Words: 867 - Pages: 4
GLOBAL AVIATION GROUP 2013 Airline Disclosures Handbook Financial reporting and management trends in the global aviation industry kpmg.com KPMG’s Global Aviation practice KPMG is a global network of professional firms providing Audit, Tax and Advisory services. We operate in 156 countries and have 152,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity
Words: 11825 - Pages: 48
Income Taxes We recognize deferred tax assets and liabilities based on the differences between the financial statement carrying amounts and the respective tax bases of our assets and liabilities. Deferred tax assets and liabilities are measured using current enacted tax rates expected to apply to taxable income in the years in which we expect the temporary differences to reverse. We routinely evaluate the likelihood of realizing the benefit of our deferred tax assets and may record a valuation
Words: 1257 - Pages: 6
