Clark ACC 380 Accounting for Government & Not-For-Profit Organizations Instructor Clements April 18, 2014 The Governmental Accounting Standards Board, known as GASB, is the source of Generally Accepted Accounting Principles, (GAAP) which is used by Local
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CHAPTER 20 ACCOUNTING FOR PENSIONS AND POSTRETIREMENT BENEFITS IFRS questions are available at the end of this chapter. TRUE-FALSE—Conceptual Answer F T F T T F F T F T F F T F T F T F F T No. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Description Funded pension plan. Qualified pension plans. Defined-contribution plan liability. Defined-benefit plans. Vested benefit obligation. Accumulated benefit obligation. Definition of service cost. Definition of interest
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Property, Plant and Equipment Property, Plant and Equipment I- Nature of Accounting Issues Businesses purchase and use a variety of fixed assets, such as equipment, furniture, tools, machinery, buildings, and land. These fixed assets are long-term or relatively permanent assets. Also, they are tangible assets because they exist physically. They are owned and used by the business and are not offered for sale as part of normal operations. Perhaps the most descriptive titles these assets are
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Accounting for Stock Options http://www.nysscpa.org/printversions/cpaj/2005/805/p30.htm Print Accounting for Stock Options Update on the Continuing Conflict By Nicholas G. Apostolou and D. Larry Crumbley AUGUST 2005 - In December 2004, a decade after bending to Congressional pressure and backing away from requiring the expensing of options on financial statements, FASB issued a revised standard to recognize stock-option compensation as an expense on income statements. Many in Congress may try
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................................................................2 Financial statement presentation......................................4 Interim financial reporting ................................................6 Consolidation, joint venture accounting and equity method investees .............................................................7 Business combinations ...................................................11 Inventory ...................................................................
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transactions is the Statement of Financial Accounting Standards Number 123 revised which supersedes SFAS#123 and Accounting Principles Board opinion No. 25. SFAS#123R requires all publicly traded companies that issue stock options in place of wages to base the compensation cost on the fair value of the option when it is granted and to report the estimated compensation expense on their income statements. The standard allows companies to use either the fair value method created by Fisher Black and Scholes
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Introduction The MASB The Malaysian Accounting Standards Board (MASB) and the Financial Reporting Foundation (FRF) were established under the Financial Reporting Act 1997. The objectives of the MASB are: (a) to develop, in the public interest, high quality, understandable and enforceable accounting standards that require high quality, transparent and comparable information in financial statements and other financial reporting to help participants in the Malaysian capital market and other
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and Tom Tyson, explains that the two most widely recognized sets of accounting standards, namely Generally Accepted Accounting Practice in the US (US GAAP) and International Financial Reporting Standards (IFRS), address the measurement of non-financial assets differently, and compelling arguments exist in favor of each approach. Notes that, despite the challenges to auditing fair value estimates, some suggest that Financial Accounting Standards Board (FASB) should conform more closely to current IFRS
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on the accounting standards set forth throughout the world in the global economy. The United States follows the Financial Accounting Standards Board (FASB) which has created a large number of accounting standards that are interpreted and accepted by international companies and by the International Accounting Board (IASB). The IASB plays a similar role like the FASB for the rest of the global economy. The IASB is located in London, England and is an independent, privately funded accounting standard-setter
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was to make accounting information useful and the two most important components of usefulness are faithful representation and relevance (p. 11). Below the 2013 Procter & Gamble Annual Report will be used to analyze the financial statements to determine P&G’s revenue recognition policy and the impact of trade promotions on their financial statements; to determine some specific examples of where they have chosen to use historical cost versus fair value; to determine their accounting policy as
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