global acceptance of its standards. d. To harmonize accounting practices between countries. 2. Which of the following is true about the FASB after the mandatory adoption of IFRS by US companies? a. The FASB will serve in an advisory capacity to the IASB. b. The FASB will remain the designated standard-setter for US companies, but incorporate IFRS into US GAAP. c. The role of the FASB post-IFRS adoption has not been determined. d. The FASB will cease to exist. 3. Milestones in the transition plan
Words: 4721 - Pages: 19
the data they present. By discussions held in class it allows us to analyze the following detail: stockholders’ equity, dilutive securities and earnings per share, investments, revenue recognition, income taxes, pensions and postretirement benefits, leases, changes and error analysis, and cash flows. All numbers presented throughout this discussion are in millions. With respect to the Coca Cola statement, we have determined that through the owner’s equity the corporation had three categories:
Words: 4081 - Pages: 17
1. | Which tax is calculated on the transfer of property and is normally determined by multiplying the value of the property transferred by a tax rate? Choose 1 answer | | A. | | progressive tax | B. | | excise tax | C. | | income tax | D. | | FICA tax | | 2. | Which two statements describe how taxes influence decisions made when filing a return for an individual taxpayer? | | Choose 2 answers | | A. | | Changes in tax structure may allow taxpayers to have more
Words: 5392 - Pages: 22
| US | JAPAN | CHINA | GERMANY | NETHERLAND | FRANCE | PROFESSIONALISM | Regulation environment:1. accounting is regulated by private-sector body(FASB), but government underpins the authority of its standards. 2. no legal requirement for the publication of FS3. each state has its own corporate statutes and not rigorously enforced. Reports rendered to local agencies are often unavailable to the public4. only listed companies have compulsory requrirements for FR at the federal level as specified
Words: 3174 - Pages: 13
acceptance of its standards. d. To harmonize accounting practices between countries. 2. Which of the following is true about the FASB after the mandatory adoption of IFRS by US companies? a. The FASB will serve in an advisory capacity to the IASB. b. The FASB will remain the designated standard-setter for US companies, but incorporate IFRS into US GAAP. c. The role of the FASB post-IFRS adoption has not been determined. d. The FASB will cease to exist. 3. Milestones in the transition plan
Words: 4711 - Pages: 19
the Financial Accounting Standards Board (FASB) added to its agenda in 2002 a project designed to develop a comprehensive Statement of Financial Accounting Standards that will focus on revenue recognition that will apply to all industries. Revenue recognition guidance exists throughout accounting literature, accounting and audit guides and audit risk alerts for specific industries and the SEC's SAB 104. Yet there is no one comprehensive source. FASB issued WHY IS REVENUE RECOGNITION SO
Words: 891 - Pages: 4
It goes above and beyond mere regulatory compliance, by creating a new standard and a unique market. Nevertheless, such a bold move provided many complications and involved many adjustments, including becoming compliant under FASB 13, as an operating lease. Other initiative included developing a maintenance and service aspect, as well as internal financing, and an expanded warranty. Interface went through extensive adjustments in order to pursue and adapt the initiative, fully committing
Words: 600 - Pages: 3
rules of GAAP that is referred to as US GAAP. In the United States, the American Institute of Certified Public Accountants (AICPA), The Financial Accounting Standards Board (FASB) and the Securities and Exchange Commission (SEC) provide guidance, assistance, and enforcement of the standard acceptable practices of accounting. GAAP is used to prepare all the financial documents of a company and increase its understandability and faithfulness for the investors. Without GAAP, companies would not
Words: 1368 - Pages: 6
Running Head: GLOBAL FINANCIAL REPORTING: Global Financial Reporting: Why Move Toward Global Financial Reporting Connie Cerruto Student ID 3247960261 Accounting Capstone: Senior Seminar in Accounting ACC 499 005016 Winter Semester 2008 Submitted to Professor Tee Thein March 16, 2008 Dedication and Acknowledgement I would like to take this time to thank my husband, George, for all his support over this last ten weeks. For graciously doing
Words: 16813 - Pages: 68
2013 Comments Due: September 13, 2013 Leases (Topic 842) a revision of the 2010 proposed FASB Accounting Standards Update, Leases (Topic 840) This Exposure Draft of a proposed Accounting Standards Update of Topic 842 is issued by the Board for public comment. Comments can be provided using the electronic feedback form available on the FASB website. Written comments should be addressed to: Technical Director File Reference No. 2013-270 The FASB Accounting Standards Codification is the
Words: 126823 - Pages: 508
