Financial Accounting Standards Board

field of accounting is the law that takes place while the processes are amended to adapt to the current technology age. Overseers such as: FASB and the SEC have certain laws and regulations that alter the way accountants perform the assigned tasks required by their profession. In addition to adding unprecedented rules, FASB and the SEC may make accounting grueling, especially for newcomers to the field, concurrent to the modern regulations. One of the many amended/added rules to accounting was…

Part 1 Because the real world accounting net income does not actually exist, the resulting measurement requires a lot of judgment and estimates. Different parties may differ in their preferred accounting policies. Therefore, it lay down criteria for these policies to determine net income. Due process is essential if investors are to get a reasonable compromise between the interests of the development of standards and managers. Here I will use 3 outside textbook references which relates to due…

1- The presentation of financial accounting information is governed by a combination of legal requirements and accounting regulations and conventions. Different types of business entities are governed by different requirements for the preparation of financial statements. Discuss the different elements of financial statement and support with examples from the Annual report of Starbucks. these components are "the building obstructs with which money related articulations are developed—the…

There has been accounts of criticism towards Porter’s (1980) Five Forces framework, stating that it was designed too long ago when the business environment was different from the current, fast paced business environment and furthermore that it should include pressure from international markets but more importantly pressure from domestic rivalry and governments (Öz, 2002: 509). In a study by Van Den Bosch and Van Prooijen (1992: 174), they believe that Porter’s framework fails by stating that…

maintaining adherence to the professional principles.” It also lists a number of “professional principles” which are: “(a) that authorised persons should act with independence and integrity, (b) that authorised persons should maintain proper standards of work, (c) that authorised persons should act in the best interests of their…

organization may be, the more accounts it may have, which is why it is important that chart of accounts be numbered in a logical way and follow any standards for its specific industry (NetMBA, n.d.). Accounts will vary according to the organization. Many organizations may now use accounting software to aggregate information into their financial statement (Accounting Tools, n.d.). The chart of accounts is important because an organized list of accounts data lays the foundation for keeping…

There is a common myth that consumers tend to believe. They believe that credit cards could help them build up their credit. Is this really true? According to Steve Repak, it is not true. Having a credit card does not actually boost someone’s credit. In his article, “The A to Z of Credit and Credit Cards”, Mr. Repak brings up some solid facts that support the claim that having a credit card does not necessarily mean that a consumer will have good credit. In the article, he describes the literal…

of the city’s financial statement in the MD&A appear to meet GASB standards. • The Government-wide Financial Statement presented meets the requirement of listing both the statement of net position and statement of net activities. • The MD&A represents the use of the economic resource measurement focus as well as the accrual basis of accounting. • The two types of activities, governmental and business are reported in separate columns as they should be in order to meet GASB standards. In the Fund…

Some of the pros are: companies and individuals are being help responsible for accounting practices more than before, and before the act companies would trick investors which lead to the companies losing the trust of those investors. The cons have not been mentioned very much at all, but while there are many clear advantages to this…

Sarbanes-Oxley Act to domestic public accounting firms versus foreign public accounting firms. Any foreign public accounting firm that prepares or furnishes an audit report shall be subject to the Act in the same manner as a public accounting firm (Gibson, 2013). 9. Describe the recognition of accounting standards by the Commission as provided. The commission may recognize any accounting standard body that is organized as a private entity, that has a board of trustees, that is…