Fasb Case Study Summary

According to Section 360-10-15-4, the scope of the standard applies to transactions and activities related to recognized long-lived assets of an entity to be held and used, including capital leases of lessees, long-lived assets of lessors subject to operating leases, proved oil and gas properties that are being accounted for using the successful-efforts method of accounting, and long-term prepaid assets.

The Government of Saskatchewan in October 2013, introduced a new legislation, Foreign Worker Recruitment and Immigration Services Act (FWRISA). This FWRISA was introduced as a step to protect the exploitation of the foreign workers in the province(1). This act safeguard the interests of foreign workers from recruitment and workplace related misconducts.

Many improvements in financial transparency of companies are a direct result of the implementation of SOX. According to R. Kulzick of St. Thomas

The mission of the PCAOB is to oversee audits of public corporations to protect the interests of the investor and ensure the audits are conducted

NaviNow will pay $8 million to the four former owners of TrafficEye if revenues from the combined system exceed $100 million over the next 3 years. NaviNow estimates this contingent payment to have a probability adjusted present value of $4million. According to down said formula (http://www.ey.com/Global/assets.nsf/United%20Accounting/ATG_FRD_BB1616/$file/ATG_FRD_BB1616.pdf)

Today we will explore the exciting world of the GASB and the FASB. Two of the most exciting boards in the accounting world today. We will compare and contrast each of the boards to get a more in-depth look into how each of the boards operate. We will go thru their mission statements in order to get a sense of how they operate and what are their overall goals. Let’s get started!

* Accumulation of costs exceeds the amount expected for acquisition or construction of the asset

The amount of control the firm has over its subsidiary will be the determining factor in deciding when to consolidate financial statements annually. If the firm acquires another company, the firm must own fifty percent or more of the subsidiary’s outstanding voting stock in order for the two to consolidate. With this ownership level, the firm will be able to persuade the subsidiary into making decisions that would not only benefit the subsidiary, but also benefit the firm (parent) as well. “When majority of voting stock is held, investor-investee relationship is so closely connected that the two corporations are viewed as a single entity for financial reporting” (Hoyle, n.d.). Thus with this control in place both companies will combine their

Since we cannot estimate the amount of future returns in our example, condition #6 is not met. Therefore, sales revenue and cost of sales should be recognized either when the return privilege has substantially expired or if those conditions subsequently are met, whichever occurs first.

FSA will have first lien on crops and best lien attainable on equipment to secure this 2018 annual operating loan. FSA will be secured at %, which is above the requirement of 150% with a lien on all available assets.

Fantastic, Inc. is a case study which allows you to incorporate numerous financial and managerial accounting concepts into a single business setting. You will take the position of the company controller who will prepare the budget for the year ended December 31, 2006, using the actual data from 2001 through 2005 and information given to you by various departments. You will prepare a report for the president of the company describing the strengths and weakness of the corporation as well as to provide suggestions for the future. In short, you will be responsible for the planning and control procedures for the company from an accounting standpoint.

If a company defers recognizing sales revenue and cost of goods sold because one or more of these conditions are not met, it records the sales revenue and cost of goods sold either when the return privilege expires or when the conditions are met, whichever occurs first.

Education Should my chapter be hosting or endorsing LGBTQIA+-related programming? At a minimum, all Kappa members should be knowledgeable about Kappa’s policies and position statements regarding membership selection, nondiscrimination and human dignity. Chapters are encouraged to conduct basic training on inclusivity with the assistance of campus professionals. Beyond that, Kappa encourages its chapters to select programming that meets the chapter’s unique needs. Reach out to the office of fraternity and sorority life for assistance in bringing in campus professionals to discuss the topic of inclusivity. What Would You Do? Case Studies 1.

The motto of the federal agency, Department of Health and Human Services, elaborates its core responsibilities in a nutshell. The motto reads, “Improving the health, safety and well-being of America.” Fundamentally, the agency is mandated with the provision of essential health services that guarantees all Americans better healthcare that is not only accessible but also meet all the necessary standards (McGuire, 2011). The agency was established on April 11, 1953 under the jurisdiction of the federal government of the United States. Its headquarters is located in the Hubert H. Humphrey Building, located at 200 Independence Avenue, S.W.

This thesis will discuss the proposed changes of pensions and the new updated leases issued by FASB, which are important issues for entities such as corporations. FASB is the Financial Accounting Standards Board. It is a seven-member independent board consisting of accounting professionals who establish and communicate standards of financial accounting and reporting in the United States. FASB was created to provide users accurate information in one location. Recently, FASB developed the FASB Codification Research System: a web-based system allowing registered users to electronically research accounting issues.