GASB Statement Number-34 Essay

A Service Level Agreement for Provision of Specified IT Services Between Finman Account Management, LLC, Datanal, Inc., and Minertek, Inc.

| A good way of exploring a topic in depthUseful to assess a learners knowledge and understanding of the topicAll learners can be encouraged to be involvedDiverse characteristics and backgrounds of learners will ensure a well rounded view

Determining what type of business venture to either start or invest in can be challenging. Over the next several pages we will evaluate the various types of business organizations and at the end of this report; you should have an initial or better understanding of the different types of business forms.

* Spanning Tree Protocol (STP): Briefly explain the advantages and purpose of the STP. Administrators are having a difficult time placing switch 1 as the root. Provide a sample configuration for implementing SPT on the switches. Choose the mode you feel would be best suited for the environment and justify why. Switch 1 will need to be the root switch in the Springfield topology. Consider any security measures that can be implemented to protect the devices from bogus BPDUs.

The GASB Statement No. 56 was initiated on April 16, 2009. The essence of the new ruling aims to integrate the accounting and financial guidelines of the American Institute of Certified Public Accountants (AICPA) with the GASB’s accounting procedures that concern the state and local government (“New Release,” 2009; “Statement No. 56,” 2009; “Summary of Statement No. 56,” n.d). The statement does not create new financial reporting guidelines or requirements nor imply amendments to the current policies. Rather, it “relocates the existing” guidelines from the “professional auditing standards (“Statement No. 56,” 2009, p. 11). There are three major areas that are taken into consideration, namely “related party transactions, “going concern” attributes

1.4) Do some online research to find information on several businesses that have benefited from implementing unified communications. Write a short paper describing how/why they are using unified communications and the business benefits that they have realized ?

The article that I have decided to summarize is “GASB Statement Provides Guidance on Partnerships between Governments and Public or Private Entities”. GASB stands for the Governmental Accounting Standards Board. The GASB is the source of generally accepted accounting principles used by state and local governments in the United States. GASB has issued different statements to provide guidance on reporting financial statement. The government has numerous partnerships where they can enter to accelerate cash flows associated with the use of specific capital assets.

To over view the knowledge we learnt from accounting theory and practice, the main thing I can conclude that is the tendency of accounting will shift away from technical way to people’s behaviour way. By understanding what should do, we should ask why and how we could improve and change it into a better way. This essay aims to explain how the theoretical material that we learn in lectures can be developed under a real practical manner.

This video was an informative, if occasionally redundant, explanation of accounting. The first thing that jumped out at me in the video was the fact that GAAP has become more complex, and that an accountant will need to continue to learn. The need for continual education surprised me at first, because I thought that accounting would be straightforward rules one could learn and then continue to follow. When the video went more in-depth with their explanation of the 2002 Sarbanes-Oxley Act, it helped me to understand why one would need to continue education (and Melvin Jones helped me to understand the impact of SOX itself on business accounting). There always seem to be new rules and regulations in the US government, and I now understand that

The Governmental Accounting Standards Board (GASB) issued Statement No. 34 in June 1999 “Basic Financial Statements and Management’s Discussion and Analysis for State and Local Government”. According to GASB, when implemented, Statement No. 34 will “create new information and will restructure much of the information that governments have presented in the past. We developed these new requirements to make annual reports more comprehensive and easier to understand and use. (Government Accounting Standard Board, n.d.).” Cleveland State University financial statements prepared in accordance with GASB Statement No. 35, issued in November 1999. GASB Statement No. 35 is an amendment of GASB Statement No. 34 that establishes accounting and financial

The 2007 financial crisis renewed attention on accounting standards as stakeholders sought possible contributors to the crisis (Hellenier, 2011). Accounting standards are set regulations that limit the manner in which transactions are made and accounted for. They are meant to instill sanity into the financial system. The 2007 financial crises has been attributed to weak financial regulations which encouraged accounting malpractices like mis-presentation of the financial situation of businesses in order to keep investors interested (Hellenier, 2011). Accounting standards set requirements for the preparation and reporting of financial information. They, therefore, help minimize such incidences by facilitating the flow of accurate financial information to investors, creditors, regulators, banks, etc (Hertog, 2003). Having an internationally acceptable system of presenting this information brings sanity to the financial system in addition to increasing investor and consumer confidence in banking institutions, businesses, governments, etc.

The thought of a standards based way to deal with U.S. standard setting is not new. The Board 's reasonable system contains the collection of rule that underlies U.S. bookkeeping and reporting. The Board has utilized the reasonable system as a part of adding to the standards in bookkeeping measures for over 20 years. Then again, numerous affirm that the models have turned out to be progressively point by point and tenets based (with "splendid lines" and "on-off" switches that emphasis on the structure as opposed to the substance of exchanges), complex, and troublesome and exorbitant to apply. Numerous likewise affirm that the guidelines permit budgetary and bookkeeping building to structure exchanges "around" the principles, alluding to circumstances, for example, those in which complex structures or a progression of exchanges are made to accomplish sought bookkeeping results; for instance, to expel resources from the accounting report while holding the general financial matters of the benefits or to portray resources.

Accounting standard-setters have an expectation that the readers of general purpose financial reports have a ‘reasonable knowledge’ of accounting. Specifically, the IASB Framework states that ‘users are expected to have a reasonable knowledge of business and economic activities and accounting and a willingness to study the information with reasonable diligence’. Hence, there is an expectation that financial statements are not tailored to meet the needs of people who have not, in some way, studied financial accounting. Students should be encouraged to consider whether this expectation is in itself ‘reasonable’.

The paper then evaluates International Accounting Standards Board’s (IASB) attempts to develop a conceptual framework and the current state. In the final section I will discuss and reflect upon the evidence presented to support the topic of this essay along with a conclusion of facts and ideas presented.

Before proceeding to examine the extent to which the International accounting standard is useful, it will be necessary to understand