Homework Week 1 Accounting

The FASB works by their Rules of Procedure which describe the operating procedures. The Rules of procedure incorporate the FASB mission, and how the mission is accomplished, how they will hold their meetings and the overall workings of the FASB. The GASB also have their own Rules of Procedure which are set forth procedures in which they use to improve the standards of the financial accounting and reporting. The Rules of Procedure are another way in which the GASB and the FASB are very similar. They both use their mission statements as the basis for their Rules of Procedure. With their Rules of Procedure they implement how the mission statement tasks will be accomplished with the help of chairman and the officers. In both the FASB and the GASB they state in the Rules of Procedure they state the protocol for meetings and the voting requirements. The rules of procedure also state” Rules governing public announcements and the kinds of information made broadly available to the public ” (fasb.org).

Revenues are the monies that are brought in as a result of the business’ core functions in their respective industry. Revenues are different from gains in that revenues can be accounted for, while still taking a loss in the overall profitability. If an item were to be sold below cost, it brings revenue (selling price), but was sold at a loss.

The information in this report regarding the accounting standards for private companies is as stated in the proposal stage. The three options discussed are options being considered and the Accounting Standards Board (AcSB) has issued an

Before diving directly into the article from the Governmental Accounting Standards Board (GASB) titled Governments to Report Liabilities Connected with Their Obligations to Clean Up Pollution (2006), one must first take a step back and take time to read, comprehend, and take to heart exactly what this organization stands for. Taken directly from their main web page under the tab labeled Education, the first thing seen in big, bold, blue letters is, “Due Process: The GASB Is Listening” followed by a definition of what listening means, “to hear with thoughtful attention”. When researching a little more into the GASB, it is easy to see how crucial listening truly is for them in order to fully accomplish their

To clarify your answers, you may reference them to the applicable provisions of the ITA and its Regulations (except for Question 1, which

Note: General Note The Status Section identifies changes to this Subtopic resulting from Accounting Standards Updates. The Section provides references to the affected Codification content and links to the related Accounting Standards Updates. Nonsubstantive changes for items such as editorial, link and similar corrections are included separately in Maintenance Updates.

Both the agency's self-evaluation report to the commission and the commission's final report to the legislature must address each of these criteria. The criteria include the agency's efficiency of operation, the extent to which statutory objectives have been achieved, the extent to which existing advisory committees are needed and used, the extent of duplication or overlapping jurisdictions and possibilities for consolidation with other agencies, and an assessment of whether the agency has recommended statutory changes that benefit the general public rather than the regulated entity. Other criteria include the promptness and effectiveness with which the agency handles complaints, the extent to which the agency has encouraged participation by the public, the extent of compliance with federal and state requirements regarding equality of employment opportunity and the rights and privacy of individuals, compliance with the Public Information Act and Open Meetings Act, and the degree to which the agency conforms to its six-year strategic

blic interest entities. According to the IAASB project summary (IAASB 2013), in developing the proposed other information standard, the Board considered the IAASB's recent proposal, the responsibilities of the auditor relating to the other information in documents accompanying or containing audited financial statements and henceforth the auditor's report.

Finally, this regulation will help deal with the ozone problem in the nonattainment area which we would support. Also, it was indicated that maybe there would be a proposal from others to expand this statewide. However, I don’t know whether we

General purpose financial statements provides information on the financial position of an entity. Thus it includes information on economic resources and claims against them.

Revenue from the provision of goods and all services is only recognized when the amounts to be recognized are fixed or determinable, and collectability is reasonably assured (Elliot B., Elliot J., 2007)

The board acknowledges the diverse nature of regulatory framework in developing concrete and uniform standards. These standards help in proposing and clarifying a complete guidance as well as demonstrating the understanding of complex issues in accounting. Moreover, help in demonstrating advanced knowledge in the application of accounting standards in the preparation and analysis of financial statements.

The proposed document will include the following specific sections. This outline is tentative and may be adjusted in accord with new developments.

By: Charn Gek Cheng, Chiang Soo Ling, Kummar Sokali Muthu Mogan, Lee Siew Fen Samantha

Marvin Braun had just been appointed vice president of the Great Basin Region of the Financial Services Corporation (FSC). The company provides check processing services for small banks. The banks send checks presented for deposit or payment to FSC, which then records the data on each check in a computerized database. FSC sends the data electronically to the nearest Federal Reserve Bank check-clearing center where the appropriate transfers of funds are made between banks. The Great Basin Region consists of three check processing centers in Eastern Idaho—Pocatello, Idaho Falls, and Ashton. Prior to his promotion to vice president, Mr. Braun had been manager of a check processing