Intermediate 1 Research Paper

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

The FASB Accounting Standards Codification® is the source of authoritative generally accepted accounting principles (GAAP) recognized by the FASB to be applied by nongovernmental entities.

redemption? The return of an investor's principal in a fixed income security, such as a preferred stock or bond; or the sale of units in a mutual fund. A redemption occurs, in a fixed income security at par or at a premium price, upon maturity or cancellation by the issuer. Redemptions occur with mutual funds, at the choice of the investor, however limitations by the issuer may exist, such as minimum holding periods.

The first paper is due by Monday, April 9, 11:59 p.m. You MAY use sources outside of the Liberty Search Engine (and are encouraged to do so). Also you may use scholarly books and not just journal articles. You should avoid using generic websites that do not appear scholarly in nature. A good rule of thumb is that if a website does not have an author, it is not a good source. Good online material has also usually been published in print at some point. Google Scholar and JSTOR are great places to search, as well as the online encyclopedias I've shown you. Always feel free to send me an email if you have questions about sources or formatting.

In 1973 the Financial Accounting Standards Board (FASB) was established to set the financial accounting standards in the United States of America for nongovernmental entities. These standards are collectively called U.S. Generally accepted Accounting Principles, or U.S. GAAP. The Securities and Exchange Commission (SEC) and the American Institute of Certified Public Accountants acknowledge the authority of these standards (FASB, n.d). A “proven, independent due process” is used to collect the viewpoints of the financial statements prepares and users for the constant improvement of these standards. An Accounting Status Update(ASU) is not an authoritative source however documents the amendments to communicate the changes in the FASB Codification for a user to understand the reason and future of those changes (FASB, n.d).

I was devastated to hear that only ten students were allowed into ENG 102 for the spring semester, but this is my opportunity to show you that I deserve to be put in ENG 102. I believe I should be one of the ten students to advance into your ENG 102 class because I think I have what it takes. I have ambitions and dreams and if I don’t graduate because of this class they will just burn to ashes in the back of my mind. Hopefully you will be persuaded by the end of this essay, and you will end up putting me in your 102 class.

According to the Notice to Constituents (v4.7), the FASC superseded all previous level (a)-(d) US GAAP (refers to the previous accounting hierarchy) standards by a standard setter. This means that all other accounting literature not included in the Codification is non-authoritative.

Source of payments: The petitioners claim liquidity and the ability to pay interest or principal on amount owed, but conclusive findings show the insufficiency to pay interest or principal balance. This factor supports the treatment of the advances as equity.

I could not find the 210-10-01 so I will over the 210-10 (General) In this section the FASB explains how the accounting standars was updated. It also talks about the securities and exchange section (SEC). We can say that the section identifies the changes to this subtopics resulting from accounting standard updates.

Question 3: Describe and show the journal entries illustrating how the company accounts for the transfer of its accounts receivable to financial institutions. Is this accounting treatment reasonable? What are the key assumptions made under this approach? Do you agree with these assumptions?

The interview with Colin Smith, from Office Products Depot, meant I was able to identify the accounts receivable subsystem they used and their accounts receivable management. I focussed on their policies for the offering and checking of credit, managing credit levels, charging the credit customers, receiving payment from credit customers and the general management of credit customers. I will be using the information from the interview with Colin as well as information from fictitious accounts receivable to explain their policies.

Trace items returned to the receiving report, taking note of quantity and date received (S‑4).

There are uncertainties in whether a receivable is sold or being used as a collateral for a loan. Thus, FASB has provided guidelines to distinguish between the two. FASB ASC 860-10-40-3 states that a financial asset should be considered sold and therefore should be derecognized if it is transferred and control is surrendered. Moreover, when control over the receivables is not surrendered, the transaction should be treated as a collateralized borrowing. FASB ASC 860-10-40 on the subject of conditions for a sale of financial assets states that a financial asset should be considered sold if it is transferred and control is surrendered. Control is deemed to be

When an account receivable is determined to be uncollectable it is no longer qualified as an asset and should be written off. A write off reduced the balance of the customers

Account receivables are used as a type of asset – financing to determine the outstanding invoices or the money owed by the customers. The account receivables can help finance companies by boosting its cash flows. It focuses on trying to collect bills from customers. The unpaid invoices are also considered in the account receivables and referred as bad debts. Bad debts are debts that customers are not able to pay either because they are bankrupt.