The Government Accounting Standards Board Statement 45 Essay example

organizational accounting standards, governmental accounting standards require entities to account for OPEB as the employee accrues the benefit, not when the benefits are paid or provided. Some government entities will fund OPEB on a “PAYGO” basis by funding these benefits on an annual basis that is equal to the distributed benefits claimed on the previous year’s financial statements; however, GASB 45 does not require that post-employment benefits be funded only reported in their financial statements (Keating

an investing activity on the statement of cash flows. Research and Analysis: To aid us in our decision making process in the matter of determining the appropriate classifications in the statement of cash flows for the purchase and sale of EAs, we primarily used the Accounting Standards Codification First and foremost, we established that EAs are to be treated as intangible assets, as specifically stated by Polluter Corp, and supported by the Accounting Standards Codification. In the SAB Topic

21. General-purpose financial statements are the product of a. financial accounting. b. managerial accounting. c. both financial and managerial accounting. d. neither financial nor managerial accounting. 22. Users of financial reports include all of the following except a. creditors. b. government agencies. c. unions. d. All of these are users. 23. The financial statements most frequently provided include all of the following

exercise 1-7 & 1-8: 1. Indicate which statement you would examine the fine each of the following items: income statement, balance sheet, retained earnings statement, or statement of cash flows A. Revenue during the

Commission (ASIC), Financial Reporting Council (FRC), Australian Prudential Regulation Authority (APRA) and the Australian Accounting Standards Board (AASB). While these are only a few regulatory bodies in the industry, they all have their own set of regulations to enforce. ASIC, for example, regulate the Corporations Act 2001 along with the Australian Accounting Standards. While ASIC ensure that organisations adhere to the regulations laid out before them, the AASB create and develop those

___________________________________________________________________________ 1. An audit of a government, conducted in accordance with generally accepted auditing standards (GAAS), includes A. A determination of efficiency and effectiveness. B. An examination of financial statements and underlying records for conformance with generally accepted accounting principles (GAAP). C. Tests for compliance with laws and regulations. D. Both B and C. 2. Audits of state and local governments may be performed by A. Independent CPAs. B

1 AUDITING AND THE PUBLIC ACCOUNTING PROFESSION – INTEGRITY OF FINANCIAL REPORTING |LEARNING CHECK | 1. SEVERAL COMMON ATTRIBUTES OF ACTIVITIES DEFINED AS AUDITING ARE (A) SYSTEMATIC PROCESS, (B) OBJECTIVELY OBTAINING AND EVALUATING EVIDENCE, (C) ASSERTIONS ABOUT ECONOMIC ACTIONS AND EVENTS, (D) DEGREE OF CORRESPONDENCE, (E) ESTABLISHED CRITERIA, (F) COMMUNICATING THE RESULTS, AND (G) INTERESTED USERS. 2. A financial statement audit involves obtaining and

accounting quiz 1 [pic] 1 The primary purpose of accounting is to determine whether the business entity is profitable or unprofitable in its operations. A) True B) False This is the correct answer. Feedback: The primary purpose of accounting is to provide information that is useful for decision-making purposes. Accounting is 'not an end', but rather it is a 'means to an end.' LO 1 2 Costs, prices, sales volume, profits, and return on investment are all accounting measurements. A) True

Testbank to accompany Company Accounting 10e by Ken Leo, Jeffrey Knapp, Sue McGowan & John Sweeting Prepared by Peter Baxter [pic] © John Wiley & Sons Australia, Ltd 2015 Chapter 1: Nature and regulation of companies Multiple-choice questions 1. The advantages of a company over a partnership and sole trader do not include which of the following? a. Members are able to sell their shares at any time to another person without having to obtain permission

Framework for the Making of Australian Accounting Standards Introduction The Australian Financial Reporting Council (FRC) was established on 1 January 2000 under section 225 of the Australian Securities and Investments Commission Act 19891 (ASIC Act) for the purpose of overseeing Australia’s accounting standard setting process. One of the key functions of the Financial Reporting Council (FRC) is to provide broad oversight of the processes for setting accounting standards in Australia. Specifically, the