Fasb Executive Summary
Pre FASB: In 1959 AICPA formed the Accounting Principles Board to help standardize accounting principles. APB’s Opinion No. 8 “Accounting for the Cost of Pension Plans” (1966) was the first attempt to make pension rules more objective and bring them to accrual basis. Companies, however, still failed to fully disclose their pension obligations. Formed in 1972, FASB did not address the issue until 1980 and APB’s Opinion No. 8 stayed in effect for more than 14 years. Statement of Financial Accounting Standards (SFAS) No. 36 amended Opinion No. 8, but was considered to be an interim standard until FASB completed studying defined benefit pensions and introduced new disclosure requirements. In 1985 SFAS No. 87 “Employer’s accounting for Pensions”
FASB Accounting Standards Codification Case Summary
254 Words | 2 PagesABC offers separately priced extended warranties for appliances sold that are non-refundable and have no limits to the potential cost of honoring the warranty. Although ABC does track warranty profits and losses by appliance type, assume that no analysis has been performed to determine the rates at which cost are incurred throughout the warranty period. Assuming that manufacturer warranties provide coverage for the appliance for 1 year from the date of purchase, when should revenues and expenses of such warranties be recognized? FASB Accounting Standards Codification (ASC) topic 605-20-25-3 (Revenue Recognition) states that in regard to extended warranties “revenue shall be recognized in income over the period in which the seller is obligated
Hassan Abbs Research Paper
655 Words | 3 Pages6am- I arrived at the home of Meahar Unisa, Hassan Abbs, Humza Abbs, Asaab Abbs. Everyone was home. I did a house check. The house was clean. 6:20am- Everyone is in bed.
Civil Service Act Dbq
284 Words | 2 Pages1. The Pendleton Civil Service Act: A. Created a merit system in order to get a many government jobs through competitive exams, would be the correct answer because my research revealed that the Pendleton Civil Service Act established that federal government jobs would be based on merit and not political affiliation. Government employees could then only be selected by taking competitive exams. B. Was signed into law by James Garfield could not be the correct answer because Garfield was not even alive when the Pendleton Civil Service Act was signed into law.
Federal Reserve Act Dbq
554 Words | 3 PagesIn 1863 a National Bank Act was created. It was created in order to design a national banking system, send out war loans, and establish a national currency that was available to all the people. Congress believed that this new bank system would be a smart decision since it would help resolve the financial crisis during the early events of the Civil War. The South struggled with finding financial support throughout the war. Tax programs were recently not put into effect, leaving them lost.
Regulatory Compromise Chapter 3 Summary
504 Words | 3 PagesThe Regulatory Compromise (Chapter three) starts off with discussing the influence that philanthropy had on politics around the time of the World Wars and depression of the early 20th century. One of the problems that existed at the time was the urge to influence laws with the power of philanthropy. An example of this is the court ruling against the validity of a gift for women’s rights because it was aimed to “directly and exclusively change the laws”. During this time, being philanthropic in order to gain political power, or change laws, was not accepted. There were certain rules against whether or not a charitable gift was even considered “charitable” depending on the purpose it was meant to serve.
Caasc Rules And Regulations Essay
529 Words | 3 PagesCAASC Rules & Regulations Article 1: Introduction: 1.1 The Carolina’s Athletic Association of Schools of Choice is a not-for-profit organization created to provide competitive athletic competition for non-traditional educational institutions. The CAASC consists of member schools at the Junior High and High School level that wish to participate in interscholastic activities. The member schools include, but are not limited to, charter schools, public schools, home school organizations and parochial schools. It is our goal to help facilitate communication, provide structure and guidelines, organize tournaments and manage the funds necessary for these activities.
Executive Order 906 Outline
687 Words | 3 PagesExecutive Order 9066 Upon hearing of a strange new far away land with endless opportunities, many lower class Japanese left Japan in search of a better life. While the Japanese were searching for a better life they went through many difficult times and hardships; however, instead of pouting about it being difficult the Japanese came together and helped each other out. With discrimination and racism going on Japanese were never completely accepted in the U.S. and the Americans were suspicious and when the attack on Pearl Harbor happened, there was a lot of people against the Japanese Americans population; as a result, President Roosevelt signed the Executive Order 9066 which allow the military to come together and detain the Japanese Americans
Foreign Corrupt Practices Act 1977
300 Words | 2 PagesInnocent citizen have been placed in jail for no absolute reason. Everyone should have a fair treatment in court. I ask the United States Congress to please put an end to this. We should have an individual authority that’s loyal to the law and knows the laws by heart, other than a judge, in the proximity of the court. This way, whenever someone blameless is being accused wrongly in the court, the person can acknowledge it and report the incident.
Ao4 Government Response Paper
670 Words | 3 PagesAO4 - Government responses to social issues and welfare needs Introduction Tony Blair came into power in 1999, he then declared that child poverty should be eradicated from the UK by the year 2020. The Child Poverty Act was introduced and recognised in 2010; it was made legislation to meet four targets for child poverty by 2020. These targets are to reduce the amount of children living in relative poverty to less than 10%, the second target is to reduce the amount of children that live in a low income household and material deprivation to less than 5%, the third target is to reduce the amount of children suffering from persistent poverty and lastly, to reduce the amount of children living in absolute poverty to less than 5%. The legislation involves the state considering a new child poverty strategy every three years, where policies are set to attempt to meet the targets established. Child poverty fell to 2.3 million in 2010/11, however this did not meet the Governments target of halving child poverty, this number remained consistent up until 2012/13 (Kennedy, 2014).
Mansa Musa Dbq Essay
287 Words | 2 PagesMansa Musa was the wealthiest religious leader of all empires in Africa. During his era, people ventured on a religious pilgrimage in Africa. Mansa Musa was a monotheistic, Muslim leader who wanted to spread the Islam belief of one god and diminish the polytheistic faith while following the 5 Pillars from the Muslim holy book, the Koran, throughout his religious pilgrimage across Africa to the city of Mecca. During the pilgrimage, Mansa Musa combines many religious factors to inform and influence other people about Islam. On Mansa Musa's hajj, 60,000 people followed him (Document A).
How Did Donald Kirk Create An Independent Accounting Standard Setting System?
388 Words | 2 PagesFASB was formed in 1972 and Donald Kirk was appointed as one of the seven original FASB board members. He later served as the FASB chairman for nine years. Kirkman played crucial role in addressing complex accounting issues and creating an independent accounting standard setting system that has been in force to this date. One of the most controversial and important accounting problems Kirkman had to face at that time was troubled debt restructurings.
Iamf Code Of Ethics Analysis
412 Words | 2 PagesWhen reading the IAMFC Code of Ethics and AAMFT Code of Ethics I found that they compare significantly, much more than they contrast. Many of the principals coincide. For example, the topic of multiple relationships is one of the many principles that parallel in many codes of ethics. The IAMFC Code of Ethics encourages family counselors to “avoid whenever possible multiple relationships, such as business, social, or sexual contacts with any current clients or family members” (Section A). Similarly, the AAMFT Code of Ethics also requires that therapists “make every effort to avoid conditions and multiple relationships with clients that could impair professional judgment or increase the risk of exploitation.
Bogglo Executive Summary
390 Words | 2 PagesBuying and Selling Your Secondhand Items in NYC Is Now Even Easier and Safer New Peer-to-Peer Marketplace Allows Users to Quickly and Safely Buy and Sell Goods November, 2015 (New York, NY) – Seconds, formally known as Bogglo, an online peer-to-peer marketplace exclusively for students in New York City, has now opened up its marketplace for everyone in New York City. Seconds allows everyone in New York to safely and quickly buy and sell secondhand items. After the success of Bogglo, the company has partnered up with World Media Group to create Seconds. Seconds, unlike other peer-to-peer market places such as Gumtree and Craiglists focuses more on customer safety and satisfaction by using a customer pick-up code system. This system prevents
The Importance Of Accounting History As An Academic Discipline
1108 Words | 5 PagesIt is this that justifies accounting history as a crucially important academic discipline. “History, in itself is instinctive and indigenous to all of us” (Carnegie. et al, 2011), whether individuals know it or not, everyone’s decision making process is strongly based on past experiences, and the past is the key source resorted to whenever a decision is needed to be made. The same is applicable to accounting, the decisions made today in all practices and approaches are drawn from the historical developments in the accounting process, that have led the practice
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