Governmental Accounting Standards Board Essays

The Securities Exchange Commission (SEC), Financial Accounting Standards Board (FASB), and the American Institute of Certified Public Accountants (AICPA) all have an interesting relationship with each other. The SEC has the legal authority to the set standards of accounting in the United States, but has delegated that authority to the FASB. And the American Institute of Certified Public Accountants dictates the conduct of certified public accounts that practices their profession utilizing the laws

Standards for Financial Statements Jorge Garcia Keiser University ACG-4501 August 10th, 2014   Facts About FASB and GASB The Financial Accounting Standard Board (FASB) establishes standards for preparation of financial reports by non-governmental entities, this organization is recognized by the Security Exchange Commission (SEC) as authoritative, and it is also recognized by The American Institute of Certified Public Accountants. On the other hand,

S. GAAP vs IFRS Each accounting standard has a different approach to setting standards for reporting on financial statements. The U.S. General Accepted Accounting Principles (GAAP) has a very controlled view on accounting standards. Each financial topic has a set of accompanying rules and guidelines to give users direction for any situation. The U.S. GAAP has become a complex, long book of financial regulations that is enforced by the Federal Accounting Standards Board (FASB). The International

The FASB Accounting Standards Codification (FASB Codification) is the only source of authoritative GAAP apart from SEC issued rules and regulations that apply only to SEC registrants. The FASB issues an Accounting Standards Update to inform people about changes to the FASB Codification, which includes changes to non-authoritative SEC content. In relation to International Financial Reporting Standards (IFRS), after a new IFRS Standard is issued and before it becomes effective, the International Accounting

important standard used in many financial ratios to examine and compare companies. The Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) recognized that existing revenue recognition literature varied between their jurisdictions and that both frameworks needed upgrades. The two organizations worked together and Accounting Standards Update (ASU) 2014-09 is the aftereffect of their joint efforts. This update will be part of the Accounting Standards Codification

FASB Accounting Standards Codification Project The FASB Accounting Standards Codification is the source of the authoritative generally accepted accounting principles, which is GAAP, recognized by the FASB to be applied to nongovernmental entities. The Codification is the result of a major 5 years project, including more than 200 people from multiple entities. The FASB developed a codification project which resulted in a key-word searchable data base of the authoritative literature for the US financial

Regulatory Impact Analysis is one of several components of the system which supports rational decisions on the justification of regulations, help formulate regulations, examines the costs and benefits of changed or the new regulations, and improve the regulatory system. RIA provides empirical data which clarifies available options for decision-making process. The requirement to prepare RIA was introduced for the first time in the US in the early 1970s, by the administration of President R.M. Nixon

International Financial Reporting Standards and is a set of accounting standards developed by and independent, not for Profit organization called the International Accounting Board. GAAP are the standard framework of guidelines for financial accounting used in any given area or jurisdiction. They are known as standard accounting practices. I will touch on some of the areas where these are similar and different to help define each. The given information will help you decide which standard is the best practice

FASB 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.   The City of New York was in huge financial

Financial Accounting Standards Board Introduction The FASB is the independent institution that was established in 1973. It is a private sector not for profit-organization, based in Norwalk, Connecticut, that establishes financial accounting and reporting standards for public and private companies and not-for-profit organizations that follow Generally Accepted Accounting Principles (GAAP). The FASB is widely recognized by the Securities and Exchange Commission as the designated accounting standard setter

THE FEDERAL ACQUISITION STREAMLINING ACT OF 1994 Many people recognized that the procurement process had become very complicated, so a presidential commission was founded to come up with plans to modify the acquisition systems. These plans became the foundation for the Federal Acquisition Streamlining Act (FASA) of 1994. FASA sought to tweak acquisition in three general areas. First, it intended to lessen unique purchasing perquisites. Second, it attempted to increase the use of streamlined

In this paper, we will discuss many areas of the IFRS and US GAAP convergence and what it will mean to the world of accounting. If this convergence is completed and implemented it is said to create more transparent and accurate means of financial reporting across the world as the goal is to have an international standard that applies to everyone rather than multiple standards for various regions. There will be many obstacles to overcome from both the U.S. and European perspectives, some more challenging

revision of the revenue recognition standard that was implemented at the end of December 2017. Where before there was mass of uncoordinated standards, along with gaps in information, they have now implemented a streamlined method on when to recognize revenue, along with the amount that should be recorded. So, what is the new revenue recognition standard? According to Scanlon M, Titera M, & Haskell M. (2017), “The core principle of the new Revenue Recognition Standard is that the recognition of revenue

The United Kingdom was the center stage where the process of professionalization started in the mid to late 1800s. The commonwealth nations at large were responsible for the professionalization of the accounting profession. The establishment of the meaning of profession is important before assessing the question addressed by this essay. Profession is an occupation requiring mastery of a complex set of knowledge and skills through formal education that is governed by a body. The legal and economic

The Smartest Guys in the Room The film The Smartest Guys in the Room was based of the book with the same tile by Bethany McLean and Peter Elkind. This documentary showed how the infamous collapse of Enron happened. Enron was an American energy company that was named by fortune magazine the most admired corporation” for six straight years. However, Enron is now known for the largest scandal in corporate America. The bankruptcy lead to criminal charges against Enron’s top executives. In 1987, two

LP 3 Assignment: The use of Bill of Lading in freight transportation Following the LA6100 course –Legal Environment for Global Organizations Anh Quoc Nguyen National American University Introduction In the freight forwarding industry, in which I spent over 10 years working in, the use of Bill of Lading is significant to all related parties which embody the shipper, receiver, freight forwarder, consignee, carrier, insurance company, customs offices, related government’s departments, and

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

vital to continuing as a going concern. CEO compensation is a hot-button issue since the financial collapse of 2008. Investors, government watchdogs’, and general public, are scrutinizing this corporate expense. P&G Compensation & Leadership Board(C&LD) purpose is to oversee compensations packages of management and to ensure they are fair and equitable. Revenue Recognition Discussion

Question 1: Describe GAAP vs Non-GAAP Numbers for Reporting iPhone’s Revenues The Generally Accepted Accounting Principles (GAAP) are the precepts of standardizing financial reports for facilitating uniformity in analyzing financial statements by various stakeholders. They improve the objectivity, stability, and credibility of reporting the corporations' financial position in capital markets. Therefore, the GAAP analysis method is suited to comparing the performance of various companies in a verifiable

The accounting standards issued by the AASB are enforced by three groups in Australia. They are the Australian Securities and Investments Commission (ASIC), the accounting bodies and government. Australia Securities and Investments Commission(ASIC) ASIC has the character to tell and educate organization why they should follow as well as what they should adapt because this is the proactive approach to reduce the need for even more reinforcement for compliance. The Corporations Act 2001 assisted that