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In: Accounting
The FASB Accounting Standards Codification represents the single source of authoritative U.S. generally accepted accounting principles....
The
FASB Accounting Standards Codification represents the single source
of authoritative U.S. generally accepted accounting
principles.
Required:
Determine the specific citation for accounting for the
following:
An entity has financial statement and disclosure alternatives that may provide additional useful information. For example, an entity may highlight the effects of consolidating a limited partnership by providing consolidating financial statements or separately classifying the assets and liabilities of the limited partnership(s) on the face of the balance sheet.
Solutions
Expert Solution
US GAAP- Accounting Policies
| Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies | The entire disclosure for the organization, consolidation and basis of presentation of financial statements disclosure, and significant accounting policies of the reporting entity. May be provided in more than one note to the financial statements, as long as users are provided with an understanding of (1) the significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement with a VIE, (2) the nature of restrictions on a consolidated VIE's assets reported by an enterprise in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows. Describes procedure if disclosures are provided in more than one note to the financial statements. | |||
| Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies | The entire disclosure for the general note to the financial statements for the reporting entity which may include, descriptions of the basis of presentation, business description, significant accounting policies, consolidations, reclassifications, new pronouncements not yet adopted and changes in accounting principles. |
Under US GAAP for Accounting policies such disclosure for basis of presentation can be made.
ekkarill92 answered 1 year agoRelated Solutions
The FASB Accounting Standards Codification represents the single source of authoritative U.S. generally accepted accounting principles....
The FASB Accounting Standards Codification represents the single
source of authoritative U.S. generally accepted accounting
principles. Required: Determine the specific citation for
accounting for the following:
A)When a company assigns goodwill to a reporting unit acquired
in a business combination, it must record an impairment loss if the
fair value of the reporting unit is less than its carrying value
and the carrying value of goodwill is more than the implied value
of its goodwill.
B)The preferred method of presenting...
The Financial Accounting Standards Board (FASB) is responsible for the Generally Accepted Accounting Principles (GAAP). Select...
The Financial Accounting Standards Board (FASB) is responsible
for the Generally Accepted Accounting Principles (GAAP). Select a
Concept or Principle and explain how it impacts business.
What is the authoritative source of Generally Accepted Accounting Principles (GAAP) for non-governmental entities? What if...
What is the authoritative source of Generally Accepted
Accounting Principles (GAAP) for non-governmental entities? What if
non-governmental entities are publicly-held? What if you cannot
find specific or similar guidance for your particular transaction
or event – what are a few nonauthoritative sources of GAAP?
The Financial Accounting Standards Board is the primary source of generally accepted accounting principles (GAAP) for...
The Financial Accounting Standards Board is the primary source
of generally accepted accounting principles (GAAP) for all health
care organizations. Do you agree with this statement? Why or why
not?
Auditors must be concerned with both generally accepted auditing standards and generally accepted accounting principles in...
Auditors must be concerned with both generally accepted auditing
standards and generally accepted accounting principles in
performing an audit.
Compare generally accepted auditing standards with generally
accepted accounting principles.
Summarize two of the three generally accepted auditing
standards known as the general standards.
.
Note: The answer must be 400 to 500 words please
In 250 words please explain FASB Codification 105-10-65-5; Generally Accepted Accounting Principles, Overall, Transition and Open...
In 250 words please explain FASB Codification 105-10-65-5;
Generally Accepted Accounting Principles, Overall, Transition and
Open Effective Date Information.
What parts of Generally Accepted Accounting Principles, are not generally accepted?
What parts of Generally Accepted Accounting Principles, are not
generally accepted?
Describe the purpose of U.S. generally accepted accounting principles (U.S. GAAP) and the benefits that these...
Describe the purpose of U.S. generally accepted accounting
principles (U.S. GAAP) and the benefits that these rules
provide.
Exercise 6-18 (Static) FASB codification research [LO6-8] Access the FASB Accounting Standards Codification at the FASB...
Exercise 6-18 (Static) FASB codification research [LO6-8]
Access the FASB Accounting Standards Codification at
the FASB website (www.fasb.org).
Required:
Determine the specific nine-digit Codification citation
(XXX-XX-XX-XX) for accounting for each of the following
items:
1. What disclosures are required with respect to
performance obligations that the seller is committed to satisfying
but that are not yet satisfied?
2. What disclosures are required with respect to
uncollectible accounts receivable, also called impairments of
receivables?
3. What disclosures are required with respect...
It is true that the FASB is the authoritative source for establishing accounting and financial reporting...
It is true that the FASB is the authoritative source for
establishing accounting and financial reporting standards for
investor-owned and not-for-profit health care organizations;
however, can you think of some differences that exist in the
reporting standards?
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