Consolidating financial statements eliminating entries intj and dating
AICPA accounting interpretations, implementation guides published by the FASB staff, and other practices widely accepted 5.Other Sources of Accounting Literature, which includes the FASB’s Statements of Financial Accounting Concepts, the APB Statements, AICPA Issues Papers, Ac SEC Practice Bulletins, minutes of the FASB’s Emerging Issues Task Force, International Accounting Standards Committee statements, pronouncements of other professional organizations or regulatory agencies, and accounting articles and textbooks Sarbanes-Oxley Act of 2002 3.
Beginning balance and incremental amount (use average price level index increase rate) calculate separately.Three values: OE or net asset; Market value of net identifiable assets (split up or liquidation value); Total value Difference between first two: market value exceeds BV; Difference between last two: goodwill Desclosure: 1.Summary of significant accounting policies: principles & methods, related party, criteria, policies, pricing 2.GAAP are the rules of financial reporting for business enterprises.“accounting standards.” Address recognition, measurement and disclosure Three organizations development of GAAP for business enterprises: SEC, AICPA, FASB The SEC is the federal government agency that administers the securities laws of the US The AICPA is the national professional organization for practicing CPAs and has had a great impact on accounting principles over the years The Financial Accounting Standards Board (FASB) is one of three parts of the current accounting standard-setting mechanism in the US.
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Statement of cash flow match the first item of BS: cash definition of funds – cash; cash and cash equivalent – (the same) SFAC #1 Objectives: provide cash flow, economic resources, financial performance, management responsibility information Purpose: assisting users in making predictions relevant to investing and credit-granting decisions than with assisting in the evaluation of past performance Target Audience: Decision makers SFAC #2 Qualitative Characteristics of Accounting Information Relevance: timeliness, predictive value, feedback value Reliability: representational faithfulness, verifiability, neutrality, Comparability: Consistency: Assumptions: 1.