Professional research FASB Codification Essay - 822 Words

Problem2# Professional research Acct2241 (a) What authoritative literature addresses comprehensive income? When was issued? The FASB Accounting Standards Codification ® is the source of authoritative generally accepted accounting principles (GAAP) recognized by the FASB to be applied by nongovernmental entities. Statement of Financial Accounting Standards No. 130 Reporting Comprehensive Income Issued: June 1997 (b) Provide the definition of comprehensive income Comprehensive income is defined in Concepts†¦show more content†¦This Statement does not change those classifications or other requirements for reporting results of operations. (d) Define classifications within other comprehensive income and give example. Other comprehensive income definition: Revenues, expenses, gains, and losses that under generally accepted accounting principles (GAAP) are included in comprehensive income but excluded from net income. Items included in other comprehensive income shall be classified based on their nature. For example, under existing accounting standards, other comprehensive income shall be classified separately into foreign currency items, minimum pension liability adjustments, and unrealized gains and losses on certain investments in debt and equity securities. Additional classifications or additional items within current classifications may result from future accounting standards. (e) What are reclassification adjustments? Adjustments shall be made to avoid double counting in comprehensive income items that are displayed as part of net income for a period that also had been displayed as part of other comprehensive income in that period or earlier periods. For example, gains on investment securities that were realized and included in net income of the current period that also had been included in other comprehensive income as unrealized holding gains in the period in which theyShow MoreRelatedThe Financial Accounting Standards Board (FASB) Essay939 Words   |  4 Pageshelp accounting professionals easily navigate through 50-plus years of unorganized US generally accepted accounting principles (GAAP) and standards the Trustees of the Financial Accounting Foundation approved the Financial Accounting Standards Board (FASB) Accounting Standards Codification (Codification.) By codifying authoritative US GAAP, FASB will provide users with real-time and accurate information in one location. Concurrently, FAS B developed the FASB Codification Research System; a web-basedRead MoreThe Fasb Codification Topic 320 : Investments Debt And Equity Securities1487 Words   |  6 Pages Overall. The FASB Codification Topic 320: Investments-Debt and Equity Securities is included under the financial statement asset section and offers guidance on investment instruments that represent either a creditor relationship (debt) or an ownership interest (equity) and provides standards for reporting such investments according to generally accepted accounting principles (GAAP) (FASB ASC 320-10-05-2, 2016). Debt securities included under this topic include any investment that would be consideredRead MoreFasb Codifcation873 Words   |  4 PagesLinh Hoang ACCT 322-001 GAAP Research Part I Professional Research: FASB Codification Chapter 11 a. What is the authoritative guidance for asset impairment? Briefly discuss the scope of the standard (i.e., explain the types of transactions to which the standard applies) The authoritative guidance for asset impairment is to ensure that impairment is recorded and dealt with as depreciation. The scope of the standard is writing off of assets and depreciation. According to the guidance of 360-10-35Read MoreFasb1244 Words   |  5 PagesPart I: Know the FASB I. As discussed many times in ACC 310, the FASB is the current accounting standard setters in the U.S. as they are empowered by the SEC. Visit the FASB website at www.fasb.org and answer the following questions: (Do not cut and paste but answer in your own words. Any material quoted should be cited). 1. What is the FASB mission? 1pts The FASB mission is to establish and improve financial accounting standards and reporting. This sets the guidance forRead MoreAcc 541 Accounting Standards Board Paper1116 Words   |  5 PagesAccounting Standards Boards The field of accounting is constantly evolving. This is true not only for the theory of accounting itself but also the entities that govern its theory and practice. Presently, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) are faced with some of the biggest challenges to date. To understand the significance of these two boards, it is necessary to understand their histories, relations between the boards, and theRead MoreThe Sarbanes Oxley Act ( Sox )2188 Words   |  9 Pagesfind and translate, the public expects auditors to prevent events such as those that sparked SOX. The Financial Accounting Standards Board (FASB) developed the Accounting Standards Codification (ASC) that became the authoritative source July 2009 (FASB, 2009). Perhaps the hardest impact auditors experience with FASB ASC is attempting to ascertain clients’ FASB ASC references in disclosures on financial statements; â€Å"management cannot delegate t his function to the auditor† (McConnell, 2003). AnythingRead MoreThe Financial Accounting Standards Board1346 Words   |  6 Pagesstatements. The institutions can be made of up a simple or complex capital structure. It must be calculated on a constant basis in order for reports to remain consistent. FASB provides a formula of â€Å"dividing income available to common stockholders by the weighted average number of common shares outstanding during the period† (FASB 2009), to measure each share of stock earned. The net income of an institution simply comes from their income statement. The weighted average of common shares outstandingRead MoreEssay on Financial Accounting Textbook Solution11168 Words   |  45 Pages |Simple |15–20 | |CA1-5 | |AICPA’s role in rule making. |Simple |20–25 | |CA1-6 | |FASB role in rule making. |Simple |20–25 | |CA1-7 | |Politicalization of GAAP. |Complex Read MoreIntermediate Accounting Chapter 112758 Words   |  52 PagesCA1-3 CA1-4 CA1-5 CA1-6 CA1-7 CA1-8 CA1-9 CA1-10 CA1-11 CA1-12 CA1-13 CA1-14 CA1-15 CA1-16 CA1-17 CA1-18 CA1-19 CA1-20 Description FASB and standard-setting. GAAP and standard-setting. Financial reporting and accounting standards. Financial accounting. Objective of financial reporting. Accounting numbers and the environment. Need for GAAP. AICPA’s role in rule-making. FASB role in rule-making. Politicalization of GAAP. Models for setting GAAP. GAAP terminology. Accounting organizations and documentsRead MoreCh 1 Financial Acc. Theory and Analysis6038 Words   |  25 Pagesthose developed by the International Accounting Standards Committee. d. Response time. The emerging accounting problems were not being investigated and solved quickly enough by the part-time members. Answer c 5. Which of the following is the professional organization of university accounting professors? a. American Accounting Association b. American Institute of Certified Public Accountants c. American Institute of Accountants d. Financial Executives Institute Answer a 6. What controversy