the financial accounting standards board(FASB):
is an independent, self regulatory board that establishes and interprets generally accepted accounting principles(GAAP).
Go to the Financial Accounting Standards Board (FASB) website and locate the Accounting Standards Update (ASU) 2018-20 and ASU 2016-2. These two ASUs are about leases. Share what you initially find most interesting about these two ASUs in two separate postings.
Explain why the Governmental Accounting Standards Board (GASB) and the Financial Accounting Standards Advisory Board (FASAB) include budgetary comparisons in their concept statements but the Financial Accounting Standards Board (FASB) does not.
The United States uses accounting standards developed by the Financial Accounting Standards Board (FASB) known as the generally accepted accounting principles (GAAP). This system relies on rules and regulations and thus is said to be a rules-based system. The rest of the world follows accounting standards developed by the International Accounting Standards Board (IASB) known as the international accounting financial reporting standards (IFRS). This system relies more on principles than rules. There is a movement to have one global standard,...
1) IFRS standards: A. Are established by the Financial Accounting Standard Board (FASB) B. Are established by the International Accounting Standard Board (IASB) D. Are established by the Securities and Exchange Commission (SEC) C. Are enforced by the International Accounting Standard Board (IASB) 2) What are the main reasons why US GAAP and IFRS differ? D. Cultural differences have no effect on developing multiple different standards in the world including IFRS and US GAAP ...
Discuss the current convergence efforts and issues between the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) on Revenue recognition, inventory, earning per share, and lease.
The financial accounting standards advisory Council consult with the FASB and major policy and technical issues and help select task force members. True or false?
Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org). Determine each of the following: 1. The topic number (Topic XXX) that provides the accounting for earnings per share. 2. The specific eight-digit Codification citation (XXX-XX-XXX) that describes the additional information for earnings per share that must be included in the notes to the financial statements. 3. The specific eight-digit Codification citation (XXX-XX-XX-X) that requires disclosure of transactions affecting the number of common shares outstanding that occur after the most recent reporting...
Which of the following is true about the International Accounting Standards Board (IASB)? The IASB has been working with the FASB in recent years to achieve convergence of International Financial Reporting Standards (IFRS) and U.S. GAAP. The goal of the IASB is to develop a single set of high quality, understandable, enforceable, and globally accepted financial reporting standards based upon clearly articulated principles. The SEC has delegated full authority to the IASB to be the accounting standards setting body in...
Which of the following is true about the International Accounting Standards Board (IASB)? The IASB has been working with the FASB in recent years to achieve convergence of International Financial Reporting Standards (IFRS) and U.S. GAAP. The goal of the IASB is to develop a single set of high quality, understandable, enforceable, and globally accepted financial reporting standards based upon clearly articulated principles. The SEC has delegated full authority to the IASB to be the accounting standards setting body in...
FASB codification research E 10-20 The FASB Accounting Standards Codification represents the single source of authoritative U.S. generally accepted accounting principles 1. Obtain the relevant authoritative literature on nonmonetary exchanges using the FASB Accounting Standards Codification at the FASB website (www.fasb.org). Identify the Codification topic number for nonmonetary transactions. What are the specific citations that list the disclosure requirements for nonmonetary transactions? Describe the disclosure requirements. 2. 3. E 10-21 FASB codification research Access the FASB Accounting Standards Codification at...