BNET Business Dictionary
Business Definition for: Accounting Concept
- any of the general assumptions on which accounts are prepared. The main concepts are: that the business is a going concern; that revenue and costs are noted when they are incurred and not when cash is received or paid; that the present accounts are drawn up following the same principles as the previous accounts; and that the revenue or costs are only recorded if it is certain that they will be received or incurred.
Additional Resources
- Financial Statements And Accounting Concepts/Principles
- Present in this paper are the important components to be incorporated in a Financial Statement—Balance Sheet, Income Statement, Statement of Retained Earnings and Statement of Cash Flows. The paper briefly describes the components that should be present in each of the accounting concept. The paper also talks about accounting concepts...
- Presentations 2003-01-01
- Financial Accounting and Reporting
- The article is about the basic concept that include overall area of financial as well as managerial accounting. It explains from the core concept of accounting definition. The purpose of financial accounting and reporting by state and local governmental entities is to accumulate and provide information to facilitate decision making...
- White papers 2003-01-01
- FASB pension accounting reform expected to have a big impact.(Financial Accounting Standards Board )
- Byline: Barry B. Burr NORWALK, Conn. - The FASB's vote last week to start overhauling its pension and other post-retirement benefits accounting statements is expected to give another boost to the concept of liability-led investing. The Financia Byline: Barry B....
- Research articles 2005-11-14
- Global Hawk Advanced Concept Technology Demonstration Reviewed.(General Accounting Office reviews reconnaissance aircraft)(Brief Article)(Statistical Data Included)
- A report from the General Accounting Office GAO, "Progress of the Global Hawk Advanced Concept Technology Demonstration" (GAO/NSIAD-00-78), reviews the results of the High Altitude Unmanned Aerial Vehicle Advance Concept Demonstration with respect to the performance and cost objectives of the program. To assess the military...
- Research articles 2000-10-01
- SEC issues concept release on International Accounting Standards
- The SEC seeks comment from issuers, auditors, and investors on a concept release regarding the use of international accounting standards. The release requests feedback from domestic and foreign parties regarding both acceptance of International Accounting Standards Cony mittee IASC standards and the broader issue of shaping a global financial structure...
- Research articles 2000-04-01
- The new dilemma of cash versus earnings. (the affect of the Federal Accounting Standards Board's proposed Overview of Post-Employment Benefits on reportable earnings)
- The Financial Accounting Standards Board's FASB draft Overview on Post-employment Benefits OPEB will affect the translation of cash flow into reportable earnings, a concept that reconciles the investment evaluation process of business with that of WalThe Financial Accounting Standards Board's FASB draft Overview on Post-employment Benefits OPEB will affect the...
- Research articles 1989-07-01
- SEC Approves Concept Release On International Accounting Standards
- The Securities and Exchange Commission today unanimously approved and issued for public comment a concept release regarding the use of international accounting standards. The release seeks feedback from domestic and foreign parties regarding both acceptance of International Accounting Standards Committee standards and the...
- Research articles 1970-01-01
- Fair-value accounting and MSRs: current accounting rules require that mortgage loan servicing rights be recorded at fair value. A recently published study examines whether or not that measurement principle is being met
- A study published in the June-July 2007 issue of Bank Accounting and Finance, by Robert J. Cochran, Edward N. Coffman and David W. Harless, examines the question of whether publicly traded mortgage banking firms record their mortgage loan servicing rights MSRs in accordance with current accounting rules. Current accounting rules...
- Research articles 2007-12-01
- Activity-based costing: something old, something new.
- The accounting concept of activity-based costing incorporates both traditional and innovative techniques. This idea involves the study of activities that go as far back as 30 years to study cost upswings and downswings. Costs easily go up but they rarely if ever go down. New techniques that have been incorporated...
- Research articles 1994-12-01
- Managerial Accounting And Cost-Volume-Profit Relationships
- There are two differences between managerial and financial accounting. Managerial accounting supports internal planning decisions made by management. On the other hand, financial accounting involves scorekeeping and historical orientation that provides information to owners and other people outside the organization. The paper discusses the concept of managerial accounting.
- Presentations 2003-01-01
- Total factor productivity - a misleading concept
- Total factor productivity - a misleading concept* 1. Introduction In real business cycle models, growth accounting, as in empirical research on the link between R&D spending and economic performance, the indicator usually chosen for productivity is total factor productivity - a concept that derives from a...
- Research articles 2001-09-01
- Options Accounting Should Follow U.S. Course.
- If you read this page regularly, you know I strongly support the concept of improved global accounting standards. Over the past five years, there has been a strong trend in which leading foreign public companies have converted from international or local country accounting rules to...
- Research articles 2001-11-01
- Coming to Terms With International Accounting Accounting Standards
- For years, the prospect of international accounting standards has hovered uncertainly on the horizon. Now, the concept has become a reality -- and, especially in multinational organizations, the impact may stir financial operations. YOU'VE JUST BEEN ASsigned to conduct a financial audit at one of your firm's foreign subsidiaries....
- Research articles 2001-02-01
- Accounting and Management Reform in Local Authorities: A Tool for Evaluating Empirically the Outcomes
- Since the last years many governments have undergone an accounting and management reform, being strongly inspired by the New Public Management NPM philosophy. This research note provides a methodology to explain the success if any of such reforms, by examining the level of compliance with prescribed accounting and management legislation...
- White papers 2004-11-01
- TIC chair warns of difficulties of principles-based accounting. (Top of the news: the complete chronicle of news and trends shaping the profession)
- HOUSTON -- Stephen McEachern assumes the chair of the American Institute of CPAs' Technical Issues Committee at a crucial juncture in American accounting. As the Financial Accounting Standards Board initiates a shift toward a principles-based accounting, McEachern's committee, which is among the country's foremost defenders of the interests of small...
- Research articles 2002-12-16
- The concept of control in consolidated financial statements: convergence of U.S. and international accounting rules
- Abstract Recent progress has been made toward the convergence of a global set of accounting standards. However, more work needs to be done. A significant step in that continued direction will be complete when the FASB finalizes its proposed standard on consolidation policy, aligning its rules with international accounting...
- Research articles 2005-03-22
- Outsource Accounting To Boost Your Bottom Line
- Accounting outsourcing is considered to be one of the more effective management tools, thus many companies often incorporate outsourcing as one of their strategies in business planning. As a matter of fact, the Outsourcing Institute reported that the concept of a CRO Chief Resource Officer, a professional outsourcing executive manager,...
- White papers 2009-01-01
- Modeling Brand Equity
- The measurement and management of brand equity has become a major issue for marketers and marketing researchers over the last several years. The concept of brand equity goes well beyond the legal concept of a trademark or the accounting concept of goodwill. Brand equity encompasses a gestalt of intrinsic values,...
- White papers 2003-01-01
- Study Pursuant To Section 108(D) Of The Sarbanes-Oxley Act Of 2002 On The Adoption By The United States Financial Reporting System Of A Principles-Based Accounting System
- From the executive summary: ‘The Sarbanes-Oxley Act was formulated to improve system of financial reporting by reinforcing checks and balances that were critical to investor confidence. However, certain imperfections were found in the accounting standards. The imperfections are either rules-based or principles-only basis. Principles-only standards presented enforcement difficulties because they...
- Case studies 2003-07-25
- Group Accounting: Associated Companies And Negative Goodwill
- This document contains detailed practical illustrations so as to to let the reader understand the concept of negative goodwill better. Negative goodwill may arise where an acquiring company, in determining the amount of consideration it is willing to pay for a business, takes into account the cost of post acquisition...
- White papers 2003-04-30
