The Financial Accounting Standards Board originally issued FASB 96, Accounting for Income Taxes, in December, 1987. Although the basic concepts of FASB 96 were accepted by the accounting community, it was strongly criticized because of the complexity of application. As issued, FASB 96 was effective for financial statements for fiscal...
DECEMBER 31, 2007, will bring to an end my more than 54 years of involvement in the accounting profession. On that date I will complete six years as a trustee of the Financial Accounting Foundation FAF, and earlier in the fall I taught my last graduate class in Financial Accounting...
The Financial Accounting Standards Board has enacted a new rule stating that businesses must publish up-to-date values on all their credits and debits. The rule attempts to bring more consistency to the nation's accounting systems, but critics are saying it will cause more problems. ACCOUNTING regulators worldwide IN are...
accounting & auditing newsOn Feb. 1, the Financial Accounting Standards Board issued FASB Staff Position FIN 48-2, Effective Date of FASB Interpretation No. 48 for Certain Nonpublic Enterprises. This FSP defers the effective date of FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes, for certain nonpublic enterprises as...
INVESCO English and International Trust plc HEADLINE: Change of Accounting Reference Date INVESCO English and International Trust plc announces that it is to change the Company's Accounting Reference Date from 5 April to 31 March. This is an administrative change only, to...
A refresher on the leading contenders to replace FAS 13. The purpose of this article is to bring the reader up to date with the current thinking by national and international accounting standards-setters on proposed accounting and reporting rules to replace FAS 13. The focus of the FASB...
Under pressure from a host of cooperative ventures, small CPA firms and limited partnerships, the Financial Accounting Standards Board has put off the effective date of parts of Financial Accounting Statement 150, "Accounting for Certain Financial I Under pressure from a host of cooperative ventures,...
Accounting is defined as a process of identifying, measuring, and communicating economic information to permit informed judgments and decisions. Accounting can be divided into three categories viz. financial, managerial, and cost accounting. The three types of accounting procedures perform different functions at different level of organizations. The paper throws light...
Accounting is an essential tool for measuring the economic status of companies and analyzing their worth. There are different types of accounting procedures viz. financial and managerial accounting. The two differ from each other in their functions. Experts suggest that a managerial accounting involves dealing with internal financial condition. On...
Global accounting standard setters are moving closer to crafting one set of comprehensive guidelines for how and when companies should report revenue, and have set the end of this year as a target date for publishing a draft, according to Reuters. The proposals being discussed between the Financial Accounting Standards...
As the Financial Accounting Standards Board FASB continues to march toward fair value accounting and away from historical cost accounting, it's a good time to consider the flaws of fair value accounting. Enron's demise, after all, has been partially blamed on fair value accounting. In addition, it has been suggested...
Although no one can foresee the ultimate effects the Sarbanes-Oxley Act of 2002 will have on accounting standards setting, certain provisions will alter the operation of the Financial Accounting Standards Board FASB and its funding. To date, FASB has operated as a subsidiary of the Financial Accounting Foundation FAF, a...
Byline: Shruti Date Singh Competition among mid-sized accounting firms in Chicago is heating up with a deal that creates the city's third-largest accounting firm. Despite that heft, the new firm aims to serve mid-sized clients-Chicago accountin Byline: Shruti Date Singh...
The FASB has finally issued Statement of Financial Accounting Standard No. SFAS 123, 'Accounting for Stock-Based Compensation.' Beginning calendar year 1996, the standard will require a transition in the accounting treatment of fixed stock options with an exercise price at least equal to the stock price at the option grant...
WASHINGTON -- Accounting firms that register with the Public Company Accounting Oversight. Board won't necessarily be allowed to withdraw that registration at a later date, even if they cease their auditing activities. WASHINGTON -- Accounting firms that register with the Public Company Accounting Oversight....
In June, 1993, the Financial Accounting Standards Board FASB issued an Exposure Draft, "Accounting for Stock-based Compensation," which has stirred more controversy than any change the FASB has made to date. Although the Exposure Draft addresses accounting and reporting for all stock-based compensation plans, employee fixed stock options would be...
At its June 28, 2000, meeting, the Financial Accounting Standards ABoard FASB reached tentative conclusions related to its longstanding project on distinguishing between liabilities and equity (the "project"). Those conclusions are still tentative and do not change current accounting. While the effective date of any final pronouncement may be years...
As the Financial Accounting Standards Board agreed to delay the effective date of its impending standard on accounting for employee stock option compensation, proponents of expensing are bemoaning another six months of opposition, while opponents of As the Financial Accounting Standards Board agreed to delay...
NORWALK, Conn. -- The Financial Accounting Standards Board FASB has issued Statement No. 154, Accounting Changes and Error Corrections, a replacement of APB Opinion No. 20 and FASB Statement No. 3. The Statement applies to all voluntary changes in accounting principle, and changes the requirements for accounting for and reporting...
Sage Software today announced the availability of the Simply Accounting by Sage 2007 product line, Canada's number one selling(1) small business accounting software, which includes Simply Accounting Entrepreneur, Simply Accounting Basic, Simply Accounting Pro, Simply Accounting Premium with Support and Payroll Services and Simply Accounting - Accountants' Edition. With...
