ipl-logo

Financial Accounting Standard Board Memo To Stakeholders

799 Words4 Pages

This article come from the Financial Accounting Standard Board and talks about the interest that FASB must hear all about the financial report that comes from public and nonpublic stakeholders. The reason FASB wants to know about the financial statements of each entity is to better the financial reporting for all profit companies and non-for-profit organization. In this article states that stakeholders input is important in the decision making for a business. In this memo from the Financial Accounting Standard Board reflects the last supplement No. 4 that was completed by Emerging Issue Task Force (EITF) on June 10, 2016. The memo explains the number of stakeholders by categories and how each category stated their concern on each of the eight issues that the EITF proposed to the stakeholders. …show more content…

This page represents each stakeholders comment letter that participated in the EITF-15F. All the stakeholders had different approach on how to fix or minimize the diversity in the subject on hand about the statement of cash flows (cash receipt and payments). The stakeholders that answer the questions were very detailed how each issues should be addressed in the cash flow statement. This page shows the final amendment of the FASB Accounting Standards Codification on the Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments, a consensus of FASB EITF board. In this report shows the final decision that the EITF board decided on and how its read in the FASB accounting standard codification for all entity to understand. It reflects all the changes as what was removed and added to the statement of cash flow (cash receipts and

Show More
Related

Est1 Task 1

632 Words | 3 Pages

Entire work needed be directive and the evidence is needed to be open, steady and trustworthy. The evidence is going to help to understand in deepness how it is to approach its events in the coming days; how can it organise future cash flows, this is going to give highpoint the company’s financial stage. These are all crucial sides the company is looking up on showing the statements and are alert that all the records collected must be correct. The shareholders, managers and accountants will trust on this evidence to make proper protections for the coming

Read More

Wgu Financial Task 1 Essay

1494 Words | 6 Pages

Task 1 The users of Orlando Limited financial statements can be simple separate as 2 types of user which is external users and internal users. The first external user involve in the Orlando Limited financial statements is stakeholder who can be a person, a group or organization that has interest or concern in the Orlando Limited financial statement. Stakeholder can be affected by the Orlando Limited financial statement, objectives and policies. Some examples of key stakeholders are creditor, employees, owner, suppliers and the community from which the business draws its resources.

Read More

Peter Bakker's Article 'Accountants Save The World'

382 Words | 2 Pages

In the article Accountants Save the World by Peter Bakker, one of his casual claims is that “to address current economic crises in a systematic way, we must begin to demand a return on social and natural capital as well. ”1 As a result, Bakker felt that shareholders would not recognize a company's' social accomplishments if it is not captured in financial reports. However, it could be that shareholders do not put social capital into financial statements because they believe that the only social responsibility of business is profits, like Milton Friedman. Therefore, demanding a return on social and natural capital would be ineffective if the majority of shareholders agree with Friedman's view.

Read More

Coax Revenue Recognition Case Study

1220 Words | 5 Pages

Also, it can be challenging since guidelines created by Financial Accounting Standards Board (FASB) are complex and are subject to interpretation. To resolve this problem, in 2014, the FASB and the International Accounting Standards Board issued their final standard ASC 606 “Revenue from Contracts with Customers”. This new standard brought many changes in the way revenue is recognized by companies. This revenue recognition standard will require consumer products entities to reassess many of their existing accounting policies and practices. Also, the timing of revenue recognition could change under the new revenue recognition standard.

Read More

Admin B6 Memo

675 Words | 3 Pages

The information stated on this memo is the answer to your question about taking vitamin B6® during pregnancy to treat symptoms of nausea and vomiting. The medical profile under your name, states that you are a 25 year old pregnant female who is 14 weeks along. Currently, you are taking Synthroid, Prenatal vitamins, and Promethazine medications . The medical profile also indicates that, you are allergic to Penicillin.

Read More

Bus 1350 Unit 1 Assignment

1292 Words | 6 Pages

FAMILY NAME: ZAINAB FIRST NAME: ABDULLAHI REG NO: 1501902 WORD COUNT: 1350 ESSEX BUSINESS SCHOOL COVER SHEET BE100 Introduction to Accounting Usefulness of including ‘strategic report’ as part of the annual report of companies in the UK to users An annual report is an official financial statement published annually by a company and sent to interested parties (Readyratios.com, 2015). The report assesses the company’s financial activities and operations throughout the preceding year.

Read More

Fasb Revenue Recognition Standards Essay

575 Words | 3 Pages

The Financial Accounting Standards Board of the United States and the International Accounting Standards Board began the process with the adoption of the Norwalk Agreement of with the ambitious goal of implementing a single set of internationally accepted accounting principles by 2015. The IASB and the FASB came into the convergence project on revenue recognition from vastly different starting points. Both bodies came into the project with two main criteria for revenue recognition; however, this is where the similarities cease. IASB’s standards and framework provided that revenue would be recognized when 1) it is probable that any future economic benefit associated with the item will flow to or from the enterprise and 2) the item’s cost or value can be measured

Read More

Citizen Engagement Summary

1525 Words | 7 Pages

The abstract goes into detail on current governmental financial reports and the public view of these statements. Based on an Association of Government Accountants 2012 e-Report, most citizens determined the statements were too large and complicated to review and understand. The Public Financial Reports (PFR) is now being promoted from the Government Financial Officers Association to assist the public and increase participation.

Read More

Personal Statement: Letter To Shareholders

698 Words | 3 Pages

Letters to Shareholders Liesa Morrow-Bratcher Walden University   Letters to Shareholders I am writing as the Provost of Rogal College. As the head of a new strategic planning committee, I am writing to people and asking for their help in identifying the pros and cons of changing the college from a liberal arts college to a professional and technical college. I would like their opinion, research, and questions about this taking place. I am including a survey for them to take and a time and place for discussion.

Read More

Cummins Past Five Years Of Financial Analysis

1304 Words | 6 Pages

Between 2006 and 2010, the FASB has adopted thirteen different disclosure requirements to their Accounting Standards Codification. By adding these requirements, they ensure that companies cannot mislead their investors, thus benefiting investors to make informed decisions. Although this change is viewed in a positive light, there are also different costs associated with stricter regulation of disclosures. The most prominent of these costs are associated with implementing such changes. By making changes to the FASB’s Accounting Standards Codification, companies now are forced to adhere to these changes.

Read More

Stock Market Crash Of 1929: Adequacies Of Financial Report

368 Words | 2 Pages

The stock market crash of 1929 brought attention to the accounting professions to exams the adequacies of financial reporting ( Finkler,2013). The bankrupt companies were the result of arithmetic errors and undetected fraud cases, therefore, the SEC was formed to require public companies to present a financial report annually to stockholders. The SEC specifically required auditors to comply to arithmetic accuracy, fair representation, utilize clear and stabilized a set of accounting practices( Finkler, 2013) . In order to acknowledge the main area of risk and concern, the auditor begins a planning process such as meetings with auditing staff, senior management and administrative staff.

Read More

Taking A Look At Australian Accounting Standards Boards

465 Words | 2 Pages

Financial statements provide the useful information about a company’s business activities and financial performance throughout the preceding financial year to support the stakeholders on relevant decisions. Therefore, financial information in Annual Reports must be adhered to the fundamental and enhancing qualitative characteristics. a) Australian Accounting Standards Boards (AASB) introduces the strict standards for companies to prepare their financial statements in a strict and standard format, which allows the financial information to be more reliable and useful for the users to the companies. Most of all, financial information of companies must be faithfully represented the relevant business activities and transactions that is valid and free from bias (AASB 2013). By preparing the financial statements in a strict format, the users are able to identify the faithfully representation and relevance of the companies’ financial performance well and truly.

Read More

Should Accounting Standards Be Rule-Based Or Principle Based

1046 Words | 5 Pages

Introduction The standards for financial reporting are designed for corporation with global business matters in order to understand and compare the global business needs. These are the rules to be followed by worldwide accountants to maintain books of financial records. In the world of business it is called international financial reporting standards. The debate has been going throughout the last fifty years on whether accounting standards should be rules –based or principle based (Zeff, 2003).

Read More

The Importance Of Accounting Memo

1616 Words | 7 Pages

Analysis • This section is regarded as the most critical step in writing an effective accounting memo by bringing together the required facts of the research, any supporting authoritative literature, and an accountants overall evaluation before forming a conclusion. • Analysis includes information from relevant guidance, along with an accountant’s own words about how the guidance is applicable. • The memo should contain enough authoritative guidance that the user will not need to perform additional research in the Codification. • Make sure to utilize the concept known as the “guidance sandwich.”

Read More

The Importance Of Accounting In Personal Finance

748 Words | 3 Pages

However, in personal finance, cash accounting is often used to define and account for events when the cash changes hands. This practically implies that in personal finance, incomes and expenses are noted when the cash is received or paid, or when the cash actually flows. In managing personal finance, the accounting process in crucial in that it records personal transactions of what flows in and what flows out. As checkbooks records most transactions with statement from bank carrying others, this accounting transaction information is summarized in financial statement and can easily be read most efficiently. Furthermore, the summary report of the income statement, cash flow statement, and balance sheet clearly show one’s personal financial status paving the way for better managing personal finance.

Read More

More about Financial Accounting Standard Board Memo To Stakeholders

Open Document