Financial_Accounting - Financial Accounting Standards Board...

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Financial Accounting Standards Board FASB Update : Application and Implementation Activities Spring 2006 Susan Cosper The views expressed in this presentation are my own and do not represent positions of the Financial Accounting Standards Board. Positions of the FASB Board are arrived at only after extensive due process and deliberations.
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2 FASB Mission Statement Establish and improve standards of financial accounting and reporting for the guidance and education of the public, including issuers, auditors, and users of financial statements
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3 FASB Overview: Organization and Process
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4 Financial Accounting Foundation Financial Accounting Foundation FASB FASB GASB GASB AcSEC (AICPA) AcSEC (AICPA) EITF EITF SEC Oversight SEC Oversight Business Enterprises Not-for- Profit Organizations Governmental Entities FASAC FASAC GASAC GASAC
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5 FASB Chairman FASB Chairman The Organization Director Major Projects Director Major Projects Director Policy and Admin Director Policy and Admin Director Implementation (EITF Chair) Director Implementation (EITF Chair) FASB Technical Staff (May 2006): Post-graduate technical assistants (8) Board members Counsel to the Chairman
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6 How We Operate Open decision-making process—sunshine All technical decisions made in public meetings Private meetings to discuss technical issues limited to 3 Board members Extensive due process Standards are to be “neutral” and based on guidance in the Concept Statements
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7 Issue Identification Letters from interested parties Formal input on agenda priorities: FASAC, User Advisory Council SEC Other constituents we meet with regularly EITF, AcSEC Technical inquiries Agenda requests Implementation resource groups
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8 Major Project Life Cycle Issue identification Initial research Discussion document/memo to Board Agenda decision Establish a project resource group Analysis of issues, education sessions Public board meetings
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9 Major Project Life Cycle (cont.) Meetings with constituents Exposure Draft Study comment letters Public hearing/roundtable meeting Redeliberation Issuance of final Document (potential re-exposure) Post-issuance efforts (OP, CT, FARS)
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10 FASB Agenda and Recently Issued Guidance (Selected)
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11 Scope Provisions will broadly apply to all tax positions taken by an enterprise Two-Step Model Step 1: Evaluate the tax position for recognition by determining if the weight of available evidence indicates it is more likely than not , based solely on the technical merits, that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. Step 2:
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This note was uploaded on 06/01/2010 for the course ACC 1001 taught by Professor Lee during the Spring '10 term at École Normale Supérieure.

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Financial_Accounting - Financial Accounting Standards Board...

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