Acct 101 - Internet Research Project

C the number of search results was different when i

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c. The number of search results was different when I used quotes versus not using quotes because when searching in quotation marks, the search engine searches for the words as a single phrase and will only return results that contain both words together. This creates a much for specific search. Therefore, the number of hits for “accounting education” was far fewer than those for accounting education. 3) a. The mission of the Financial Accounting Standards Board (FASB) is to both establish and improve standards of financial accounting for the public or any other users of financial information. “Accounting standards are essential to the efficient functioning of the economy because decisions about the allocation of resources rely heavily on credible, concise, transparent and understandable financial information.” ( ) Information about the financial position of individual companies is used by the public in making many other decisions. The FASB is always trying to come out with ideas that can better the accounting system. The goal is to create new and improved methods to help the general public better understand whatever information they see on financial reports. The FASB is part of a structure that is independent of all other business and professional organizations. Prior to this, financial reporting standards were established by the American Institute of Certified Public Accountants (AICPA).
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b. The International Accounting Standards Board (IASB) is an “independent, privately-funded accounting standard-setter.” ( ) The board members come from nine different countries. The IASB is committed to developing a single set of high quality, understandable and enforceable global accounting standards to be used by the general public. In recent years, the FASB has been working on a project related to the convergence of the FASB with the IASB. The purpose is to seek out all the major differences between U.S. GAAP and international policies and to work to resolve those differences. Some of the standards which are being addressed in this project include measurement, presentation, and disclosure. c. “Issue No. 06-2, "Accounting for Sabbatical Leave and Other Similar Benefits Pursuant to FASB Statement No. 43, Accounting for Compensated Absences.” Companies may provide employees with a sabbatical leave benefit where the employee is compensated for the time they took off after achieving a specific amount of service for that company. Statement 43 provided the general guidance for compensated absences for accounting. As far as sabbatical leave programs go, most agree that the requirements of Statement 43 are met. “However, since these benefits typically do not vest, the issue is whether employee rights to compensated absences accumulate or not under sabbatical.” ( ) By March 16, 2006, only tentative conclusions
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  • Spring '11
  • David
  • Accounting, Business, Corporation, International Financial Reporting Standards, Financial Accounting Standards Board

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