Go to fasb asc 310 10 35 to access the subsequent

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Go to FASB ASC 310-10-35 to access the Subsequent Measurement Section of the Subtopic 310-10.Paragraph Go to FASB ASC 310-10-35-47 to access the Loans and Trade Receivables not Held for Saleparagraph of Section 310-10-35.Topic– Provides a collection of related guidance on a given subject, such as receivables or leases.Subtopics– Subset of a topic and distinguished by type or scope. For example, overall and troubled-debtrestructurings are two subtopics of receivables.Sections– Indicate the type of content in a subtopic, such as initial measurement. In some cases, subsections areused but not numbered.
Paragraphs– This is where you will find the substantive content related to the issue researched. (All other levelsexist essentially to find the material related to the paragraph level content.)Issues in Financial ReportingGAAP in a Political EnvironmentGAAP is as much a product of political action as they are of careful logic or empirical findings.Illustration 1-6 User Groups that Influence the Formulation of Accounting Standards. Page 17Expectation GAAPWhat the public thinks accountants should do vs. what accountants think they can do.Difficult to close in light of accounting scandals.Sarbanes-Oxley Act (2002).Public Company Accounting Oversight Board (PCAOB).Financial Reporting ChangesNon-financial measurementsForward-looking informationSoft assetsTimelinessInternational Accounting StandardsTwo sets of standards accepted for the international use:U.S. GAAP, issued by the FASBInternational Financial Reporting Standards (IFRS), issued by the IASB.FASB and IASB recognize that global markets will be best served if only one set of GAAP is used.International Perspective– The adoption of IFRS by U.S. companies would make it easier to compare U.S. andforeign companies, as well as U.S. companies to raise capital in foreign markets.Issues in Financial ReportingEthics in the Environment of Financial AccountingIn accounting, we frequently encounter ethical dilemmas.GAAP does not always provide an answerDoing the right thing is not always easy or obviousIFRS InsightsRELEVANT FACTSInternational standards are referred to as International Financial Reporting Standards (IFRS), developedby the International Accounting Standards Board (IASB). Recent events in the global capital markets haveunderscored the importance of financial disclosure and transparency not only in the United States but inmarkets around the world. As a result, many are examining which accounting and financial disclosurerules should be followed.U.S standards, referred to as generally accepted accounting principles (GAAP), are developed by theFinancial Accounting Standards Board (FASB). The fact that there are differences between what is in thistextbook (which is based on U.S. standards) and IFRS should not be surprising because the FASB andIASB have responded to different user needs.The internal control standards applicable to Sarbanes-Oxley (SOX) apply only to large public companieslisted on U.S. exchanges. There is a continuing debate as to whether non-U.S. companies should have to

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Term
Fall
Professor
DrLewis
Tags
Accounting, Financial Accounting, International Financial Reporting Standards, Financial Accounting Standards Board

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