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    Special Issues Related to Property, Plant, and Equipment

    Report Property, plant, and equipment includes tangible assets acquired for long-term use in the normal operations of a business. If an outlay will provide a service benefit beyond the current period, it is a capital expenditure and is recorded as an asset
    Published on August 03, 2014

    Proposed AICPA Framework Accounting By Small & Medium-Sized Entities

    Report December 5, 2012 On November 1, 2012, the AICPA released an exposure draft of the much-anticipated private company financial reporting framework, entitled Financial Reporting Framework for Small and Medium-Sized Entities [FRF-SMEs].  As proposed, the F
    Published on August 03, 2014

    Special Issues Related to Foreign Currency Translation

    Report FASB ASC 830 deals with two main subjects:  translation of foreign currency financial statements and foreign currency transactions.
    Published on August 03, 2014

    Accounting for Contingencies

    Report Contingencies are existing uncertainties that may have financial impact, depending on future events. Loss contingencies are those that may result in the incurrence of a liability or the impairment of an asset. Gain contingencies are those that may result in the acquisition of an asset or reduction of a liability.
    Published on August 03, 2014

    Special Issues Related to Financial Statement Presentation

    Report How an entity presents information in its financial statements is vitally important because financial statements are a central feature of financial reporting—a principal means of communicating financial information to those outside an entity.
    Published on August 03, 2014

    Special Issues Related to Risks & Uncertainties

    Report Volatility and uncertainty in the business and economic environment result in the need to disclose information about the risks and uncertainties confronted by reporting entities. FASB ASC 275 requires disclosures that focus primarily on risks and uncertainties that could significantly affect the amounts reported in the financial statements in the
    Published on August 03, 2014

    Special Issues Related to Commitments and Contingencies

    Report FASB ASC 440 provides an overall accounting and disclosure model for unconditional purchase obligations, as well as reference to other types of commitments. FASB ASC 450 addresses accounting for contingencies.
    Published on August 03, 2014

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