Special Issues Related to Property, Plant, and Equipment
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 November 09, 2011
Proposed AICPA Framework Accounting By Small & Medium-Sized Entities
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 December 05, 2012
Special Issues Related to Foreign Currency Translation
FASB ASC 830 deals with two main subjects: translation of foreign currency financial statements and foreign currency transactions.
Published on February 03, 2010
Going Concern Codified Into U.S. GAAP New Challenges for a Delicate Process
On August 27, 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. This report provides a summary of this new standard as well as some potential implications for the attest literature.
Published on September 17, 2014
Accounting for Contingencies
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 January 07, 2009
Special Issues Related to Risks & Uncertainties
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 April 11, 2012
Special Issues Related to Commitments and Contingencies
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 May 25, 2014
Special Issues Related to Financial Statement Presentation
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 May 25, 2011