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    EITF Guidance on Collaborative Arrangements

    Report In December 2007, the FASB ratified [approved] a previously-finalized Consensus of the Emerging Issues Task Force [EITF] that addresses accounting and reporting issues associated with collaborative arrangements.
    Published on August 03, 2014

    FASB ASC 952 Addressing Some Franchisor Accounting Issues

    Report In accounting for franchise arrangements, franchisors prepare financial statements using accounting principles generally utilized by other types of for-profit reporting entities, but some of the unique features of franchisor and franchisee relationships need to be addressed by applying some specific accounting guidance.
    Published on August 03, 2014

    Accounting and Financial Reporting Accounting at Formation of Joint Ventures

    Report A question often arises as to how a joint venture should recognize and measure noncash assets received from the venturers at formation of the joint venture. Currently no authoritative guidance exists that provides a direct answer on this issue.
    Published on August 03, 2014

    Revenue Recognition - General Guidance

    Report Although the FASB and IASB are nearing completion of their joint project on revenue recognition, the effective date of that guidance will likely not be before 2016. Since we will continue to apply the current authoritative literature related to revenue for several more years, we will provide a review of
    Published on August 03, 2014

    SSAE No. 16 Some Implementation Questions & Answers

    Report Since the guidance in SSAE No. 16 can be early-implemented, several questions associated with the guidance have been asked, and many of those questions are addressed in these materials.
    Published on August 03, 2014

    Designing Analytical Procedures in a Review Engagement

    Report In performing the inquiry and analytical procedures for a review engagement, it is important to understand that these performance requirements are not to be performed in a “mechanical” manner.
    Published on August 03, 2014

    Disaster Losses Focusing on Accounting & Reporting Matters

    Report Businesses operating in locations where disasters occur commonly need to address negative ramifications associated with disastrous events, where those ramifications can be significant both in the short-term and in the long-term.
    Published on August 03, 2014

    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

    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

    Revenue Recognition Special Issues

    Report Revenue usually is the largest single item in financial statements, and issues involving revenue recognition are among the most important and difficult issues that accountants face.
    Published on August 03, 2014

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