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The argument among accountants and financial statement users over the proper valuation procedures for assets and liabilities resulted in the release of (see FASB ASC 320-19). The statement requires current-value disclosures for all investments in debt securities and for investments in equity securities that have readily determinable fair values and for which the investor does not have significant influence. The chairman of the Securities and Exchange Commission termed historical cost valuations "once-upon-a-time accounting." Historical cost accounting also has been criticized as contributing to the savings and loan crisis of the 1980s. During that period, these financial institutions continued to value assets at historical cost when they were billions of dollars overvalued. Critics of current-value accounting point out that objective market values for many assets are not available, current values cannot be used for tax purposes, using current values can cause earnings volatility, and management could use current value to "manage earnings."
Question 1. Determine how current values might be determined for investments, land, buildings, equipment, patents, copyrights, trademarks, and franchises.
Question 2. How might the use of current values in the accounting records cause earnings volatility?
Question 3. Discuss how management might manage earnings using current cost data.
Baseball magazine never actually takes title to the inventory. What is the source of Baseball Magazine's Income
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You plan to buy a $200,000 home. The bank suggests two options: (1) 10% down payment, $100/month PMI for the first 4 years, 30-year mortgage at 6% APR, and (2) 20% down payment, 30-year mortgage at 5% APR. What is the difference in the total mortg..
In both employee surveys BIMS used all three levels of measurement to analyze the data collected. In reviewing the findings from the employee survey, the ultimate goal was to get the overall census of the employees on the survey questions.
Shue withdrew $240,000 as withdrawals and contributed equipment valued at $50,000 to the partnership. What was the net income of the Financial Brokers Partnership for 2008?
vandross company has recorded bad debt expense in the past at a rate of 1.5 of net sales. in 2012 vandross decides to
Define and differentiate between the following pairs of terms.
Jones Company is starting a business to distribute a single product, an umbrella whose selling price is $16, Compute the Company break-even point
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