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Point 1: The accounting standard setting process in the U.S. has gone through a transformation over the years. Many organizations have been involved in the development of the generally accepted accounting principles. Several accounting scandals of high profile companies led to the passing of the Public Company Accounting Reform and Investor Protection Act of 2002, commonly referred to as the Sarbanes-Oxley Act or SOX. Over the years there has also been political pressure to develop accounting standards that would be accepted worldwide. This lead to the creation of the International Financial Reporting Standards known as IFRS.
Question 1: Talk about the different organizations that have developed the accounting standards over the years.
Question 2: How has the passing of the Sarbanes-Oxley Act changed the accounting profession?
Question 3: As a future CPA, how are you impacted by the International Financial Reporting Standards?
the amount is dependent on whether it reduces his taxable income. If Billy is going to claim the standard deduction, how much should he contribute to a traditional IRA?
What is the par value of the preferred stock? If the annual dividend on preferred stock is $36,000, what is the dividend rate on preferred stock?
Frank Corporation manufactures a single product that has a selling price of $20.00 per unit. Fixed expenses total $42,000 per year, and the company must sell 6,000 units to break even. If the company has a target profit of $14,000, sales in units mus..
the present ratio measures the degree to which current assets cover current liabilities. a high ratio indicates a good
Sheehan Company presented the following data at the end of 2013: what is net income. or current ratio
Fielder co obtained land by issuing 2,000 shares of its 10 par value common stock. The land recently appraised at 85,000 the common stock is actively traded at 40 dollars per share. Prepare journal entries to record acquisition of the land.
Pierce Company sold to Stanton Company merchandise on account FOB shipping point, 2/10, net 30, for $20,000. Pierce prepaid the $500 shipping charge.
Explain Financial Reporting Objectives of federal government - The Fund starts and ends the year with a zero fund balance.
martha and jones have capital balances on january 1 of 50000 and 40000 respectively. the partnership income-sharing
Simmons Inc. applies overhead to production at a predetermined rate of 90% based on direct labor cost. Job No. 250, the only job still in process at the end of August, has been charged with manufacturing overhead of $7,200. What was the amount of dir..
You will be performing an analysis of the financial statements of a publicly traded company. To obtain these financial statements. you will need to access http://www.sec.gov/
This payment included the accrued amount at December 31, plus $2500 for the first few days of January.
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