The going-concern assumption is universally understood and accepted by accounting professionals. Indeed, the assumption of a going concern is critical to the decision usefulness of financial information under the accrual basis of accounting. It has, however, received little attention in the accounting literature and has never been formally incorporated into US GAAP. Auditors are about to get relief. Sometime during the first quarter of 2011, FASB intends to issue a Statement of Financial Accounting Standards, Going Concern. When adopted, this standard will leave no doubt as to who is charged with making the going-concern determination. Such responsibility will be clearly placed on management. Those responding to the exposure draft generally agreed with FASB's proposed move to include a ...
... disclosure requirements, and the definition of a going concern. Types of information required ...
... system is on a cash and obligation basis in order to control the monetary flows, and the ot... accountability code which uses the accrual accounting, the cost accounting, the management co...' strategic objectives thus their clear definition in the document becomes a considerable means to di...
...Concepts (SFFAC) No. 5, Definition of Elements and Basic Recognition. Criteria for Acccrual-Basis Financial Statements. Board Action: Pursuant to 31... and Basic Recognition Criteria for Accrual-Basis Financial. Statements. Copies of the concept...
... engineering cost shall be allocated on the basis of direct retirement labor.) If the system improve... of the asset is required nor is accrual of the carrying charge permitted. If, at the time ...By definition, a phase-in plan approved prior to 1982 that conta...
... resulted in a "defeasance" loss for accounting purposes, respondent health care provider (hereina... of costs," and that "[sJtandardized definitions, accounting, statistics, and reporting practices t... a provider's cost data be based on the accrual basis of accounting-does not mandate reimbursement...
Financial report
... of a private-sector business (e.g., the accrual-based government-wide financial statements), it is...Fund accounting reflects the fact that local governments segregate... assets and liabilities on a classified basis that distinguishes current assets and current liab...The accrual basis of accounting, by definition, divorces the recognition of transactions and even...
National Council on Governmental Accounting's (NCGA) Statement 1, Governmental Accounting and Financial Reporting Principles, state and local governments have long been required to prepare a summary of significant accounting policies (SSAP) in conformity with the provisions of the Accounting Principles Board's (APB) Opinion No. 22, Disclosure of Significant Accounting Policies. Governments should disclose in their summary of significant accounting policies the length of time used to define available for purposes of revenue recognition in the governmental fund financial statements. At least three issues typically must be addressed in the SSAP to comply with the selection from existing acceptable alternatives requirement of APBO 22: 1. capitalization threshold, 2. retroactive infrastructu...
... on revenue recognition under the modified accrual basis of accounting is to be found in NCGA Stateme...22. Definitions of operating revenues and nonoperating revenues. G...
...Fixed asset additions (accrual basis)6 in the quarter were up 2.7% at 177.3m. The...3 See Appendices C2 and C4 for definitions of Cable and Mobile ARPU respectively. 4 Net Debt ...generally accepted accounting principles ("GAAP") are defined as follows:. * OCF...
NCUA proposes to amend its regulations to require federally insured credit unions (FICUs) to maintain written policies that address the management of loan workout arrangements and nonaccrual policies for loans, consistent with industry practice or Financial Institutions Examination Council (FFIEC) requirements. The proposed rulemaking includes guidelines set forth as an interpretive ruling and policy statement (IRPS) and incorporated as an appendix to the rule that will assist FICUs in complying with the rule, including the regulatory reporting of troubled debt restructured loans (TDR loans or TDRs) in FICU Call Reports. The NCUA Board (Board) believes this proposed rulemaking and IRPS is timely considering the growth of these types of loans during the recent economic stresses experienc...
...'' is as defined in generally accepted accounting principles (GAAP) and means a restructuring in whi..., such loans may not be returned to full accrual status until the six month consecutive payment req... efforts to loans meeting the definition of a TDR under GAAP. In addition, it is important ... under GAAP for Cash or Cost Recovery basis of income recognition. The Board is proposing that...
... through contractual relationships?(i) Definition of a joint venture for size determination purposes..., but not on a continuing or permanent basis for conducting business generally. A joint venture... account of the concern whether on a cash, accrual, or other basis of accounting acceptable to the U....
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