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Cost basis accounting
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To: TECHNOLOGY EDITORS Contact: Kendra Ahern of Eagle Investment Systems LLC, +1-617- 219-0209, kahern@eagleinvsys.com
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The Office of Federal Procurement Policy (OFPP), Cost Accounting Standards Board (Board), is publishing this final rule to revise Cost Accounting Standard (CAS) 412, ``Composition and Measurement of Pension Cost,'' and CAS 413, ``Adjustment and Allocation of Pension Cost.'' This revision will harmonize the measurement and period assignment of the pension cost allocable to Government contracts, and the minimum required contribution under the Employee Retirement Income Security Act of 1974 (ERISA), as amended, as required by the Pension Protection Act (PPA) of 2006. The PPA amended the minimum funding requirements for qualified defined benefit pension plans. The Board issues this final rule to revise CAS 412 and CAS 413 to include the recognition of a ``minimum actuarial liability'' and `...
... normal cost,'' which are measured on a basis consistent with the liability measurement used to ...
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... of the basic responsibilities of the accounting function. Accounting is the process of recording a... accounting information, perhaps on a daily basis, it is critical that they understand the language.... the amount that products or services cost the company; and the excess of the revenues over t...
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On Jun 6, 2008, the US Senate failed to support a motion to end the debate on the Lieberman-Warner Climate Security Act of 2008, effectively killing the bill. The legislation would have directed the Environmental Protection Agency to establish a program to reduce greenhouse gas (GHG) emissions. A critical component of the bill was a provision to set up a cap-and-trade system that would rely upon the market to facilitate the reduction of GHG emissions by US industries. A government entity issues the emission allowances (EAs) and limits the authorized permits to match a desired level of emissions. Current and past usage of EAs raises several financial accounting issues. On a fundamental level, US GAAP accounts for EAs on a historical cost basis, while International Financial Reporting Sta...
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... resulted in a "defeasance" loss for accounting purposes, respondent health care provider (hereina..., inter alia, that "[tJhe principles of cost reimbursement require that providers maintain suff...'s cost data be based on the accrual basis of accounting-does not mandate reimbursement accor...
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In the editorial "Stopping the spendathon" (Aug. 9), The Washington Times discusses steps the new joint committee on deficit reduction must take to restore fiscal balance. Consider this: In an attempt to curry favor with constituents, Congress, from which this committee has been formed, promised well more than was affordable. In fact, Congress hid the cost and explosive effect on the deficit that these promises created. This criminal obfuscation was possible because the federal government continues to use a "cash basis" of accounting, which hides the true cost of these policies.
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Viewing managerial accounting from the perspective of the banking industry provides a unique opportunity to explore the development of the internal reporting structure. As more banks fail, and as others are merged with larger banks, the key to survival will be reliable internal performance measures that signal problem areas and allow management to react swiftly and assuredly. The phases of bank profitability reporting are: 1. responsibility and profit center reporting, 2. product profitability reporting, and 3. customer profitability reporting. The reliability of the information depends on the integrity and consistency of the costing methods used. An internal costing system that does not reconcile to the bank's financial reporting system provides no basis for evaluating performance and ...
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Conference on the proposed shift to corporate valuation based on current market value The SEC's Market Value Conference, held in Washington, DC, in Nov, 1991, dealt with why the historical cost basis of accounting is losing relevancy and should be replaced by valuation based on current market value. Participants in the conference noted that the proposed valuation method, which is also called the mark-to-market method, would be more accurate, more comprehensive in application, and more consistent than the current GAAP system. Using current market value will allow accountants to increase the value of their services.
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...Subpart B: Accounting Records and Reports. 413.24 - Adequate cost data ...Providers receiving payment on the basis of reimbursable cost must provide adequate cost da...
