In October 2007, GASB reviewed several of its tentative decisions regarding the presentation of fund balance and the definitions of the various governmental fund types. The board also tentatively concluded that governments should provide information about the major purposes for which resources have been restricted, limited, or assigned, but that this information could be disclosed in the notes. The board agreed to release a final standard on accounting and financial reporting for land and other real estate held by endowments for investment purposes that will mandate reporting at fair value, even in governmental funds. The board decided to incorporate intergovernmental financial dependency risk into its economic condition project. The board agreed to certain proposed changes to the secti...
The SEC and the Financial Accounting Standards Board (FASB) are considering pushing US corporate accounting and reporting to accepting International Financial Reporting Standards (IFRS). While the pace toward IFRS adoption has slowed somewhat under new SEC Chair Mary Shapiro, the move is still under discussion. As it goes forward, one contentious item to be caught in the seemingly inevitable convergence of existing standards with international standards is the "LIFO Conformity Rule." That's the tax rule permitting use of the Last-in, First-out (LIFO) inventory method for tax purposes, but only if it is also used for financial reporting purposes. Anyone who is at all familiar with financial accounting concepts knows that the notes to the financials are integral to complete presentation o...
In 2004, City of Gardena was unable to meet its obligations on $26 million in debt. The authors examined City of Gardena financial reporting as of June 30, 2004 and 2003 to determine if the publicly available financial reports adequately disclosed the situation. Information about the long-term debt was properly displayed in the financial statements and disclosed in notes. There was no mention of the situation in the MD&A either year. The auditors' did not include an explanatory paragraph highlighting the debt, nor did they issue a 'substantial doubt about the ability to continue to exist as a going concern' report. This paper examines existing accounting and auditing standards to determine their adequacy to protect the public interest.
...(b) Compensated person refers to any accounting/auditing professional, excluding a credit union em...(c) Financial statements refers to a presentation of financial ddata, including accompanying notes, derived from accounting records of the credit uni...
...) (the "Company" or "EMC") announces the financial results for the third quarter ended September 30, ... financial statements and the related notes for the nine months then ended and in conjunction ... with Canadian generally accepted accounting principles. All dollar amounts referred to in this...
... of Operating Results and Consolidated Financial Statements for the three months ended March 31, 20... financial statements and the related notes for the three months then ended and in conjunction... with Canadian generally accepted accounting principles. All dollar amounts referred to in this...
... to get the issue of principles-based accounting versus rules-based "out front and into the dialogu... and financial reporting." We did it, he notes, for a host of reasons, like the litigation enviro...
... means of three "accountability codes"--financial, managerial and professional--which use different ...Notes: S = municipalities with a population between 5,00...
... provisions of standards issued by the Financial Accounting Standards Board (FASB). Each interpreta...4. Notes. If a note is due more than one year after the dat...
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