Framework 2: ISO/IEC 27002 Is also an improvement on the framework in that they are not public and an organization must pay for the use of the copyrighted framework. It also provides cyclical guidance to continual assessment by the “Plan, Do, Check, and Act” cycle. Framework 3: ISO/IEC 27011 is a framework based on ISO/IEC 27002 but is more specific to the electromagnetic spectrum and wireless telecommunications. It will more closely meet the needs of the Defence Spectrum Organization. Using each frameworks section summaries an overall hybrid framework can be created that may be best suited for this project.
The nine areas are General Principles, Presentation, Assets, Liabilities, Equity, Revenue, Expenses, Broad Transactions, and Industry. Under General Principles the only item listed is generally accepted accounting principles. Under Presentation the items listed are presentation of financial statements, balance sheet,
One such goal was to simplify user access by codifying all authoritative U.S. GAAP in one location. Anyone who needs to know the proper procedures or rules that apply to the accounting practices need only to look to the Codification System for current and complete standards. This was another goal of the FASB which was to ensure that the codified content accurately represented authoritative U.S. GAAP as of July 1, 2009 and also that the research system is up to date for the released results of standard setting activities. By offering the Codification it was expected to reduce the amount of time and effort required to solve an accounting research issue. It also reduces the users risk since the presentation of information is complete, up to date, and simple to use (FASB.org, 2013).
The FASB Statement No. 162, is The Hierarchy of Generally Accepted Accounting Principles, which became effective on November 13, 2008, it identified the sources of accounting principles and the framework for selecting the principles used in preparing the financial statements of nongovernmental entities that are presented in conformity with GAAP. The purpose of Statement 162 was to arrange the sources of GAAP in a hierarchy for users to apply accordingly. Once the Codification is in effect, all of its content will carry the same level of authority, effectively superseding Statement 162. Keywords: Sources of GAAP, Consolidation of Variable Interest Entities, Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities, and Disclosure of Subsequent Events Week One Homework Assignment The four most recent FASB Accounting Standards Codification amendments will be summarized within this text.
Simplifying the process. Additionally, redundant information is left out to streamline the code. Under the direction of the FASB board the codification is kept current; making it relevant for those in the accounting field. Content The FASB Codification is divided into nine main categories. Under each of these categories are lists of articles that shape GAAP decisions related to those topics.
The Codification system can also help mitigate the risk of noncompliance through an improved usability of the literature. The Codification system has nine topic content areas on the left the home screen and each of the topics have their own separate subtopics. The topics include: * General principles - Generally Accepted Accounting Principles * Presentation * 205 Presentation of financial statements * 210 Balance Sheet * 215 Statement of Shareholder Equity * 220 Comprehensive Income * 225 Income Statement * 230 Statement of Cash Flows * 235 Notes to Financial Statements * 250 Accounting Changes and Error Corrections * 255 Changing Prices * 260 Earnings Per Share * 270 Interim Reporting * 272 Limited Liability Entities * 274 Personal Financial Statements * 275 Risks and Uncertainties * 280 Segment Reporting * Assets * 305 Cash and Cash Equivalents * 310 Receivables * 320 Investments – Debt and Equity Securities * 323 Investments – Equity Method and Joint Ventures * 325 Investments – Other * 340 Other Assets and Deferred Costs * 350 Intangibles – Goodwill and Other
The outline is as follows: Area, topic, subtopic, and section. The nine areas of the Codification and examples of the items that can be found under each area are listed below: 1. General Principles – Generally Accepted Accounting Principles (GAAP) 2. Presentation – Presentation of financial statements, notes to
APA Assignment 2: The Outline In this assignment, you will be constructing an outline that reorganizes an already existing paper. It’s a bit like working backwards, but with the goal of improving the flow of the paper. As the directions state, the Sample Paper is currently organized as a string or series of individual article reviews, which is incorrect. The Sample Paper does little to synthesize the material and support the research proposal being put forth in the Methods section (Week 8 assignment). However, arranging a paper topically—that is, dividing the main thesis into subtopics and supporting details—will lead to a much more convincing paper.
Cash flow from investing activities is cash inflows and outflows related to the purchase and disposal of long-lived productive assets and investments in the securities of other companies. Typical cash flows from investing activities include cash inflows from sale of property, plant, and equipment, sale of investments in debt or equity securities of other entities and collection of principal on loans to other entities. The cash outflows include purchase property, plant, and equipment, purchase of investments in debt or equity securities of other entities and to make loans to other entities. Cash flows from financing activities
Determine the effect of several transactions on assets, liabilities, and owner’s equity. 4.27 Balance Sheet. Using accounting records prepare a balance sheet and determine the balance of the owner’s equity account. 4.28 Balance Sheet. Using accounting records prepare a balance sheet for a business and determine the balance of the cash and owner’s equity account.