Statement of Financial Accounting Standards No. 2 FAS2 Status Page FAS2 Summary Accounting for Research and Development Costs October 1974 Financial Accounting Standards Board of the Financial Accounting Foundation 401 MERRITT 7, P.O. BOX 5116, NORWALK, CONNECTICUT 06856-5116 Copyright © 1974 by Financial Accounting Standards Board. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of the Financial Accounting Standards Board. Page 2 Statement of Financial Accounting Standards No. 2 Accounting for Research and Development Costs October 1974 CONTENTS Paragraph Numbers Introduction ................................................................................................................. 1– 6 Standards of Financial Accounting and Reporting: Activities ConstitutingResearch and Development............................................. 7–10 Elements of Costs to Be Identified with Research and Development Activities ................................................................................................................ 11 Accounting for Research and Development Costs................................................... 12 Disclosure........................................................................................................... 13–14 Effective Date and Transition............................................................................. 15–16 Appendix A: Background Information.................................................................... 17–22 Appendix B: Basis for Conclusions ........................................................................ 23–64 Page 3 Copyright © 1974, Financial Accounting Standards Board Not for redistribution FAS 2: Accounting for Research and Development Costs INTRODUCTION 1. This Statement establishes standards of financial accounting and reporting for research and development costs with the objectives of reducing the number of alternative accounting and reporting practices presently followed and providing useful financial information about research and development costs. This Statement specifies: a. Those activities that shall be identified as research and development for financial accounting and reporting purposes. b. The elements of costs that shall be identified with research and development activities. c. The accounting for research and development costs. d. The financial statement disclosures related to research and development costs. 2. Accounting for the costs of research and development activities conducted for others under a contractual arrangement is a part of accounting for contracts in general and is beyond the scope of this Statement. Indirect costs that are specifically reimbursable under the terms of a contract are also excluded from this Statement. 3. This Statement does not apply to activities that are unique to enterprises in the extractive industries, such as prospecting, acquisition of mineral rights, exploration, drilling, mining, and related mineral development. It does apply, however, to research and development activities of enterprises in the extractive industries that are comparable in nature to research and development activities of other enterprises, such as development or improvement of processes and techniques including those employed in exploration, drilling, and extraction. 4. APB Opinion No. 17, "Intangible Assets," is hereby amended to exclude from its scope those research and development costs encompassed by this Statement. 5. Paragraph 13 of APB Opinion No. 22, "Disclosure of Accounting Policies," is amended to delete "research and development costs (including basis for amortization)" as an example of disclosure "commonly required" with respect to accounting policies. 6. Standards of financial accounting and reporting for research and development costs are set Page 4 Copyright © 1974, Financial Accounting Standards Board Not for redistribution forth in paragraphs 7-16. The basis for the Board's conclusions, as well as alternatives considered by the Board and reasons for their rejection, are discussed in Appendix B to...
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Model Paper “Financial Accounting-II” For D.Com-Part-II Annual Examinations 2013 & Onward Part-A Objective Time: 30 Minutes Marks: 20 Note:- This part is compulsory. It should be attempted on the question paper and returned to the Supervisory staff after the prescribed time. Cutting, overwriting and use of lead pencil is not allowed. Supervisory staff is required to attach it with the Answer Book. Q.1. Choose the correct answer and encircle it. (20 x 1) = 20 1. IASC was established in 1973 at: (a) London (b) New York (c) Paris (d) Islamabad 2. If applied factory overhead is greater than the actual factory overhead it is called as: (a) Under applied F.O.H (b) Over-applied FOH (c) Actual FOH (d) None of
Jordan School District Financial Accounting Manual Prepared by: Accounting/Budget Office ______________________________ Updated Fall 2012 Table of Contents INTRODUCTION LETTER ................................................................................................................................ ii INTERNAL CONTROL SYSTEM ........................................................................................................................ 1 ACCOUNT CODING SYSTEM .......................................................................................................................... 1 PURCHASING ................................................................................................................................................. 3 FIXED ASSETS................................................................................................................................................. 9 PURCHASING CARDS ................................................................................................................................... 11 DISTRICT REIMBURSEMENTS ...................................................................................................................... 16 CASH RECEIPTS ............................................................................................................................................ 19 CASH HANDLING ......................................................................................................................................... 22 SCHOOL LEDGER ACCOUNTS ...................................................................................................................... 24 CASH DISBURSEMENTS ............................................................................................................................... 30 JOURNAL ENTRIES ....................................................................................................................................... 35 DISCRETIONARY FUNDS .............................................................................................................................. 35 PERSONAL USE OF DISTRICT ASSETS ........................................................................................................... 35 SIGNING OF OFFICIAL DISTRICT DOCUMENTS ............................................................................................ 35 EMPLOYEE TRAVEL ...................................................................................................................................... 36 GRANTS ....................................................................................................................................................... 41 DONATIONS ................................................................................................................................................ 41 UTAH SALES TAX ......................................................................................................................................... 44 PAYMENT TO EMPLOYEES VS INDEPENDENT CONTRACTORS (W-2 VS. 1099) ........................................... 45 FINANCIAL RECORD RETENTION SCHEDULE ............................................................................................... 47 SCHOOL SPECIFIC ISSUES ............................................................................................................................
ACCT110 Financial Accounting [Minimum Semester Hours: 3 sh; Maximum Semester Hours: 3 sh] The study and appreciation of the process of financial reporting for business organizations including the preparation of financial statements. Primary emphasis is on accounting concepts with an exposure to procedural techniques to give students a basic knowledge of the accounting process. The course is designed for users of accounting information. Prerequisite: None Corequisite: None ACCT115 Management Accounting [Minimum Semester Hours: 3 sh; Maximum Semester Hours: 3 sh] The study of the use of accounting data internally within a firm by managers in both manufacturing and non-manufacturing businesses. The course teaches students to use accounting data for planning, controlling and making decisions concerning the optimum allocation of the
Global Economics & Foreign Exchange Strategy July 2013 Foreign Exchange Outlook The USD will continue to appreciate vs. core advanced and emerging-market currencies throughout the second half of the year. The CAD will be affected by a move towards the USD. Re-dollarization and repatriation dynamics fueled by Fed policy shifts and commodity price softness will keep floating Latin American currencies on the defensive. The EUR will be immersed in a gradual depreciation phase as a result of poor growth dynamics and relative monetary policy. GBP gains will be short-lived while the CHF remains subject to a quasi-fixed regime. The RUB, TRY and ZAR will continue to test low levels. The Asian currency outlook will be mixed with fierce central bank
1 Slides prepared by Thomas Bishop Chapter 13 Exchange Rates and the Foreign Exchange Market: An Asset Approach Copyright © 2006 Pearson Addison-Wesley. All rights reserved. 13-2 Preview The basics of exchange rates Exchange rates and the prices of goods The foreign exchange markets The demand for currency and other assets A model of foreign exchange markets ♦ role of interest rates on currency deposits ♦ role of expectations about the exchange rates Copyright © 2006 Pearson Addison-Wesley. All rights reserved. 13-3 Definitions of Exchange Rates Exchange rates are quoted as foreign currency per unit of domestic currency or domestic currency per unit of foreign currency. ♦ How much can be exchanged for one dollar? ¥102/$1 ♦ How much can
Application of Principles of Accounting and Financial Reporting To Public Telecommunications Entities May 2005 Edition Application of Principles of Accounting and Financial Reporting To Public Broadcasting Entities i 1 INTRODUCTION ..........................................................................................2 1.1 Background..................................................................................................2 1.2 Overview ......................................................................................................2 2 GENERALLY ACCEPTED ACCOUNTING PRINCIPLES FOR PUBLIC BROADCASTING ENTITIES .......................................................................5 2.1 Application and Hierarchy of GAAP..........................................................5 2.2 Application of FASB or GASB by a Public Broadcasting Entity...............8 2.3 Organizations That Are Not Discrete Legal Entities................................10 3 ACCOUNTING AND REPORTING FOR PUBLIC BROADCASTING ENTITIES FOLLOWING FASB ..................................................................12 3.1 Overview ...................................................................................................12 3.1.1 Accrual Basis of Accounting ............................................................12 3.1.2 AICPA Audit and Accounting Guide Not-for-Profit Organizations ..12 3.2 Financially Interrelated Organizations.....................................................14 3.2.1 Investments in For-Profit Majority Owned Subsidiaries....................15 3.2.2 Investments in For-Profit Entities with 50 Percent or
Statement of Financial Accounting Standards No. 112 FAS112 Status Page FAS112 Summary Employers’ Accounting for Postemployment Benefits (an amendment of FASB Statement No. 5 and 43) November 1992 Financial Accounting Standards Board of the Financial Accounting Foundation 401 MERRITT 7, P.O. BOX 5116, NORWALK, CONNECTICUT 06856-5116 Copyright © 1992 by Financial Accounting Standards Board. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of the Financial Accounting Standards Board. Page 2 Statement of Financial Accounting Standards No. 112 Employers' Accounting for Postemployment Benefits an amendment of FASB Statements No. 5 and 43 November
Report to Congress on International Economic and Exchange Rate Policies U.S. Department of the Treasury Office of International Affairs April 12, 2013 This Report reviews developments in international economic and exchange rate policies and is submitted 1 pursuant to the Omnibus Trade and Competitiveness Act of 1988, 22 U.S.C. § 5305 (the “Act”). 1 The Treasury Department has consulted with the Board of Governors of the Federal Reserve System and International Monetary Fund management and staff in preparing this Report. Table of Contents KEY FINDINGS ............................................................................................................................. 2 INTRODUCTION .......................................................................................................................... 6 U.S. MACROECONOMIC TRENDS ............................................................................................ 6 THE GLOBAL ECONOMY .......................................................................................................... 8 U.S. INTERNATIONAL ACCOUNTS ....................................................................................... 11 THE DOLLAR IN FOREIGN EXCHANGE MARKETS ........................................................... 12 ANALYSES OF INDIVIDUAL ECONOMIES .......................................................................... 13 A
Income Tax Treatment of Foreign Exchange Gains or Losses for Businesses IRAS e-Tax Guide 1 Published by Inland Revenue Authority of Singapore Published on 29 Jun 2012 © Inland Revenue Authority of Singapore All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, including photocopying and recording without the written permission of the copyright holder, application for which should be addressed to the publisher. Such written permission must also be obtained before any part of this publication is stored in a retrieval system of any nature. 2 Table of Contents Page 1 Aim ............................................................................................................ 3 2 At a glance ............................................................................................... 3 3 Glossary ................................................................................................... 5 4 Tax treatment of foreign
Financial Accounting Assistant Position Description | Qualifications OVERVIEW Under the direction of the Manager, Budgets and Financial Analysis, the Financial Accounting Assistant calculates department and school budget allocations; provides an internal control function by monitoring, forecasting and reporting on operating and trust fund expenditures as compared to budget; verifies and tracks changes related to staffing budgets and allocations and staff assignments. The position compiles information and prepares statistical and financial reports in relation to both school and district level budgets; and provides general financial, administrative, and budgetary support to schools and departments. POSITION DESCRIPTION FINANCIAL ACCOUNTING ASSISTANT FAA - 1 Calculates and supports the preparation and implementation of budgets for the District by: calculating annual department and trust fund budgets;
The Discussion Paper “Conceptual Framework of Financial Accounting” Accounting Standards Board of Japan December 2006 （ Tentative translation: 16 Mar. 2007） Contents Preface・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 1 Chapter 1 “Objectives of Financial Reporting” ・・・・・・・・・・・・・・・ 4 Chapter 2 “Qualitative Characteristics of Accounting Information” ・・・・・ 12 Chapter 3 “Elements of Financial Statements” ・・・・・・・・・・・・・・ 22 Chapter 4 “Recognition and Measurement in Financial Statements” ・・・・ 30 1 Preface The Role of the Conceptual Framework Conceptual frameworks, in general, organize the premises and concepts that underlie corporate accounting, particularly financial accounting. It offers a conceptual basis for accounting standards and, as a result, is expected to help provide a better understanding of these standards and enhance foreseeability in their interpretation. Moreover, conceptual frameworks, in general, aid users of
COUNTRY CURRENCY 2012 2011 2010 2009 % Chg 2011-12 *AUSTRALIA DOLLAR 1.0359 1.0332 0.9200 0.7927 0.3% BRAZIL REAL 1.9535 1.6723 1.7600 1.9976 16.8% CANADA DOLLAR 0.9995 0.9887 1.0298 1.1412 1.1% CHINA,P.R. YUAN 6.3093 6.4630 6.7696 6.8307 -2.4% DENMARK KRONE 5.7922 5.3535 5.6265 5.3574 8.2% *EMU MEMBERS EURO 1.2859 1.3931 1.3261 1.3935 -7.7% HONG KONG DOLLAR 7.7569 7.7841 7.7687 7.7514 -0.3% INDIA RUPEE 53.3700 46.5800 45.6500 48.3300 14.6% JAPAN YEN 79.8200 79.7000 87.7800 93.6800 0.2% MALAYSIA RINGGIT 3.0862 3.0564 3.2175 3.5231 1.0% MEXICO PESO 13.1540 12.4270 12.6240 13.4980 5.9% *NEW ZEALAND DOLLAR 0.8105 0.7920 0.7216 0.6358 2.3% NORWAY KRONE 5.8181 5.6022 6.0451 6.2908 3.9% SINGAPORE DOLLAR 1.2492 1.2565 1.3629 1.4543 -0.6% SOUTH AFRICA RAND 8.2014 7.2510 7.3159 8.4117 13.1% SOUTH KOREA
FINANCIAL ACCOUNTING B.Com/BBA II Semester CORE COURSE (2011 ADMISSION ONWARDS) UNIVERSITY OF CALICUT SCHOOL OF DISTANCE EDUCATION Calicut University, P.O. Malappuram, Kerala, India-673 635 307 School of Distance Education Financial Accounting 2 UNIVERSITY OF CALICUT SCHOOL OF DISTANCE EDUCATION CORE COURSE B.Com/BBA II SEMETER FINANCIAL ACCOUNTING Prepared by: Udaya Kumar.O.K. Associate Professor, Dept. of Commerce, Govt. College Madappally. Scrutinised by: Dr. K. Venugopalan Associate Professor, Dept. of Commerce, Govt. College Madappally. Layout & Settings: Computer Section, SDE © Reserved School of Distance Education Financial Accounting 3 CONTENTS PAGES Module ‐ I 05 ‐ 13 Module ‐ 2 14 ‐ 71 Module ‐ 3 72 ‐ 86 Module – 4 87 ‐ 115 Module ‐ 5 116 ‐ 133 School of
OJP FORM 7120/1 (2/02) (continued on reverse) Approved: OMB No. 1121-0021 U.S. DEPARTMENT OF JUSTICE OFFICE OF JUSTICE PROGRAMS ACCOUNTING SYSTEM AND FINANCIAL CAPABILITY QUESTIONNAIRE SECTION A: PURPOSE The financial responsibility of grantees must be such that the grantee can properly discharge the public trust which accompanies the authority to expend public funds. Adequate accounting systems should meet the following criteria as outlined in the OJP Financial Guide. (1) Accounting records should provide information needed to adequately identify the receipt of funds under each grant awarded and the expenditure of funds for each grant. (2) Entries in accounting records should refer to subsidiary records and/or documentation which support the entry and which can be readily located. (3) The accounting system
A guide to managing foreign exchange risk CPA Australia Ltd (‘CPA Australia’) is one of the world’s largest accounting bodies with more than 122,000 members of the financial, accounting and business profession in 100 countries. For information about CPA Australia, visit our website www.cpaaustralia.com.au First published December 2009 CPA Australia Ltd ACN 008 392 452 385 Bourke Street Melbourne Vic 3000 Australia ISBN 978-1-876874-47-6 Legal notice Copyright CPA Australia Ltd (ABN 64 008 392 452) (“CPA Australia”), 2009. All rights reserved. Save and except for third party content, all content in these materials is owned by or licensed to CPA Australia. All trade marks, service marks and trade names are proprietory to CPA Australia. For permission to reproduce any material,
Indian Accounting Standard (Ind AS) 21 The Effects of Changes in Foreign Exchange Rates Contents Paragraph OBJECTIVE 1-2 SCOPE 3-7 DEFINITIONS 8-16 Elaboration on the definitions 9-16 Functional currency 9-14 Net investment in a foreign operation 15-15A Monetary items 16 SUMMARY OF THE APPROACH REQUIRED BY THIS STANDARD 17-19 REPORTING FOREIGN CURRENCY TRANSACTIONS IN THE FUNCTIONAL CURRENCY 20-37 Initial recognition 20-22 Reporting at the ends of subsequent reporting periods 23-26 Recognition of exchange differences 27-34 Change in functional currency 35-37 USE OF A PRESENTATION CURRENCY OTHER THAN THE FUNCTIONAL CURRENCY 38-49 Translation to the presentation currency 38-43 Translation of a foreign operation 44-47 1 Disposal or partial disposal of a foreign operation 48-49 TAX EFFECTS OF ALL EXCHANGE DIFFERENCES 50
FINAL GROUP - IV PAPER - 16 ADVANCED FINANCIAL ACCOUNTING & REPORTING The Institute of Cost and Works Accountants of India 12, SUDDER STREET, KOLKATA - 700 016 First Edition : January 2008 Revised Edition : March 2009 Second Revised Edition : June 2010 Published by: Directorate of Studies The Institute of Cost and Works Accountants of India 12, SUDDER STREET, KOLKATA - 700 016 Printed at : India Limited, 50/2, TTC MIDC Industrial Area, Mahape, Navi Mumbai - 400 710, India Copyright of these Study Notes is reserved by the Institute of Cost and Works Accountants of India and prior permission from the Institute is necessary for reproduction of the whole or any part thereof. CONTENTS Page No. Study
Pronouncements As Amended F FE A DERAL S ACC A OUNTIN B G STANDARDS ADVISORY BOARD Statements of Federal Financial Accounting Concepts and Standards as of June 30, 2 01 0 SFFAC 1-6 SFFAS 1-38 Interpretations 1-7 T echnical Bulletin s Technical Release s 1-11 Staff Implementation Guidance Contents Foreword 1 Preamble to 5 Statements of Federal Financial Accounting Concepts Statement of Federal Statement of Federal Financial Accounting Concepts 1: Objectives of Federal Financial Reporting 7 Financial Accounting Statement of Federal Financial Accounting Concepts 2: Entity and Concepts Display 75 Statement of Federal Financial Accounting Concepts 3: Management’s Discussion and Analysis 130 Statement of Federal Financial Accounting Concepts 4: Intended Audience and Qualitative Characteristics for the Consolidated Financial Report of
Other Income Producing Activities Foreign Exchange Comptroller’s Handbook Narrative and Procedures - March 1990 Comptroller of the Currency Administrator of National Banks I (Section 813) Comptroller’s Handbook Foreign Exchange (Section 813) i Foreign Exchange (Section 813) Table of Contents Introduction 1 Risks 1 Policy 6 The Market 12 Examination Procedures 17 Internal Control Questionnaire 25 Verification Procedures 32 Comptroller’s Handbook Foreign Exchange (Section 813)1 Foreign Exchange (Section 813) Introduction This section is intended to provide minimum background and procedural guidelines to examiners responsible for evaluating a bank’s foreign currency activities. Within individual banks, foreign currency money market and exchange trading operations may be combined or completely separate with regard to policies, procedures, reporting, and even dealing. However, they ultimately must
VIETNAM’S EXCHANGE RATE POLICY AND IMPLICATIONS FOR ITS FOREIGN EXCHANGE MARKET, 1986-2009 Tran Phuc Nguyen* and Duc-Tho Nguyen Griffith Business School (AFE) Griffith University Nathan, QLD 4111, Australia ABSTRACT Vietnam’s foreign exchange (forex) market has remained relatively poorly developed despite more than two decades of general reform throughout the economy. This paper adopts a microstructure approach to the analysis of the root-causes underlying the operational deficiencies of this market. The analysis suggests that the authorities have tended to follow a de facto adjustable peg exchange rate regime which, in turn, has acted as a retardant to the development of the country’s forex market. Consequently, market signals have become increasingly non-transparent. There are indications that market forces have often moved beyond