Question

Compare and contrast the institutional process used by FASAB for establishing generally accepted accounting principles for...

Compare and contrast the institutional process used by FASAB for establishing generally accepted accounting principles for the federal government with the process used by FASB for developing accounting standards.

Homework Answers

Answer #1

FASABs standards have been recognized as GAAP for federal entities since October 1999, some federal entities follow GAAP for nongovernment entities promulgated by the private sector FASB GAAP. In early 2000, the FASAB recognized the practice as acceptable for those entities that have been following FASB GAAP to avoid an immediate and unanticipated requirement that these federal entities follow federal GAAP after the FASAB was recognized as the Rule 203 standards setting body for the federal government .

Providing interim guidance on the applications of standards issued by the FASB serves to proactively address entity concerns that moving the hierarchy of generally accepted accounting principles into the accounting literature without addressing the use of FASB GAAP would require a sudden and dramatic change in practice.

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Apply accounting terminology correctly Prepare transactions according to the Generally Accepted Accounting Principles. Compare and contrast...
Apply accounting terminology correctly Prepare transactions according to the Generally Accepted Accounting Principles. Compare and contrast the size of the bond market to the stock market in the United States. Which is bigger and why do you think this is?
US generally accepted accounting principles(GAAP) is similiar but not identical to International Financial Reporting Standards (IFRS)....
US generally accepted accounting principles(GAAP) is similiar but not identical to International Financial Reporting Standards (IFRS). Please compare and contrast their financial accounting guidelines.
The FASB Accounting Standards Codification represents the single source of authoritative U.S. generally accepted accounting principles....
The FASB Accounting Standards Codification represents the single source of authoritative U.S. generally accepted accounting principles. Required: Determine the specific citation for accounting for the following: The general partners in a limited partnership are presumed to control that limited partnership regardless of the extent of the general partners' ownership interest in the limited partnership. The FASB Accounting Standards Codification represents the single source of authoritative U.S. generally accepted accounting principles. Required: Determine the specific citation for accounting for the following:...
Under generally accepted accounting principles, absorption costing is used for Job Costing     Process Costing              Yes      &nbs
Under generally accepted accounting principles, absorption costing is used for Job Costing     Process Costing              Yes                      Yes               No                       No               No                       Yes               Yes                      No
Generally accepted accounting principles are: mandatory rules applied to both financial and management accounting. standards of...
Generally accepted accounting principles are: mandatory rules applied to both financial and management accounting. standards of accounting, a material departure from which may result in a qualified opinion issued by an auditor. optional procedures for recording economic events. the rules of accounting, prescribed exclusively by Federal regulatory agencies.
What are the key differences to the generally accepted accounting principles according to the FASB Codification...
What are the key differences to the generally accepted accounting principles according to the FASB Codification and tax guidance vs. treated for tax purposes under the Internal Revenue Code from the list below: LIFO vs. FIFO Inventory Goodwill
The FASB Accounting Standards Codification represents the single source of authoritative U.S. generally accepted accounting principles....
The FASB Accounting Standards Codification represents the single source of authoritative U.S. generally accepted accounting principles. Required: Determine the specific citation for accounting for the following: An operating segment is a component of a public entity that has all of the following characteristics: a.  It engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same public entity). b.  Its operating results are regularly reviewed by the...
The FASB Accounting Standards Codification represents the single source of authoritative U.S. generally accepted accounting principles....
The FASB Accounting Standards Codification represents the single source of authoritative U.S. generally accepted accounting principles. Required: Determine the specific citation for accounting for the following: 1.A change in exchange rates between the functional currency and the currency in which a transaction is denominated increases or decreases the expected amount of functional currency cash flows upon settlement of the transaction. That increase or decrease in expected functional currency cash flows is a foreign currency transaction gain or loss that generally...
The Financial Accounting Standards Board (FASB) is a private organization established to improve accounting standards and...
The Financial Accounting Standards Board (FASB) is a private organization established to improve accounting standards and financial reporting. The FASB conducts extensive research before issuing a “Statement of Financial Accounting Standards,” which represents an authoritative expression of generally accepted accounting principles. Go to the FASB website to answer the following questions. a. What are the 10 steps of the standard-setting process? b. What are the advisory groups that provide service to the FASB? c. What characteristics make the FASB’s procedures...
Which of the following is in accordance with generally accepted accounting principles? Accrual-basis accounting Cash-basis accounting...
Which of the following is in accordance with generally accepted accounting principles? Accrual-basis accounting Cash-basis accounting Both accrual-basis and cash-basis accounting Neither accrual-basis nor cash-basis accounting