FASB Impacts the Financial Accounting Term Paper

Pages: 9 (2346 words)  ·  Bibliography Sources: 7  ·  Level: College Senior  ·  Topic: Accounting

SAMPLE EXCERPT:

[. . .] Doing away with LIFO will cause additional tax in the current year with the possibility of changes in accounting tax methods and computation of book tax differences as tax return changes come about (Andrews, 2010).

Analysis: The proposals will probably have changes as comments are made before the implementation takes place. For the public accounting firm, it is important to keep up with how the proposals are implemented to prepare for upcoming changes. As the proposals are implemented the firm will be required to adhere to the changes as they become effective, which is usually a few months after implementation.

Recommendations

It is recommended for the public accounting firm to obtain a handbook for the accounting codification for all staff to understand how financial statements are to be presented and prepared. It would be a wise idea to get copies for each accountant to keep on hand and refer to as needed. It is recommended for the firm to obtain a copy of the disclosure requirements for multiemployer pension plans for all staff to understand them. Continual research is also recommended to stay up with further proposals and developments that will come about.

Conclusion

The ASC has combined standards from FASB, AICPA, and EITF to make the standards easier to use and understand. Multiemployer pension plans have more disclosure requirements for entities that choose to participate. Convergence of FASB and IASB has more proposals and will bring about more implementations of standards and amendments to existing standards.

It is logical for the firm to obtain copies of the ASC and new disclosure requirements for multiemployer pension plans to keep for staff to refer to as needed. Continual research is also logical to keep up with changes and amendments as they are implemented to maintain compliance with standards and ensure the investing public that the standards are met and financial statements are reliable. By doing so, the accounting firm stays in compliance with FASB standards and builds a reputable reputation. It also equips the firm to give advice to customers and the investing public.

Organized Reference Titles

Finding #1 Accounting Codification Standards (ASC)

FASB Accounting Standards Codification Will Have Impact on SEC Reports

Demystifying the Accounting Standards Codification (ASC)

FASB Accounting Standards Update No. 2013-03

FASB Accounting Standards Update No. 2013-02

FASB Accounting Standards Update No. 2013-01

Finding #2 Employer Disclosure for Multiemployer Pension Plans

FASB Requires More Pension Plan Disclosures

FASB Improves Employer Disclosure for Multiemployer Pension Plans

New Multi-Employer Pension Plan Disclosures: It Pays to Be Prepared

More Changes Due to FASB/ISAB Convergence

FASB, ISAB Issue "Largely Identical" Guidance on Fair Value

IASB and FASB align presentation requirements for other comprehensive income

The road ahead for accounting and tax

Looking Back and Forward from 2012

Preparing for Proposed New FASB Lease Accounting Standards

US Banks Bigger than GDP as Accounting Rift Masks Risks

International Accounting Convergence Will Affect Renewable Companies

Bibliography

FASB Accounting Standards Codification Will Have an Impact on SEC Reports. (2009, Aug 13). Retrieved from Faegre Baker Daniels: http://faegrebd.com/showarticle.aspx?Show=10098

FASB Improves Employer Disclosure for Multiemployer Pension Plans. (2011, July 27). Retrieved from Financial Accounting Standards Board: http://www.fasb.org/cs/ContentServer-pagename-FASB/FASBContent_C/NewsPage&cid=1176158794021

FASB, IASB Issue "Largely Identical" Guidance on Fair Value. (2011, May 12). Retrieved from Journal of Accountancy: http://www.journalofaccountancy.com/web/20114154.htm

IASB and FASB align presentation requirements for other comprehensive income. (2011, June 16). Retrieved from IFRS: http://www.ifrs.org/News/Press-Releases/Pages/OCI-16-June-2011.aspx

FASB Accounting Standards Update No. 2013-02. (2013, Feb). Retrieved from Financial Accounitng Series: https://asc.fasb.org/imageRoot/66

FASB Accounting Standards Update No. 2013-03. (2013, Feb). Retrieved from Finanacial Accounting Series: https://asc.fasb.org/imageRoot/76

Andrews, N. & . (2010, July 14). The road ahead for accounting and tax. Retrieved from Deloitte: http://deloitte.12hna.com/dbriefssu_IFRS_slides.pdf

Arens, A.E. (2006). Auditing and Assurance Services, 11th Ed. Upper Saddle River, NJ: Pearson Prentice Hall.

Brendel, J. (2013, Feb 8). Looking Back and Forward from 2012: What Really Happened? Retrieved from Accounting Today: http://www.accountingtoday.com/news/Looking-Back-Forward-2012-What-Really-Happened-65643-1.html

Cohn, M. (2011, July 27). FASB Requires More Pension Plan Disclosures. Retrieved from Accounting Today: http://www.accountingtoday.com/news/FASB-Multiemployer-Pension-Plan-Disclosures-59337-1.html

Facts about FASB. (n.d.). Retrieved from Financial Accounting Standards Board: http://www.fasb.org/facts/index.shtml

Gallagher, M. (2012, July 24). Demystifying the Accounting Standards Codification (ASC). Retrieved from Eisneramper: http://www.eisneramper.com/Demystifying-accounting-standards-codification-ASC-0712.aspx

Kamen, D. & . (2013). Preparing for Proposed New FASB Lease Accounting Standards. Retrieved from Area Development: http://www.areadevelopment.com/AssetManagement/Q1-2013/preparing-for-FASB-lease-accounting-standards-2727266.shtml?goback=gde_45570_member_21679010

Onaran, Y. (2013, Feb 19). U.S. Banks Bigger Than GDP as Accounting Rift Masks Risks. Retrieved from Bloomberg: http://bloomberg.com/news/2013-02-20/U-S-banks-bigger-than-gdp-as-accounting-rift-masks-risks.html

Pfahl, G. (2011, Aug 12). International Accounting Convergence Will Affect Renewable Companies. Retrieved from Renewable Energy World.com: http://www.renewableenergyworld.com/rea/news/article/2011/08/international-accounting-convergenge-will-affect-renewable-companies

Schini, T. (2012, Jan). New Mulit-Employer Pension Plan Disclosures: It Pays to Be Prepared. Retrieved from Boulay, Heutmaker, Zibell & Co. P.L.L.P.: http://www.bhz.com/resources/wp-content/uploads/2012/01/NL-New-Mulit-Employer-Pension-Plan-Disclosures-Jan-20121.pdf

Taub, S. (2008, Feb 14). FASB's Fee Hike Falls Short. Retrieved from CFO: http://www.cfo.com/article/cfm/10709236/c_10689080

Williams, J. (2009). Funding FASB: Public Money, Public Domain. Retrieved from The CPA Journal: http://www.nysscpa.org/cpajounal/2004/504/perspectives/nv2.htm [END OF PREVIEW]

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