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Essay / Research Paper Abstract
This 20-page paper discusses a variety of accounting concepts and theories, including elements of a financial statement, news releases from the FASB, the structure of the FASB and an article and literature dealing with an accounting theory issue. Bibliography lists 6 sources.
Page Count:
20 pages (~225 words per page)
File: D0_MTaccorg.rtf
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Unformatted sample text from the term paper:
FASB on the GAAP Hierarchy. According to the press release, the exposure draft, entitled The Hierarchy of Generally Accepted Accounting Principles, the draft was developed "to improve the quality of
financial accounting standards and the standard-setting process" (FASB, 2005). The GAAP hierarchy is located in American Institute of Certified Public Accountants (AICPA)
and its statement on Auditing Standards No. 69 -- entitled "The Meaning of Present Fairly in Conformity with Generally Accepted Accounting Principles," and discusses "relative authority" of accounting principles as
it pertains to a variety of standard setters. The Exposure Draft is responsible for improving the hierarchy by simplifying standards and trying
to bring more information together into a cohesive whole. The issue itself involves the fact that accounting, with its rules and regulations,
tends to be complex animal, with, as mentioned above, a hierarchy that is made up of multiple standard-setters, which includes the SEC, the AICPA, the FASB and other public entities
that are responsible for ensuring that accountants can toe the line when it comes to following the largely self-regulated rules of the industry. Basically, the intent is to eliminate any
type of confusion on the part of financial accountants. For more information, we need to access the draft itself (which is what
we did here). The goal of the FASB, overall, is to codify and to try to simplify the accounting procedures, so as
to avoid any confusion when it comes to trying to adapt balance sheets and other accounting processes to a particular standard. Mainly,
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