Explaining Financial Accounting Standards Term Paper by Nicky

An overview of financial accounting standards.
# 148095 | 1,912 words | 7 sources | APA | 2011 | US
Published on Aug 31, 2011 in Accounting (Financial)


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Description:

This paper presents an explanation of the USA's Statement of Financial Accounting Standards. It provides an example of how the systems works and the reasons for revisions that have been made.

Outline:
What is SFAS 123(R)
Key Reasons for Revision of Rule 123 of FSAB
The Costs and Benefits of FASB
The manner in the final inferences of this Statement corresponds to the 'Conceptual Framework' of FASB:

From the Paper:

''Financial statement' users including individual persons investing as well as institutions besides a lot of other parties brought before the FASB their apprehension that enforcing the method of 'intrinsic value' of APB 25's results in 'financial statements' which could not genuinely stand for the economic financial dealings impacting the issuer, to state for instance receiving and availing services of employees against instruments that are of equity nature. 'Financial statements' that do not genuinely stand for those types of 'economic' dealings have chances to change the documented financial state of affairs of the user and outcomes of functioning which could lead towards faulty resource allocation with regard to 'capital markets'. The goals of the FASB in part are improving the criteria of accounting for financial reasons for the advantage of those using 'financial information'. FAS 123R deals with those who use as also additional parties connected by needing a company to recognize the 'employee services' expenses obtained in stock-focused 'payment' dealings, thereby reflecting the economic results of those financial dealings in the books of accounts. ("Financial Accounting Standards Board", n. d.)''

Sample of Sources Used:

  • Apostolou, Nicholas G; Crumbley, D. Larry. (2005) "Accounting for Stock Options" The CPA Journal, Retrieved 10 April, 2009 from http://www.nysscpa.org/cpajournal/2005/805/essentials/p30.htm
  • Financial Accounting Standards Board. (n. d.) "Summary of Statement No. 123 (revised 2004)" Retrieved 10 April, 2009 from http://www.fasb.org/st/summary/stsum123r.shtml
  • Georgiades, George. (2008) "GAAP Financial Statement Disclosures Manual" CCH.
  • N. A. (n. d.) "Statement of Financial Accounting Standards No. 123 (revised 2004)" Retrieved 10 April, 2009 from http://thecaq.aicpa.org/Resources/Accounting/Statement+of+Financial+Accounting+Standards+No.+123R+Resource.htm
  • Reda, James F; Reifler, Stewart; Thatcher, Laura G. (2007) "The Compensation Committee Handbook" John Wiley and Sons.

Cite this Term Paper:

APA Format

Explaining Financial Accounting Standards (2011, August 31) Retrieved January 28, 2022, from https://www.academon.com/term-paper/explaining-financial-accounting-standards-148095/

MLA Format

"Explaining Financial Accounting Standards" 31 August 2011. Web. 28 January. 2022. <https://www.academon.com/term-paper/explaining-financial-accounting-standards-148095/>

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