You can enter multiple email addresses separated by commas Message: A conference call to discuss these results is scheduled for today at 10 a. With eight rigs running and plans to add a ninth rig shortly, we continue to deliver industry leading production growth. We are also continuing to identify and capture the unique opportunities for our combined upstream and midstream asset base, as evidenced by our expanded plans for the Northwest STACK announced today.
The FASB accomplishes this mission through a comprehensive and independent process that encourages broad participation. The FASB seeks to be objective in its decision making and actively undertakes research and solicits stakeholder input to inform its decisions. Research undertaken directly by the FASB tends to focus on gathering specific input on proposals through due process activities.
What is learned through these activities is invaluable to the standard-setting process. By comparison, academic research examines how the accounting profession and financial reporting affect business and markets, and how business and markets affect the accounting profession and financial reporting at a more macro-level.
Academic research is incremental and complementary to that undertaken by the FASB. Consequently, the FASB needs and wants to hear from academics. How does the FASB consider academic perspectives or research? The FASB considers academic perspectives and uses academic research in a variety of ways: There is an identifiable and sufficiently pervasive need to improve GAAP There are technically feasible solutions and the perceived benefits of those solutions are likely to justify the expected costs of change The issue has an identifiable scope.
Frequently, academic research is used to help assess the significance and pervasiveness of a perceived problem in GAAP and identify potential technically feasible solutions.
Materials provided to the Board members to discuss in public decision-making meetings include balanced analysis of alternative solutions to a problem that analyze both the benefits and costs of each alternative, supported by information gathered through: Comment letters Reviews of relevant academic literature Other means.
In addition to reading academic research, there are other ways the Board receives academic input: FASB members and staff discuss the role academics play in the standard-setting process— and how they may email their research to the Board at academics fasb. Why is the Conceptual Framework important?
The objective of financial reporting—to provide financial information useful in making decisions about providing resources to an organization—is the destination standards strive to reach. The concepts comprising the framework element definitions, measurement concepts, presentation concepts, etc.
For example, the framework provides the Board with theoretical guidance in selecting transactions, events, and circumstances to be accounted for, how they should be recognized and measured; and how they should be summarized and reported.
The Conceptual Framework is also a critical tool in the academic toolkit. It provides stakeholders a frame of reference for understanding the resulting standards, which is useful to students who study accounting and faculty who research and teach it. Given the fundamental role the framework plays in accounting standard setting, input from members of the academic community is essential.
More information regarding the Conceptual Framework project and opportunities to engage can be found here. Botosan and FASB staff discuss the conceptual framework: How can academics participate or submit a paper?
You can provide comments on specific projects electronically to director fasb.Exhibit Characteristics and Requirements Related to the Four Functions of Information or Cost Accounting Systems: Characteristic or Requirement: External Financial Statements Planning & Controlling Activities or processes: Short Term Strategic Decisions: Long Term Strategic Decisions: Audience 1.
Outside investors, creditors, IRS and SEC. 3.
The auditor's objective in an audit of internal control over financial reporting is to express an opinion on the effectiveness of the company's internal control over financial reporting. Google Groups allows you to create and participate in online forums and email-based groups with a rich experience for community conversations.
Help us improve timberdesignmag.com Don’t include personal or financial information like your National Insurance number or credit card details. The role of finance continues to evolve at breakneck speed. Thack Brown will discuss the traits that successful finance leaders are developing to succeed.
By Lee Klumpp, CPA, CGMA and Tammy Ricciardella, CPA. The Financial Accounting Standards Board (FASB) released the Accounting Standards Update (ASU) , Not-for-Profit Entities (Topic ): Presentation of Financial Statements of Not-for-Profit Entities on Aug.
18, and you can read the full ASU here. The standard aims to improve presentation of financial information, ultimately making not.