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What is FAS 109?
FAS 109, officially known as Statement of Financial Accounting Standards No. 109, is a guideline established by the Financial Accounting Standards Board (FASB) that addresses the accounting for income taxes. It requires companies to recognize the amount of taxes payable or refundable for the current year and to account for deferred tax assets and liabilities, which arise from temporary differences between the tax basis of assets and liabilities and their reported amounts in financial statements. The standard aims to provide a more accurate portrayal of a company's financial position and performance regarding its tax obligations. FAS 109 was later superseded by ASC 740 under the Accounting Standards Codification.
What is the relationship between financial accounting and Statistics?
what is the relationships between statistics and accounting
What is the important of stastistics to accounting?
What is the Important of statistics to Accounting?
What are the 3 broad areas of accounting?
It is normally divided into three broad areas: auditing, financial/tax and management accounting.
Is positive ebit good?
Yes, positive EBIT (Earnings Before Interest and Taxes) is generally considered a good sign for a company, as it indicates that the business is generating profit from its core operations before accounting for financing costs and taxes. It suggests operational efficiency and the ability to cover interest expenses. However, it’s important to analyze EBIT in the context of other financial metrics and industry standards for a comprehensive view of a company's financial health.
Why are accounting standards important for the preparation of financial statements?
For comparability.
Is the financial accounting standards advisory board the same as the federal accounting standards board?
The Financial Accounting Standards Board (FASB) is a private organization (within the Financial Accounting Foundation) that issues financial accounting and reporting standards for nongovernmental entities.
When was Financial Accounting Standards Board created?
Financial Accounting Standards Board was created in 1973.
Why is accounting standards important for financial statements?
Accounting standards ensures that financial statements are prepared whereever in the world is same and information provided on it is comaprable and readable for all kind of users.
What is the purpose of a financial accounting standards board?
The purpose of the Financial Accounting Standards Board is to develop (GAAP) generally accepted accounting principles in the US that are in the public's interest.
What is the purpose of the Financial Accounting Standards Board?
The purpose of the Financial Accounting Standards Board is to develop (GAAP) generally accepted accounting principles in the US that are in the public's interest.
When was the Governmental Accounting Standards Board established?
The Governmental Accounting Standards Board (GASB) was organized in 1984 under the auspices of the Financial Accounting Foundation.
What group or organization governs ethical issues in financial accounting?
The Financial Accounting Standards Board (FASB)
What is frs and ifrs?
FRS - Financial Reporting StandardsIn UK, the chief standard-setter for financial accounting is the Accounting Standards Board (ASB), which issues standards called Financial Reporting Standards (FRSs). The ASB is part of the Financial Reporting Council, an independent regulator funded by a levy on listed companies.IFRS - International Financial Reporting StandardsInternational Financial Reporting Standards (IFRS) are standards and interpretations adopted by the International Accounting Standards Board (IASB). This is used extensively in EU and there are efforts being made to converge accounting standards globally to IFRS.
Who formulated the General accepted accounting principles?
Financial Accounting Standards Board
How many standards have been issued by the Financial Accounting Standards Board?
168
In what year was FAF organized?
The FAF is the Financial Accounting Foundation. The FAF oversees the Financial Accounting Standards Board and the Governmental Accounting Standards Board. It was organized in 1972 as an independent private sector organization.
