Home
How the legislation and accounting concepts affect an organization's accounting policies?
Wiki User
Answered 2009-11-18 22:05:55
Reporting methods, measurement systems, and disclosures used by a specific company. The accountant should evaluate the appropriateness of accounting policies employed by management. A description of the company's accounting policies should be presented in a separate section preceding the footnotes to the financial statements or as the first footnote. Disclosure of accounting policies should include Accounting Principles and methods of application that involve: (1) a selection from generally accepted alternatives; (2) those peculiar to the industry or field of endeavor; and (3) unusual or different applications of Generally Accepted Accounting Principles (GAAP). Examples of disclosures are basis of Consolidation, depreciation methods, and inventory pricing. Disclosure of accounting policies assists financial readers in better interpreting a company's financial statements. Thus it results in fair presentation of the financial statements.
Your Answer
Still Have Questions?
Related Questions
How legislation and accounting concepts affect an organization accounting policies?
Describe how the legislation and accounting concepts affect an organisation's accounting policiesReporting methods, measurement systems, and disclosures used by a specific company. The accountant should evaluate the appropriateness of accounting policies employed by management. A description of the company's accounting policies should be presented in a separate section preceding the footnotes to the financial statements or as the first footnote. Disclosure of accounting policies should include Accounting Principles and methods of application that involve: (1) a selection from generally accepted alternatives; (2) those peculiar to the industry or field of endeavor; and (3) unusual or different applications of Generally Accepted Accounting Principles (GAAP). Examples of disclosures are basis of Consolidation, depreciation methods, and inventory pricing. Disclosure of accounting policies assists financial readers in better interpreting a company's financial statements. Thus it results in fair presentation of the financial statements.
What has the author Edward J McMillan written?
Edward J. McMillan has written: 'Essential Accounting, Tax, and Reporting Requirements for Not-for-Profit Organizations (ASAE Financial Management Series)' 'Not-for-profit accounting, tax, and reporting requirements' -- subject(s): Nonprofit organizations, Accounting, Taxation, Finance, Financial statements 'Model Accounting and Financial Policies & Procedures Handbook for Not-For-Profit Organizations (Asae Financial Management Series)' 'Not-for-profit budgeting and financial management' -- subject(s): Nonprofit organizations, Accounting, Finance, Corporations, Budget in business 'Model policies and procedures for not-for-profit organizations' -- subject(s): Accounting, Finance, Handbooks, manuals, Handbooks, manuals, etc, Nonprofit organizations 'Essential financial considerations for not-for-profit organizations' -- subject(s): Nonprofit organizations, Accounting, Taxation, Finance
How do you explain discounting of accounting policies?
Explain discounting of accounting policies
accounting policies and procedures?
policies and procedures
What legislation in administering medication?
legislation regulations and policies
The difference between accounting policies and accounting bases?
The difference between accounting and auditing?"
Is the Polyproc Accounting Policies and Procedures compatable with all operating systems?
Polyproc Accounting Policies and Procedure will work on windows 200, nt, xp or vista.
What is accounting nationalism?
Accounting nationalism is a situation where by each country has a national sovereinty †☺ establish her own accounting rules and policies.
What has the author Robert P Fry written?
Robert P. Fry has written: 'Nonprofit investment policies' -- subject(s): Nonprofit organizations, Asset-liability management, Management, Finance, Law and legislation, Investments
Difference between accounting and book keeping?
Bookkeeping is more-or-less the mechanics of Accounting. Accounting would include the development of accounting policies and procedures, the design of reports, compliance with tax laws. Bookkeeping would be the daily recording of business transactions in financial records in accordance with company policies and procedures.
What is an example of an inventory accounting policy that should be disclosed in a summary of significant accounting policies is what?
Method used for inventory pricing.
What is the difference between legislation codes of practice and work place policies?
Legislation is written in law. Codes of practice are things companies follow informally. Work place policies are written in company regulations.
Why is it important to provide information to the work-group about policies and procedures?
1. Why is it essential to provide information on legislation and policies to the workgroup?
What Protects workers from discrimitory hiring and firing policies?
The employment laws legislation of the country. It should be noted that not all countries have employment legislation.
Why do organizations need personnel policies?
To provide guidance to employees and other stakeholders.
Factors which can cause accounting ratios to be misleading when used for comparison?
1.Window Dressing2.Different accounting policies3.InflationSam.
What is the importance of accounting theory?
Accounting theory is very important in helping people to understand the basis and policies in accounting. From understanding the rules of GAAP to exploring the origins of accounting, being a good accountant involves understanding the theories that support the practice.
Is it true that fisma and omb memorandum m-07-16 require federal government organizations to implement policies for handling lost pii?
OMB M-08-16 explicitly requires Federal organizations to implement policies for handling lost PII. The second paragraph states: As part of the work of the Identity Theft Task Force, this memorandum requires agencies to develop and implement a breach notification policy with 120 days FISMA doe not explicitly require organizations to implement such policies, but it does require Federal organizations to comply with other policies, laws, regulations, directives, memoranda, etc. related to computer security. It thus, indirectly, requires organizations to implement such policies.
Develops the most general goals and policies for the organizations or businesses?
highest-level managers
The develops the most general goals and policies for the organizations or businesses?
highest-level managers
Short note on accounting policies?
They are specific procedures used by a company to prepare its financial statements.
Why the principles of management applicable in for profit organizations differ from non profitable organizations?
Generally there is no difference only when they come to financial policies there is a great difference. As profit organizations finance from there Income while non profit organizations take funds and donations.
Significant accounting policies are described in the explanatory notes to the financial statements because?
The reader must be aware of which of the alternative generally accepted accounting practices have been used.
What has the author Barry J Pourer written?
Barry J. Pourer has written: 'Terrorism issues, policies, and legislation' -- subject(s): Terrorism, Law and legislation, Prevention
Why is consistency important in accounting?
In order to achieve comparability of the financial statement of an enterprises through time, the accounting policies are followed consistently from one period to another; a change in an accounting policy is made only in certain circumstances.
Still have questions?
