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Financial Accounting standards for Non-Profit Organizations
SFAS 117 and 116
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∙ 13y ago
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What does ARO mean in accounting?
ARO in regards to accounting means "Asset Retirement Obligation" liability and is referenced in SFAS 143.
What is goodwill impairment?
Answer - Goodwill impairment occurs when the value of the goodwill of a business unit declines to an amount less than the carrying value of the goodwill on the company's books. With the adoption of SFAS 142 by the Financial Accounting Standards Board (FASB), audited companies are now required to test goodwill annually for impairment. This testing is done by valuing the business unit having the goodwill.
Why is the tax expense reported on the income statement comprised of current and deferred tax?
This is in accordance with Generally Accepted Accounting Principles, SFAS No. 109, "Accounting for Income Taxes". The theory is that even if you don't owe tax today on a given temporary difference, you will one day owe (or get the tax benefit) of said temporary difference. Remember: current tax expense= your tax bill this year deferred tax expense/ benefit=your future tax expense or benefit on the book/tax temporary items
What is the Difference between classified balance sheet and unclassified balance sheet?
A classified balance sheet allows the readers to determine the working capital of the company by separating the current portion of assets and liabilities from the non-current portion. An unclassified balance sheet does not distinguish the difference between current and non-current for the assets and liabilities (therefore working capital is not available to the reader). GAAP suggests that most companies use a classified balance sheet unless the classification distinction provides little to no relevance for the audience of the financial statements. See SFAS 6 paragraph 7.
How do you record Obligations under capital lease contracts?
When you book the capital lease, record the asset at its fair market value or the present value of minimum lease payments, whichever is less. The capital lease obligation is recorded at the same amount. Minimum lease payments include all rental payments required during the term of the lease plus any residual value guaranteed by the lessee. They also include any payment the lessee must make for not renewing or extending the lease, including a requirement to purchase the asset. They do not include any guarantee of the lessor's debt by the lessee, contingent rentals, or any penalty for which the term of the lease has been extended. They also do not include the portion of the rent payments which represent executory costs, such as insurance, taxes, and maintenance, and any related profit. Sources: SFAS No. 13; RIA Checkpoint
When was Sfas Emes Yeshiva created?
Sfas Emes Yeshiva was created in 1925.
What is the first step in development of SFAS matrix?
the Strategic Factors Analysis Summary (SFAS) Matrix summaries the company's strengths, weaknesses, and threats. In the development of a SFAS matrix, the first step is to list the most important EFAS and IFAS items.
What does the acronym SFAS stand for?
The acronym SFAS can stand for many things. Some of the most commonly used are: Special Forces Assessment and Selection, Safety Features Actuation System, and Student Financial Aid Services.
Where can someone find information on SFAS 157?
The SFAS 157 is the Statement of Financial Accounting Standards 157, which was issued in 2006 by the Financial Accounting Standards Board (FASB). Wikipedia has a lengthy in depth article on the subject.
What has the author David A Ziebart written?
David A. Ziebart has written: 'Exchange rates and purchasing power parity' 'Confirmatory and exploratory causal measurement models regarding the underlying economic dimensions inherent in annual accounting data' 'Parity exchange rate deviations and the misvaluation of reported assets under SFAS No. 70' 'An examination of the market reactions associated with SFAS #8 and the events leading up to SFAS #52'
What does ARO mean in accounting?
ARO in regards to accounting means "Asset Retirement Obligation" liability and is referenced in SFAS 143.
What is half of 117?
Half of 117 is 58.5 (117/2).
What is 52 percent of 117?
52% of 117= 52% * 117= 0.52 * 117= 60.84
What is 52.1 percent of 117?
52.1% of 117= 52.1% * 117= 0.521 * 117= 60.957.
What is 34 percent of 117?
34% of 117= 34% * 117= 0.34 * 117= 39.78
What is 117 squared?
117 x 117 = 13689
What is 117 percent simplified?
117/100= 117%
