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Yes, in some cases. For example:The Federal Financial Institutions Examination Council (the "FFIEC") approved a reporting requirement, effective October 1, 1989, to use push down accounting in certain acquisitions of national banks, state member banks and insured state nonmember banks. This reporting requirement is an addition to the Glossary to the Instructions to the Consolidated Reports of Condition and Income ("Call Report") .
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Is push down accounting accepted under International Financial Reporting Standards?
Push down accounting is not acceptable under IFRS.
Is Mark to Market accounting accepted under generally accepted accounting principle?
no, it only accepts it once we take up fair values not the fair market values bcz somtimes market under value a perticular asset
The Governmental Accounting Standards Board was created under the auspices of what organization?
The Governmental Accounting Standards Board was created under the auspices of the Financial Accounting Foundation.
What is economic entity assumption?
Economic entity assumption is an assumption under the Generally Accepted Accounting Principles that separates the stakeholders from the business itself. The business is its own entity. Economic entity assumption is an assumption under the Generally Accepted Accounting Principles that separates the stakeholders from the business itself. The business is its own entity.
What generally accepted accounting principles are designated under Category A in the GAAP hierarchy?
Category A consists of the following officially established accounting principles: (1) FASB Statements of Financial Accounting Standards, (2) FASB Interpretations, (3) APB Opinions, and (4) AICPA Accounting Research Bulletins.
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 generally accepted accounting principles are designated under Category B in the GAAP?
Category B consists of (1) FASB Technical Bulletins and, if cleared by the FASB, (2) AICPA Statements of Position and (3) AICPA Industry Audit and Accounting Guides.
What is the function of International Accounting Standards Board?
The function of the International Accounting Standards Board is to oversee the doings of Accountants and businesses worldwide. The Board handles the functions of in house police over companies and individuals that come under their purview.
Is LIFO allowed under GAAP?
Yes, LIFO (Last In, First Out) is allowed under GAAP (Generally Accepted Accounting Principles) but it is less commonly used compared to FIFO (First In, First Out) due to its impact on inventory valuation and tax implications.
What importance is accorded intellectual capital by generally accepted accounting principles?
such accounts as patents, copyrights, franchises, and goodwill appeared under the intangible assets balance sheet caption, in the instances where the company purchased such assets from other entities
How can long service leave be classified as non current?
Under Generally Accepted Accounting Principles, the term Current usually refers to the next twelve months. Any thing that has a "life" over that time period, is considered Long-term, (or Non-Current).
What generally accepted accounting principles are designated under Category C in the GAAP hierarchy?
Category C consists of (1) AcSEC Practice Bulletins that have been cleared by the FASB and (2) consensus positions of the FASB Emerging Issues Task Force (EITF).
