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IAS 16 permits two accounting models for measurement of the asset in periods subsequent to its recognition, namely the cost model and the revaluation model. [ 7 ] Under the cost model , the carrying amount of the asset is measured at cost less accumulated depreciation and eventual impairment (similar to the inventory's Lower of cost or market ...
Materiality principle: The significance of an item should be considered when it is reported. An item is considered significant when it would affect the decision of a reasonable individual. Consistency principle: The company uses the same accounting principles and methods from period to period.
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The Financial Accounting Standards Advisory Council then voiced its concerns due to the increase of financial reporting guidance from the old U.S. GAAP standards, and the FASB responded by launching a new project to codify the standards. The project was approved in September 2004 by the Trustees of the Financial Accounting Foundation. [2]
A combustible material is a material that can burn (i.e., sustain a flame) in air under certain conditions. A material is flammable if it ignites easily at ambient temperatures. In other words, a combustible material ignites with some effort and a flammable material catches fire immediately on exposure to flame.
A chart of accounts (COA) is a list of financial accounts and reference numbers, grouped into categories, such as assets, liabilities, equity, revenue and expenses, and used for recording transactions in the organization's general ledger.
Other Comprehensive Basis of Accounting (OCBOA) in United States accounting refers to a system of accounting other than GAAP. As explained in the Journal of Accountancy , [ 1 ] under Statement on Auditing Standards (United States) No. 62, Special Reports , an OCBOA is any one of:
The SIE (file format) (accounting SW vendor society) The Bokföringsnämnden, BFN, [6] is the Swedish Government agency with the task of promote the development of GAAP for use in private and public accounting. [7] It makes advice on how to use the BAS chart in accounting in published directives.