In SFAS No. 154, changes in accounting principle result in a restatement, whereas under APB Opinion No.
Question:
In SFAS No. 154, changes in accounting principle result in a restatement, whereas under APB Opinion No. 20, a change in accounting principle is handled in a pro forma manner. How does a restatement differ from a pro forma presentation?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (16 reviews)
Restatements cha...View the full answer
Answered By
Anthony Ngatia
I have three academic degrees i.e bachelors degree in Education(English & Literature),bachelors degree in business administration(entrepreneurship option),and masters degree in business administration(strategic management) in addition to a diploma in business management.I have spent much of my life in the academia where I have taught at high school,middle level colleges level and at university level.I have been an active academic essays writer since 2011 where I have worked with some of the most reputable essay companies based in Europe and in the US.I have over the years perfected my academic writing skills as a result of tackling numerous different assignments.I do not plagiarize and I maintain competitive quality in all the assignments that I handle.I am driven by strong work ethics and a firm conviction that I should "Do Unto others as I would Like them to do to me".
4.80+
76+ Reviews
152+ Question Solved
Related Book For
Accounting Theory Conceptual Issues in a Political and Economic Environment
ISBN: 978-1483375021
9th edition
Authors: Harry I. Wolk, James L. Dodd, John J. Rozycki
Question Posted:
Students also viewed these Business questions
-
Read the Basis for Conclusions (paragraphs B1 through B38) in FAS Bs Statement of Financial Accounting Standards No. 154 to respond to the following questions. 1. When debating the issues of FAS Bs...
-
To help you become familiar with the accounting standards, this case is designed to take you to the FASBs Web site and have you access various publications. Access the FASBs Web site at www.fasb.org....
-
APB Opinion No. 20 was concerned with accounting changes. SFAS No. 154 changes the accounting treatment for some accounting changes. Required: a. Define, discuss, and illustrate each of the following...
-
4. This problem investigates nearest neighbor and bilinear interpolation. For simplicity, we will focus on estimating the image intensity at a single location. Interpolation is used when transforming...
-
Taylor bought 10,000 shares of qualifying Section 1202 stock from a start-up company A on May 1, 2012 for $1,000,000 and 5,000 shares of Section 1202 stock from start-up company B on June 1, 2013 for...
-
You want to sample 40 NBA players. Your friend who is a big NBA fan has offered to give you a list of his 40 favorite players. a. Discuss why your friends list is not a random sample and is biased....
-
Donny Blake is an accountant for Swenson Company. Early this year Donny made a highly favorable projection of sales and profits over the next 3 years for Swen- son's hot-selling computer PLEX. As a...
-
Mantle Company sponsors a defined-benefit pension plan. The following information related to the pension plan is available for 2008. 2008 Plan assets (fair value), January 1 ........$380,000...
-
4. 15 4 3 5. * S 4 6. S S
-
D8.1. The point charge Q = 18 nC has a velocity of 510 m/s in the direction a, = 0.60a, +0.75a,+0.30a.. Calculate the magnitude of the force exerted on the charge by the field: (a) B = 3a, + 4a, +...
-
Why are future events so important to the issue of revenue and expense measurement?
-
Ohlson and Aier (2009) propose a framework of Modified Cash Accounting (MCA) rather than the current SCF. Evaluate their proposal.
-
For Exercises find the area under the standard normal distribution curve. Between z = 1.56 and z = 1.83
-
Use the Following Information to Answer the Questions Below. Our Business had the Following Costs and Balances For the Year Ended December 31st, Begin Raw Materials=$22,000 Raw Materials...
-
3. John walks 50 meters north, then realizes he walked too far. He turns around and walks 25 meters south. The entire walk takes him 13 seconds. What is his speed and what was John's velocity in...
-
Melinda brought her Japanese friend, Emiko, home to visit her parents. When Emiko addressed Melinda's mom as "Mrs. Miller," Melinda's mom said, "Oh, please call me Susan." Emiko became very...
-
Presented below are the components in determining cost of goods sold. Determine the missing amounts. Beginning Inventory $75,000 Purchases $95,000 Cost of Goods Available for Sale $ $45,000 (e) +A...
-
Identify whether the argument is inductive or deductive and briefly explain your reasoning Identify unstated premises (warrants) that connect premises to conclusions and critically assess whether...
-
Kieso Company borrowed $600,000 for three months. The annual interest rate on the loan was 11%. Kiesos fiscal year ends on December 31. Kieso borrowed the $600,000 one month prior to the end of its...
-
Velshi Printers has contracts to complete weekly supplements required by fortysix customers. For the year 2018, manufacturing overhead cost estimates total $600,000 for an annual production capacity...
-
Four postulates (going concern, time period, accounting entity, and monetary unit) were discussed as part of the basic concepts underlying historical costing. Can any of the principles discussed...
-
How does agency theory (Chapters 2 and 4) differ from the equity theories discussed in this chapter?
-
Does the entity theory or the proprietary theory provide a better description of the relationship existing between the large modern corporation and its owners?
-
Diggins Excavation has a contractors equipment policy written on a scheduled basis. What is "scheduled" on this kind of policy? (Search Chapter 9) a. the locations at which Diggins is using its...
-
Segn el libro de Robbins, Coulter, y eCenzo, D. A. (2020). Fundamentals of management (11. a ed. Que es Compensacin y beneficios
-
The purpose of the Exclusion for Qualified Principal Residence Indebtedness is to provide tax relief on canceled debt for many homeowners involved in a mortgage foreclosure. Taxpayers can exclude...
Study smarter with the SolutionInn App