FINANCIAL ACCOUNTING:TOOLS FOR BUSINESS
19th Edition
ISBN: 9781119493624
Author: Kimmel
Publisher: WILEY
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Please research and view the complete Treasury Department Circular 230 and discuss the following:
Discuss the purpose of the document and describe the objective of the document.
Describe the intended audience of the document and provide examples of the intended audience.
Describe the written structure and layout of the document.
Explain and discuss the general contents of the document.
Case Study: Navigating the FASB Accounting Standards Codification (ASC)**
*Introduction:*
The FASB Accounting Standards Codification (ASC) serves as the authoritative source for U.S. generally accepted accounting principles (GAAP). It is a comprehensive system designed to organize and present accounting standards in a logical and accessible manner. In this case study, we explore the components included and excluded from the FASB ASC.
*Components of FASB ASC:*
1. **AICPA Statements of Position (SOP):**
- SOPs issued by the American Institute of Certified Public Accountants (AICPA) were included in the FASB ASC during its initial implementation. However, updates to the ASC may have modified this inclusion.
2. **FASB Statements:**
- FASB Statements are a core part of the FASB ASC. These statements represent authoritative guidance on various accounting topics, ensuring consistency in financial reporting.
3. **Accounting Research Bulletins (ARB):**
- ARBs were issued by…
Explain how source data automation is used in the commerce and financial institutions
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