What is FAS 91 now called?
FAS 91: Accounting for Nonrefundable Fees and Costs Associated with Originating or Acquiring Loans and Initial Direct Costs of Leases.
What does Rule 203 of the Code of Professional Conduct address?
Rule 203 [ET section 203.01] provides that an auditor should not express an unqualified opinion if the financial statements contain a material departure from such pronouncements unless, due to unusual circumstances, adherence to the pronouncements would make the statements misleading.
What is the threshold for recognition of a loss contingency?
Accrual of a loss contingency is required when (1) it is probable that a loss has been incurred and (2) the amount can be reasonably estimated. An entity must determine the probability of the uncertain event and demonstrate its ability to reasonably estimate the loss from it to accrue a loss contingency.
Where can I find US GAAP standards?
The Financial Accounting Standards Board (FASB) provides free online access to the Accounting Standards Codification and is the only authoritative source for US GAAP.
What qualifies as deferred financing costs?
Deferred Financing Costs are the additional costs that a company pays to obtain the loan or issuing debt securities. These costs include lawyer fees, auditor, commission and investment bank fee, etc. When the company obtains loans or issue bonds, it is very common to incur some fees to the third parties.
Do I have to capitalize loan fees?
The overarching accounting theory when accounting for these debt issuance costs is the utilization of the matching principle. This means that to properly match these costs with the new loan, the costs should be capitalized and amortized over the term of the loan.
Where can I find GAAP rules?
What is the FASB responsible for?
financial accounting standards
The FASB develops and issues financial accounting standards through a transparent and inclusive process intended to promote financial reporting that provides useful information to investors and others who use financial reports.
What does GASB stand for?
the Governmental Accounting Standards Board
Established in 1984, the Governmental Accounting Standards Board (GASB) is the independent, private- sector organization based in Norwalk, Connecticut, that establishes accounting and financial reporting standards for U.S. state and local governments that follow Generally Accepted Accounting Principles (GAAP).
What are the rules of the AICPA Code of Professional Conduct?
Additionally, all AICPA members are required to follow a rigorous Code of Professional Conduct which requires that they act with integrity, objectivity, due care, competence, fully disclose any conflicts of interest (and obtain client consent if a conflict exists), maintain client confidentiality, disclose to the …
Who is subject to the integrity and objectivity rule?
Under rule 102 [ET section 102.01], a member must maintain objectivity and integrity in the performance of a professional service. In dealing with his or her employer’s external accountant, a member must be candid and not knowingly misrepresent facts or knowingly fail to disclose material facts.