Reporting disaggregated financial data - FASB Statement 131

Related BrainMass Solutions

• SFAS 131 on defining segments for financial reporting

  Should the FASB have tightened up its rules with SFAS 131 on defining segments to ensure that all companies present appropriately disaggregated information?

• Why is accounting a system? ISAB FASB DuPont Formula

  Financial Accounting is the practice of gathering data from business activity, summarizing it in the form of financial statements and reporting it to stakeholders so that they can use the financial information to make decisions.

• Explain operating segments of an enterprise.s SFAS No. 131 d

  However, this Statement does not require an enterprise to report information that is not prepared for internal use if reporting it would be impracticable." Playing devil's advocate could you just not prepare financial information?

• Non Profit Organization accounting

  Although fund accounting and reporting by fund groups is not advocated under FASB 117, the Statement does not preclude a not-for-profit entity from providing this disaggregated information by fund groups as supplemental data.

• Operating profit and loss test for reportable segments

  When applying the operating profit and loss test to determine reportable segments, FASB 131 prescribes that costs assigned to an operating segment should: 1 reflect the reporting practices of the industry. 2 reflect

• Understanding state and local financial reporting

  Reference: FASB, (1980). Statement of Financial Accounting Concepts No. 4.

• Localized regulations and laws pertaining to the reporting

  In a response to the need for a comprehensive reporting model, the FASB and IASB proposed making changes to financial statements.

• Analysis of Government-wide and government fund statements

  The GASB, as well as the FASB, is concerned with establishing standards for financial reporting to external users?

• Match the description to the pronouncements

  . _____ Interpretations (of the Financial Accounting Standards Board) 3. _____ Statement of Financial Accounting Standards 4. _____ EITF Statements 5. _____ Opinions 6. _____ Statement of Financial Accounting Concepts (a) Official pronouncements