The FASB recently issued proposals to simplify two accounting topics, and whaddya know, I am actually in favor of one of them. In addition to benefitting users, it is a slight windfall to educators who would be burdened by one fewer set of arbitrary technical rules to cover in the infamously bloated Intermediate Accounting curriculum.
In applying the rule, however, judgment must always be exercised and no loss shall be recognized unless the evidence indicates clearly that a loss has been sustained.
There are therefore exceptions to such a standard. Since the company will inevitably have to replace the inventory after selling its present stock, the current cost of replacement is the best measure of its economic value.
Current GAAP would require a write-down if cost e. This is because NRV is often higher than replacement cost.
Cynical me thinks that the issuers who encouraged the FASB to gut LOCOM may have been less motivated by complexity reduction, and more so by the goal to hide their economic losses from dips in commodity prices.
Scenario B is frequently encountered by companies that sell goods with short economic life cycles, such as fashion clothing and electronics. Since there is no economic justification for re-stocking obsolete inventory — as reflected by the fact that replacement cost exceeds NRV — current GAAP correctly reasons that NRV is the most appropriate measure of utility under this Scenario B.
But, it is not hard to imagine events that would cause replacement costs to plummet. Think the bursting of the housing bubble in GAAP reasons that, under such circumstances, a reliable estimate of utility is very low, given the market disruption that has occurred.
Yes, of course the Board should provide an explanation. But, the FASB must recognize that they have but one constituency:The students from Temasek Polytechnic are generally wellrounded in terms of communication skills and clinical knowledge.
The curriculum is well-balanced enough to provide sufficient coverage as well as depth to adequately equip the students for the internship programme. Hi all, Does anyone have the list for the Medicare ASC Grouper rates?
I've looked everywhere and cannot locate them. Thanks in advance. Kellie. We would like to show you a description here but the site won’t allow us.
A bail bond is a financial guarantee in favor of the state that a criminal defendant will appear in court at all times required until their case has been fully adjudicated. Fulfillment by Amazon (FBA) is a service we offer sellers that lets them store their products in Amazon's fulfillment centers, and we directly pack, ship, and provide customer service for these products.
Hey James! The ASC payment indicators for each CPT are little blue boxes to the right of the codes - A2 thru Z3. Then the "key" to figure out what those mean are .