The history, current status, and adoption implications of a Financial Accounting Standards Board ongoing project - Coursework Example

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The history, current status, and adoption implications of a Financial Accounting Standards Board ongoing project

Some of the key provisions of the ongoing FASB project include a requirement for entities to prepare their financial statements using liquidation basis of accounting when a liquidation plan has been approved with relevant authorities as well as when a liquidation plan has been imposed by other forces and there is less likelihood that the entity will successfully return from liquidation (North and Wagenen, 2013). On the other hand, the ongoing project seeks to change the financial statement form for entities using the liquidation basis of accounting into a statement of changes in the liquidation net assets. Lastly, the project also require full disclosure of an entity’s liquidation plan, assumptions used in measuring the assets and liabilities, the intended methods, amount of income and costs accrued as well as the expected duration of the liquidation process. This paper describes the FASB’s liquidation basis of accounting project, its history as well as the current status of the project. History and background of the Project The history of the current liquidation basis of accounting project began in 1984 when the Financial Accounting Standards Board released Financial Report Survey by AICPA and illustration of Accounting for Enterprises in Unusual Circumstances and Reporting. ...Show more

Summary

The Liquidation Basis of Accounting Course The Liquidation Basis of Accounting Introduction The primary objective of the liquidation basis of accounting project is to provide an effective guidance for companies on when and how any given entity should apply the liquidation basis of accounting…
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