What is Generally Accepted Accounting Principles (GAAP)? How does GAAP affect financial reporting? How does GAAP need to change to accommodate today’s dynamic business environment?

The Generally Accepted Accounting Principles is a codification of how CPA firms and corporations prepare and present their business income and expense, assets and liabilities on their financial statements. It is a common set of principles, standards and procedures that companies use to compile their financial statements. GAAP are a combination of authoritative standards set by policy boards, it is the commonly accepted ways of reporting and recording accounting information (investopedia). GAAP affects financial reporting by setting the standards that accounts must follow when preparing financial statements. GAAP sets the standards for revenue recognition, outstanding share measurements, and balance sheet reporting. GAAP sets the guidelines for companies whether they use either the cash basis accounting or accrual based accounting methods for reporting their financial statements. GAAP determines what transactions are recognized within the assets, liabilities, and equity accounts. GAAP needs to change to accommodate today’s dynamic business environment by allowing international accounting and financial standards to converge with its standards. GAAP is designed solely for the US and the IFRS is a globally accepted set of guidelines. In order for GAAP to keep up with changing business it must become globally accepted. There is a need for globally accepted principles and the FASB Accounting Standards Codification system may be the way to accomplish this goal.

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What is the FASB Codification System? What is the purpose of the FASB Codification System? How can it be used to make better accounting decisions?

The FASB Accounting Standards Codification is an advanced application that allows users to access the authoritative content, perform research, and submit feedback (asc.fasb.org). The purpose of the FASB Codification system is to make the accounting standards easier to find and navigate through by using one online database under a mutual referencing system. The US accounting standards may be converged with IFRS in the future and the FASB Accounting Standards Codification systems is making a path for convergence to take place. The Codification system organizes the accounting laws and accounting principles and gives accounting professionals easier access to these laws and principles.  Implementation of the FASB Accounting Standards codification system reduces the amount of time that is used to search for accounting topics and we, as accounting professionals can complete our work faster and work more efficiently. The purpose of the FASB Codification was to reorganize all existing U.S. accounting and reporting standards issued by the FASB and other related private-sector standard setters into one authoritative body of literature, which will ease research of accounting literature and reduce the risk of noncompliance. The FASB Accounting Standards Codification System can be used to make better accounting decisions by giving accounting professionals a better organized format that is easier to understand than the structure of GAAP and also user friendly. The Codification system with have real-time updates that will help to prevent the risks of noncompliance.

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The federal bankruptcy act contains several important terms. One such term is "insider." The term is used in connection with preferences and preferential transfers. Which among the following is not an "insider"?

The federal bankruptcy act contains several important terms. One such term is "insider." The term is used in connection with preferences and preferential transfers. Which among the following is not an "insider"?

A secured creditor is not an "insider" for the purposes of a preferential transfer. 

One of the elements necessary to establish that a preferential transfer has been made under the bankruptcy code by the debtor to a creditor is that the

One of the elements necessary to establish that a preferential transfer has been made under the bankruptcy code by the debtor to a creditor is that the

Under the bankruptcy ac, one of the elements which must be established in proving that a preferential transfer was made is that the debtor was insolvent at the time of the transfer. The bankruptcy act, presumes that the debtor is insolvent  during the 90 days prior to the date the petition was filed. 

In a bankruptcy proceeding, the trustee

In a bankruptcy proceeding, the trustee

A trustee is the representative of the estate and has the capacity to sue and be sued. 

The trustee in bankruptcy of a landlord-debtor under chapter 7 liquidation.

The trustee in bankruptcy of a landlord-debtor under chapter 7 liquidation.

The trustee may assign the leases of the landlord-debtor if such action is considered to be in the best interest of the debtor's estate. The trustee's duty is to acquire as many assets as possible for distribution to the creditors who filed claims in the bankruptcy proceeding.