This website uses cookies to ensure you have the best experience. Learn more

Acc 380 Week 2 Assignment

1065 words - 5 pages

GASB Article: Statement No. 49
Acc 380
July, 2013

GASB Article Statement No. 49
Before diving directly into the article from the Governmental Accounting Standards Board (GASB) titled Governments to Report Liabilities Connected with Their Obligations to Clean Up Pollution (2006), one must first take a step back and take time to read, comprehend, and take to heart exactly what this organization stands for. Taken directly from their main web page under the tab labeled Education, the first thing seen in big, bold, blue letters is, “Due Process: The GASB Is Listening” followed by a definition of what listening means, “to hear with thoughtful attention”. When researching a little more into ...view middle of the document...

49 which help the government by providing specifics as to when they should comply with its requirements. These requirements are:
1) If the pollution poses a problem and they try very little, if at all, to fix it.
2) If a pollution permit or license is violated.
3) If a regulator can, or does, identify a problem, or potential problem, which they are, or could be responsible for.
4) If there is a judgment against them to address the pollution.
5) If the cleanup is started, or the government is forced to start, but, only reported to the amount of their legal responsibility.
Once one of these issues has been provoked, estimates are begun to get the process going as quickly as possible (para. 3). This way, the government is fully aware of the projections for the cost of cleanup before they start, rather than blindsided, by amounts that no one expected; even if they were fully aware of the upcoming liability (Para. 1).
The GASB does not expect the government entity to report an exact figure for the clean up because they are aware this information is not immediately known, they are simply asking the remediation costs to be reported sooner than previously done. This will add pollution cleanup liabilities to the financial statements in a much earlier time frame, also, requiring a note disclosure about the liability and how they are reported and the amounts which are estimated (para. 2). Even if only a small portion, if it is possible to estimate the cost outlays, then the government would utilize a probability-weighted procedure, also called the expected cash flow measurement technique, (para. 7) for reporting the liabilities to its financial statement. A piece of land being cleaned up for sale or equipment which would have another use after completion of cleanup would be recorded as a capital asset (para. 4).
When using this method, the government will layout potential cost outlays in order to determine their average. The article uses an example of this method listed below:
“A government might estimate that there is a 10 percent chance that cleaning up a polluted site would cost $1 million, a 60 percent chance of $2 million, and a 30 percent chance of $3 million. The expected cash flow would be calculated as...

Other Papers Like Acc 380 Week 2 Assignment

Week 2 Film Assignment

609 words - 3 pages Week 2 Assignment Movie - Zoolander (2001) In this paper , I will discuss the elements of design. I will talk about and give a full break down of the process of envisioning and designing a film, which includes the key players of what it takes to design a film. My film of choice I will talk about and give examples for is Zoolander (2001). Film Production Director- Ben Stiller Production Designer- Robin Standefer Art Director

Is589 Week 2 Assignment

1227 words - 5 pages IS589 Week 2 AssignmentWeek 2: Physical Layer and LANs - You Decide | | Print This Page | | Scenario | | Scenario Summary | Leonard Cooper Charter School is a K-12 school with approximately 1,000 students. The school wants to develop a local area network that meets the needs of the school now and is scalable for the future. There have been numerous complaints about the speed and reliability of the network, especially since a new

Week 3 Assignment 2

1564 words - 7 pages Week 3 Assignment 2 Personality & Attitudes 1. What did you think of the profile assessment? How did you feel while taking it? I took it imagining I was a job candidate I felt nervous about it as do all job candidates. I also felt confident as I would have been shocked if I somehow “failed” the personality profile or assessment. One misconception we see in the general public is the use of the word “test” when they refer to profile

Acc 380 Week 1 Question 1

591 words - 3 pages , auditors, and users of those financial reports. Reference GASB (2014) GASB Mission Retrieved July 2, 2014 from: Exercise 2-2 With regards to GASB rules for the financial reporting entity, answer the following: Define the financial reporting entity: A primary government and all related component units if any. Define and give an example of a primary government: A primary government is financially accountable for the

Acc/220 Financial Statements Week 2 Assignment

538 words - 3 pages Financial Statements Your name here ACC/220 Date Instructor Information about a company is reported on financial statements that show the company’s financial state of being. Reports made on a balance sheet, an income statement, a retained earnings statement, and a statement of cash flows show different aspects of a company’s financial situation. Lenders, creditors, and investors use these documents for determining the future prospects of

Mgmt 520 Week 2 Assignment

1148 words - 5 pages Hope Snell MGMT 520 Week 2 Homework Assignment Professor Bruskotter 7/17/14 1. State the administrative agency that controls the regulation. Explain why this agency and your proposed regulation interests you (briefly). Will this proposed regulation affect you or the business in which you are working? If so, how? Submit a copy of the proposed regulation along with your responses to these five questions. The proposed regulation can be submitted

Week 2 Assignment Mgmt 520

2383 words - 10 pages this regulation I will have a better understanding of the type of regulations currently in place or being proposed. At this time the regulation proposed does not have a direct impact on myself, nor the business I am in. I have attached a copy of the proposed regulation at then end of this assignment. The Office of Personnel Management is proposing to temporary adjust the Federal Employee Health Benefits Program regulations to make sure

Acc 546 Week 2

1106 words - 5 pages ------------------------------------------------- Test Yes No 1). Was an adequate sample size taken? 2). Was there proper documentation with all accounts? 3). Was confirmation received from creditors? 4). Was confirmation received from clients? 5). Was inventory adequately accounted for? 6). Were there proper IT security protocols? 7). Were IT privileges distributed correctly? 8). Was the IT systems tested for accuracy? 9). Did all P.O.’s have appropriate audit trails? 10

Acc230 Week 2 Assignment Lucent Technologies

632 words - 3 pages Week 2 - Assignment Lucent Technologies Axia College of University of Phoenix “Lucent Technologies design and deliver the systems, software and services that drive communication networks for the next-generation.” (Axia College, 2007) Lucent Technologies are also backed by Bell Labs research and development. Lucent Technologies customer base includes communication service providers, governments and enterprises all around the world

Individual Assignment Week 2 Part 1

340 words - 2 pages Individual assignment week 2 Describe the following terms in your own words. Gross domestic product (GDP) Definition: The monetary value of all the finished (final) goods and services produced within a country's borders in a specific time period, though GDP is usually calculated on an annual basis. My own words: A countries value of products within the nation that is measured within a specific amount of time, to gauge the standard of living

Acc 565 Assignment 2

1489 words - 6 pages Ans. 1 As per the rules and regulations in the Internal revenue service the allegation led by the company on the client, in the first case of unreasonable compensation The person's reward must be accepted in proceed by an "certified body." This can be the whole of a committee of the board, board of directors, or persons authorized by the board or other persons to act on its part. Thus, it is not obligatory to have the complete board agree the

Related Essays

Acc 206 Week 2 Assignment

1347 words - 6 pages Week 2 Assignment ACC 206 1. Analysis of stockholders' equity 1. Preference stock (100 par value) issued during 20X6 = 580,000 – 500,000 = $80,000 Number of preference shares issued during 20X6 = Par value of preferred shares issued / Par value per share of preferred shares = 80,000 / 100 = 800 shares 2. Common stock (10 par value) sold

Acc 423 Week 2 Individual Essay

1716 words - 7 pages ACC 423 INDIVIDUAL ASSIGNMENTS Week Two: Exercise 15-13 | | | | Your answer is correct. |   |   | The common stock of Warner Inc. is currently selling at $111 per share. The directors wish to reduce the share price and increase share volume prior to a new issue. The per share par value is $10; book value is $74 per share. 5.33 million shares are issued and outstanding. Prepare the necessary journal entries assuming the

Acc 400 Week 2 Textbook Essay

1771 words - 8 pages Week 2 Assignment from the textbook Nancy Schwartz ACC/400 February 1, 2016 Lee Kroll E17.15 Spear Custom Furniture uses an activity-based cost accounting system to apply overhead to production. The company maintains four overhead cost pools. The four cost pools, and their budgeted amounts for the upcoming period, are as follows: Maintenance

Week 4 Acc 205 Assignment

1182 words - 5 pages Week Three Exercise Assignment 1. Specific identification method. Boston Galleries uses the specific identification method for inventory valuation. Inventory information for several oil paintings follows. Painting Cost 1/2 Beginning inventory Woods $21,000 4/19 Purchase Sunset 21,800 6/7 Purchase Earth 31,200 12/16 Purchase Moon 4,000 Woods and Moon were sold