accounting what groups consistently offer opinions about proposed fasb statement
The balance in the prepaid insurance account before adjustment at the end of the year is $4,800, which represents the insurance premiums for four months. The premiums were paid on November 1. The adjusting entry required on December 31 is:
a business pays weekly salaries of $25,000 on Friday for a five-day ending on that day. Journalize the adjusting entry required at the end of the accounting period assuming the accounting period ends on Wednesday?
In the field of accounting, there are various groups that consistently offer opinions about proposed FASB (Financial Accounting Standards Board) statements. These groups include:
1. Public accounting firms: Large accounting firms, known as the "Big Four" (Deloitte, PricewaterhouseCoopers, Ernst & Young, and KPMG), and other smaller accounting firms often provide input on proposed FASB statements. They offer opinions based on their expertise and experience in auditing and financial reporting.
2. Financial statement users: These are individuals and organizations that rely on financial statements for decision-making purposes, such as investors, creditors, analysts, and regulators. They provide feedback on proposed FASB statements as their needs and perspectives on financial reporting are crucial.
3. Standard-setting organizations: Other standard-setting bodies, both within the United States and internationally, often offer opinions on FASB statements. For example, the International Accounting Standards Board (IASB) may provide comments on proposed FASB statements due to the convergence efforts between U.S. GAAP (Generally Accepted Accounting Principles) and IFRS (International Financial Reporting Standards).
4. Industry-specific groups: Various industry-specific organizations, such as trade associations and professional bodies, often provide opinions on proposed FASB statements that impact their respective sectors. These groups can offer insights into the practical implications and challenges of implementing new accounting standards in specific industries.
To get the most up-to-date and accurate information on the opinions offered by these groups about proposed FASB statements, it is highly recommended to refer to the FASB's official website, industry publications, professional accounting forums, and public comment periods for proposed standards. These sources often provide access to comment letters, public hearings, and other channels through which the opinions are shared and evaluated.