Our best Dallas area Certified Public Accountants (CPAs) answer basic accounting questions:
State and local government units: From its outset, the project leading to this Statement has included governmental units in its scope, and the Exposure Draft included governmental examples. On the basis of its study to date, the Board is aware of no persuasive evidence that the objectives in this Statement are inappropriate for general purpose external financial reports of governmental units.
Nonetheless, according to our CPAs, the appropriate structure for setting financial accounting and reporting standards for state and local governmental units continues to be discussed. Pending resolution of that issue, the Board has deferred a final decision on whether the objectives set forth in this Statement should apply to general purpose external financial reporting by state and local units.
If the responsibility for standard accounting setting was ultimately given to the Financial Accounting Standards Board, the Board would expect to consider the findings of research in process by the National Council on Governmental Accounting.
Nonetheless, according to our CPAs, the appropriate structure for setting financial accounting and reporting standards for state and local governmental units continues to be discussed. Pending resolution of that issue, the Board has deferred a final decision on whether the objectives set forth in this Statement should apply to general purpose external financial reporting by state and local units.
If the responsibility for standard accounting setting was ultimately given to the Financial Accounting Standards Board, the Board would expect to consider the findings of research in process by the National Council on Governmental Accounting.
More best practices by top CPAs and local accountants in Dallas, TX and DFW
Further guidance in applying the recognition criteria to components of earnings is necessary for Dallas CPAs because of the widely acknowledged importance of information about earnings and its components as a primary measure of performance for a period. The performance measured is that of the entity, not necessarily that of its management, and includes the recognized effects upon the entity of events and circumstances both within and beyond the control of the entity and its management. The widely acknowledged importance of earnings information leads to guidance intended in part to provide more stringent requirements for recognizing components of earnings than for recognizing other changes in assets or liabilities.
As noted above, earnings measures the extent to which asset inflows associated with substantially completed cash-to-cash cycles exceed asset outflows associated, directly or indirectly, with the same cycles. Guidance for recognizing components of earnings is concerned with identifying which cycles are substantially complete and with associating particular revenues, gains, expenses, and losses with those cycles. If you need help with further accounting questions, do not hesitate to contact the best CPAs in Dallas, above.
Dallas zip codes: 75245, 75250, 75254, 75260, 75261, 75262, 75263, 75264, 75265, 75266, 75267, 75270, 75275, 75277, 75336, 75339, 75342, 75354, 75355, 75356, 75357, 75359, 75360, 75367, 75370, 75371, 75372, 75374, 75376, 75378, 75379, 75380, 75381, 75382, 75398
