Accounting for the Nonmonetary Exchange of Cost-Method Investments, an Employers Assumption of Insolvent Insurance Companies' Pension Obligations and the Texas Franchise Tax
Volkert, Linda A., Journal of Accountancy
Statement on Auditing Standards no. 69, The Meaning of "Present Fairly in Conformity With Generally Accepted Accounting Principles" in the Independent Auditor's Report, identifies the Financial Accounting Standards Board emerging issues task force (EITF) consensuses as sources of established generally accepted accounting principles.
This month's column lists 1991 and 1992 FASB EITF consensuses adopted from July 11, 1991, through May 21, 1992 (see the side bar on page 104). Summaries are provided for three of these: nonmonetary exchange of cost-method investments, an employer'ss assumption of insolvent insurance companies' pension obligations and accounting for state franchise taxes that include an income-based component.
EITF Abstracts, copyrighted by the FASB, is available in soft-cover and loose-fear versions and may be obtained by contacting the FASB order department at 401 Merritt 7, P.O. Box 5116, Norwalk, …
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Publication information: Article title: Accounting for the Nonmonetary Exchange of Cost-Method Investments, an Employers Assumption of Insolvent Insurance Companies' Pension Obligations and the Texas Franchise Tax. Contributors: Volkert, Linda A. - Author. Journal title: Journal of Accountancy. Volume: 174. Issue: 3 Publication date: September 1992. Page number: 103+. © 2009 American Institute of CPA's. COPYRIGHT 1992 Gale Group.
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