Exposure draft released on accounting for time shares. (accounting & auditing news).An exposure draft of a proposed statement of position, Accounting for Real Estate Time-Sharing (operating system) time-sharing - (Or "timesharing") An operating system feature allowing several users to run several tasks concurrently on one processor, or in parallel on many processors, usually providing each user with his own terminal for input and output. Transactions, has been issued by the Accounting Standards Executive Committee. The proposed SOP would provide guidance on a seller's accounting for real estate time-sharing transactions in financial statements prepared in conformity with generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting . The committee drafted the proposed SOP because of diversity in practice caused by a lack of guidance specific to real estate time-sharing transactions. A final SOP would be effective for financial statements issued for fiscal years beginning after June 15, 2004, though earlier application is encouraged. Concurrently, the Financial Accounting Standards Board Financial Accounting Standards Board (FASB) Board composed of independent members who create and interpret Generally Accepted Accounting Principles (GAAP). has issued an exposure draft of a proposed statement, Accounting for Real Estate Time-Sharing Transactions--an amendment of FASB Statements FASB Statement A standard set by the Financial Accounting Standards Board regarding a financial accounting and reporting method. Essentially, FASB statements determine the acceptable accounting practices that Certified Public Accountants use in reporting No. 66 and 67. That proposed statement includes amendments to certain FASB pronouncements This article is a list of Financial Accounting Standards Board (FASB) pronouncements, including Statements, Concepts Statements, Interpretations, and Technical Bulletins, which are issued to provide rules and guidelines in preparing, presenting, and reporting financial statements that would be made in conjunction with issuance of a final SOP. Comments on both exposure drafts are due Apr. 30, 2003. To obtain copies, visit www.aicpa.org/members/div/acctstd/edo/index.htm. |
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