communicate appropriately in the auditor's report when the comparability of financial statements between periods has been materially affected by a change in accounting principle
or by adjustments to correct a material misstatement in previously issued financial statements.
The related interpretation, "The Auditor's Consideration of Management's Adoption of Accounting Principles
for New Transactions or Events," has also been deleted.
Retain and Affirm Current Accounting Principles
, including the FAS 5 Approach to the Determination of Contingent Tax Liabilities
are usually directed toward solutions that are objective, conservative and verifiable.
If we review the accounting principles
of various countries, we find the same kind of practice.
6038-2(g) requires a foreign corporation to submit certain information concerning its income, balance sheet, and surplus "prepared in conformity with generally accepted accounting principles
and in such form and detail as is customary for the corporation's accounting records.
Authority to set accounting principles
essentially was delegated to the AIA and its Committee on Accounting Procedure, chaired by George O.
Answers are not sources of established accounting principles
as described in Statement on Auditing Standards No.
This change in accounting method has been retroactively applied by restating fiscal 1993 results and fiscal 1994 quarterly results and had the impact of decreasing income before the cumulative effect of a change in accounting principles
for income taxes by $67,000 and $150,000 for the years ended June 30, 1994 and 1993, respectively, and by $156,000 and $34,000 for the quarters ended June 30, 1994 and 1993, respectively.
Financial statements are similar in appearance, a similarity that masks very fundamental - and very important - differences in accounting principles
Details regarding the investigation and certain remedial measures taken, an update on the anticipated ranges of the cumulative impacts of the restatement on the Company's and TMLP's financial statements, the anticipated effect of the planned changes in accounting principles
, 2005 and 2006 impairment charges and outstanding consolidated debt and mandatory redeemable preferred stock is provided in a report on Form 8-K filed today with the SEC.
This Statement improves financial reporting because its requirement to report voluntary changes in accounting principles
via retrospective application, unless impracticable, enhances the consistency of financial information between periods.