Talk:Generally Accepted Accounting Principles
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What is the rule for reserve accounts set up for section 125 cash accounts? http://www.irs.gov/govt/fslg/article/0,,id=112720,00.html http://www.tri-c.edu/employment/docs/Benefits/forms/fsa_spd.pdf http://www.sjeccd.org/hr/attachments/benefits/fsabooklet.pdf The section 125 flex spending accounts, which I believe are part of the old Sec 125 cafeteria plan are pretty complex. A company should have enough money to effectively administer the plan, so the cash reserves are a function of a private contract with the various vendors that provide health, dental, etc services. They will all various with their billing periods. If you are having a hard time getting health reimbursements paid that is a matter of administrative function. You probably won't find a gov't reg on that. If an HMO quits the plan, which happens all the time, then it might take a few months to get reimbursed. And it will take someone a lot of letters to the HMO to get the health expenese paid. Your question is very broad.
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[edit] Removed external link to accountingcoach.com
This link was added here by an anonymous contributor in August, 2006. This is a commercial site that is full of ads, and the navigation is quite slow. Typing the word 'accounting' into Google gets 216 million hits, so I'm assuming it's not hard to find information of similar or better quality out on the net. The other external link, to http://www.iasplus.com, though the site is operated by Deloitte, looks very professional and helpful so I left it in place. If you disagree with my change, please discuss. EdJohnston 14:17, 29 April 2007 (UTC)
[edit] Needs clarification to avoid contradiction/confusion
Generally Accepted Accounting Principles: " Every country has its own version of GAAP with standards set by a national governing body. ... Due to globalisation, International Financial Reporting Standards are required and established by International Accounting Standards Committee."
International Financial Reporting Standards: "IFRS are used in many parts of the world, including the European Union, Russia, South Africa, Hong Kong, Australia,Singapore and Pakistan. Nearly 100 countries currently require or permit the use of, or have a policy of convergence with, IFRSs."
-- Do we need to clarify the distinction between "every country" and "nearly 100 countries" here? -- 201.51.222.169 02:04, 3 May 2007 (UTC)
-- The second half of the first quote is confusing or contradictory. GAAP exists in many nations, although there should be a citation for the use of "every country"; however, the second half of the sentence leads to ambiguity as to the scope of the required adoption of IFRS. Clearly from the IASC website, IFRS is recommended and countries can and some do use it. Recommend replacing the second sentence in the first quote with "Many countries use or are converging on the IFRS (link) standards, put forth by IASC (link)." Ptebault 23:25, 26 May 2007 (UTC)
-- Reworded Internation GAAP section per discussion here. Ptebault 23:29, 26 May 2007 (UTC)
[edit] what is it's importance
what is the importance of GAAP in the companies
- Try the ref desks for this one. We have to restrict discussion to the article itself on the talk page, but I'm positive someone could help you find the answer to this if you go to this place. the_undertow talk 23:49, 4 October 2007 (UTC)
[edit] Depreciating Inventory?
The practical example of LIFO vs. FIFO states that the two methods differ as a result of the depreciation of older items still held in inventory. Since inventory held for sale is not generally depreciated that statement is incorrect. Rather, it is usually inflation that accounts for the higher cost of newer items not depreciation.GothmogLOB 21:02, 4 October 2007 (UTC)
- That seems correct. LIFO would show higher cost of goods sold because of increasing prices due to either demand or inflation. the_undertow talk 23:47, 4 October 2007 (UTC)
- Do we really need a discussion re: LIFO anyways, as far as i know, it's been excluded from US GAAP and IFRS as a valid alternative. Fraudy (talk) 23:02, 25 May 2008 (UTC)
