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Question
Under SFAS No. 157, if an asset is valued from and "in-use" perspective, its value is based on its use in combination with other assets.Answer
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Related questions
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A _____ occurs when the subsidiary's stock is distributed to the combinor's shareholders as a dividend.
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SFAS No. 157 may result in a decrease in financial statement comparability among firms.
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An argument supporting accounting regulation is that it is better to force mandatory reporting than to have individuals competing to buy information privately.
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An argument in favor of unregulated markets is that because of private opportunities to contract for information, market intervention in the form of mandatory disclosure rules is both unnecessary and undesirable.
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Only firms that perform well have incentives to report their operating results.
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Discuss the regulation question in terms of determining and meeting the demand for accounting information. Who pays for and who benefits from accounting information?
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How might the AICPA regain some of the power it has lost over the years? Are there any disadvantages to these proposals?
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Explain how Sarbanes-Oxley of 2002 significantly changes how the FASB will operate in the future.
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Do the SFACs that constitute the conceptual framework establish generally accepted accounting principles? What are the benefits and limitations of this approach?
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Which of the following is a true statement?
a. The eight SFACs that comprise the conceptual framework were not evolutionary because they were derived from previous documents such as the Trueblood Report and ASOBAT.
b. The definitions of SFAC No. 6 were basically a restatement of the definitions of APB Statement 4.
c. The Achilles' heel of the document is SFAC No. 5, which reaffirmed historical cost as the basic measurement system.
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SFAC designated which of the following as the term to indicate the comprehensive or total change in net assets occurring during the period as a result of operations?
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a. Decision usefulness
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The definitions of SFAC No. 6 are virtually identical to those in SFAC No. 3 except that they are extended to nonbusiness organizations.
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With regard to users, SFAC No. 1 established that financial statements should be aimed at a common core of similar information users.
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