4 NOTE The Company expects to restate its fiscal 2004 operating results for accounting errors relating to inventory costing and accrual accounting
at one of its Plastic Packaging locations and corporate accruals for long- term incentive compensation.
To accomplish this, accrual accounting
systems must be sufficiently sophisticated to collect proprietary accounting data at lower levels of DoD organizations.
Under accrual accounting
, multi-year pledges are discounted (according to IRS tables), and it's just the present value of the pledge that's recorded as income.
Currently, Section 448 requires certain taxpayers with more than $5 million in gross receipts to use accrual accounting
The successful standardization of accrual accounting
across industries soon led to a very strong bond between accounting earnings and securities valuation by investors.
Numerous studies show that financial ratios based on accrual accounting
data possess significant ability to predict bankruptcy (Altman and Spivack, 1983; Beaver, 1966, 1968; Libby, 1975; Ohlson, 1980).
Governments that don't use accrual accounting
can find themselves swamped by debt.
MEMBER states of the European Union (EU) have been encouraged at a European Federation of Accountants (FEE) sponsored-conference in Brussels to follow in the European Commission's footsteps and adopt accrual accounting
The accounting transformation project team developed the European Commission's accounting system to deliver the budgetary and accounting transparency required for meeting modern accounting standards such as IPSAS, using accrual accounting
and funds management functionality from the SAP for Public Sector solution.
D & O risk assessment resources available to both underwriters and insurance buyers include such things as corporate governance scoring systems and accrual accounting
metrics that tie accounting practices to the probability of being the target of a securities class action suit.
Accountability took on a new meaning when the government shifted to accrual accounting
a few years ago.
Under the accrual accounting
method, income is includible in gross income when all the events have occurred that fix the right to receive such income and the amount thereof can be determined with reasonable accuracy; see Anderson, 269 US 422 (1926), and Regs.